Author: Christina Comben

42% of Gamers Prefer Smartphones Over a Console or PC

Remember when Playstations were all the rage and joysticks ruled the roost? Not anymore. According to a recent survey by mobile app developers Tappable, some 42% of all gamers prefer smartphones. Mobiles are their first choice for gaming compared to the console at 32% or the 16% who prefer their PCs.

The survey conducted this month polled males and females on their gaming habits and the data speaks volumes. Not just about the direction of the industry, but about our changing lifestyles as well. Founder of Tappable Sam Furr said:

“Mobile gaming is the biggest category in the App Store, with approximately 75% of consumer spend coming in this category on iOS, and some sites suggesting the spend could reach $100 billion by 2020. We were not surprised people are reaching for their phones, over other ways to play games.”

Living on the Move

The findings are not unexpected considering that our lives have become increasingly mobile. Run the same survey across multiple areas and the same results are likely. People shop more on their mobiles, they bank on their mobiles and even watch full-length movies from their handhelds. Added to that, some 52.4% of all internet traffic now comes from mobile devices.

Gaming on a mobile is simply more convenient than setting up a gaming studio or having to play from a set location like your bedroom. Moreover, as video games increasingly reward players with prize money, gaming on the go gives them a chance to monetize their time while riding on the subway.

While some 40% of respondents said that they mostly play games to pass the time, another 38% of gamers prefer smartphones because they’re already on their mobiles such a lot; indicating that convenience wins out over sonic sound or HD graphics. Unlike a console or a PC, a mobile device can be taken anywhere.

Improving Mobile Technology

Convenience isn’t the only factor when it comes to the growth of mobile gaming. The technology has now reached a point where smartphones of the caliber of the iPhone XS, the Samsung Galaxy Note 9, or Google’s Pixel 3 can provide an immersive gaming experience and even easy-to-play AR games.

Pixel 3 in two sizes, source: Google

Nintendo’s Pokémon Go downloaded over 800 million times and Ludia Games’ Jurassic World: Alive (2018) raised the bar for mobile gaming. Unlike PC or console games, they’re easy to pick up and put down yet but still offer a unique experience.

Gamers Prefer Smartphones but They’re Not Perfect

Mobile gaming is convenient and the games are getting better, but it’s not without its flaws. Serious gamers looking to rack up major sums of money a la Fortnite will likely stick to a PC.

Although the game is available to players on iOS and Android, mobile devices still fail to offer the sophisticated controls that serious gamers demand. In fact, some 30% of respondents said that wanted better controls from their mobile devices.

Most mobile games use a simple touchscreen for commands. But as games grow more complex in nature and there’s money on the table, controls naturally become more complicated. A fact that doesn’t lend itself well to mobile devices. At least not for the time being.

At E3 2018 several big game developers announced their plans to tap into the mobile market. And with upcoming releases including EA’s Command & Conquer, and Bethesda’s The Elder Scrolls: Blades, mobile gamers may not have to wait too long before they can ditch their PC and console altogether.

Featured image from Shutterstock.

October 16, 2018
Big Spender Trump Plunges US into Debt Above the 40-Year Average

It’s well known that the President-elect is a man of expensive tastes. However, despite his penchant for gold trimmings and high-rise buildings, the construction billionaire was able to hit a nerve with US voters in 2016. Love him or hate him, in many ways, big spender Trump appears to be keeping his promises.

Unemployment is at a 50-year low. Business is booming. And America is on its way to indeed becoming great again. There’s just one small problem: the land of the free is saddled with a whopping $779 billion deficit after Trump’s first full fiscal year. And no, that wasn’t among the pledges bleated out on the electoral podiums.

Deficit Reaches $779 Billion After Big Spender Trump’s First Fiscal Year

According to OMB data, after hefty tax cuts and increased spending, the US deficit grew by $113 billion over the last twelve months. To be fair, plunging the country into debt is something US presidents are generally pretty adept at. The problem has been gradually getting worse since the financial crisis a decade ago.

