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Start Ups

Ex-Google and Amazon engineers raise $5M to help developers test and fix software bugs

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YourBase CTO John Ewart (left), and CEO Yves Junquiera. (YourBase Photo)

New funding: Seattle startup YourBase landed a $5 million seed round led by Lightspeed Venture Partners. The 3-year-old company sells software that helps developers run tests on their codebase. Making changes to code and then testing to make sure there is no regression can be time-consuming, particularly with various languages, frameworks, and architectures. YourBase aims to shorten test times and release cycles.

How it works: The startup uses its “Code Dependency Graph” that automates the test selection processes for large, complex databases. Giants such as Facebook and Google build their own internal tools to do this type of testing; YourBase wants to serve everyone else. The 12-person company says it can save developers about 90 hours of testing time per month.

YourBase has more than a dozen customers in its private beta, including some public companies.

Founders: YourBase is led by CEO Yves Junqueira and CTO John Ewart. Junqueira spent nearly a decade at Google as a site reliability engineering leader. Ewart was previously a senior engineer at Amazon.

Other backers: Unusual Ventures and Fathom Capital joined Lightseed for the seed round.

“Software testing acceleration is a $12 billion market, yet testing on large codebases remains one of the biggest challenges developers face today,” Lightspeed Partner Raviraj Jain said in a statement. “If you’re not a Google or Microsoft, testing and making changes to software can be a painstakingly slow and inefficient task. That’s what drew us to YourBase.”

Developer productivity: Other startups in Seattle aiming to make life easier for software engineers include Uplevel and Temporal.

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Source: https://www.geekwire.com/2021/ex-google-amazon-engineers-raise-5m-help-developers-test-fix-software-bugs/

Fintech

Revolut revenue grew by 57% in 2020

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Fintech startup Revolut has filed some financial results and is sharing details with the press. In 2020, the company reported $361 million in revenue (£261 million) — that’s a 57% increase compared to 2019 revenue of $229 million (£166 million).

Interestingly, those revenue figures have been adjusted to include fair value gains on cryptocurrency assets — it means that Revolut holds some crypto assets on its balance sheet. Revolut made $54 million (£39 million) in fair value gains on cryptocurrency assets.

Gross profit reached $170 million (£123 million) last year. At the same time, the company still reports operating losses. In particular, Q1 2020 was a particularly bad quarter with $76 million (£55 million) in adjusted operating loss.

In 2020, total non-adjusted operating loss reached $277 million (£200.6 million). Like many tech companies, administrative expenses are responsible for this loss. With a staff of 2,200 people, the company spent $367 million (£266 million) on administrative costs alone. But things seem to be improving as you can see:

Image Credits: Revolut

These trends aren’t that surprising as I reported that fintech startups spent most of 2020 focusing on profitability and improving their margins. At the end 2020, Revolut had 14.5 million personal customers and 500,000 companies using Revolut Business.

“As the extraordinary circumstances of 2020 drove the trend towards digital financial management we continued to innovate for customers to make their financial lives easier and accelerate daily use. We launched 24 new retail and business products, expanded into the US, Japan and Australia and launched banking services in Lithuania, all while significantly improving our profitability,” founder and CEO Nikolay Storonsky said in a statement. “We began 2021 with a more resilient and productive business that will enhance our trajectory towards rapid growth.”

When you compare Q1 2020 to Q1 2021, things are radically different for the fintech company. Revenue increased by 130% year-over-year and gross profit grew by 300% between Q1 2020 and Q1 2021.

Revolut has been launching a ton of products to diversify its sources of revenue. It is increasingly becoming a financial super app with current accounts, debit cards, trading services, insurance products, premium subscriptions, cryptocurrency trading and more.

Interestingly, interchange revenue from card transactions represents a good chunk of the company’s revenue. In 2020, cards and interchange generated $131 million (£95 million) in revenue. Every time a Revolut customer makes a card purchase, the card scheme (Visa or Mastercard) gives back some fees to Revolut. It’s an incredibly small percentage-based fee, but it can add up when you generate millions of purchases.

Foreign exchange and wealth generated $111 million (£80 million) in revenue. That’s another big one. And finally, subscriptions, such as Revolut Plus, Revolut Premium and Revolut Metal, accounted for $104 million (£75 million) in revenue.

Those are three strong pillars that all contribute to the company’s bottom line. They all represent a bit less or a bit more than a third of the company’s overall revenue.

Image Credits: Revolut

While the company has expanded aggressively over the years, the U.K. is still by far its biggest market. In 2020, 88.4% of the company’s (non-adjusted) revenue was related to its activities in the U.K. The European Economic Area without the U.K. represented 10.2% of revenue. The U.S., Japan, Australia and other markets were nearly negligible.

