Browsing Tag: Startups

    Startups

    Origin wants to make accessible physical therapy women’s new normal

    May 14, 2020

    “I spend a lot of time being angry — but I’m still hopeful. Gender bias in medicine is systemic,” says Carine Carmy, the fast-talking CEO and co-founder of Origin, during a condensed chat about her startup mission to make physical therapy for women and mothers accessible and affordable across the US, both online and through a network of physical clinics.

    The unexpected arrival of the COVID-19 pandemic led the LA-based startup to rework and accelerate its original launch plan — shifting its first focus to getting a telehealth service up and running fast.

    They launched a “virtual care” service at the end of last month — offering “non-invasive, affordable care for commonly overlooked health issues”, from painful sex to postpartum recovery, as they put it in a press release, all of which is currently being served up via socially distanced Zoom video chat, thanks to the coronavirus.

    Early growth in visits is running at 100%, month over month, per Carmy.

    “We had originally planned to spend more time with in person care and then actually launch our digital platform — telehealth — in 2021. But March hit and it was very clear that we were going to have to close our doors for some period of time. So we decided to accelerate, really dramatically, the launch of our virtual care,” she explains.

    “We launched a telehealth product in 48 hours, we converted the majority of our visits for the next month in person online and we had really, really great feedback and customer response —  both in terms of adoption but repeat visits as well. And that gave us the confidence to really accelerate both the brand launch but also to be able to serve many more women with telehealth and then ultimately with other digital products down the line.”

    Origin’s virtual care offering is nationwide in the sense of being available as a “touchpoint” to women across the U.S., though Carmy notes it’s only “in network” (i.e. accepted by some insurance providers) in California at this point. “That’s a goal of ours — to expand insurance coverage nationwide,” she says.

    “We’re rapidly onboarding new providers across the country to be able to serve patients in a deeper way. Right now we offer one-on-one physical therapy online in California, and we’re offering health coaching in other states and are expanding our coverage in the coming weeks. We have folks lined up in New York and Texas and other states that we’re onboarding right now.”

    The wider plan — coronavirus pandemic willing — is to start building out a network of physical clinics to go alongside the telehealth service, expanding out from the initial clinic in LA. She says the team is eyeing other locations in California to potentially open up later this year.

    “Our model is both in person and online but obviously COVID has accelerated the online component,” Carmy tells TechCrunch. “But, at the core, physical therapy designed for women really means we were looking at women’s anatomy; the hormonal differences that affect women at unique stages in life; and often looking at the very prevalent but overlooked healthcare issues that women experience. So that’s the core of the care delivery that we’ve been tweaking with the team from a client experience perspective.

    “That is going to stay the same but our goal is to build a network of practices across the country in partnership with the leading providers in each market. So we’re actually on track to open up San Francisco later this year… and have plans to expand within California and the country in person.”

    On the tech side they’re focusing on building “customization around the care delivery experience” — which boils down to building a platform that serves the target female users with “the right education and fitness and exercise content”, as part of an overarching care delivery package.

    Origin’s founder clinic is a long-standing LA business, called Bebé Physical Therapy. The team started working with this practice in late 2018, with a formal partnership following on last year. While the clinic’s original founder has left, the entire clinical team was retained — and Origin gained an existing loyal client base. (They say they’ve treated “thousands” of women in Los Angeles and have more than 250 referring providers, such as OB-GYNs, at this stage.)

    “For us it was this really big moment of realizing there is this care delivery model that really works,” says Carmy, explaining the startup origin story. “The research shows that physical therapy is the first line of defense for every pelvic floor disorder. But there’s not enough access to these types of providers in a way that makes sense for the modern woman.”

    “We really believe in building a clinical-first company,” she adds. “So for us it was really important to partner with really the best team in Los Angeles.”

    Origin is angel funded at this stage, with the team taking an undisclosed amount of financing from investors including Assaf Wand, CEO and co-founder Hippo Insurance; Jenny Fleiss, co-founder of Rent the Runway; Josh Zad, founder & CEO of Alfred Inc.; and several others, including some individuals specifically focused on the healthcare space.

    “Now profitability is sexy,” jokes Carmy, when asked about its approach to financing the business and whether it’s looking to go down a typical startup VC funding route or not. “For us, we’ve always wanted our locations to be profitable. I think it’s the most important thing to control your own destiny. Really focus on building a sustainable business from day one has been our goal.”