Although, like everything else, big spender Trump is doing it bigger and better, widening the budget deficit to reach a six-year high of $779 billion after his first fiscal year in the White House. If racking up debt is nothing new, racking up debt during an economic boom is, with the gap widening by some $113 billion since the year before to reach 3.9% of GDP.

A report released by the US Treasury and Office of Management and Budget put this figure at a 40-year high, up by 3.2% from the year before. While not entirely unexpected, these figures will confirm what most people already knew and what Ron Paul repeatedly refers to as the government kicking the debt further down the road.

If Debt Goes Up in Times of Plenty What Happens in Times of Crisis?

The biggest concern is that the government is growing the country’s deficit during a time of economic boom with unemployment at its lowest since the 1960s. Tax cuts passed at the end of 2017 and higher public spending on programs such as Medicare are adding to the burden. And making people wonder: if we need to borrow money when the economy is doing well–what happens during a downturn?

The Congressional Budget Office predicted that if spending continues along this path, America will hit its highest debt levels relative to GDP in history over the next 30 years. Yet, one of Tump’s electoral promises was that he would repay all debt within eight years.

How the US president aims to tackle the rising deficit remains to be seen, but it looks unlikely that America will no longer owe its creditors in 2025.

Featured images from Shutterstock.

October 16, 2018
Meet the Top 10 Richest People in Indonesia

Most of us associate Indonesia with its sandy beaches, turquoise waters, steamy volcanoes, and dense jungle. If you dig a little deeper, you might conjure up images of lofty temples, sprawling cities, and floating markets. But home to 261 million people, some 11% of them live below the poverty line, with a further 40% teetering just above it. So, it may be surprising to learn that Indonesia also has 32 billionaires. Check out the top 10 richest people in Indonesia here and how they made their money.

1. Robert Budi & Michael Hartono

Topping the list of the richest people in Indonesia are brothers Robert Budi Hartono and Michael Hartono with a net worth of $32.3 billion combined. With a heritage of wealthy predecessors, these Chinee Indonesian brothers are well-known as tobacco crop billionaires, inheriting the cigarette making company Djarum from their father.

Today, however, Robert Budi and Michael Hartono are diversifying their assets, and the brothers make most of their money from their investments in Bank Central Asia. Some of their most notable holdings include prime real estate in the capital city Jakarta and the popular electronics brand Polytron.

Scratch the surface a little and you’ll soon start to see implications of corruption rearing their ugly head. Primarily, in the development of land owned by PT Hotel Indonesia Natour (HIN), one of Robert’s companies. You’ll also see their names top the list of the Panama Papers.

2. Eka Tjipta Widjaja

Second of the richest people in Indonesia is Eka Tjipta Widjaja with a net worth of $9.1 billion, up from $5.3 billion in 2016. Immigrating from China as a teenager, Widjaja started his entrepreneurial endeavors as a teen selling biscuits.

Today his company, the Sinar Mas group, is best known for its palm oil production and is one of the largest in the country. Although, since palm oil production is one of the most controversial commodities out there, needing swathes of rain forests the size of small countries to produce, Sinar Mas now has interests in areas as diverse as telecom and real estate.

Widjaja is also no stranger to offshore accounting, reportedly part of a group holding some 140 companies offshore back in 2013. He’s also personally named as a key culprit for destroying Indonesia’s rainforests. And, he’s on the Panama Papers list too.

3. Susilo Wonowidjojo

Wonowidjojo’s name is also embossed in the Panama Papers. It seems that the richest people in Indonesia are especially adept at concealing their wealth. Another tobacco billionaire, the Gudang Garam company that produces some 70 billion cigarettes a year is this billionaire’s main source of wealth.

Just like Widjaja, Wonowidjojo is known for his offshore companies, although unlike the palm oil tycoon, he doesn’t appear to be a main player in the climate crisis. Neither does he look to be diversifying his wealth, his entire income hailing from the tobacco business with a net worth of $8.8 billion.

