I spent the week in Malibu attending Upfront Ventures’ annual Upfront Summit, which brings together the likes of Hollywood, Silicon Valley and Washington, DC’s elite for a two-day networking session of sorts. Cameron Diaz was there for some reason, and Natalie Portman made an appearance. Stacey Abrams had a powerful Q&A session with Lisa Borders, the president and CEO of Time’s Up. Of course, Gwyneth Paltrow was there to talk up Goop, her venture-funded commerce and content engine.
“I had no idea what I was getting into but I am so fulfilled and on fire from this job,” Paltrow said onstage at the summit… “It’s a very different life than I used to have but I feel very lucky that I made this leap.” Speaking with Frederic Court, the founder of Felix Capital, Paltrow shed light on her fundraising process.
“When I set out to raise my Series A, it was very difficult,” she said. “It’s great to be Gwyneth Paltrow when you’re raising money because people take the meeting, but then you get a lot more rejections than you would if they didn’t want to take a selfie … People, understandably, were dubious about [this business]. It becomes easier when you have a thriving business and your unit economics looks good.”
In other news…
The actor stopped by the summit to promote his startup, HitRecord . I talked to him about his $6.4 million round and grand plans for the artist-collaboration platform.
Backed by GV, Sequoia, Floodgate and more, Clover Health confirmed to TechCrunch this week that it’s brought in another round of capital led by Greenoaks. The $500 million round is a vote of confidence for the business, which has experienced its fair share of well-publicized hiccups. More on that here. Plus, Clutter, the startup that provides on-demand moving and storage services, is raising at least $200 million from SoftBank, sources tell TechCrunch. The round is a big deal for the LA tech ecosystem, which, aside from Snap and Bird, has birthed few venture-backed unicorns.
Pinterest, the nine-year-old visual search engine, has hired Goldman Sachs and JPMorgan Chase as lead underwriters for an IPO that’s planned for later this year. With $700 million in 2018 revenue, the company has raised some $1.5 billion at a $12 billion valuation from Goldman Sachs Investment Partners, Valiant Capital Partners, Wellington Management, Andreessen Horowitz, Bessemer Venture Partners and more.
Kleiner Perkins went “back to the future” this week with the announcement of a $600 million fund. The firm’s 18th fund, it will invest at the seed, Series A and Series B stages. TCV, a backer of Peloton and Airbnb, closed a whopping $3 billion vehicle to invest in consumer internet, IT infrastructure and services startups. Partech has doubled its Africa VC fund to $143 million and opened a Nairobi office to complement its Dakar practice. And Sapphire Ventures has set aside $115 million for sports and entertainment bets.
The co-founder of Y Combinator will throw a sort of annual weekend getaway for nerds in picturesque Boulder, Colo. Called the YC 120, it will bring toget her 120 people for a couple of days in April to create connections. Read TechCrunch’s Connie Loizos’ interview with Altman here.
Consumer wellness business Hims has raised $100 million in an ongoing round at a $1 billion pre-money valuation. A growth-stage investor has led the round, with participation from existing investors (which include Forerunner Ventures, Founders Fund, Redpoint Ventures, SV Angel, 8VC and Maverick Capital) . Our sources declined to name the lead investor but said it was a “super big fund” that isn’t SoftBank and that hasn’t previously invested in Hims.
Five years after Andreessen Horowitz backed Oculus, it’s leading a $68 million Series A funding in Sandbox VR. TechCrunch’s Lucas Matney talked to a16z’s Andrew Chen and Floodgate’s Mike Maples about what sets Sandbox apart.
Here’s your weekly reminder to send me tips, suggestions and more to email@example.com or @KateClarkTweets.
In a new class-action lawsuit, a former Munchery facilities worker is claiming the startup owes him and 250 other employees 60 days’ wages. On top of that, another former employee says the CEO, James Beriker, was largely absent and is to blame for Munchery’s downfall. If you haven’t been keeping up on Munchery’s abrupt shutdown, here’s some good background.
Consolidation in the micromobility space has arrived — in Brazil, at least. Not long after Y Combinator-backed Grin merged its electric scooter business with Brazil-based Ride, it’s completing another merger, this time with Yellow, the bike-share startup based in Brazil that has also expressed its ambitions to get into electric scooters.
If you enjoy this newsletter, be sure to check out TechCrunch’s venture-focused podcast, Equity. In this week’s episode, available here, Crunchbase editor-in-chief Alex Wilhelm, TechCrunch’s Silicon Valley editor Connie Loizos and Jeff Clavier of Uncork Capital chat about $100 million rounds, Stripe’s mega valuation and Pinterest’s highly anticipated IPO.