    While bricks-and-mortar clinics where women can go for personal, physical, and potentially very intimate therapy are clearly a vital component of such a service, Carmy argues there’s plenty of good work that can be done virtually to support women with their health issues.

    She says one major component to tackle when targeting women’s health is simply awareness and education — given how relatively overlooked the area is. And of course there’s no barrier to imparting knowledge over a Zoom call (albeit that particular videoconferencing tool’s platform’s security is something the Origin team may want to take a closer look at).

    “So much of what we offer can be done remotely,” says Carmy. “And I think, especially if you’re a busy working mother, to be able to come into the clinic every week is not always feasible. So we do think you can actually achieve better outcomes and better adherence if we have continuous care online and in person.”

    “A lot of patients are coming to us with issues that have never been named before,” she adds. “So some of the core value we offer is actually providing medical valuation — there’s a medical diagnosis and there’s a plan and there’s something we can do about it,” she adds.

    “How women understand what’s going on with their bodies. And that’s not just in one session — that’s really over time, increasing body awareness and knowledge that women have so that they can also take care of themselves better in the future. That happens in every visit and can happen online.”

    Carmy has a background in digital marketing but a very personal interest in women’s health after suffering painful sex during her twenties. She recounts the frustration of having to see multiple doctors before finally being able to get effective treatment for the problem.

    While her long time friend and co-founder, Nona Farahnik Yadegar, suffered similar health issues after delivering her son — which led her to the Bebé Physical Therapy practice. Inspired, the friends joined forces to set up Origin, enlisting the help of Farahnik Yadegar’s husband, David, as their third co-founder.

    “Pregnancy and postpartum, particularly postpartum, women’s needs are fundamentally ignored after they deliver,” Carmy continues. “We’re expected to just kind of ‘snap back’ — which is this huge fallacy which creates a whole set of other emotional issues and challenges as we try to live our lives.

    “There’s a huge need. There’s a historical gender bias in medicine — but there has to be a way to solve this.”

    It looks like a timely moment to build such a platform, with telehealth seeing a huge demand spike as a result of the coronavirus. While femtech, as a category, is now well established — commanding an increased share of attention from VCs who have historically lagged on understanding the opportunities for products and services that cater to women’s health (given their own gender bias problem).

    Where women’s health is concerned the penny of opportunity does seem to be dropping. Not just for businesses narrowly focused on fertility, either, but for founders who are thinking far more holistically about women’s issues and well-being (including very overlooked yet universal transitions such as the menopause).

    The Origin team’s decision to accelerate launching their telehealth platform actually occurred before a COVID-19 triggered shift in US regulations — which has nonetheless helped their accessibility mission by opening up digital healthcare platforms for insurance coverage, including for physical therapy.

    “My hope is that this continues, even beyond whatever crisis period we’re in right now,” says Carmy, noting how physical therapy was one of the last areas to be covered for telehealth.

    Origin contends that its approach to women’s health and physical therapy prevents and treats conditions that costs the system “billions of dollars across maternity and MSK” — by reducing unnecessary surgeries; improving musculoskeletal outcomes; and also by supporting women at work, thereby reducing absenteeism and promoting postpartum return.

    “We’ve systemically ignored many parts of women’s bodies. There’s so much more research on erectile dysfunction than there is on female sexual pain,” Carmy adds, discussing why the insurance industry has also historically failed to pay proper attention to women’s health. (She notes, for example, that the Bebé Physical Therapy practice is an exception in Southern California in accepting insurance for this type of therapy.)

    “If the medical community is telling you, through their actions, by only getting one visit six-weeks postpartum or by me needing to see six doctors to figure out what’s wrong with my pelvic floor, which is a large part of my body,  even I think that this is maybe ‘normal’ or not an issue.

    “The number of women I’ve talked to who assume that leaking or incontinence is just something that happens to all women after they give birth and can’t be dealt with… So I think we’ve normalized what is probably one of the largest healthcare issues in the country. That is maybe not an acute issue causing a tonne of surgeries but it really is if you look at pelvic organ prolapse.

    “One in two adult women experience some level of prolapse and surgery is still perceived to be ‘the option’. And even with surgery you need physical therapy so…”

    There’s respected science underpinning physical therapy as an effective treatment for a range of women’s health issues (Carmy, for example, points to this Stanford study on pelvic floor dysfunction). But, at the same time, the historic failure of the medical research community to focus on women’s health issues means there’s an ongoing paucity of data — which is something Origin hopes to be able to treat in time.