4. Anthoni Salim

Panama Papers? Check. Corruption charges? Check. Anthoni Salim is another self-respecting billionaire who’s clawed his way to get to the top. Heading up the Salim Group and with a net worth of $6.9 billion, his family-run business today holds a variety of interests from food and banking to telecommunications.

However, during the 1997-1998 Asian financial crisis, the company almost went under. With father Liem Sioe Liong’s (now deceased) close ties to ex Indonesian President Suharto, the company name was stained with corruption. In fact, they lost control of the Bank Central Asia to the Hartonos, now in first place on the Indonesian rich list.

Learning not to place all your eggs in one basket, the Salim group now has a diverse portfolio and a 44% stake in First Pacific, the Hong Kong investment firm with $17.2 billion of assets in six countries.

5. Sri Prakash Lohia

Currently, in fifth place with a net worth of $6.8 billion, Lohia isn’t a native of Indonesia. As a poor Indian immigrant, Lohia is a slightly rare bird on the richest people in Indonesia list, going from rags to riches and making his fortune in plastics–specifically, making a basic component that’s used to make plastic bottles.

Originally setting up a yarn spinning business with his father (no, not telling stories, but making wool) Indorama is now a petrochemicals powerhouse. Not only is Lohia not originally from Indonesia, but he now lives in London leaving the running the business to his son Amit. With expansions planned into Nigeria and teaming up with a fertilizer company, Lohia has a pretty large carbon footprint. And, yeah, he’s on the Papers list as well.

6. Boenjamin Setiawan

With a net worth of $3.7 billion, Setiawan is unlike his counterparts on the list. He has a full formal education, studying a doctorate in pharmacology and founded his firm Kalbe Farma in a garage in the 60s. He now presides over Indonesia’s largest pharmaceutical company, as well as controlling the Mitra Keluarga, which operates 12 hospitals.

There don’t seem to be many skeletons in Setiawan’s closet. In fact, he’s regarded as a humble and intelligent man who’s learned how to grow a company from the ground up. He also values family and along with his six siblings, originally failed twice when starting the company before creating the money-maker it is today. In case you were wondering? Yeah, he’s on there as well.

7. Chairul Tanjung

Coming in seventh place with a $3.9 billion net worth, Tanjung’s CT Corp is today best known for operating hypermarkets, issuing credit cards, and managing television stations. However, not all’s what meets the eye when it comes to Tanjung. He’s got plenty of interests outside these areas and one of his main ones is palm oil.

That means that beyond his company being linked with names like AccorHotels of France, and Wendy’s franchise, he also turns a blind eye while rainforests are hacked to the ground. He’s also listed in the Panama Papers.

8. Tahir

Having a net worth of $3.8 billion pretty much allows you to do anything. And that includes not using a last name or fixing your teeth. “Tahir” founded the Mayapada Group, which has interests in real estate, banking, and also a hospital chain. He owns Singapore’s new landmark Strait Trading Building and also the Goodway Hotel in Batam.

Tahir, it seems, is a pretty decent dude, having donated several millions to promote education in his home country and also towards the global refugee crisis. But, guess what? That doesn’t make him exempt from the Central American fiscal paradise list. He’s on there as well.

9. Mochtar Riady

Not only does Riady make the richest people in Indonesia list with a net worth of $2.7 billion, but he also knows what it’s like to be slapped in the face with corruption charges–and fines. Residing in the US, Indonesian billionaire has been long accused of illegal contributions to the Clinton campaign (Bill) and was finally fined a recording-breaking $8.6 million this year, on the count of conspiracy to defraud the United States. Ouch.

Beyond paying off politicians, Riady had a successful career as a banker and holds interests in real estate, retail, healthcare, education, and even media. His two sons run Singapore company OUE, the group that owns Los Angeles’ iconic US Bank Tower. Panama Papers? You bet. He wouldn’t have become one of the richest people in Indonesia if he wasn’t astute at a little tax evasion.

