Startups

Stoop aims to improve your news diet with an easy way to find and read newsletters

Posted by | Apps, Media, Mobile, Startups, Stoop | No Comments

Stoop is looking to provide readers with what CEO Tim Raybould described as “a healthier information diet.”

To do that, it’s launched an iOS and Android app where you can browse through different newsletters based on category, and when you find one you like, it will direct you to the standard subscription page. If you provide your Stoop email address, you’ll then be able to read all your favorite newsletters in the app.

“The easiest way to describe it is: It’s like a podcast app but for newsletters,” Raybould said. “It’s a big directory of newsletters, and then there’s the side where you can consume them.”

Why newsletters? Well, he argued that they’re one of the key ways for publishers to develop a direct relationship with their audience. Podcasts are another, but he said newsletters are “an order of magnitude more important” because you can convey more information with the written word and there are lower production costs.

That direct relationship is obviously an important one for publishers, particularly as Facebook’s shifting priorities have made it clear that they need to “establish the right relationship [with] readers, as opposed to renting someone else’s audience.” But Raybould said it’s better for readers too, because you’ll spend your time on journalism that’s designed to provide value, not just attract clicks: “You will find you use the newsfeed less and consume more of your content directly from the source.”

“Most content [currently] is distributed through a third party, and that software is choosing what to surface next — not based on the quality of the content, but based on what’s going to keep people scrolling,” he added. “Trusting an algorithm with what you’re going to read next is like trusting a nutritionist who’s incentivized based on how many chips you eat.”

Stoop Discover

So Raybould is a fan of newsletters, but he said the current system is pretty cumbersome. There’s no one place where you can find new newsletters to read, and you may also hesitate to subscribe to another one because it “crowds out your personal inbox.” So Stoop is designed to reduce the friction, making it easy to subscribe to and read as many newsletters as your heart desires.

Raybould said the team has already curated a directory of around 650 newsletters (including TechCrunch’s own Daily Crunch) and the list continues to grow. Additional features include a “shuffle” option to discover new newsletters, plus the ability to share a newsletter with other Stoop users, or to forward it to your personal address.

The Stoop app is free, with Raybould hoping to eventually add a premium plan for features like full newsletter archives. He’s also hoping to collaborate with publishers — initially, most publishers will probably treat Stoop readers as just another set of subscribers, but Raybould said the company could provide access to additional analytics and also make signing up easier with the app’s instant subscribe option.

And the company’s ambitions go beyond newsletters. Raybould said Stoop is the first consumer product from a team with a larger mission to help publishers — they’re also working on OpenBundle, a bundled subscription initiative with a planned launch in 2019 or 2020.

“The overarching thing that is the same is the OpenBundle thesis and the Stoop thesis,” he said. “Getting publishers back in the role of delivering content directly to the audience is the antidote to the newsfeed.”

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Bunch scores $3.8M to turn mobile games into video chat LAN parties

Posted by | Apps, Bunch, discord, funding, Fundings & Exits, Gaming, HouseParty, openfeint, Recent Funding, Social, Startups, TC, Video, video chat | No Comments

The best parts of gaming are the jokes and trash talk with friends. Whether it was four-player Goldeneye or linking up PCs for Quake battles in the basement, the social element keeps video games exciting. Yet on mobile we’ve lost a lot of that, playing silently by ourselves even if we’re in a squad with friends somewhere else. Bunch wants to bring the laughter back to mobile gaming by letting you sync up with friends and video chat while you play. It already works with hits like Fortnite and Roblox, and developers of titles like Spaceteam are integrating Bunch’s SDK to inspire longer game sessions.

Bunch is like Discord for mobile, and the chance to challenge that gaming social network unicorn has attracted a $3.8 million seed round led by London Venture Partners and joined by Founders Fund, Betaworks, Shrug Capital, North Zone, Streamlined Ventures, 500 Startups and more. With Bunch already cracking the top 100 social iOS app chart, it’s planning a launch on Android. The cash will go to adding features like meeting new people to game with or sharing replays, plus ramping up user acquisition and developer partnerships.

“I and my co-founders grew up with LAN parties, playing games like Starcraft and Counter Strike — where a lot of the fun is the live banter you have with friends,” Bunch co-founder and CEO Selcuk Atli tells me. “We wanted to bring this kind of experience to mobile; where players could play with friends anytime, anywhere.” 

