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Qualtrics Valuation Through IPO Nearly Doubles SAP Acquisition Price

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Customer experience management software company Qualtrics closed its first day of trading at $45.50, more than 51 percent above its IPO price.

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The company raised $1.55 billion through its IPO, making it the largest public debut of a Utah-based company. The amount raised by Qualtrics is more than double the amount raised by the second-largest IPO in Utah history, EnergySolutions’ $690 million IPO in 2007.

Ultimately pricing its shares at $30, above its set range, the company set a price range of between $20 to $24 before increasing it to between $22 and $26, and finally between $27 and $29. The company’s stock opened at $41.85 on Thursday, about 40 percent above its IPO price.

Qualtrics’ software helps companies measure employee, customer and product experience. It was founded in 2002 and has headquarters in Provo and Seattle.

The IPO sets Qualtrics’ valuation at more than $15 billion, meaning it brought a substantial return to SAP, which acquired the company for $8 billion in 2018 right before its planned IPO.

Qualtrics originally raised more than $400 million in funding as a startup from investors including Accel and Sequoia Capital. Its last fundraise was a $180 million Series C round led by Accel and Insight Partners in April 2017, according to Crunchbase. The company first raised venture capital after being around for about a decade, with a $70 million Series A in May 2012.

Illustration: Li-Anne Dias

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/qualtrics-valuation-through-ipo-nearly-doubles-sap-acquisition-price/

Start Ups

Dear Sophie: How can I get my startup off the ground and visit the US?

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Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies.

“Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.”

Extra Crunch members receive access to weekly “Dear Sophie” columns; use promo code ALCORN to purchase a one- or two-year subscription for 50% off.


Dear Sophie,

I’m a female entrepreneur who created my first startup a few months ago.

Once my startup gets off the ground — and as COVID-19 gets under control — I’d like to visit the United States to test the market and meet with investors. Which visas would allow me to do that?

—Noteworthy in Nairobi

Dear Noteworthy:

Congratulations on founding your startup! There are many ways to engage with the U.S. startup ecosystem, and you can start now, even before you physically come to the United States.

I recommend doing some research into the programs and resources offered to entrepreneurs like you through the U.S. Embassy and Consulates near you in your home country. I recently interviewed Lilly Wahl-Tuco, a foreign service officer who has worked for the U.S. Department of State for 15 years, on my podcast.

Wahl-Tuco discussed some of the State Department resources — including programs, competitions and grants — made available by U.S. embassies and consulates for entrepreneurs living in the area.

A composite image of immigration law attorney Sophie Alcorn in front of a background with a TechCrunch logo.

Image Credits: Joanna Buniak / Sophie Alcorn (opens in a new window)

Serving as the first Environment, Science, Technology and Health (ESTH) officer at the U.S. Embassy in Bosnia and Herzegovina in 2015, Wahl-Tuco was tasked with energizing the entrepreneurs of Bosnia. After she traveled around the country, visiting every incubator and meeting several entrepreneurs, Wahl-Tuco said she was surprised that most of the people she talked with didn’t know about the resources that the U.S. government offers through its embassies.

She recommends that entrepreneurs reach out, network and do online research to figure out what’s offered their country or even if other foreign embassies offer resources and programs aimed at entrepreneurs.

Wahl-Tuco also suggested that entrepreneurs reach out to their local U.S. Embassy. For example, you can contact the U.S. Embassy in Kenya to find out if you can discuss your startup and business plan with an ESTH officer (if there is one) or someone else there. Connecting with embassy staff can open up many opportunities.

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Source: https://techcrunch.com/2021/04/21/dear-sophie-how-can-i-get-my-startup-off-the-ground-and-visit-the-us/

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Affect raises a seed round to grow its stimulant abuse recovery service

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There are any number of seed rounds that cross our desks every day, a never-ending march of enterprise software, consumer apps, games, hardware, biotech, and sometimes even a space startup. But amid the regular flow of funding news, it’s still rare to come across a company raising money to take on addiction with software. So when Affect’s $1 million seed round from AlleyCorp came to my attention, I wanted to learn a bit more.

As someone who went to rehab for alcohol use disorder in what appeared to be a partially renovated middle school where the highest-tech thing that was in our group rooms were chairs, the idea of using software to help addicts reduce use and get their life back intrigued me.

Focused on stimulant abuse in particular, the startup wants to help people addicted to methamphetamine, for example, fully cease their use of the drug. Affect CEO Kristin Muhlner talked me through the company’s efforts during an interview. In short, the Affect app combines contingency management (rewards for positive behaviors) and cognitive behavioral therapy, or CBT (a form of therapy with known impact on addiction). Regarding the latter, Muhlner told TechCrunch during an interview that well-known recovery programs like AA or SMART Recovery also use forms of CBT in their approaches to helping addicts

In app form, those two concepts break down into things like cash rewards for multi-day abstinence or attending a group session. And on the therapy front, Affect offers group therapy, individual therapy, addiction counseling, and drug testing.

Like many companies today, Affect intends to learn from more data; it expects, per a deck that TechCrunch was able to review, machine learning to help the company hone its model and service over time. Let’s hope.