    “We’re one of the only practices, we’re seeing thousands of visits a months, so we’re able to actually have a very large population that, hopefully in partnership with a research institution, we can actually show the real value of what’s being done — especially from a prevention stand point,” says Carmy.

    “I think that’s where healthcare is going,” she adds, on the dual-sided — online, offline — nature of the business: In person physical therapy supplemented by ongoing online care, where therapists treat patients in their homes (and can even, therefore get a peek at extra environmental context, by getting eyes on a patient’s surroundings, that might be useful for further customizing physical treatments).

    “In the future we’re not going to call it ‘telehealth’ we’re going to call it healthcare… It’s really just the future of care delivery.”

    Another healthcare trend that’s clearly signalled by a startup like Origin is that women are increasingly rejecting a male-skewed status quo within medicine — and making it their own business to take better care of women. 


    Source: Tech Crunch Startups | Origin wants to make accessible physical therapy women’s new normal

    Startups

    Why we’re doubling down on cloud investments right now

    May 14, 2020

    Years from now, people will look back on the COVID-19 pandemic as a watershed moment for society and the global economy.

    Wearing a mask might be as common as owning a phone; telework, telemedicine and online education will be more of a norm than a backup plan; and for the global economy, the cloud will have transformed the underlying infrastructure of businesses and entire industries.

    COVID-19 is a turning point for the cloud and cloud company founders. For its computing power and as a delivery model of software, the cloud has been embraced as a solution to many challenges that businesses face during today’s economic downturn and recovery. Not only is the cloud industry more resilient than other industries, but the cloud model offers businesses a promising future in the age of social distancing and beyond.

    We believe that once founders find shelter in the cloud, they’ll never go back.

    Cloud’s resiliency amid historic volatility

    Over the past decade, there’s been a massive market shift from on-premises to cloud, as 94% of enterprises use at least one cloud service today. 2020 was already a milestone year for the cloud industry, as aggregate SaaS and IaaS run-rate revenue each crossed $100 billion, and the BVP Nasdaq Emerging Cloud Index (^EMCLOUD) market cap crossed $1 trillion in early February. Yet in a matter of days, as the COVID-19 pandemic spread, fear tore through financial markets.

    In early March, public markets experienced the steepest crash in history with volatility we haven’t seen since the Great Recession. The cloud index market cap dropped to ~$750 million and cloud multiples returned close to their historical averages of ~7x while the VIX volatility index spiked to the mid-80s. Both at global highs in February 2020, the ^EMCLOUD and the S&P 500 traded off by roughly 35% by mid-March. Over the next two months, though, the ^EMCLOUD recouped those losses, charging to a new all-time high on May 7.

    The cloud index has continued its rise since then, and as of the close on May 11 has a market cap above $1.2 trillion and has returned to the lofty 12x forward run rate revenue multiples from 2019. Similar to Adobe in 2012, we expect many enterprises to transition over to the cloud model, and the index will continue to expand. As we predicted in this year’s State of the Cloud 2020, by 2025 we expect the cloud to penetrate 50% of enterprise software.


    Source: Tech Crunch Startups | Why we’re doubling down on cloud investments right now

    Startups

    7 top mobility VCs discuss COVID-19 strategies and trends

    May 14, 2020

    As COVID-19 swept across the globe, no sector lay untouched, but perhaps no industry was more disrupted than transportation.

    Airlines slashed routes, public transit use plummeted, ridership on Uber, Lyft and other ride-hailing platforms dropped and shared scooter companies pulled products from city streets. Meanwhile, e-bike sales bloomed and on-demand delivery, including services using autonomous robots, exploded.

    Transportation companies have been forced to adapt — quickly — to this new reality. Uber, for example, found itself in a position where it felt both right to lay off thousands of employees as it planned to inject $170 million into micromobility startup Lime.

    The upshot: Along with the pain, crises can also be a catalyst for innovation. TechCrunch spoke to seven venture capitalists about how COVID-19 affected their portfolio and investment strategy, and asked their advice for startup founders as well as where they think the next and overlooked hot opportunity will be:

    Ernestine Fu, Alsop Louie Partners

    How has COVID-19 impacted your investment strategy? 

    Early-stage venture capital is about investing in the steady growth and potential of a business over time. We’re in it for the long term, and the economy will eventually rebound. We’re preserving dry powder for existing investments, but at the same time, I’m reminded that some of the best venture-backed businesses were founded and funded during recessionary times (e.g. Google, Salesforce, Instagram). So we’re keeping our eyes open for promising young startups too.