10. Jogi Hendra Atmadja

Making the 10th place on the list, Atmadja is the only one of the richest people in Indonesia not to be named and shamed in the Panama Papers. That deserves a prize in itself. There also appear to be no scandals or corruption charges surrounding the 72-year-old billionaire with a net worth of $2.7 billion.

As head of the Mayora Group, Atmadja spends most of his time making everything from cereal and candy to coffee. And his company is active in more than 90 countries. In the biscuit business since 1970, Atmadja’s brothers and cousins also own a large stake.

Richest People in Indonesia

So there you go, your complete list of the top 10 richest people in Indonesia. From US court fines to shameful rainforest burning, there’s plenty of shadows hanging over most of these billionaires’ heads–as well as a fat dossier of Panama Papers.

Featured image from Shutterstock.

October 15, 2018
Want to Retire Early? You’ll Need at Least $5 Million to Do It

Financial advisor, motivational speaker, and American author Suze Orman says if you want to retire early, you’ll need at least $5 million to do it. Speaking on the Afford Anything podcast last month, Orman dropped a not-very-motivational bomb on those buying into the FIRE movement (financial independence, retire early).

Is Suze Orman Completely Nuts?

The podcast spurned a fiery storm on social channels across the web, with many accusing the best-selling author of having lost her mind. And also being wealthy and completely out of touch with young millennials and their realistic goals. But after the sh**storm calmed down, it seems that Suze Orman’s gigantic sum may not be so far off after all.

Personal finance blogger the Financial Samurai set about crunching Orman’s numbers and found that, if you want to retire before 60, $5 million indeed sounds about right.

Moreover, the club of those who retire early in the United States is a pretty small one. Just 18% of all Americans retire before 61. Why? Because most of them can’t amass a $5 million dollar nest egg.

Retire Early But Not Before 40

According to the Financial Samurai writer, 40 is the absolute youngest he would recommend any person to retire since it places an exorbitant burden on your investments.

It’s all well and good saving up a $1 million for your retirement but according to his calculations, some $40,000 a year simply isn’t enough to live on in most parts of the country. Moreover, you never know what unexpected costs will arise in terms of your health or family.

Retiring at 50 with some $3 million saved up will bring you closer to a more comfortable lifestyle–although, you’ll still have to be fairly frugal. Especially if you have kids or elderly parents to look after. He says:

“At this age, you might as well keep on working until you’re 60 to eliminate the risk of financial shortfalls.”

Check out this graph used to illustrate his findings:

Not-So-Motivational After All

It seems that far from being mentally unstable, Suze Orman actually really knows what she’s talking about. FinancialSamurai concludes that $5 million in after-tax income leaves you with some $200,000 a year to live on in passive income. And that’s about right if you have a family, live in an urban area or one of the US’ more expensive places like New York or San Fransisco. It’s also not perhaps the conclusions FIRE followers wanted to hear and may keep them working longer.

“There needs to be another downturn to vigorously stress test the FIRE movement… My guess is we’ll see a lot of FIRE folks end up going back to work after a decimation of their finances.”

Featured image Susie Orman photos.

October 15, 2018
Massive Bitcoin Price Surge Fueled by Tether Sell-Off

After a pretty much year-long bearish trend, the naysayers predicting Bitcoin’s demise seemed to be gaining ground. Yesterday, October 14, bitcoin price saw an abrupt increase from $6,300 to $6,410 within minutes. This caused a short-lived stir among the Bitcoin community since analysts had previously predicted that bitcoin would recover.

The partying on the streets soon ended with the price falling below the $6,300 mark to around $6,220. Until just a few hours ago.

October 15 just experienced a massive Bitcoin price surge from $6,300 to $7,500 in a matter of hours. This pushed up the market cap from $116.40B to $119.86B.