Critically, Affect is not opposed to medically assisted recovery, which matters. There is, in some recovery-focused theologies, a belief that any sort of medical assistance is akin to merely replacing one addiction, or substance, with another. This harmful view is contradicted by science. So, to see Affect cite adjuvant medication in its own pitch materials was heartening.

Stimulant abuse is rampant in America, and meth addiction is among the most deadly drugs in the country. Meth is no fucking joke. The only good amount of meth usage is precisely and exactly zero meth usage. So what Affect is building could actually change the world for stimulant addicts if it works.

I honestly hope Affect company winds up raising a bit more to more fully test out its thesis regarding addiction recovery. With insurance companies picking up the tab for Affect’s software, it has a chance to reach lots of folks in need. So many, in fact, that when I asked its CEO how it was handling go to market work, she said that her company had been warned that her user group was hard to reach. However, after putting up a digital ad, her company had to take it down seven minutes later. How’s that for product-market fit.

Let’s hope we see more startups working on this problem. Addiction is not going away and older methods are not the only way forward for addicts.

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Source: https://techcrunch.com/2021/04/21/affect-raises-a-seed-round-to-grow-its-stimulant-abuse-recovery-service/

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Figma introduces a whiteboard tool called FigJam

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Figma spent years in stealth before launching its web-based collaborative design tool. Since coming into the light, the company has been iterating quickly. Today, Figma launches its biggest product update to date.

Meet FigJam, Figma’s new whiteboarding tool.

The entire concept of Figma stemmed from the fact that designers were taking up much more space at the figurative table and needed a place to collaborate efficiently. That is only more true today, especially during the last year of working from home, which is why Figma is extending itself throughout the workflow of designers with whiteboarding.

Not only does FigJam give designers a place to come up with ideas together, but it also gives nondesigners a place to participate in the brainstorm.

FigJam functionality includes sticky notes, emojis and drawing tools, as well as shapes, pre-built lines and connectors, stamps and cursor chats. As expected, FigJam works with Figma so components or other design objects breathed into life on FigJam can easily be moved into Figma.

“Our point of view here was focusing on how to make FigJam work as the first step in the design process, before you go into actually doing design work,” said Figma founder and CEO Dylan Field. “We see people looking for a better, more fluid experience, but we also wanted to make it simple enough to bring other people into the tool.”

To take that a step further, Figma is also introducing voice chat into all of its products. That means users who are designing alongside one another in Figma or brainstorming in FigJam don’t need to hop into a separate Zoom call or Google Meet, but can just toggle on chat in Figma to use audio.

Figma didn’t build its voice chat from scratch, but rather worked with a partner to bring this to market. Figma did not specify which partner/tech it’s working with on voice chat.

Alongside the release of FigJam and voice chat, Figma is also releasing a more full-featured mobile app, which will be in beta through TestFlight at launch.

Image Credits: Figma

One final update that Figma is announcing today is branching and merging in Figma. This allows designers who are updating the design system, for example, to branch out and do their work and then merge that work with the existing design system, rather than updating a shared component or resource and affecting everyone else’s workflow.

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Source: https://techcrunch.com/2021/04/21/figma-introduces-a-whiteboard-tool-called-figjam/

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B2B retail tech startup Arzooo forays into logistics with an investment of $2 million

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  • Arzooo’s new logistics service will help them to improve its serviceability, delivery speed, expanding to pay on delivery (POD) option to a larger network.
  • Last month, The B2B retail tech startup had raised $6 million in funding from Trifecta Capital.
  • In the first phase of its launch, Arzooo Express will be operational in 10,000 pin codes across the country.

Bengaluru-based B2B retail-tech startup Arzooo today announced the launch of its in-house logistics firm Arzooo Express with an initial investment of $2 million (about Rs 15 crore). The announcement comes almost a month after it raised $6 million in funding from Trifecta Capital.

Arzooo’s new logistics service will help them to improve its serviceability, delivery speed, expanding to pay on delivery (POD) option to a larger network of customers, along with improving the efficiency of its supply chain operations, the statement said.

Arzooo Express will manage complete logistics from first-mile service to last-mile delivery of goods for its partner stores across the country, it said.

In the first phase of its launch, the logistics firm will be operational in 10,000 pin code across the country with a fleet of trucks. By the end of 2021, The startup aims to increase its visibility to over 20,000 pin codes across the country.

Initially, Arzooo Express will be serving Arzooo’s customer base. The startup also plans to expand Arzooo Express as a third-party service provider in the near future, the statement added.

Commenting on the development, Khushnud Khan, Co-founder & CEO of Arzoooo, said, “We aim to deliver a level of service for our retailers that’s 2x faster in speed and reliable when it comes to the turnaround time but with a fragmented network of logistics ecosystem with limited capabilities to handle large appliances it is hard to achieve the speed and quality of service.”

Arzooo is a business-to-business (B2B) retail tech startup founded in 2018 by Ex-Flipkart colleagues and IIT Kharagpur alumni, Khushnud Khan and Rishi Raj Rathore. The startup helps its partnered stores and businesses address their persistent problem of inventory selection, product pricing, inventory management, sourcing, and supply chain.

Also Read: B2B Retail Tech Startup Arzooo Raises $7.5 Million From US-Based WRVI Capital

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.

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Source: https://indianstartupnews.com/news/b2b-retail-tech-startup-arzooo-forays-into-logistics-with-an-investment-of-2-million/

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