Revolut has also raised a mega round of funding in 2020 — a $500 million Series D round that was extended to $580 million in total. I wouldn’t be surprised if the company launches an initial public offering within the next 12 months.

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Source: https://techcrunch.com/2021/06/21/revolut-revenue-grew-by-57-in-2020/

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Start Ups

Munich-based Wellster raises €35 million to expand its telemedicine solutions

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Wellster, a leading provider of telemedicine platform solutions in the EU, announced today that it closed a €35 million funding round. The round is led by Dermapharm with support from existing investors HV Capital, which previously invested in Zalando, FlixBus and Delivery Hero, and SevenVentures. The fresh funds will be used to expand its offering with additional medical topics and thereby tap into new target groups.

Founded in 2018, Wellster integrates telemedicine, drug-based and digital therapies into vertical ‘Direct-to-Consumer’ solutions, each of which is tailored to a specific health topic. Working with the pharmacy-owned Noventi Group, the healthtech startup also assists pharmacists in accessing online channels, overall providing local pharmacies with additional revenue opportunities and enabling them to create contemporary customer loyalty.

In just a few short years, the startup has grown a team of 40+, launching a brand ‘Spring’ in Germany, including portals gospring.de (intimate health) and myspring.com (hair loss), in addition to portals for mental health and medical self-tests.

“The funding round comes at a key moment in our development,” said Dr. Manuel Nothelfer, co-founder of Wellster Healthtech Group. “It cements our ambition to continue our established leadership in the European market and expand our offering to more target groups in the future, improving the personalized healthcare services.”

“Our multi-platform strategy allows us to tailor personalized treatments to individual target groups. This enables us to better address individual health problems, which ultimately leads to improved treatment success as well as more trust among patients,” said Nico Hribernik, Co-Founder at Wellster.

“We’ve been observing the digital healthcare market and telemedicine platforms in Europe for the past few years. Wellster convinced us because the company understands the market and is developing a vertically integrated supply chain that combines brand building experience with a desire to make a real difference in the lives of patients. Wellster, in our opinion, is the only company in Europe that has successfully adapted and scaled a concept established by Hims&Hers or Roman in the United States to the European market in a meaningful way,” said Nawid Ali-Abbassi, Partner at HV Capital.

Wellster has already attracted well known investors like HV Capital, HGDF Familienholding, and prominent entrepreneurs to invest in the firm since its start. Among them are the FlixBus founders, serial entrepreneur Mato Peric, Jean-Remy von Matt and Reinold Geiger, founder and CEO of the cosmetics group l’Occitane.

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Source: https://www.eu-startups.com/2021/06/munich-based-wellster-raises-e35-million-to-expand-its-telemedicine-solutions/

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Start Ups

How Marketers are Adapting to the Pandemic in 2021

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Every company has a marketing strategy in place. Marketers also know what to do when things don’t go as planned. The global pandemic influenced the marketing world tremendously. The economies around the globe were hit hard because everyone found themselves in uncharted territory. However, marketers can adapt to anything, and they made a lot of changes to fit their customers’ needs.

Marketers spend a lot of time online, so they need to stay safe and protect their data. Using tools like antivirus software and VPN is highly recommended. A VPN is a virtual network that encrypts the connection and protects the information one sends from a computer. The VPN cost is suitable for a company of any size, so staying safe online doesn’t have to be an issue.

How to Adapt Your Marketing Strategy Right Now

Modifying a marketing strategy in the middle of a pandemic could seem complicated, but in essence, marketers tweaked their existing ones just a tiny bit. Here are some marketing moves we noticed during the pandemic. These made a huge difference for numerous marketing strategies:

Focus on Social Media Marketing

The pandemic forced the majority of people to spend more time indoors. For some, quarantining also means scrolling through your feed for hours and being online all the time. It is a great way to stay in touch with your loved ones and not feel completely isolated. With the increased number of social media users, companies prioritized various platforms like Instagram and Facebook.

Marketers stopped forcefully promoting their products on social media. Instead, they are focusing on building a long-lasting relationship with their customers. Posting engaging and relevant content is the key in this situation. Successful social media posts are usually informative and relatable. Not to forget that marketers are also answering messages and replying to the comments faster than before.

Reach Out to the Community

Regardless of the size of their company or business, marketers shouldn’t forget their communities. Many people lost their jobs, and any help means a lot to them, especially if it comes from a brand or business they are familiar with. There are various ways to reach out to the community, such as donations and volunteering.

Marketers also sponsor events in their area to raise funds for the unemployed or those affected by the pandemic. There is no reason why any company should stay on the sidelines when there are so many ways to help. These are not small gestures, and a company can strengthen the bond they have with the customers by simply being there for them in time of need.