Bitcoin price / https://www.tradingview.com/x/8C9aFKmS/

What’s behind the massive uptick that will have HODLers around the world waking up smiling?

The Bitcoin Price Surge Is Highest on Bitfinex

The price of Bitcoin have often been influenced by movements in stablecoin Tether (USDT). So, amid the news over the weekend of heavy Tether selloffs, it’s hardly surprising that Bitfinex, the cryptocurrency exchange behind Tether LLC is leading the charge.

All exchanges that have USDT integrated, including Huobi and OKEx, are seeing Bitcoin traded at a premium price, as traders continue to spark the largest selloff of USDT so far.

How Stable Is the Most Popular Stablecoin?

Tether has suffered a lot of negative press. It’s never sat well with people that the stablecoin is centralized and overseen by Bitfinex. Then there was the outright accusation in December 2017 that there weren’t actually enough dollars backing Tether, throwing its 1:1 parity into question.

Insult was added to injury with Bitfinex’s reluctance to open up its books. And while much of the community simply desist from buying Tether, USDT is still extremely influential on Bitcoin’s price.

This latest sudden dump has so far seen the “stablecoin” drop by 6%. And it’s this drop that’s pushing up the premium of Bitcoin value on Tether-integrated cryptocurrency exchanges.

So the Real Price of Bitcoin Isn’t North of $7,000?

No. All major fiat-to-crypto exchanges including Coinbase and Kraken are currently trading at around the $6,600 mark. Although, the fact remains that they did see the price of bitcoin surpass the $6,700 mark, which can be good news for Hodlers.

It doesn’t take a cryptocurrency market analyst to see the reasons behind this price spike. Look no further than TrueUSD if you want an example of a regulated, audited stablecoin that remains steady today.

It seems glaringly obvious that large amounts of Tether are being used to purchase both Bitcoin and Ethereum (that has also saw a large uptick in price, pushing it over $216 in the past few hours, $214 at the time of writing).

So, if this is the case, is there any reason for Bitcoin fans to celebrate? Maybe so, considering the general Bitcoin price surge on all major exchanges–by more than $400 over the last 24 hours. And over the past 12 hours, Bitcoin volume has shot up from $3 billion to $4.8 billion.

But the troublesome fact remains: For all those in the industry who believe that Tether has no effect on their holdings, it’s time they recognized the canary in the coal mine.

Featured image from Shutterstock.

October 15, 2018
After a Brief Sign of Recovery from Asia, Tech Selloffs Continue

Not the start to the week that traders were hoping for. After Friday’s brief rally, Asian stocks took another tumble on Monday with indexes in all major countries, including Hong Kong, Taiwan, and Australia off by more than 1% triggered by financial and tech selloffs. Japan’s Nikkei also fell more than 1% following one of its worst weeks of the year.

Financial Sector Hit Hard

After upbeat Q3 earnings reports from US banks like JPMorgan and Citibank, financial stock was among the worst hit this Monday morning across Asia. Mitsubishi UFJ saw a decline of 1.98%, and Mizuho Financial was also down by 1.60%

Japan’s Softbank down by more than 5%

Japan’s Softbank stock was hit hardest and down more than 5% this Monday. Fears of the bank’s close investment ties to the Saudi government surrounding global outrage over a journalist’s disappearance are thought to have triggered the plunge.

Hong Kong Suffering Tech Selloffs

Hong Kong stocks also took a drop following Friday’s bounce, with the Hang Seng HSI, off by about 1%, with tech selloffs leading the downward spiral. Among the biggest losers, there was social media giant Tencent, dipping by 2.5%, and AAC Tech, a smartphone component maker, falling by more than 4%.

In China, the markets were mixed. The Shanghai Composite was down 0.3% but the Shenzhen Composite was up 0.4%. Tech stocks also weighed heavily on Taiwan’s Taiex, pulling it down by 1.44%, and South Korea’s Kospi down 0.3%, led by tech heavyweights like Samsung taking a hit.

