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Hello crunchers! Christine is off for a few days, which means you’re stuck with just me. Prepare for awful puns and worse jokes. Oh yes.
But before we start the pun-ishment, let’s start with some good news: Devin reports that machine learning may be helping us create a COVID-19 vaccine that could help fight all current and future strains of the pandemic.
The TechCrunch Top 3
Startups and VC
QuantWare, the Dutch startup that builds quantum processors for research and commercial usage, today announced that it has raised a €6 million seed round (~$6.33 million), Frederic reports. The company says it will use this new funding to support development of its 64-qubit Tenor processor.
And we have five more for you:
Building a lean B2B startup growth stack
Selecting the right tool for the job is easy when you already know exactly how to proceed.
Most B2B growth marketers don’t have a blueprint to work from, however, which is why Primer CEO Keith Putnam-Delaney shared a guest post with TC+ that identifies which tools are most appropriate for early-stage, midstage and late-stage startups.
“The current budget-constrained environment should be seen as a net positive by marketers,” he writes. “It will force teams to think deeply about what’s absolutely necessary, which tools will add efficiency (or subtract from it).”
Three more from the TC+ team:
TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!
Big Tech Inc.
India is proposing to replace its over two-decades-old IT law, as the world’s second-largest internet market pushes for new guidelines to seek broader accountability from tech firms, revaluate who all gets protection from safe harbor and better oversee new technologies and serve “every” connected user in the South Asian market, Jagmeet and Manish report.
From the people who brought you credit monitoring services now comes Credit Karma Net Worth, a new product to help people know, grow and protect their wealth, Christine reports. The new feature brings the 16-year-old company closer to becoming an end-to-end personal finance management platform, also offering debt, credit building and checking and savings products, Credit Karma founder and CEO Kenneth Lin said in an interview.
And we have five more for you:
Just 7 days until the TC Early Stage early bird flies away
Budget-minded entrepreneurs and early-stage startup founders take heed — this is no time to procrastinate. We have only 7 days left of early-bird pricing to TechCrunch Early Stage 2023 in Boston on April 20.
Don’t wait…the early bird gets the…SAVINGS: Buy a $249 founder pass and save $200 before prices increase on April 1 — that’s no joke.
TC Early Stage is our only event where you get hands-on training with experts to help your business succeed. No need to reinvent the startup wheel — you’ll have access to leading experts across a range of specialties.
During this one-day startup bootcamp, you’ll learn about legal issues, fundraising, marketing, growth, product-market fit, pitching, recruiting and more. We’re talking more than 40 highly engaging presentations, workshops and roundtables with interactive Q&As and plenty of time for networking.
Here are just a few examples of the topics we have on tap. You’ll find plenty more listed in the event agenda.
How to Tell Your TAM: Dayna Grayson from Construct Capital invests in the rebuilding of the most foundational and broken industries of our economy. Industries such as manufacturing and logistics, among others, that formed in an analog world have been neglected by advanced technology. Dayna will talk about how, beyond the idea, founders can pitch investors on their TAM, including how they will wedge into the market and how they will eventually disrupt it.
How to Think About Accelerators and Incubators: Founders often hear they should get involved with an incubator or accelerator, but when is the “right” time for early-stage founders to apply to these types of startup support ecosystems, and how can they best engage if accepted? In this talk, Harvard Innovation Labs executive director Matt Segneri will cover everything from the types of incubators and accelerators available to early-stage founders, to what startups should consider before applying, and tips for getting the most out of these ecosystems.
How to Raise Outside of SV in a Down Market: Silicon Valley’s funding market tends to be more immune to macroeconomic conditions than elsewhere in the world. So how do you raise outside the Valley bubble? General Catalyst’s Mark Crane has ample experience on both the founder and VC side from all over Europe, as well as a firm understanding of the funding landscape in the northeastern U.S., so he’ll give practical advice on how to stay alive and thrive.
At TechCrunch Early Stage you’ll walk away with a deeper working understanding of topics and skills that are essential to startup success. Founders save $200 with an early-bird founder ticket — college students pay just $99!
Twitter will kill ‘legacy’ blue checks on April 1
Twitter has picked April Fool’s Day, otherwise known as April 1, to start removing legacy blue checkmarks from the platform.
Despite the significance of the day Twitter chose, the removal of legacy checkmarks has been anticipated for months now. Musk tweeted in December that the company would remove those checks “in a few months” because “the way in which they were given out was corrupt and nonsensical.”
Since then, legacy blue checkmark holders have been seeing a pop-up when they click on their checkmark that reads, “This is a legacy verified account. It may or may not be notable.”
Before Musk acquired the company, Twitter used checkmarks to verify individuals and entities as active, authentic and notable accounts of interest. Verified checkmarks were doled out for free.
Today, Twitter users can purchase a blue check through the Twitter Blue subscription model for $8 per month (iOS and Android signups will cost $11 per month, due to app store costs). There are also other checkmark colors and badges available for purchase to denote whether an account is a business or a government, for example.
Twitter says the purchase of a checkmark gives users access to subscriber-only features like fewer ads on their timeline, prioritized ranking in conversations, bookmark folders, and the ability to craft long tweets, edit tweets and undo tweets.
The news comes within hours of Twitter also announcing the availability of the Blue subscription globally.
Twitter did not respond to TechCrunch’s request for more information about how many users have already signed up for Twitter Blue.
Roofstock, valued at $1.9B last year, cuts 27% of staff in second round of layoffs
Proptech company Roofstock has laid off about 27% of its staff today, according to an email sent to employees viewed by TechCrunch. The cuts come just five months after the startup laid off 20% of its workforce.
The company’s website states that it has 400+ employees, or “Roofsters” as they’re dubbed, but it is not known if that figure is current.
Roofstock, an online marketplace for investing in leased single-family rental homes, one year ago raised $240 million at a $1.9 billion valuation. SoftBank Vision Fund 2 led that financing, which included participation from existing and new backers including Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures and others. Roofstock has raised a total of over $365 million in funding since its 2015 inception, per Crunchbase.
According to the email seen by TechCrunch, co-founder and CEO Gary Beasley said today’s reduction in force (RIF) was “in response to the challenging macro environment” and the “negative impact” it is having on Roofstock’s business.
He added that the company was not expecting to have to cut more staff so soon but that it needed to “right size” in an effort “to reduce cash burn rate” and ensure it has “adequate capital runway until the market eventually turns.”
Beasley sent the email because apparently, the Zoom meeting where it was addressed “maxed out on attendees.”
Oakland, Calif.-based Roofstock lets people buy and sell rental homes in dozens of U.S. markets. The premise behind the company is that both institutional and retail investors can buy and sell homes without forcing renters to leave their homes. Meanwhile, buyers can also presumably generate income from day one.
At the time of its raise in March 2022, the company said that it had facilitated more than $5 billion in transaction volume, more than half of which had come from the last year alone.
Just days before its last round of layoffs last year, Roofstock made headlines for selling its first single-family home using NFTs, or non-fungible tokens.
Rising mortgage rates and a slowdown in the housing market led to challenges for many real estate technology companies in 2022 that continue this year. Opendoor, Redfin, Compass, Better.com and Homeward were among the other startups that also laid off workers. IBuyer Reali also announced it was shutting down after raising $100 million the year prior.
TechCrunch has reached out to Roofstock but had not heard back at the time of writing but multiple sources confirmed that layoffs had taken place today.
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