Commercial surrogacy is now legal in New York. This opens up a brand new market with routine surrogacy costing anywhere from $100K-$250K per child. These fees cover the attorneys, surrogate agency, cost of in-vitro, and the health insurance and compensation for the surrogate. GoStork is the first marketplace focused on fertility that introduces transparency to the process. The platform features a free database of egg donors, presently numbering 10K+, IVF clinics, and 50+ surrogate agencies. Users can save countless hours by using GoStork for side-by-side comparisons, reviews, detailed cost breakdowns, and more. 1/8 couples experience infertility and the startup, founded in June of 2020, seeks to be the trusted resource to navigate this $36B market.
AlleyWatch caught up with Eran Amir to learn about the inspiration for the business, the future plans, and recent round of funding.
Who were your investors and how much did you raise?
This was our first seed round and we raised $760K from several investors across the fertility and tech industries. They are diverse in experience and perspective – just to share a few:
Our first investor was Edith Simchi-Levi – a member of NY Angels and Cofounder of Opalytics (acquired by Accenture Analytics). She had a personal experience related to the fertility industry and immediately understood the problems GoStork solved.
We also have Dr. Gad Levy, the Founder and Medical Director of New England Fertility.
Additionally, Founders of two unicorns have invested in us: Dror Feldheim, Founder and Chief Commerce Officer of Trax and David Ring, Cofounder of eToro and various other successful ventures.
GoStork is the first fertility marketplace! We enable intended parents to find, compare and connect with top fertility providers. We currently have a very robust marketplace of egg donors and surrogacy agencies and we’re thrilled about the traction there. We launched in mid 2020 and already have thousands of intended parents registered, from all 50 states and across 60 countries.
What inspired the start of GoStork?
My journey to fatherhood – through surrogacy, egg donation and IVF – is what inspired GoStork. When I began this process 4 years ago, I had no idea where to start. I researched for what felt like countless hours, (literally weeks and weeks). It was a very manual process, and there was a huge lack of transparency across the fertility ecosystem.
There was no single platform that aggregated all of my options, no way to compare providers apples to apples, and nowhere online that I could find important information such as all the costs involved. And believe me, it’s expensive. I reviewed a ton of different websites (many felt like they were from the 80s), I made tons of phone calls just to be told I could not find out costs unless I did a full consultation — and despite all of that, I was still left confused about my roadmap ahead.
Fast forward about a year; despite all of these difficulties, I had my amazing daughter Ariel. Soon after, I decided to build a better way for many more intended parents like myself. I left my job after spending over 20 years in tech and product, named Ariel my cofounder and got to work.
At GoStork, we envision a world where anyone with a dream to start a family has access to an inclusive, trusted, and transparent resource that supports their path to parenthood. That’s what I wished I had, that’s what keeps me inspired and that’s what we will keep working towards every day.
How is GoStork different?
Our mission is to bring unprecedented transparency to the fertility industry and to help simplify the first steps in the family building journey – in a meaningful way that no other individual website, platform, or company ever has – allowing intended parents to make much more informed decisions. The fact that these are some of the most important decisions one will ever make is what brought me to the realization that a marketplace like GoStork was so long overdue.
With that said, there are so many specific ways that we’re different. To start, we have the widest selection: with 50 top surrogacy agencies as well as 10,000 egg donors aggregated from many different egg donor agencies, we are the largest free online database.
For all of these providers, we offer the most transparency particularly around the expertise, experience, services, and costs – in fact we are the only place where an intended can find the costs (including detailed breakdowns of all fees involved) for any provider they research on our platform. This information is not available anywhere else online and it can really help them save money – which is always a great benefit with such an expensive endeavor.
We additionally have a unique comparison tool where intended parents can view providers they select side-by-side to better understand their differences across all key criteria. This saves them a ton of time and work. I’ve spoken with hundreds of intended parents who, like myself, managed huge excel sheets just to keep track of their research, their options, and all the details related to each provider. We eliminate that stress from the process.
At the core of all of the above, we provide a simple and seamless user experience – in an industry with very outdated websites and technology we hear from many intended parents that arriving at GoStork is a breath of fresh air. And we’re entirely free for them to use!
What market does GoStork target and how big is it?
We target the fertility market. According to the CDC, approximately 1 in 8 couples experience infertility. The global market is $36B.
What’s your business model?