Bunch team

Atli was a venture partner at 500 Startups after co-founding and selling two adtech companies: Manifest Commerce to Rakuten, and Boostable to Metric Collective. But before he got into startups, he co-founded a gaming magazine called Aftercala in Turkey at age 12, editing writers twice his age because “on the internet, nobody knows you’re a dog,” he tells me. Atli teamed up with Google senior mobile developer Jason Liang and a senior developer from startups like MUSE and Mox named Jordan Howlett to create Bunch.

Over a year ago, we built our first prototype. The moment we tried it ourselves, we saw it was nothing like what we’ve experienced on our phones before,” Atli tells me. The team raised a $500,000 pre-seed round and launched its app in March. “Popular mobile games are becoming live, and live games are coming to mobile devices,” says David Lau-Kee, general partner at London Venture Partners. “With this massive shift happening, players need better experiences to connect with friends and play together.”

When you log on to Bunch’s iOS app you’ll see which friends are online and what they’re playing, plus a selection of games you can fire up. Bunch overlays group voice or video chat on the screen so you can strategize or satirize with up to eight pals. And if developers build in Bunch’s SDK, they can do more advanced things with video chat, like pinning friends’ faces to their in-game characters. It’s a bit like OpenFeint or iOS Game Center mixed with Houseparty.

For now, Bunch isn’t monetizing, as it hopes to reach massive scale first, but Atli thinks they could sell expression tools like emotes, voice and video filters, and more. Growing large will require beating Discord at its own game. The social giant now has over 130 million users across PCs, consoles and mobile. But it’s also a bit too hardcore for some of today’s casual mobile gamers, requiring you to configure your own servers. “I find that execution speed will be most critical for our success or failure,” Atli says. Bunch’s sole focus on making mobile game chat as easy as possible could win it a mainstream audience seduced by Fortnite, HQ Trivia and other phenomena.

Research increasingly shows that online experiences can be isolating, and gaming is a big culprit. Hours spent playing alone can leave you feeling more exhausted than fulfilled. But through video chat, gaming can transcend the digital and become a new way to make memories with friends — no matter where they are.

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Uber launches rider loyalty Rewards like credits & upgrades 9 cities

Posted by | Apps, Collaborative Consumption, eCommerce, loyalty program, Mobile, payments, Startups, TC, Transportation, Uber, Uber Eats | No Comments

Uber’s new loyalty program incentivizes you not to check Lyft or the local competitor. Riders earn points for all the money they spend on Uber and Uber Eats that score them $5 credits, upgrades to nicer cars, access to premium support and even flexible cancellations that waive the fee if they rebook within 15 minutes.

Uber Rewards launches today in nine cities before rolling out to the whole U.S. in the next few months, with points for scooters and bikes coming soon. And as a brilliant way to get people excited about the program, it retroactively counts your last six months of Uber activity to give you perks as soon as you sign up for free for Uber Rewards. You’ll see the new Rewards bar on the homescreen of your app today if you’re in Miami, Denver, Tampa, New York, Washington, DC, Philadelphia, Atlanta, San Diego or anywhere in New Jersey, as Uber wanted to test with a representative sample of the U.S.

The loyalty program ties all of the company’s different transportation and food delivery options together, encouraging customers to stick with Uber across a suite of solutions instead of treating it as interchangeable with alternatives. “As people use Uber more and more in their everyday, we wanted to find a way to reward them for choosing Uber,” says Uber’s director of product for riders Nundu Janakiram. “International expansion is top of mind for us,” adds Holly Ormseth, Uber Rewards’ product manager.

As for the drivers, “They absolutely get paid their full rate,” Ormseth explains. “We understand that offering the benefits has a cost to Uber but we think of it as an investment,” says Janakiram.

So how much Ubering earns you what perks? Let’s break it down:

In Uber Rewards you earn points by spending money to reach different levels of benefits. Points are earned during six-month periods, and if you reach a level, you get its perks for the remainder of that period plus the whole next period. You earn 1 point per dollar spent on UberPool, Express Pool and Uber Eats; 2 points on UberX, Uber XL and Uber Select; and 3 points on Uber Black and Black SUV. You’ll see your Uber Rewards progress wheel at the bottom of the homescreen fill up over time.

