Roblox Snap opens its books, seeks an acquisition and Pfizer and BioNTech regulatory approval for its vaccines. Your daily crunch for November 20, 2020.
Big story: Roblox is going public
The child-friendly gaming company confidentially filed to go public in October, but it only published its S-1 document with financial information late yesterday.
What do the numbers look like? Well, Robox is certainly growing rapidly – total revenue increased 56% in 2019, and then another 68% in the first three quarters of 2020, when it saw $ 588.7 million in revenue. At the same time, the deficit is increasing, nearly quadrupling to $ 203.2 million during the same three quarters.
The company also acknowledged that its success depends on its ability to “provide a safe online environment” for children. Otherwise, “business will suffer dramatically.”
Snap acquired Voice, an app for creating music tracks overlaying their own vocals – Voisey users can apply audio filters to their voice, and they can browse and view other people’s Voisey tracks.
Despite its anti-racist commitment, Uber’s black employee base has declined – Uber’s latest diversity report shows a decline in overall representation of black employees in the US.
Google, Facebook and Twitter threatened to leave Pakistan over the censorship law – this comes after Pakistan’s government allowed local regulators to give blankets to censor digital content.
Startup, Funding and Venture Capital
To further strengthen its one-stop freight and logistics platform, Loadsmart raised $ 90M – Loadsmart provides bookings for freight through rail and ports across the country, from an online portal.
ORIX invests $ 60M in Israeli crowdfunding platform OurCrowd – OurCrowd also says the two groups will collaborate to create financial products and investment opportunities for the Japanese and global markets.
Kea raised $ 10M to create AI that helps restaurants answer the phone – CEO Adam Ahmed says the startup has created a “virtual cashier” who can get an early intake with customers, if needed. But can process the most regular orders and bring in human employees.
Additional crisis advice and analysis
If you haven’t made $ 1B this week, you’re not doing VC right – don’t yell at me, Danny Crichton said!
Why GoCardless COO Carlos Gonzalez-Cadenas pivots to become a full-time VC – “I think this is the best moment of entrepreneurship in Europe.”
What is Roblox? – A deep dive into Roblox’s numbers.
(Extra Crunch is our membership program aimed at democratizing information about startups. You can sign up here.)
Pfizer and BioNTech today to submit a request for emergency use approval of their COVID-19 vaccine – these emergency approvals are still required to support information and safety data, but they are relative to the full, formal and more permanent approval process Are fast-track.
Mixtape Podcast: Building a Structural DEI Response to a Systemic Issue with Y-Von Hutchinson – Hutchinson is the CEO of ReadySet, a consulting firm that works with companies to create a more inclusive and equitable work environment.
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