In a world of talking points and corporate jargon, opinions are fresh — and Expensify CEO and founder David Barrett is full of them. For example, one of his early lessons in life was that basically everyone is wrong about basically everything. If motivating it at a young age doesn’t force you to be an entrepreneur, I don’t know what does.
Barrett’s ethos as a reporter is Anna Hem puts, which caused Expensify to “take over almost everything” from hiring without job titles and resumes to having a virtually non-existent sales team before being delivered.
And before you roll your eyes at Unconventional, here’s a fact for you: Today, the 130-person expense management business has reached more than 10 million users and $100 million in annual revenue.
Heim has spent months working on the Expensify EC-1 to connect the dots and give us the full picture in any-but-traditional company as it heads toward an IPO. The final installment published this week so you can read the entire series in one straight shot:
Throughout the rest of this newsletter, I’ll walk you through what we know about some of the new investment vehicles and two fintech mega-rounds. I also want to give a shout out to our mobility team along with Transportation Editor Kirsten Korosek and journalists Aria Almalhodei and Rebecca Belan., who led efforts to organize a great event this week at TC Sessions: Mobility.
Well in the news!
More money, more representation?
image credit: black_kira/Getty Images
As I discussed last month, venture capital is going through another unbundling process. But, for every savvy fintech syndicate, I don’t see the same level of explorer when it comes to tools that help the communityless, under-networked, and under-reach opportunities.
Here’s what to know: Two new endeavors this week give me hope. Ten venture capitalists teamed up to launch Screendoor, which Forbes reports is a $50 million fund-of-funds to support emerging fund managers from diverse backgrounds. The Partners, which include Charles Hudson, Kirsten Green, Eileen Lee and Hunter Wolk, will not charge or bear in the Fund any fees.
Speaking of cross-fund collaboration, Utah-based startup incubator Altitude Lab had similar news to share. The incubator, which spun out of Recursion and the University of Utah, has launched a 13-investor coalition to back underrepresented health tech founders. This week, it announced a commitment of $50 million in funding and mentorship.
And if you want to have more fun (ds):
Three is a trend, but two means twins, and that counts too! In addition to the puzzles, we saw the two fintech giants raise massive amounts of capital within days of each other.
Here’s what to know: Klarna raised $639 million at a valuation of $45.6 billion, and Nubank raised $750 million at a valuation of $30 billion. Both fintech companies are based outside the United States, but Klarna has attested to some of its rapid growth thanks to a growing consumer base in the United States. More than 18 million US consumers are now using Klarna, up from 10 million at the end of the third quarter of last year. Meanwhile, NuBank is focusing on its primary market, Brazil, with some expansion in Colombia and Mexico.
Giant Tame of Fake Breaded Chicken Bites
Another week, another Spicy Equity episode for you. And this week, we mean it literally: The company behind the simulated, sometimes spicy fake chicken nuggets raised a ton of money.
Here’s what to know: Beyond fake meat, topics on this week’s episode include worker empowerment, culture in startups, eldercare and a $900 million exit.
seen on techcrunch
Spotted on Extra Crunch
talk next week,