We’re free for intended parents – we are paid by providers on our platform.
How has COVID-19 impacted the business?
We launched in March but then had to relaunch in June of 2020 as fertility treatments were essentially on hold throughout that timeframe.
What was the funding process like?
Everything was hard about the process in this climate – last year there were so many unknowns. With that in mind, I’m grateful that our investors saw our mission, the product we built, and our early traction and really believed in us.
What are the biggest challenges that you faced while raising capital?
Raising over zoom! I’ve only met one of our investors in person, so I really look forward to meeting all of them when things are safer.
What factors about your business led your investors to write the check?
I think it was a combination of my passion born out of my personal experience, the fact that I know from speaking with hundreds of other intended parents that they all experienced the same difficulties I had, that I built the first platform to solve these issues, and that hired a team as devoted as I was to help us get to our initial product-market fit and traction.
What are the milestones you plan to achieve in the next six months?
We will launch the first marketplace of IVF clinics!
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Think hard about your ultimate vision and consider if your current business plan isn’t the best way to achieve it – be open to taking advice and to be nimble to pivot if necessary. Remember you’re not losing track of your true north, you’re just getting there along a different path.
Where do you see the company going now over the near term?
Aside from actually meeting in person, we will be building our team, bringing more amazing providers into our marketplace – and most importantly we will help thousands more intended parents and patients start their family-building journeys.
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After a $13 million fundraise, Chingari onboards Salman Khan as brand ambassador and investor
- Earlier this week, Chingari had raised $13 million in a funding round from mobile entertainment solution provider OnMobile.
- Meanwhile, Actor Salman Khan has joined the startup as a brand ambassador and an investor.
- The details of the investment were not disclosed.
After a $13 million fundraise, Homegrown short video app Chingari is again making news after announcing that it has onboarded actor Salman Khan as a brand ambassador and an investor. Although, the details of investment made by Salman Khan were not disclosed.
Earlier this week, Chingari had received $13 million (about Rs 95 crore) in a funding round from Bengaluru-based mobile entertainment solution provider OnMobile in exchange for a 10% stake. To date, the startup has raised over Rs 100 crore in its funding rounds.
Commenting on the development, Sumit Ghosh, co-founder & CEO, said, “This is a really significant partnership for Chingari, our ethos is to reach out to every state of Bharat and it’s our pleasure to have Salman Khan on board as one of our global brand ambassadors and investors.”
The founder believes that the association will help Chingari to scale greater heights in the near future. “We wanted a brand ambassador who is in tune with the pulse of the nation, and Salman Khan in many senses cut across all genres and geography and is the best choice to be the face of the brand,” said, Aditya Kothari, Co-Founder & CSO, Chingari.
Deepak Salvi, Co-Founder & COO, Chingari, said, “we believe that Salman’s mass appeal will help us attract more users onto the platform.”
“This engagement with Chingari will give an opportunity to a lot of users to showcase their unseen talent and give way to the next set of digital stars in India,” said, Vikram Tanwar, co-founder of UBT, Khan’s talent management firm.
Speaking on the association with Chingari, Actor Salman Khan, said, “I like how Chingari has shaped in such a short span of time, into a platform for millions from rural to urban to showcase their unique talents and be seen by another million in no time.”
Chingari, which currently has 56 million users on its platform, has already partnered with Bengali streaming service Hoichoi and Ekta Kapoor’s AltBalaji to provide more content clips accessible to its users.
It counts iSeed, FJ Labs, Village Global, Republic Labs, AngelList India, and angels Jasminder Gulati, Guy Lelouch, Fabrice Grinda, and Brian Norgard as investors.
Extra Crunch roundup: Tonal EC-1, Deliveroo’s rocky IPO, is Substack really worth $650M?
For this morning’s column, Alex Wilhelm looked back on the last few months, “a busy season for technology exits” that followed a hot Q4 2020.
We’re seeing signs of an IPO market that may be cooling, but even so, “there are sufficient SPACs to take the entire recent Y Combinator class public,” he notes.
Once we factor in private equity firms with pockets full of money, it’s evident that late-stage companies have three solid choices for leveling up.
Seeking more insight into these liquidity options, Alex interviewed:
- DigitalOcean CEO Yancey Spruill, whose company went public via IPO;
- Latch CFO Garth Mitchell, who discussed his startup’s merger with real estate SPAC $TSIA;
- Brian Cruver, founder and CEO of AlertMedia, which recently sold to a private equity firm.
