The end is in sight for Quibi, PayPal offers support for cryptocurrency and Netflix is testing a new advertising strategy. This is your daily crisis for October 21, 2020.
The big story: Quibi shuts down
Jeffrey Katzenberg and Meg Whitman’s acclaimed streaming video app, which raised nearly $ 2 billion in funding, is reportedly shutting down The information and The Wall Street Journal.
Katzenberg, a longtime Hollywood executive, had blamed the coronavirus pandemic for a lackluster start in May – an app designed for viewing on the go didn’t have much resonance when people were mostly stuck at home. And whatever the reason, none of Quibi’s shows ever became a breakout hit.
Quibi executives confirmed the news in a post on Medium.
The technology giants
PayPal lets you buy and sell cryptocurrencies in the United States. In cooperation with Paxos, PayPal is initially planning to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Facebook is working on Neighborhoods, a Nextdoor clone based on local groups. Facebook said Neighborhoods currently only lives in Calgary, Canada.
Netflix is testing free weekend access in India – the streaming service has recently stopped offering a month of free access to new users in the USA.
Startups, Financing and Venture Capital
Syte, a visual e-commerce search platform, receives $ 30 million for the Series C expansion in the US and Asia. Syte’s technology was introduced in 2015 to focus on the visual search for clothing. It now also covers other industries such as jewelry and home decor.
The June third generation Smart Oven is available for pre-order starting at $ 599. Two years have passed since the last major update of the Smart Oven.
Mine raises $ 9.5 million to help people take control of their personal information. Mine scans users’ inboxes to understand who has access to their personal information.
Advice and analysis of extra crunch
Founders don’t have to be full-time to raise venture capital – John Vrionis and Sarah Leary of Unusual Ventures told us that light investments are important in the early days of a business.
Dear Sophie, what visa options are there for a graduate who is co-founding a startup? – The latest edition of immigration attorney Sophie Alcorn’s column that answers questions about immigration at work in tech companies.
Lessons from Datto’s IPO Price and Revenue Multiplier – How Do You Estimate Slower, More Profitable Software Growth?
(Reminder: Extra Crunch is our membership program that aims to democratize information about startups. You can sign up here.)
Everything else
Sam’s Club will deploy autonomous floor cleaning robots at all locations in the US. Sam’s Club’s parent company, Walmart, is already using robotics to do inventory in their own stores.
The AOC Among Us stream reached 435,000 concurrent viewers – the purpose of the stream, which attracted a large crowd, was to finish voting while we headed for the general election.
Coalition for App Fairness, a group fighting for reform in the App Store, adds 20 new partners. The coalition claims that both Apple and Google are exhibiting anti-competitive behavior.
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