Roundup of news and ideas from the world of startups – Week ending 3rd Feb 2019
News you can use
Showcased at CES 2019: Real-Time Translation for International Meetings from Zoi – The need to remove language barriers has never been greater. According to a 2018 survey of international meeting professionals by Successful Meetings, international meetings 94% believe that the number of international meetings will either increase or stay the same over the next twelve months; 94% also responded that the budget for international meetings will also either increase or stay the same during the same time period. It’s no surprise that 49% of professional international meeting planners identify “communications / language barriers” as the “most challenging aspect.”
Microsoft to invest $1 million to help grow the startup ecosystem in Quebec – On Wednesday, Microsoft Canada and Quebec City business incubator and accelerator LE CAMP announced a partnership that will see Microsoft invest more than $1 million in the province’s thriving startup scene. As part of the investment, Microsoft will provide funding for CAMP to invest in Quebec entrepreneurs and businesses, as well as a wide range of Microsoft hardware, including Surface laptops, XBoxes and HoloLens devices so CAMP can explore the development apps and tools in the world of augmented and mixed reality.
Corporate M&A
Microsoft acquires Citus Data, open-source startup – Microsoft recently announced that it has acquired open-source company Citus. The move comes at a time when the tech oligopoly is trying to expand its cloud offering and also commitment to open source. Last year, Microsoft acquired GitHub in a $7.5 billion deal. The news was first tweeted by Citus
Medlife International acquires healthcare start-up Medlabz – Online pharmacy company Medlife International has acquired Medlabz, a digital healthcare platform and ‘diagnostics at home’ provider. It has earmarked ₹250 crore to make further acquisitions. While Medlife did not disclose the acquisition sum, it said that the acquisition will help the company make a stronger push into the diagnostics segment.
Dropbox acquires e-signature startup HelloSign for $230 million – Dropbox has made its biggest known acquisition to date, snapping up fellow San Francisco company HelloSign in an all-cash deal worth $230 million. Founded in 2011 as HelloFax, HelloSign has always been about helping create a paperless office by enabling electronic signatures, though it offers additional services, such as online faxing. HelloSign had previously raised $16 million in a round of funding around 18 months ago.
AI based jobs start-up acquires Ksh. 201 million – Nairobi based HR-Tech company Shortlist East Africa (EA) has received an additional Ksh. 201 million (USD 2 million) in venture capital to further its algorithm based matching of regional businesses with top talent. The financing was led by Private Equity firm Blue Haven Ventures with participation from Zephyr Acorn, Compass Venture Capital and Potencia Ventures among others.
Failed Startups
Google To Shutdown Messaging App Allo By March 2019 – Earlier this year, Google paused investment in Allo. To take lessons from Allo to Messages app, says company exec. Allo users can export their existing data till March, 2019
Dutch computer retailer MyCom files bankruptcy, shuts down all stores – It seems that the dark clouds of financial catastrophe have already engulfed the Dutch computer retailer MyCom. Kijk Up, the company behind the electronics chain has filed for its bankruptcy and its application can be found on the official website of MyCom. All the stores are closed
All the MyCom stores have been found closed after the latest press release. At the beginning of the year 2019, MyCom had shut down seven stores in the Netherlands including Amstelveen, Arnhem, Den Bosch, Den Helder, Helmond, Leiden and Zeist.