    What is your advice to startups in your portfolio right now?

    COVID-19 is an existential event in all of our lives and businesses. Stay positive and be empathetic — protect your employees and communicate often, maintain the financial health of your business and know you need to adapt to the change that will continue to happen.


    Source: Tech Crunch Startups | 7 top mobility VCs discuss COVID-19 strategies and trends

    Startups

    Xona Space Systems raises $1 million to improve satellite-based navigation services

    May 14, 2020

    San Mateo-based startup Xona Space Systems has raised a $1 million “pre-seed” round led by 1517, with participation from Seraphim Capital, Trucks Venture Capital and Stellar Solutions. The company is focused on developing a Positioning, Navigation and Timing (PNT) satellite service that it believes can supersede Global Navigation Satellite Systems (GNSS), providing big benefits in terms of security, precision and accuracy.

    Xona contends that GNSS, which is essentially the backbone of almost all global navigation software and services, is relatively imprecise and open to potential disruption from malicious attackers. It’s a technology that was transformational in its time, but it’s not up to the challenge of meeting the requirements of modern applications, including autonomous vehicle transportation, drone fleets, automated ocean shipping and more.

    The company is pursuing an ambitious goal: GNSS remains one of the most significant, broad and impactful space-based technologies ever to be developed. Its impact is apparent daily, from consumer applications like turn-by-turn navigation via mobile mapping apps, to industrial services like global logistics platforms. Anyone who can develop a credible next-generation alternative that modernizes and improves upon GNSS stands to gain a lot.

    Xona’s approach promises tenfold improvements in terms of accuracy versus GNSS, and encryption that can help provide much more security. The company has a patent pending on its Pular-branded PNT service, which will employ low Earth orbit satellites (versus higher orbit current GNSS networks) to provide its next-gen navigation tech.


    Source: Tech Crunch Startups | Xona Space Systems raises million to improve satellite-based navigation services

    Startups

    Philippines-based home services platform GoodWork gets $1.6 million to expand in Southeast Asia

    May 14, 2020

    GoodWork, a Philippines-based booking platform for home services, has raised a $1.6 million seed round it will use to expand into new Southeast Asian markets.

    The funding was led by Chaac Ventures, a firm that backs Princeton alumni (GoodWork co-founder and CEO Andrew Koger earned his bachelor of arts at the university), and includes participation from Elysium Ventures, Kairos K50 and angel investors from Facebook and Snapchat.

    Before founding GoodWork, Koger lead Fulfillment by Lazada, the e-commerce company’s logistics arm. He told TechCrunch that GoodWork will focus on launching in more major cities, and plans to expand into Vietnam and Thailand at the end of this year or early 2021.

    Founded in 2018, GoodWork currently operates in the Metro Manila region. Its app lets customers book services including home cleaning, laundry pickup, air conditioner cleaning and home repairs, as well as spa services like manicures. Service providers on the platform, who set their own prices, typically get more than 10,000 jobs each month, with 70% daily bookings from repeat customers.

    In March and April, GoodWork followed government rulings to suspend operations, after regions throughout the Philippines were put under different levels of community quarantine in response to the COVID-19 pandemic, with Metro Manila under the strictest restrictions. To adapt, the company added new health services, including online medical consultations, to its app.

    Now as lockdown measures gradually lift, the company is preparing by adding disinfection cleaning services and implementing new safety guidance for providers, including a body temperature monitoring feature in its app, and additional safety training and protective equipment for cleaners.

    Over the last three weeks, Kroger said the startup has already started seeing a strong recovery, with some categories already returning to pre-COVID levels.

    “The drivers differ by category, but in general I’m very optimistic that home service demand will actually get a good tailwind in the months ahead,” he added. “For instance, with continued work from home policies, this increases air-conditioning usage, which has led to an increased demand for servicing, and for many people it has increased the need for home cleaning.”

    He added there is also more interest in laundry pickup and delivery services, because many people don’t have washing machines at home and rely on laundromats. Beauty services like manicures and pedicures are still not allowed to operate in Manila, but Kroger believes that once they start again, there will be increased demand for them to be performed at home since many people may continue avoiding crowded shopping areas.


    Source: Tech Crunch Startups | Philippines-based home services platform GoodWork gets .6 million to expand in Southeast Asia

    Startups

    Singapore-based data protection startup Dathena raises $12 million Series A

    May 14, 2020

    Dathena, a Singapore-based company that provides AI-based data protection and privacy solutions, announced it has raised a $12 million Series A. Part of the funding will be used to expand Dathena’s co-sell partnership with Microsoft in the United States, which is targeted to Azure Cloud and Microsoft 365 customers who need to comply with new data privacy regulations like the California Consumer Privacy Act.

