Roundup of news and ideas from the world of startups – Week ending 29th April 2018
News you can use
Google Holding $11 Billion in Its Startup Investments – Google’s parent company Alphabet Inc. has shared a result from its years of sizeable startup investing for the first time on Monday: The holdings are worth about $11 billion, according to the company estimates. A new accounting rule prompted Alphabet Inc. to disclose the fair value for its private stock holdings in earnings reports starting this year. The figure includes the company’s stake in some of Silicon Valley’s most highly valued startups, such as Uber Technologies Inc., Airbnb Inc. and Stripe Inc.
Start-up Coveti.combrings niche fashion to the UAE – Heba Al Fazari had already been a civil engineer, a diplomat and an image consultant when she decided on her current business path 18 months ago. The uber-stylish 37-year-old Emirati points to the jumper-style black dress she is wearing, bought from a Japanese designer called Limi feu, which she found in the corner of a Tokyo department store. The item not only still gets a lot of compliments – but represents a turning point.
Digital banking startup Revolut joins “unicorn” club – Revolut, a London-based digital banking startup, raised $250 million in new funding at a $1.7 billion post-money valuation. Why it’s a big deal: Revolut’s growth is astounding, even within the context of London’s burgeoning digital banking sector (e.g. TransferWise, Monzo, etc.).
Corporate M&A
ServiceNow Acquires SaaS Startup VendorHawk To Boost Now Platform – ServiceNow’s Now Platform is getting a shot in the arm through the company’s acquisition of Software-as-a-Service startup VendorHawk. VendorHawk’s technology optimizes customer SaaS usage, provides transparency and aims to help customers’ digital transformation initiatives. ServiceNow will integrate the Seattle-based startup’s technology inside its Now Platform.
Oppo makes first ever investment in Indian startup – Chinese mobile maker Oppo has made first-ever investment in the Indian startup ecosystem after leading a funding round in the digital media startup POPxo. Oppo led the round along with South Korean firm Neoplux, while POPxo’s existing investor including GREE Ventures, IDG Ventures India and Kalaari Capital also invested in the round.
Rolls-Royce invests in Startupbootcamp IoT – Rolls-Royce has become a sponsor of Startupbootcamp IoT, a three-month growth programme that will help up to 10 Internet of Things (IoT) startups validate, build and grow their business. The participating start-ups will be selected and mentored by R2 Data Labs, the data innovation catalyst inside Rolls-Royce.
German insurance ‘robo-advisor’ Clark scores $29 million Series B – Clark, one of a plethora of so-called ‘insurtech’ startups offering something akin to a digital insurance brokerage all delivered through a convenient mobile app, has closed a hefty $29 million in Series B funding. The round was led by fintech investor Portag3 Ventures, and VC fund White Star Capital, with participation from a number of existing investors including Coparion, Kulczyk Investments, and Yabeo Capital. It brings Clark’s total funding to $45 million.
Startup shut and failed last week
Indian micro-delivery startup MrNeeds shuts down – It was trying to stand out against eCommerce giants like Bigbasket, Grofers, and Amazon.in in a hyper-competitive market. MrNeeds was focused on optimizing the supply chain and minimizing delivery costs. It had raised about $500K in pre-Series-A funding from a group of angel investors.