After recapping their deals, each executive explains how their company determined which flashing red “EXIT” sign to follow. As Alex observed, “choosing which option is best from a buffet’s worth of possibilities is an interesting task.”
Thanks very much for reading Extra Crunch! Have a great weekend.
Senior Editor, TechCrunch
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The Tonal EC-1
On Tuesday, we published a four-part series on Tonal, a home fitness startup that has raised $200 million since it launched in 2018. The company’s patented hardware combines digital weights, coaching and AI in a wall-mounted system that sells for $2,995.
By any measure, it is poised for success — sales increased 800% between December 2019 and 2020, and by the end of this year, the company will have 60 retail locations. On Wednesday, Tonal reported a $250 million Series E that valued the company at $1.6 billion.
Our deep dive examines Tonal’s origins, product development timeline, its go-to-market strategy and other aspects that combined to spark investor interest and customer delight.
We call this format the “EC-1,” since these stories are as comprehensive and illuminating as the S-1 forms startups must file with the SEC before going public.
Here’s how the Tonal EC-1 breaks down:
We have more EC-1s in the works about other late-stage startups that are doing big things well and making news in the process.
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Why did Deliveroo struggle when it began to trade? Is it suffering from cultural dissonance between its high-growth model and more conservative European investors?
Let’s peek at the numbers and find out.
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Is Substack really worth $650M?
A $65 million Series B is remarkable, even by 2021 standards. But the fact that a16z is pouring more capital into the alt-media space is not a surprise.
Substack is a place where publications have bled some well-known talent, shifting the center of gravity in media. Let’s take a look at Substack’s historical growth.
RPA market surges as investors, vendors capitalize on pandemic-driven tech shift
Robotic process automation came to the fore during the pandemic as companies took steps to digitally transform. When employees couldn’t be in the same office together, it became crucial to cobble together more automated workflows that required fewer people in the loop.
RPA has enabled executives to provide a level of automation that essentially buys them time to update systems to more modern approaches while reducing the large number of mundane manual tasks that are part of every industry’s workflow.
E-commerce roll-ups are the next wave of disruption in consumer packaged goods
This year is all about the roll-ups, the aggregation of smaller companies into larger firms, creating a potentially compelling path for equity value. The interest in creating value through e-commerce brands is particularly striking.
Just a year ago, digitally native brands had fallen out of favor with venture capitalists after so many failed to create venture-scale returns. So what’s the roll-up hype about?
Hack takes: A CISO and a hacker detail how they’d respond to the Exchange breach
The cyber world has entered a new era in which attacks are becoming more frequent and happening on a larger scale than ever before. Massive hacks affecting thousands of high-level American companies and agencies have dominated the news recently. Chief among these are the December SolarWinds/FireEye breach and the more recent Microsoft Exchange server breach.
Everyone wants to know: If you’ve been hit with the Exchange breach, what should you do?
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Machine learning has become the foundation of business and growth acceleration because of the incredible pace of change and development in this space.
But for engineering and team leaders without an ML background, this can also feel overwhelming and intimidating.
Here are best practices and must-know components broken down into five practical and easily applicable lessons.
Embedded procurement will make every company its own marketplace
Embedded procurement is the natural evolution of embedded fintech.
In this next wave, businesses will buy things they need through vertical B2B apps, rather than through sales reps, distributors or an individual merchant’s website.
Knowing when your startup should go all-in on business development
There’s a persistent fallacy swirling around that any startup growing pain or scaling problem can be solved with business development.
That’s frankly not true.
Dear Sophie: What should I know about prenups and getting a green card through marriage?
I’m a founder of a startup on an E-2 investor visa and just got engaged! My soon-to-be spouse will sponsor me for a green card.
Are there any minimum salary requirements for her to sponsor me? Is there anything I should keep in mind before starting the green card process?
— Betrothed in Belmont
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Many organizations perceive data management as being akin to data governance, where responsibilities are centered around establishing controls and audit procedures, and things are viewed from a defensive lens.
That defensiveness is admittedly justified, particularly given the potential financial and reputational damages caused by data mismanagement and leakage.
Nonetheless, there’s an element of myopia here, and being excessively cautious can prevent organizations from realizing the benefits of data-driven collaboration, particularly when it comes to software and product development.