Australian Markets Also Down

Australian stock markets also saw a similar spiral down by over 1% with the financial sector leading the trend. The Commonwealth Bank of Australia, Australia and New Zealand Banking Group ANZ, and Westpac Banking were all down over 1% at the time of writing. Last week was New Zealand’s worst in eight and a half years according to Market Watch.

After an unexpected bearish start to the week’s trading in Asia, the question now is how will Europe and Wall Street open this Monday morning?

Images from Shutterstock.

October 15, 2018
Europe’s Hard Line on Big Tech: Possible $1.63 Billion Fine for Facebook

Facebook is having hard times adapting its policy to the GDPR. After revealing the news about an enormous hack last week, the company now risks a $1.63 billion fine in the European Union, according to the Wall Street Journal.

Ireland’s Data Protection Commission, a top European privacy regulator, hasn’t yet opened a formal investigation into Facebook, but the company requested more information from the tech giant about the dimensions of the breach. The Irish regulator also wants to know how many EU citizens had their data compromised.

The security breach caused by a bug in the platform’s “View As” feature gave hackers access tokens to a minimum of 50 million accounts, according to Facebook’s first statements. Two weeks after the incident, Facebook announced that the attack affected 30 million users only. But the consequences seem to be worse than first expected.

Hackers were able to get hold of specific data from about 15 million people, including phone numbers, email addresses, gender, religious beliefs, and even the last 10 physical locations they had checked in.

EU Parliament Calls for Facebook Audit

The data breach shows that Facebook can’t protect its users, despite the measures taken after the year’s hottest scandal Cambridge Analytica. Back in March, users around the world were outraged when media revealed that a private data firm had access to the information of 87 million Facebook users, without the users’ knowledge or consent.

After a £500,000 fine ($650,000) in Britain and Zuckerberg’s lengthy hearing in the European Parliament in May, the LIBE Committee (The Committee on Civil Liberties, Justice and Home Affairs) requires for EU regulators to be allowed to audit Facebook.

LIBE committee chair and rapporteur, MEP Claude Moraes, for TechCrunch said:

“This resolution makes clear that we expect measures to be taken to protect citizens’ right to private life, data protection and freedom of expression. Improvements have been made since the scandal, but, as the Facebook data breach of 50 million accounts showed just last month, these do not go far enough.”

Facebook Stock Has Gone Down by 30% from July

European lawmakers aren’t the only ones losing faith in the social network. Investors don’t like the way Facebook manages its users’ data either. The company’s stock opened at $150.13 on Thursday, down more than 30% from its highest value in July.

Facebook July Stock Drop

The company had a hard year, with fake news, privacy scandals, and a $119 billion loss in market value in July, which was, according to Thomson Reuters:

“The biggest single-day loss for any public company in history.”

Facebook needs to get back on track, and the company’s placing all its bets on Portal, a new video calling device meant to connect users with friends and family.

However, after all these data breaches and hacking scams, it’s unclear how many users will want a Facebook camera in their living rooms.

Featured image from Pixabay.

October 14, 2018
Market Roundup – What to Expect Next Week

After one of the worst weeks of the year for traders and tech billionaires alike, signs of a possible recovery were already showing last Friday. But, what’s in store for the week ahead? With several important developments on the horizon, here’s a market roundup of what you need to know before heading into next week.

Market Roundup for the Coming Week

Italian Budget Deficit

The deadline for EU countries to submit their draft budgets to the European Commission for the coming year is Monday, October 15. All eyes will be on Italy as the Mediterranean country is expected to present a plan for a 1.7% GDP structural deficit for the next three years. This won’t go down well with the Commission and could put significant pressure on the euro.

Brexit

Ever since the British public was given a voice, politicians and individuals alike wished they’d shut back up. Brexit negotiations so far have been like watching a slow-motion train crash with UK Prime Minister Theresa May leaping from one cringeworthy catastrophy to another.