Blue: $5 credits

The only Uber perk that doesn’t reset at the end of a period is that you get $5 of Uber Cash for every 500 points earned regardless of membership level. “Even as a semi-frequent Uber Rewards member you’ll get these instant benefits,” Janakiram says. Blue lets you treat Uber like a video game where you’re trying to rack up points to earn an extra life. To earn 500 points, you’d need about 48 UberPool trips, 6 Uber Xs and 6 Uber Eats orders.

Gold: Flexible cancellations

Once you hit 500 points, you join Uber Gold and get flexible cancellations that refund your $5 cancellation fee if you rebook within 15 minutes, plus priority support Gold is for users who occasionally take Uber but stick to its more economical options. “The Gold level is all about being there when things aren’t going exactly right,” Janakiram explains. To earn 500 points in six months, you’d need to take about 2 UberPools per week, one Uber X per month and one Uber Eats order per month.

Platinum: Price protection

At 2,500 points you join Uber Platinum, which gets you the Gold benefits plus price protection on a route between two of your favorite places regardless of traffic or surge. And Platinum members get priority pickups at airports. To earn 2,500 points, you’d need to take UberX 4 times per week and order Uber Eats twice per month. It’s designed for the frequent user who might rely on Uber to get to work or play.

Diamond: Premium support & upgrades

At 7,500 points, you get the Gold and Platinum benefits plus premium support with a dedicated phone line and fast 24/7 responses from top customer service agents. You get complimentary upgrade surprises from UberX to Uber Black and other high-end cars. You’ll be paired with Uber’s highest-rated drivers. And you get no delivery fee on three Uber Eats orders every six months. Reaching 7,500 points would require UberX 8 times per week, Uber Eats once per week and Uber Black to the airport once per month. Diamond is meant usually for business travelers who get to expense their rides, or people who’d ditched car ownership for ridesharing.

Keeping everyone happily riding

Uber spent the better part of last year asking users through surveys and focus groups what they’d want in a loyalty program. It found that customers wanted to constantly earn rewards and make their dollar go further, but use the perks when they wanted. The point was to avoid situations where riders says, “Oh I’ve been an Uber user for years. When something goes wrong, I feel like I’m being treated like everyone else,” Janakiram tells me. When riders think they’re special, they stick around.

One big missing feature here is a Rewards calculator. Uber could better gamify earning its perks if there was an easy way to see how many more monthly or total rides it would take to reach the next level. It’d be great to have a few little sliders you could drag around to see if I just take Uber X, how many of my average length trips would it take to level up.

Uber managed to beat Lyft to the loyalty game. Lyft just announced that its rewards program would roll out in December, allowing you to earn discounts and upgrades. But Southeast Asia’s Grab transportation service started testing a loyalty program back in late 2016 where you could manually redeem points for discounts. While Uber’s rewards are more predictable and automatic, it does seem to have cribbed Grab’s rewards period mechanic where you keep your perks through the end of the next cycle. We’ll see if Uber mistakenly gave too much away and will have to reduce the perks like Grab did, pissing off its most loyal riders.

One risk of the program is that Uber might make users at lower tiers or who don’t even qualify for Gold feel like second-class citizens of the app. “One thing that’s important is that we don’t want to make the experience for people who are not in these levels poor in any sense,” Janakiram notes. “It’s not like 80 percent of people will suddenly get priority airport pickups, but we do want to monitor very closely to make sure we’re not harming the service more broadly.”

Overall, Uber managed to pick perks that seem helpful without making me wonder why these features aren’t standard for everyone. Even if it takes a short-term margins hit, if Uber can dissuade people from ever looking beyond its app, the lifetime value of its customers should easily offset the kickbacks.

[Disclosure: Uber’s Janakiram and I briefly lived in the same three-bedroom apartment five years ago, though I’d already agreed to write about the redesign when I found out he was involved.]

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Jam City signs mobile game development deal with Disney

Posted by | Entertainment, Gaming, jam city, Mobile, Startups, the walt disney company | No Comments

Mobile gaming company Jam City is announcing a multi-year deal to create mobile games based on Pixar and Walt Disney Animation characters and films.