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Edtech unicorns have boatloads of cash to spend following the capital boost to the sector in 2020. As a result, edtech M&A activity has continued to swell.
The idea of a well-capitalized startup buying competitors to complement its core business is nothing new, but exits in this sector are notable because the money used to buy startups can be seen as an effect of the pandemic’s impact on remote education.
But in the past week, the consolidation environment made a clear statement: Pandemic-proven startups are scooping up talent — and fast.
Tech in Mexico: A confluence of Latin America, the US and Asia
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Because of similar market conditions, Asian tech giants are directly expanding into Mexico and other LatAm countries.
How we improved net retention by 30+ points in 2 quarters
There’s certainly no shortage of SaaS performance metrics leaders focus on, but NRR (net revenue retention) is without question the most underrated metric out there.
NRR is simply total revenue minus any revenue churn plus any revenue expansion from upgrades, cross-sells or upsells. The greater the NRR, the quicker companies can scale.
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Even the most experienced and talented game designers from the mobile F2P business usually fail to understand what features matter to Robloxians.
For those just starting their journey in Roblox game development, these are the most common mistakes gaming professionals make on Roblox.
CEO Manish Chandra, investor Navin Chaddha explain why Poshmark’s Series A deck sings
“Lead with love, and the money comes.” It’s one of the cornerstone values at Poshmark. On the latest episode of Extra Crunch Live, Chandra and Chaddha sat down with us and walked us through their original Series A pitch deck.
Will the pandemic spur a smart rebirth for cities?
Cities are bustling hubs where people live, work and play. When the pandemic hit, some people fled major metropolitan markets for smaller towns — raising questions about the future validity of cities.
But those who predicted that COVID-19 would destroy major urban communities might want to stop shorting the resilience of these municipalities and start going long on what the post-pandemic future looks like.
The NFT craze will be a boon for lawyers
There’s plenty of uncertainty surrounding copyright issues, fraud and adult content, and legal implications are the crux of the NFT trend.
Whether a court would protect the receipt-holder’s ownership over a given file depends on a variety of factors. All of these concerns mean artists may need to lawyer up.
Viewing Cazoo’s proposed SPAC debut through Carvana’s windshield
It’s a reasonable question: Why would anyone pay that much for Cazoo today if Carvana is more profitable and whatnot? Well, growth. That’s the argument anyway.
Want to take a road trip with Kevin Costner? Investors are betting you might
Woody Sears has long been interested in storytelling. After spending several years in sales after nabbing an MBA from Pepperdine — and following the debut in 2007 of the first iPhone — he founded a storytelling app called Zuuka that built up a library of narrated and illustrated kids’ books for the iPhone and iPad.
Sears later sold that company to a small New York-based outfit called Cupcake Digital. But Sears, who is based in Santa Barbara, Calif., isn’t done with stories yet. Instead, he just raised $1.6 million in seed funding for his second and newest storytelling startup, HearHere, a subscription-based audio road-trip app that, with users’ permission, pushes information to them as they’re driving, giving them informational tidbits in three- to five-minute-long segments about their surroundings, including points of interest they might not have been aware of at all.
The idea is to surface the unknown or forgotten history of regions, which makes sense in a world where more people have returned to road trips and parents have grown desperate to pull their kids’ attention away from TikTok. In fact, Sears’s neighbor, Kevin Costner, liked the idea so much that he recently joined its five-person team as a cofounder and narrator and investor, along with Snap Inc., the law firm Cooley, Camping World CEO and reality TV star Marcus Lemonis, AAA, and numerous other individual investors, including from NextGen Venture Partners.
Because we, too, like history and road trips (and okay, fine, Kevin Costner), we talk with Sears and Costner earlier today to learn why they think they’ll succeed with HearHere when other content-rich geo-location based apps have fallen short of meaningful adoption.
Excerpts from that chat follow, edited lightly for length.
TC: You’re creating an audio map of the U.S., so how many stories do you have banked as we speak?
WS: We’re up to 5,500 stories across 22 states, and we’ll be nationwide by summer. The mission is to connect people to the places that they’re traveling through, lending people stories about the history, the natural wonders, and the colorful characters who’ve lived in that area. We also do stories about sports and music and provide local insights.
TC: That’s a lot of content to gather up, edit down, then record. What does the process look like?