    The funding was led by Jungle Ventures, with participation from Caphorn and SEEDS Capital, the investment arm of Enterprise Singapore, a government agency that supports entrepreneurs. Existing investors Cerracap Ventures and MS&AD Ventures also returned for this round. This brings Dathena’s total raised to $18 million.

    Founded in 2016, Dathena says it currently has more than 200,000 users and enterprise clients. Its software scans and organizes data stored on premise or in the cloud, identifies sensitive information, and then monitors access and potential security risks.

    Dathena also automates compliance with data protection regulations around the world, like the European Union’s GDPR and California’s CCPA, which is useful for clients who have operations in different countries or are in highly-regulated industries like healthcare, finance or defense.

    Dathena CEO and co-founder Christopher Muffat told TechCrunch that the new funding will also be used to grow the company’s R&D efforts to build a self-service and plug-and-play platform, and hire more sales, marketing and customer support staff for users in North America and Europe. The company recently opened its U.S. headquarters in New York City.

    Muffat identified Dathena’s main competitors as DocAuthority, MinerEye and Exonar, which also organize and protect enterprise data. Dathena strives to differentiate by being data-source agnostic, so any ETL (extract, transform, load) tools can be plugged into its platform, allowing data sets from almost any source to be imported. It is also deeply-integrated into Microsoft software, including Microsoft 365 E3 and E5, Azure Information Protection and Microsoft Cloud App Security.

    Muffat added that Dathena is also simple to use, while its AI-based software makes data security tasks more time efficient and scalable.

    “Most data privacy tools are made for IT folks and are too complex to navigate for other members of an organization, yet managing compliance with regulations such as GDPR and CCPA often falls under the purview of legal or other non-IT business functions,” he said.

    As people continue working remotely because of the COVID-19 pandemic, Muffat says this creates new vulnerabilities, including access to corporate systems over mobile or home computers that their employers may not have full control of; less visibility over where company data flows, making it harder to protect; and workers potentially using unsecured Wi-Fi networks or accessing their email through web portals instead of desktop apps.

    Remote employees may also use their Office 365 or Gmail credentials to access cloud apps, increasing the risk of breeches.

    To address that, Dathena has been focusing on Microsoft customers and cloud deployment, and now provides managed services to operate the Dathena platform, helping clients get more use out of the product.

    In a press statement, Jungle Ventures Amit Anand founding partners said, “Dathena’s global growth positions the tech leader to capitalize on the rapid evolution of the $120 billion data protection market. It’s a shining example of our investment in global tech companies emerging out of Asia and we’re excited to continue to support their rapid growth.”


    Source: Tech Crunch Startups | Singapore-based data protection startup Dathena raises million Series A

    Startups

    UK’s ANNA raises $21M for its SMB-focused business account and tax app

    May 13, 2020

    Small and medium businesses and sole-traders account for the vast majority of businesses globally, 99.9% of all enterprises in the U.K. alone. And while the existence of millions of separate companies, with their individual demands, speaks of a fragmented market, together they still represent a lot of opportunity. Today, a U.K. fintech startup looking to capitalise on that is announcing a round of growth funding to enter Europe after onboarding 20,000 customers in its home country.

    ANNA, a mobile-first banking, tax accounting and financial service assistant aimed at small and medium businesses and freelancers, has closed a $21 million (£17.5 million) round of investment from a single investor, the ABHH Group, the sometimes controversial owner of Alfa Bank in Russia, the Amsterdam Trade Bank in the Netherlands and other businesses.

    The investment is a strategic one: ANNA will be using the funding to expand for the first time outside of the U.K. into Europe, and CEO Eduard Panteleev said that effort will be built on Amsterdam Trade Bank’s rails. He confirmed that the investment values ANNA at $110 million, and the founders keep control of 40% of the company in the deal.

    The fundraising started before COVID-19 really picked up speed, but its chilling effect on the economy has also had a direct impact on the very businesses that ANNA targets as customers: some have seen drastic reductions in commercial activity, and some have shuttered their businesses altogether.

    Despite this, the situation hasn’t changed measurably for ANNA, Panteleev said.