As part of the agreement, Jam City is taking over development of the match-three puzzle game Disney Emoji Blitz, which launched in 2016. Jam City says that everyone at Disney’s Glendale game studio who’s affected by this will be offered new jobs at the company to continue working on the title.

The first new game, meanwhile, will be based on the upcoming sequel to “Frozen” (that’s right, there’s going to be a “Frozen 2”), though the companies aren’t revealing any details, like the type of gameplay or the release date.

“While our licensing business for Disney Animation and Pixar games has grown over the last year and we have several top developers creating Disney games, this deal with Jam City represents a significant long-term opportunity for our games business and for the future slate of Disney and Pixar games,” said Kyle Laughlin, Disney’s senior vice president of games and interactive experiences, in a statement.

Jam City was founded in 2009 by Chris DeWolfe (who previously cofounded and served as CEO of MySpace) and former Fox executive Josh Ygaudo. It was initially focused on social games and was known as MindJolt before becoming the Social Gaming Network (named after a company it acquired) and then rebranding again two years ago as Jam City.

While Jam City has created its own games like Cookie Jam and Panda Pop, it’s also been releasing titles based on well-known franchises and intellectual property, such as “Snoopy Pop” and “Marvel Avengers Academy.” Earlier this year, it launched “Harry Potter: Hogwarts Mystery,” a game that allows players to enroll in J.K. Rowling’s famous school for wizards and features the voices of several actors from the films.

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Sneaker marketplace GOAT announces an AR-centric Black Friday giveaway

Posted by | Advertising Tech, Apple, Apps, augmented reality, eCommerce, flight club, GOAT, Mobile, Startups | No Comments

Black Friday giveaways have become a tradition for online sneaker marketplace GOAT. Today it’s announcing the details of this year’s campaign, which will be its first to incorporate augmented reality.

Director of Communications Liz Goodno described this as “the largest digital sneaker event of the year.” The company says it will be offering more than 1,000 prizes, including sneakers like the Air Jordan 1 Retro High OG Shattered Backboard, KAWSx Air Jordan 4 Retro Black, Pharrell x BBC x NMD Human Race Trail Heart/Mind, plus curated sneaker packs and up to $10,000 in GOAT credit.

You can enter the drawing anytime between now and 11:59pm Pacific on Thursday, November 22, with the winners notified at noon on Black Friday.

All participants will receive 100 tickets, but you can earn bonus tickets by visiting locations on an interactive GOAT map, which will highlight spots around the world that are tied to all-time great athletes and to sneaker history. Those locations really are global, and they include “Sneaker Street” in Hong Kong, San Francisco’s Moscone Center (where the iPhone debuted) and the location of Muhammad Ali’s historic victory over George Foreman in the Democratic Republic of Congo.

Also on the list are the New York and Los Angeles locations of Flight Club, the famous sneaker retailer that GOAT merged with earlier this year. And you can earn even more tickets by sharing augmented reality graphics that superimpose a “Greatest of All Time” message, or a newspaper highlighting sneaker history, on real-world imagery.

GOAT

IT Manager Clint Arndt, CEO Eddy Lu

GOAT showed off the AR capabilities at an event with Apple last week at Flight Club New York. The AR elements were built using Apple’s ARKit, and it sounds like the startup plans to do more with the technology in the future.

“We’ve always wanted to incorporate augmented reality technology,” Goodno said, but the challenge, until ARKit, was integrating the technology into the GOAT app. “As a sneaker marketplace there are so many use cases for AR.” (Nike has also been using AR to connect with sneakerheads through its SNKRS app.)

At the event, co-founder and CEO Eddy Lu also talked about the company’s plans beyond AR, saying that “next year, international is a huge thing for us” — which means it’ll be doing more to localize its apps. In addition, it’s getting ready to open its next Flight Club store, this time in Miami.

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Photomath raises $6 million for its math-solving app

Posted by | Apps, Battlefield, Europe, Fundings & Exits, Mobile, PhotoMath, Startups, TC | No Comments

Photomath just raised a $6 million funding round from Goodwater Capital, with Learn Capital also participating. Photomath has created a hugely successful mobile app for iOS and Android with 100 million downloads so far.

Photomath first launched at TechCrunch Disrupt London back in 2014. The company was working on text recognition technology. Photomath was just a demo app to promote that technology.