WS: At the end of the day, the content is king, and we take great care with these stories, producing them with a team of 22, researchers, writers, editors and narrators, most whom come from a travel journalism background. We really feel like we get the best end result through that team approach.
Eventually, we’ll open up to third-party content contributors, where we’re hosting both professional content and also user-generated content.
TC: Is there an AI component or will there be?
WS: We more see this as augmented reality in that these stories really do overlay the landscape and give you a different perspective while traveling. But AI and machine learning are things that we’ll incorporate as we start to move into foreign languages and better tailor the content for the end user.
TC: How do you prioritize which stories to tell as you’re building up this content library?
WS: The major historical markers are a big inspiration, but we’re looking for those lesser-known gems, too, and we look at travel patterns — the way that people move when they’re on leisure trips, meaning what interstate highways they’re taking and which scenic routes are most popular.
TC: How does the subscription piece work?
WS: You get five free free stories each month; for unlimited streaming, it’s $35.99 per year.
TC: Kevin, you must be approached a lot with startup ideas and investment opportunities. Why get so involved with this one?
KC: Obviously I’m story-oriented; that doesn’t come as a shock to anybody. But you’re right, a lot of ideas come to me.
Hearhere came through my wife, who said that Woody had something he wanted to talk about, and as she explained it to me, I got it, you know? That’s the shiny thing for me, storytelling and having the ability for a good story to come out, especially when it comes to our country.
So we had this meeting and he explained the concept to me, which is kind of equal to what I’d already been doing my whole life, which is stopping at the bronze plaques all over the country and reading about their historical significance — those [moments] that kind of interrupt everybody’s trip except mine. [Laughs.] You know, [it’s] getting out and stretching my legs and reading a little history and dreaming while the rest of the people in the car are kind of moaning because we stopped our progress.
This is an extension of that for me, without getting out of the car, and with stories that can evolve and perhaps get longer. And I can become more involved in what I was driving past and the people in the car can maybe sense what it was that interested me enough to stop.
TC: You love history.
KC: Hearhere is a lot more than history, but for me, it was the history [that I found so compelling]. And it’s how the foundation was set for me to become more involved in the company and understand it a lot better and then become somebody who wanted to be a part of the founding of it.
TC: AAA and Camping World are among the company’s strategic investors. How might they promote the app and what other partnerships have you struck to get Hearhere in front of people at the right time?
WS: Camping World also owns Good Sam Club, which is the largest organization of RV owners in the world, and AAA is a giant with 57 million members in the US, and they all see this as a way to fulfill something they’re aren’t currently doing for their audience; it’s making that bridge to digital, and we’re really excited to get this in front of their members and customers.
We also have partnerships with [the RV marketplaces] Outdoorsy and RVshare [and the RV rental and sales company] Cruise America. It’s a very hot market.
TC: There have been similar ideas. Caterina Fake’s Findery was an early app that aimed to help users discover much more about locations. Detour, a startup that provided walking audio tours of cities that was founded by Groupon cofounder Andrew Mason, seemed interesting but failed to take off with users. What makes you think this startup will click?
WS: I loved Detour. I ate up both of those.
I guess where I think [Detour] missed product market fit was the number of scenarios where you could use it and also, it was competing for people’s time. We chose to start with road trips because you have a captive audience; there’s only so much you can do when you’re driving in the car, unlike when you’re in a city, where there are all kind of options to explore its history, either through physical books or tour guides, and you had to carve out two hours of your time, and it’s easy to get distracted while you’re walking around.
We want to capture the places that are along the journey and lesser known and more untold and where people have the space to engage in it. Starting as short form helps. It’s also on-demand, so you don’t have to follow a pre-designated route. We’re not taking you on a specific tour, where you have to turn left or turn right. We’re going to surface stories for you no matter what route you take.
Seattle-area AI startup Darklight raises $5.1M to help companies automate cybersecurity tasks
The tech: Founded in 2014, Darklight’s software uses artificial intelligence and machine learning to help automate workflow tasks. It will soon launch its first commercial cybersecurity product that automates the prioritization of vulnerability scanner results.
The 17-person startup is also working with the U.S. Army to help reduce cognitive burden on soldiers and analysts. The company’s technology traces its roots to the Pacific Northwest National Laboratory.
Leadership: Darklight is led by CEO Dan Wachtler, who previously CEO at IPSA International for more than 12 years and was president at root9B Holdings.
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