    “COVID-19 hasn’t impacted us so far. We are designed as a digital business, and so working from home was a completely normal shift for us to make,” he said, but added that when it comes to the customers, “Yes, we have seen that our customers’ incoming payments are quite affected, with 15-30% decrease in the volume of customer payments.” The firm belief that ANNA and investors have, however, is that business will bounce back, and ANNA wants to make sure it’s in a strong position when it does.

    ANNA is an acronym for “Absolutely No Nonsense Admin,” and that explains the gist of what it aims to do: it provides an all-in-one service for smaller enterprises that lets them run a business account to make and receive payments, along with software for invoicing, accounting and managing taxes that is run through a chat interface to assist you and automate some of the functions (like invoice tracking). ANNA also offers additional services, such as connecting you to a live accountant during tax season.

    ANNA is part of a wave of fintech startups that have cropped up in the last several years specifically targeting SMEs .

    It used to be the case that SMEs and freelancers were drastically underserved in the world of financial services: their business, even collectively, is not as lucrative as accounts from larger enterprises, and therefore there was little innovation or attention paid to how to improve their experience or offerings, and so whatever traditional banks had to offer was what they got.

    All that changed with the rise of “fintech” as a salient category: ever-smarter smartphones and app usage are now ubiquitous, broadband is inexpensive and also widespread, cloud and other technology has turbo charged what people can do on their devices and people are just more digitally savvy. And many startups have taken advantage of all that to develop fintech services catering to SMEs, which also has meant competition from the likes of Monzo, Revolut, Tide and now even offerings from high-street banks like NatWest, and further afield startups like MercuryWise and BlueVine.

    Panteleev believes ANNA’s product stands separate from these. “We offer more of a financial assistant to users, rather than just moving their money, and it’s also a different business case, because we look at what a user needs more holistically,” he said. Pricing is also a little different: businesses with monthly income of less than $500 can use ANNA for free. It then goes up on a sliding scale to a maximum of £19.90 per month, for those with monthly income between £20,000 and £500,000.

    Panteleev — who co-founded the company with Andrey Pachay, Boris Dyakonov, Daljit Singh, Nikita Filippov and Slava Akulov — is a repeat entrepreneur, having founded two other banking startups in Russia with Dyakonov that are still going: Knopka (Russian for button) and Totchka (Russian for dot). These are older and more established: Totchka for example has some 500,000 users, but Panteleev has said there are no plans to try to bring ANNA into the Russian market, nor take these other companies international.

    For ABHH, the attraction of investing in this particular startup was probably two-fold. The businesses have Russian DNA in common, making for potentially a better cultural fit, but also it is yet another example of a legacy, large bank tapping into a smaller and more fleet-of-foot startup to address a market sector that the bigger company might be more challenged to do alone.

    “I’m looking forward to embarking on this exciting journey together,” said Alan Vaksman, member of the supervisory board at Amsterdam Trade Bank and future chairman of ANNA, in a statement. “At this moment most SMEs find themselves in a challenging situation; however, once the pandemic comes to an end, there will be a very clear realisation that neither corporates nor family businesses can afford to run most operational processes manually. Tech services and platforms, like ANNA, are in for some dynamic times ahead.”


    Source: Tech Crunch Startups | UK’s ANNA raises M for its SMB-focused business account and tax app

    Startups

    Anyfin raises $30M Series B to let consumers refinance their existing loans

    May 13, 2020

    Anyfin, the Stockholm-based startup that enables consumers to refinance their existing loans, has raised $30 million in funding.

    Leading the Series B round is EQT Ventures, with participation from existing investors Accel, Northzone and Rocket Internet’s Global Founders Capital (GFC). Anyfin says it will use the investment to “drive product innovation,” launch additional offerings and scale into new European markets (currently, the fintech operates in Sweden and Finland).

    Launched in 2018 by Mikael Hussain (CEO), Sven Perkmann (CTO) and Filip Polhem (COO), Anyfin is on a self-described mission to improve the financial well-being of Europeans and “put them back in control of their finances.” It does this through a digital lending platform focused on refinancing. The idea is to make it easier to competitively refinance (or consolidate) loans and credit cards and therefore not get ripped off with high interest rates or compound interest.

    Via Anyfin’s website or iOS and Android apps, consumers can select their current loan provider from a drop-down menu, snap a picture of their statement or upload it. Anyfin then gives feedback, including, where applicable, the option to refinance at a “fairer” price. “With one tap, the consumer can accept the new option from Anyfin and the company takes care of settling the existing loan for them,” explains the Swedish fintech.