Next week is a big one on the Brexit timeline with investors nervously viewing a trembling pound on Tuesday as the EU’s chief Brexit negotiator heads to Luxembourg for the latest round of damning criticism.

If this date sounds familiar, it’s because October 16 was the original deadline to sign off on the UK’s exit deal.

But since there is no deal so far agreed, that timeline had been kicked down the road for later this year. However, the UK pound is likely to react to Tuesday’s outcome, even if the talks are not definitive.

US Federal Reserve

After a largely unpopular move to hike interest rates that saw the stock markets around the world take a tumble, the minutes of the Fed’s meeting last month are available on Wednesday.

In spite of widespread criticism most notably from President Donald Trump, the emphasis will likely be on the plan to raise rates gradually over the coming year as opposed to the “out of control” rises accused of.

Trump critical of US Fed

Investors also await news about the health of the housing market, consumer markets, and industrial production. Despite astronomical losses from many US retailers including Sears, retail sales rose by 0.6% in September, along with purchases triggered by Hurricane Florence.

China

With the trade dispute between Washington and Beijing, investors will be awaiting China’s third-quarter reports nervously. Asian stocks also took a tumble last week and the figures released are expected to indicate a cool-off in growth, down slightly from the second quarter.

US Business

JPMorgan led the way with solid third-quarter earnings, followed up by Wells Fargo, and Citigroup. However, as earnings season kicks off in earnest, 54 US companies on the S&P 500 will announce their third-quarter earnings next week, including Morgan Stanley, American Express, and Johnson & Johnson.

With plenty to look out for in the week ahead, one thing is for certain: Traders and shareholders everywhere will be hoping for a better seven days than the ones coming to a close.

Images from Shutterstock.

October 14, 2018
Startup Roundup – Top 13 VC Deals of the Week

Despite stock markets around the world taking a plummet, it was a good week for startups, with plenty of funding acquired. From data storage and machine learning to vegan powder meals (sounds delicious) check out the top 13 VC deals of the week.

13. Foundry College

This online college course founded by former Harvard dean Stephen Kosslyn bagged $6 million in VC funding this week, putting in in 13th place on the funding list. Designed to bridge the skills gap and teach students the knowledge they’ll need to compete in today’s technology economy, the first classes will start in January 2019.

12. Goodlord

UK property tech startup Googlord raised $9.2 million in Series B funding headed up by Finch Capital. The software platform supposedly makes renting easier for both landlords and tenants, using technology to tackle current inefficiencies in the system.

11. Kitchen United

It seems that VCs still have an appetite for culinary startups with Kitchen United, the “new hub of culinary imagination and excellence,” scooping up a cool $10 million in Series A funding. The virtual kitchen company using technology to uncover the best locations to set up physical kitchen centers, allowing between 10-20 entrepreneurial caterers, mobile food vendors, and restaurants to set up stores.

10. Shipwell

Online business freight shipping portal Shipwell was also in luck this week, raising $10 million in Series A funding in a VC deal led by VC firm Fifth Wall. Working with carriers of all sizes to provide them with faster shipping and improved efficiency, this logistics startup has raised more than $12.1 million to date.

9. Kahoot

While tech selloffs were happening right and left, things looked brighter for the edtech space. Kahoot focuses on educating through gamification and, backed by Microsoft Ventures, picked up an additional $15 million in funding this week. So far, the game based learning platform has raised a whopping $60 million.

8. Perceptive Automata

Autonomous vehicle startup Perceptive Automata raised $16 million in funding this week from carmakers Toyota, Hyundai, and Jazz venture Partners. In what will hopefully be more successful than Uber’s self-driving car, Perceptive is focusing on teaching cars to learn “human-like intuition.” Nothing creepy about that at all.

7. RedShelf

Another win for the education sector, RedShelf achieved a massive $25 million in Series C funding. As with all other areas, the future of education is set to be digital as this edtech startup is dedicated to distributing necessary course materials for higher ed online.