But the startup accidentally created a consumer success. The app instantly attracted millions of downloads from many desperate students willing to learn math with their phones.

Years later it is still one of the most downloaded apps in the App Store and Play Store. And the reason it’s been so successful is that it’s a simple concept.

After downloading the app, you just have to point your phone at a math problem. It can be in a book, or it can recognize your own handwriting. The app then gives you a step-by-step explanation to solve the problem.

Combining these two things is what makes Photomath useful. WolframAlpha can solve equations, and Evernote can recognize your handwriting. But nobody thought about combining these things.

Typing an equation can be hard, so it makes a ton of sense to bridge the gap between the physical world and smartphones. Before everybody started talking about augmented reality, Photomath was already taking advantage of the system-on-a-chip in your phone.

Photomath is also capable of generating graphs and supports advanced problems, such as limits, integrations, complex numbers, etc. The app solves around 1.2 billion math problems per month.

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Lydia launches mobile phone insurance

Posted by | CNP, CNP Assurances, Europe, France Newsletter, insurance, Lydia, Mobile, Startups | No Comments

French startup Lydia is launching an insurance product for your mobile phone. For €4.29 per month ($4.89), you can insure your phone from the Lydia app.

Lydia is one of the most popular peer-to-peer payment apps in Europe, with 1.5 million users. Think about it as a sort of Venmo or Square Cash for Europe. More recently, the company started offering more options to manage your money with a premium subscription and additional features.

While Lydia doesn’t want to replace your bank and insurance company, the company is offering an insurance product for the first time. Lydia is partnering with its investor CNP Assurances — having an insurance company as an investor has a few advantages.

So here’s what you get. You’re instantly covered against cracked screens, liquid damage and accidental damage. There’s no excess, but you’re limited to one claim per year. Phones now cost a small fortune, but you’re limited to €500 ($570) per claim.

Optionally, you can subscribe to a better insurance product for €9.99 per month ($11.39). In addition to phone insurance, your laptop, tablet, Nintendo Switch, Kindle, camera and other electronics are covered. You can make two claims per year and you can get back up to €500 for your phone and €1,800 for other devices. More importantly, you’re also covered against theft.

Many phone carriers sell mobile phone insurance. But they usually cost more than that. In most cases, you also need to subscribe for at least one year. In Lydia’s case, you can cancel your subscription whenever you want in the app.

If that product sounds familiar, it’s because Revolut offers a similar feature (with some drawbacks). You can subscribe to mobile phone insurance from Revolut’s mobile app.

Pricing isn’t as straightforward with Revolut, as Premium subscribers get a discount. For an iPhone X, the insurance product costs as much as €9.58 per month ($10.92) without a Revolut Premium account, or as little as €6.67 per month ($7.60) if you pay upfront and you have a Revolut Premium account.

It’s a 12-month contract with a €125 excess and no theft protection. You also need to start insuring your phone quickly after buying (within six months), otherwise you aren’t covered. Revolut works with Allianz and Simplesurance for this insurance product.

Lydia may have borrowed the idea from Revolut, but I’m not sure why you’d choose Revolut’s insurance product over Lydia’s product.

It’s interesting to see that fintech companies are creating alternative revenue streams with insurance products. Subscribing to an insurance product is quick and painless, as they already manage your money and have your card on file.

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Subterranean drone mapping startup Emesent raises $2.5M to autonomously delve the deep

Posted by | artificial intelligence, Australia, Automation, csiro, drones, funding, Fundings & Exits, Gadgets, hardware, robotics, science, Startups, TC | No Comments

Seemingly every industry is finding ways to use drones in some way or another, but deep underground it’s a different story. In the confines of a mine or pipeline, with no GPS and little or no light, off-the-shelf drones are helpless — but an Australian startup called Emesent is giving them the spatial awareness and intelligence to navigate and map those spaces autonomously.

Drones that work underground or in areas otherwise inaccessible by GPS and other common navigation techniques are being made possible by a confluence of technology and computing power, explained Emesent CEO and co-founder Stefan Hrabar. The work they would take over from people is the epitome of “dull, dirty, and dangerous” — the trifecta for automation.