    Behind the scenes, Anyfin claims to use AI, combined with publicly available consumer data and information garnered through taking a photo of your existing loan statement or uploading an electronic copy, including your repayment history. This, it says, gives it a more complete picture than your credit score alone, which is likely the main data point used by the original lender.

    “All the consumer has to do to save a bunch of money is to snap a picture of the credit card bill or loan statement and we do the rest,” Anyfin co-founder and CEO Mikael Hussain told me in early 2018. “When a customer sends us their picture we use OCR to get the data we need, run that through our risk algorithms and, based on that, give the consumer an individual price.”

    Cue statement from Ashley Lundström, deal partner and investment advisor at EQT Ventures: “The Anyfin team is one of the most experienced and ambitious fintech teams that the EQT Ventures team has come across. But what really impressed us was that Mikael, Sven, Filip and the stellar team they’ve built around them are truly value-driven. They’re in the game for the consumer, and never has this been more important. At EQT Ventures we believe that squarely aligning with consumers is a sustainable path to building a healthy business – so we were obviously thrilled to find the combination of tech DNA, market validation, and heart in Anyfin.”


    Source: Tech Crunch Startups | Anyfin raises M Series B to let consumers refinance their existing loans

    Startups

    Taika is building a better coffee through natural chemistry and adaptogens

    May 13, 2020

    So, an eight-year product veteran from Facebook and an internationally renowned barista walk into a coffee bar…

    It’s not a joke. It’s the origin story for Taika, a new startup that’s aiming to bring natural stimulants to the masses through its juiced-up coffee beverages.

    The two co-founders, Michael Sharon, an eight-year veteran of Facebook’s mobile product division, and Kalle Freese, a champion barista (it’s a thing) and the co-founder of Sudden Coffee, are on a mission to bring consumers what Sharon calls “stealth health.”

    Talk to any of Sharon’s friends and it’s plain to see that the man loves his coffee. While at Facebook he’d down pour-overs in the morning and espresso shots throughout the day, but the side effects left him… “tweaky.”

    So, like any good product designer and engineer, Sharon set out to try to make a better cuppa. The South African native developed a stack of different natural additives that he would add to his morning ‘joe in an effort to provide a steady source of stimulation — without any side-effects throughout the day.

    The cornerstone of Sharon’s putatively potent potables is an ingredient commonly found in tea called L-theanine. “I had these compounds and these stacks that I was putting together for myself,” said Sharon. “[And] I realized they were super beneficial, but when I tried to get my friends interested and said ‘Here are the 20 things you need to buy,’ people would lose interest and walk away.”

    It was in those moments that Sharon came up with the notion of “stealth health.” If his friends were rejecting his attempts to try out his curated stack of ingredients on their own, he’d just make a product that would package them into a handy beverage and foist them on an unwitting world.

    Sharon stresses that his company is based on the latest science and that nothing that’s included in Taika’s coffee-based drinks is a novel compound or regulated substance. They’re all supplements that are known quantities in the wellness world.

    We are, as a company, we’re very much science aware and science supported,” said Sharon. “We’re not science blocked… The compounds that I’ve experimented with… I’ve experimented with them myself and experimented with them on my partner and started this larger beta program.”

    Bringing software-style beta testing to the beverage business

    Sharon met Freese in 2018 after a two-and-a-half year hiatus from Facebook that saw the veteran product designer try his hand at kite surfing, wind surfing, surfing, photographing polar bears in Svalbard and visiting the world’s only desert with freshwater lagoons.

    That summer the coffee snob met the world’s best barista and a friendship was formed that would blossom into the partnership at the heart of Taika. Sharon had already made an investment in the coffee world through a small stake in Blue Bottle and was ready to take the plunge into startup land.

    “When I met Kalle we started riffing on a whole bunch of insane ideas,” said Sharon. “After two months we were like… Why don’t we try to take some of these compounds and put together a formula.”

    Because none of the compounds that the company uses need to be approved by the FDA, because they’re classified as “Generally Recognized As Safe,” Taika was able to begin formulating.

    The company started off as a direct sales business, giving away coffee to friends and friends-of-friends. Then they started delivering to what Sharon called micro-kitchens. From there, the business grew and continued growing. The two co-founders began dropping off their brews at corporate offices.

    Their first big human beta test was at the offices of the now-defunct legal startup Atrium. “They were — like — 80 people at that stage,” said Sharon. And they were also providing legal services to Taika as a newly launched startup. “They went through the coffee in the first two weeks,” said Sharon.