Connect with the Customers

Listening to the customers is now more critical than ever. Large brands are doing their best to figure out what their audience needs at the moment. Therefore, speaking with the followers and customers should be on the top of the to-do list. People are not into aggressive marketing and frequent product launches right now.

Some businesses even invited their customers to help them shape their marketing strategy through feedback and insightful comments. If you are running a marketing team, consider interacting with your audience by asking them what they want to see from your company in the future. It is another excellent way to make the customers feel valued. Marketers are also prompting customer care to always be available. It means responding to mail and questions as soon as possible.

Be Empathetic

The customers are very likely dealing with a lot right now, from financial troubles to the possibility of unemployment. Brands do need to acknowledge this. Posting compassionate and supportive content all over your social media will show the customers that a company thinks about them even now, during the pandemic.

Many large businesses embrace empathy and regularly share encouraging content. Everyone is going through a difficult time right now, and great marketers are well aware of that. Marketers are acknowledging the pandemic, but flooding the followers with well-known information is not recommended. Instead, educational and helpful posts are the way to go. For instance, Walgreens made a series of informative videos that explained COVID-19 and answered all the questions people might have. It later became a newsletter educating people on how to get free prescription delivery.

Honesty

Almost all businesses had to make significant changes during the pandemic. Therefore, honesty is the best policy. If a company cannot ship their products as quickly as they used to, they need to let their customers know. Businesses have to be transparent and realistic. So setting achievable goals during this time is a must.

Companies shouldn’t make promises they can’t keep. If they make several wrong moves, the chances are the customers will lose their trust in them. Consider everything that is happening around us and be open about your brand’s struggles too. It is better to go slow than to make your audience believe in half-truths.

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Source: https://www.techpluto.com/how-marketers-are-adapting-to-the-pandemic-in-2021/

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Start Ups

Applications now open for the COVID-X acceleration programme! Using data-driven solutions to save lives (Sponsored)

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COVID-X has announced the launch of their Open Call #2! Applications are now open for a unique acceleration programme in Europe, which will fast-track to market 15+ European data technology solutions, that are addressing COVID-19 challenges and facilitating an innovative stack of AI-driven tools in order to defeat the pandemic.

COVID-X Programme, supported by the European Commission under Horizon2020 programme, funds European companies and healthcare providers to boost 30+ data-driven solutions to the markets to overcome clinical challenges in diagnosis, prognosis, and follow-up. The funding is invested in solutions with TRL 7+ and [or in the process of] CE marking, covering two profiles: single solution (EU tech SMEs / Start-Ups) validating their solutions at one of COVID-X pilot sites; or team solution (Tech provider bringing in a healthcare provider that will validate the solution).

COVID-X involves a consortium of 10 prominent partners from 7 different countries: F6S, AUSTRALO, Civitta, Bosonit, Intrasoft, Eight Bells, UPM, Humanitas, SERMAS, Karolinska Inst.

The COVID-X Programme Open Call #1 closed on 27 January 2021, gathering 112 applications from data technology companies and healthcare providers coming from 29 different countries in Europe and beyond. In total, 16 selected single and team solutions were selected and are now completing the 1st Sprint of the programme.

What are the benefits?

The COVID-X Programme provides a tailored acceleration programme, organized in 3 sprints, of 3 months each. These include:

  • Funding
  • Technical coaching
  • Business mentoring sessions
  • Support in ethical issues
  • Piloting with healthcare organizations.

The 10-month programme aims to boost quick market uptake, to defeat COVID-19 with data solutions.

How can we apply?

Open Call#2 has a two-stage application process. In the first stage, the applicant’s eligibility and alignment with the selection criteria are assessed. All eligible applications access the 2nd stage where the complete application form with detailed information about the solution & implementation is required.

The Open Call#2 application is now open in this link. The deadline for the first stage will be on the 22nd of July 2021 (17:00PM CEST). Good luck!

Tips on applying

The COVID-X team invites you to join a series of webinars (free of charge) that will take place in June and July, which will cover the programme from application to technical requirements.

Experts from the consortium will present the programme and solve the questions you may have about applying:

  • June 22nd 12:00 pm CEST – COVID-X Open Call 2, Acceleration services, Application and selection Overview (30 min), Q&A (30 min).
  • June 23rd 12:00 pm CEST – COVID-X Technical Infrastructure Overview (30 min), Q&A (30 min).
  • June 24th 12:00pm CEST – COVID-X Clinical partners & datasets (30 min), Q&A (30 min).
  • July 13th 12:00 pm CEST – COVID-X Open Call 2, Application and selection Overview (30 min), Q&A (30 min)
You can register for the informational webinars, here.
For further information on COVID-X, please visit their website. Good luck!

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.eu-startups.com/2021/06/applications-now-open-for-the-covid-x-acceleration-programme-using-data-driven-solutions-to-save-lives-sponsored/

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