The mining industry is undoubtedly the most interested in this sort of thing; mining is necessarily a very systematic process and one that involves repeated measurements of areas being blasted, cleared, and so on. Frequently these measurements must be made manually and painstakingly in dangerous circumstances.

One mining technique has ore being blasted from the vertical space between two tunnels; the resulting cavities, called “stopes,” have to be inspected regularly to watch for problems and note progress.

“The way they scan these stopes is pretty archaic,” said Hrabar. “These voids can be huge, like 40-50 meters horizontally. They have to go to the edge of this dangerous underground cliff and sort of poke this stick out into it and try to get a scan. It’s very sparse information and from only one point of view, there’s a lot of missing data.”

Emesent’s solution, Hovermap, involves equipping a standard DJI drone with a powerful lidar sensor and a powerful onboard computing rig that performs simultaneous location and mapping (SLAM) work fast enough that the craft can fly using it. You put it down near the stope and it takes off and does its thing.

“The surveyors aren’t at risk and the data is orders of magnitude better. Everything is running onboard the drone in real time for path planning — that’s our core IP,” Hrabar said. “The dev team’s background is in drone autonomy, collision avoidance, terrain following — basically the drone sensing its environment and doing the right thing.”

As you can see in the video below, the drone can pilot itself through horizontal tunnels (imagine cave systems or transportation infrastructure) or vertical ones (stopes and sinkholes), slowly working its way along and returning minutes later with the data necessary to build a highly detailed map. I don’t know about you, but if I could send a drone ahead into the inky darkness to check for pits and other scary features, I wouldn’t think twice.

The idea is to sell the whole stack to mining companies as a plug-and-play solution, but work on commercializing the SLAM software separately for those who want to license and customize it. A data play is also in the works, naturally:

“At the end of the day, mining companies don’t want a point cloud, they want a report. So it’s not just collecting the data but doing the analytics as well,” said Hrabar.

Emesent emerged from Data61, the tech arm of Commonwealth Scientific and Industrial Research Organisation, or CSIRO, an Australian agency not unlike our national lab system. Hrabar worked there for over a decade on various autonomy projects, and three years ago started on what would become this company, eventually passing through the agency’s “ON” internal business accelerator.

Data collected from a pass through a cave system.

“Just last week, actually, is when we left the building,” Hrabar noted. “We’ve raised the funding we need for 18 months of runway with no revenue. We really are already generating revenue, though.”

The $3.5 million (Australian) round comes largely from a new $200M CSIRO Innovation fund managed by Main Sequence Ventures. Hrabar suggested that another round might be warranted in a year or two when the company decides to scale and expand into other verticals.

DARPA will be making its own contribution after a fashion through its Subterranean Challenge, should (as seemly likely) Emesent achieve success in it (they’re already an approved participant). Hrabar was confident. “It’s pretty fortuitous,” he said. “We’ve been doing underground autonomy for years, and then DARPA announces this challenge on exactly what we’re doing.”

We’ll be covering the challenge and its participants separately. You can read more about Emesent at its website.

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Sequoia leads $10M round for home improvement negotiator Setter

Posted by | Apps, Collaborative Consumption, eCommerce, funding, Fundings & Exits, home improvement, Mobile, sequoia capital, Startups, TC, Thumbtack, Yelp | No Comments

You probably don’t know how much it should cost to get your home’s windows washed, yard landscaped or countertops replaced. But Setter does. The startup pairs you with a home improvement concierge familiar with all the vendors, prices and common screwups that plague these jobs. Setter finds the best contractors across handiwork, plumbing, electrical, carpentry and more. It researches options, negotiates a bulk rate and, with its added markup, you pay a competitive price with none of the hassle.

One of the most reliable startup investing strategies is looking at where people spend a ton of money but hate the experience. That makes home improvement a prime target for disruption, and attracted a $10 million Series A round for Setter co-led by Sequoia Capital and NFX. “The main issue is that contractors and homeowners speak different languages,” Setter co-founder and CEO Guillaume Laliberté tells me, “which results in unclear scopes of work, frustrated homeowners who don’t know enough to set up the contractors for success, and frustrated contractors who have to come back multiple times.”

Setter is now available in Toronto and San Francisco, with seven-plus jobs booked per customer per year costing an average of over $500 each, with 70 percent repeat customers. With the fresh cash, it can grow into a household name in those cities, expand to new markets and hire up to build new products for clients and contractors.