    From the initial run of a regular coffee, the company added an oat milk latte, and that’s when Sharon and Freese knew they were off to the races.

    “This coffee is like secretly healthy,” said Sharon. “We have no added sugar in the coffee. We know coffee is a healthy compound and we have a bunch of these compounds that are very healthy but not widely known. This stealth-health concept stuck around.”

    Taika includes a phone number on the packaging for customer feedback and the company is constantly tweaking its formulations. It’s now up to version 0.8 on its three drinks, which include a black coffee, an oat milk latte and a macadamia nut latte. The drinks also include functional ingredients like L-theanine, ashwagandha and functional mushrooms like cordyceps, reishi and lion’s mane. The company uses allulose as a sweetener, which doesn’t impact blood sugar levels and is better than table sugar, Sharon said.

    “We definitely think that it’s healthy, but we don’t think you have to compromise on the taste,” said Sharon. “We asked ourselves what are the right extracts that we can use that will have an effect. Everybody is different and every psychoactive compound effects people differently. The compounds we put in this coffee are going to affect people differently.” 

    Repeatedly, Sharon returns to the concept of providing a stealth way to introduce healthy compounds and chemicals into a consumer’s day and diet.

    “There are established supply chains for these things,” said Sharon. “One of the first things we worked on was the formulation. We ended up with this specific mix of five. They helped us dial in the right headspace and they’re all natural compounds. These are things that have been consumed by humans for thousands of years.”

    It’s working with the coffees. So far the company has sold 50,000 cans and it’s now available at stores across San Francisco, including Bi-Rite, Epicurean Trader and Rainbow Grocery, and has even managed to make its way through COVID-19 shelter in place orders to the five Erewhon locations in Los Angeles.

    Taika takes its name for the Finnish word for magic and, according to Sharon, it’s a good corollary for how the beverage makes you feel.

    The company has raised $2.7 million in seed funding to date to take its product to market, from firms like Kindred Ventures (which has backed companies like Coinbase, Blue Bottle Coffee, Postmates, Zymergen) and Obvious Ventures.

    And coffee is just the beginning, according to Sharon.

    “If we’re able to take sugar and milk out of their day… and we’re not beating them over the head with the health aspects… there are a ton of products out there that we could turn into stealth health products,” he said.


    Source: Tech Crunch Startups | Taika is building a better coffee through natural chemistry and adaptogens

    Startups

    Startups are transforming global trade in the COVID-19 era

    May 13, 2020

    Global trade watchers breathed a sigh of relief on January 15, 2020.

    After two years of threats, tariffs and tweets, there was finally a truce in the trade war between the U.S. and China. The agreement signed by President Trump and Chinese Vice Premier Liu He in the Oval Office didn’t resolve all trade tensions and maintained most of the $360 billion in tariffs the administration had put on Chinese goods. But for the first time in months, it looked like manufacturers, importers and shippers could start to put two difficult years behind them.

    Then came COVID-19, at first a local disruption in Wuhan, China. Then it spread throughout Hubei province, causing havoc in a concentric circle that eventually engulfed the rest of China, where industrial production fell by more than 13.5% in the first two months of the year. When the virus spread everywhere, chaos ensued: Factories shuttered. Borders closed. Supply chains crumbled.

    “It has had a cascading effect through the entire world’s economy,” says Anja Manuel, co-founder and managing partner of Rice, Hadley, Gates & Manuel LLC, an international strategic consulting firm based in Silicon Valley.

    The crisis has caused a drastic contraction in global trade; the World Trade Organization estimates trade volumes will fall 13-20% in 2020. And spinning activity back up could be tricky: Even as China starts to get back online, the slowdown there could reduce worldwide exports by $50 billion this year. When factories do reopen, there’s no guarantee whether they will have parts available or empty warehouses, says Manuel, who also serves on the advisory board of Flexport, a shipping logistics startup. “Our supply chains are so tightly-knit and so just-in-time that throw a few wrenches in it like we’ve just done, and it’s going to be really hard to stand it back up again. The idea that we go back to normal the moment we lift restrictions is unlikely, fanciful, even.”

    Getting to that new normal, though, is a job that a number of logistics startups are embracing. Already on the rise, companies like Flexport, Haven and Factiv see a global trade crisis as a setback, but also an opportunity to demonstrate the value of their digital platforms in a very much analog industry.


    Source: Tech Crunch Startups | Startups are transforming global trade in the COVID-19 era