6. Huel

Huel may not top the list in terms of financing earned, but it certainly does in terms of originality, making powdered meal replacements for vegans and people pressed for time who want a healthy choice on the go. Picking up $26 million from Highland Europe, the UK company aims to provide environmentally sustainable and healthy meals. Well, powdered versions of them anyway.

Huel / https://huel.com/

5. Divvy

Divvy scored $30 million in Series A funding led by Andreessen Horowitz. In a bid to help young people pay less rent but earn more at the same time, Divvy allows people to purchase portions of homes and pay the company the rest in rent and meaning that you own a part of your rental too.

4. Demisto

Cybersecurity and machine learning startup Demisto came in fourth place in VC startup deals this week getting $43 million in a Series C round, headed up by Greylock Partners. ClearSky Security and Accel Partners also pitched in funds, bringing Demisto’s total funds raised to date to a stunning $69 million.

3. Egnyte

The Egnyte team was smiling from ear to ear this week after picking up $75 million in funding from Goldman Sachs. This startup enterprise cloud provider already boasts an enviable client list including Nasdaq, Buzzfeed, and Red Bull, and competing with tech unicorn Dropbox. To date, Egnyte has pulled in a massive $132.5.

2. SmileDirectClub

The company behind America’s pearly white smile produces DIY teeth straightening kits delivered to customers’ doors. Their latest round of funding this week including Spark Capital and Kleiner Perkins saw an extra $380 million of funding raising the company’s value to $3.2 billion. Seems like people will pay anything they can for the perfect smile–especially if it means shaving thousands of dollars of dentists’ costs.

1. Snowflake

Topping up the VC startup funding this week is data warehousing company Snowflake, with a giant $450 million in funding, headed up by VC heavyweights Sequoia Capital. Among its exclusive client list are Office Depot and Netflix. Snowflake has now raised over $900 million and is valued at $3.5 billion.

Featured image from Shutterstock.

October 13, 2018
Unicorns Wear Sneakers – Allbirds Valued at $1.4 Billion

Another unicorn from Silicon Valley? Whatever next? Shoemaking startup Allbirds now joins the list, valued at $1.4 billion, after closing a $50 million series C funding round. The investors behind the deal are Tiger Global Management, Fidelity Management & Research Company, and T. Rowe Price Investment Management.

The valuation wasn’t publicly disclosed, but people familiar with the deal say that the investors collectively received about a 3.5% stake for their investment. With a growing customer base in New Zealand, Australia, the US, and Canada, Allbirds has raised $75 million in venture capital so far.

From Wood and Wool to Billions

Allbirds makes eco-friendly footwear for men, women, and kids. The shoes have conquered celebrities and capitalists because they’re made with sustainable materials only, which include a fabric made from eucalyptus fiber (called “SweetFoam”), merino wool, sugarcane-based, carbon-negative foam rubber for the shoe soles, and recycled plastic bottles for laces.

Last year, investors valued Allbirds at $370 million. According to co-founder Joey Zwillinger, the company was “profitable since day one,” and rumors confirm this statement. In fact, Allbirds has brought in over $200 million in revenues in the last two years.

The company says it will use the funds to research new sustainable materials and to accomplish its expansion strategy.

First UK Allbirds Store to Be Opened in London

The San Francisco-based company sells casual sneakers directly to its customers through its online store in New Zealand, Australia, Canada, and the US. The company has two brick-and-mortar stores, in San Francisco and New York.

Allbirds will open its first store in Europe in London’s Convent Garden at the end of this year. It’s a 1,600 square foot store, located at 121-123 Long Acre, where British people can try on and experience the design of the eco-friendly casual shoes and sneakers that venture capitalists and celebrities alike seem to love so much.

The company plans to open more locations in the US and even launch its fashionable shoes in Asia in 2019. Tiger Global’s partners across the region and locations in Singapore and Hong Kong should give them a headstart here.

Featured image from Allbirds.

October 13, 2018