I asked Laliberté why he cared to start Setter, and he told me “because human lives are made better when you can make essential human activities invisible.” Growing up, his mom wouldn’t let him buy video games or watch TV so he taught himself to code his own games and build his own toys. “I’d saved money to fix consoles and resell them, make beautiful foam swords for real live-action games, buy and resell headphones — anything that people around me wanted really!” he recalls, teaching him the value of taking the work out of other people’s lives.

Meanwhile, his co-founder David Steckel was building high-end homes for the wealthy when he discovered they often had ‘home managers’ that everyone would want but couldn’t afford. What if a startup let multiple homeowners share a manager? Laliberté says Steckel describes it as “I kid you not, the clouds parted, rays of sunlight began to shine through and angels started to sing.” Four days after getting the pitch from Steckel, Laliberté was moving to Toronto to co-found Setter.

Users fire up the app, browse a list of common services, get connected to a concierge over chat and tell them about their home maintenance needs while sending photos if necessary. The concierge then scours the best vendors and communicates the job in detail so things get done right the first time, on time. They come back in a few minutes with either a full price quote, or a diagnostic quote that gets refined after an in-home visit. Customers can schedule visits through the app, and stay in touch with their concierge to make sure everything is completed to their specifications.

The follow-through is what sets Setter apart from directory-style services like Yelp or Thumbtack . “Other companies either take your request and assign it to the next available contractor or simply share a list of available contractors and you need to complete everything yourself,” a Setter spokesperson tells me. They might start the job quicker, but you don’t always get exactly what you want. Everyone in the space will have to compete to source the best pros.

Though potentially less scalable than Thumbtack’s leaner approach, Setter is hoping for better retention as customers shift off of the Yellow Pages and random web searches. Thumbtack rocketed to a $1.2 billion valuation and had raised $273 million by 2015, some from Sequoia (presenting a curious potential conflict of interest). That same ascent may have lined up the investors behind Setter’s $2 million seed round from Sequoia, Hustle Fund and Avichal Garg last year. Today’s $10 million Series A also included Hustle Fund and Maple VC. 

The toughest challenge for Setter will be changing the status quo for how people shop for home improvement away from ruthless bargain hunting. It will have to educate users about the pitfalls and potential long-term costs of getting slapdash service. If Laliberté wants to fulfill his childhood mission, he’ll have to figure out how to make homeowners value satisfaction over the lowest sticker price.

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GoPro shares tank after reporting revenue dives 13%

Posted by | Gadgets, GoPro, Nick Woodman, Startups | No Comments

GoPro stock is currently down 15% in after-hours trading and is falling after reporting its third quarter earnings. The company saw revenues dive 13%.3, while still managing to beat Wall Street revenue expectations.

Overall GoPro reported a net loss of $27.1 million, or 19 cents per share, in the quarter that ended on Sept. 30. Is compared with a profit of $14.7 million, or 10 cents per share, from the previous year. Likewise, GoPro saw revenue fell to $285.9 million from $329.8 million, down 13% year-over-year and up 1% sequentially. Cash and investments totaled $148 million at the end of Q3 2018.

Earlier in the day, the company’s stock was up 9.3% on the day. It was rebounding nicely after ending last week down but all the gains could be lost if it opens tomorrow at today’s after-hours level.

The third quarter noted some successes though. The new Hero7 Black saw the company’s best first-month sales of any unit today. Likewise, GoPro’s spherical camera, the Fusion, holds 47% dollar share of its niche market. The company’s products are gaining popularity in oversea markets, too. In Europe, Japan and Korea, the company increased its unit and dollar marketshare substantially. In the US, GoPro still holds a massive chunk of the dollar and unit share of, 96% and 87%, respectively. And for the 19th straight quarter, GoPro is the number one selling camera by unit volume in North America.

The company is also still growing its social channels, reaching a 21-month high in September.

GoPro recently revamped its camera line up in time for the holiday quarter. Yet GoPro is still struggling, at least seemingly, at convincing owners to buy another unit. While GoPro annually releases the latest and greatest action camera, most owners I’ve talked to are satisfied with the capabilities of the GoPro they purchased previously.

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