Audio-Technica true wireless earbuds case recalled over fire risk
Audio-Technica, a company known for its high-end personal audio devices, has recalled the charging cases for its ATH-CK3TW true wireless earbuds after receiving multiple reports of overheating ‘incidents.’ The recall was recently highlighted by the US Consumer Product Safety Commission (CPSC), which notes that consumers who own the case can get it replaced for free.
The Audio-Technica ATH-CK3TW true wireless earbuds were announced in September 2019. As with other true wireless headphones on the market, the product involves two individual earpieces, as well as a charging case that contains a battery for recharging the earbuds. Consumers charge the case using a USB cable.
In a new post on its website, the US CPSC reports that about 7,450 charging cases sold as part of the ATH-CK3TW model have been recalled due to a risk of overheating, which may lead to a fire. These cases are made of plastic and sold in multiple colors; Audio-Technica will replace regardless of the shade, though.
Consumers who own a pair of true wireless Audio-Technica earbuds can check the model number on the back of the charging case. Assuming you have a recalled unit, you should stop using it immediately and get in touch with Audio-Technica, which will provide you with a prepaid shipping label to return the case to the company.
Once the case is received, the company will ship the consumer a replacement case that’ll work with their earpieces. Though there haven’t been any injuries reported in association with this recall, the company notes that four cases of overheating happened outside of the US and that damage to both the charging surface and case resulted.
Oculus Quest subscriptions roll out for games and apps
Oculus today announced that it’s now allowing developers to offer subscriptions to their apps. While perhaps not the best fit for gaming – which Oculus was centered around at the beginning of its life – the company says that by offering subscriptions, it can offer monetization options that make Quest a better fit for other types of apps. Obviously there’s no one-size-fits-all solution for subscription offerings, but in today’s announcement, Oculus listed several different apps that will offer them to start.
There are six different apps that are adding subscriptions today: FitXR, Rec Room, Tribe XR, TRIPP, vSpatial, and VZfit. Oculus says that content you’ve previously purchased in these apps will continue to be accessible after these subscriptions go live, so it sounds like developers won’t be allowed to remove content that’s already been paid for and stick it behind a subscription.
In FitXR, for instance, Oculus says that subscribers will get a new instructor-led class from the existing Box and Dance studios and the upcoming HIIT studio each day, along with access to multiplayer. Those who already purchased FitXR will keep the content they’ve paid for (which includes Add-On packs). While newcomers to the app will get a seven-day free trial to the FitXR subscription service, those who already own the app will get a 90-day trial.
With Rec Room, we see something entirely different. While the base app will continue to be free, a subscription called Rec Room Plus will be offered as something of a premium tier for those who want it. The monthly subscription will net users 6,000 tokens each month – which translates to $10 of real world cash – along with weekly four-star items and access to a special section of the store that’s reserved for subscribers.
Ultimately, what you get with a subscription depends on the app – some might require a subscription to access the app, while others might just offer the subscription as a bonus for those interested in getting some extra content. Oculus says that you’ll be able to cancel subscriptions at any time. To read more about the subscriptions being offered by these initial six apps, check out today’s blog post on the Oculus website.
Apple Fitness+ adds workouts for beginners plus older and pregnant users
Apple Fitness+ is gaining new workouts today, adding specific sessions for pregnancy and that target older adults and beginners. It’s part of a workout boost for the Apple Watch-centered subscription fitness system, and will also include a new Time to Walk session with Jane Fonda.
Announced last year, Fitness+ opened up its guided sessions in December 2020. It relies on exercise tracking through the Apple Watch, with tutorials and classes delivered via a variety of the company’s screens, such as Apple TV, iPad, and iPhone.
One of the challenges early-adopters have found, particularly those just getting into fitness, is trying to get up to speed. That’s something Apple is addressing today, with new workouts for beginners. Offered across the Yoga, Strength, and HIIT workout types, they consist of low-impact exercises and spend more time on how to perfect form to build good habits.
Much in the same way, the new workouts for older adults focus on the specific needs of older people trying to get – or stay – fit. They center on strength, flexibility, balance, coordination, and mobility, Apple says, with a series of eight sessions led by trainer Molly Fox, with guest appearances by Gregg Cook for Strength, Dustin Brown for Yoga, Bakari Williams for HIIT, and Jhon Gonzalez for Dance.
Each workout is 10 minutes long, and many can be completed with either bodyweight or a light dumbbell, Apple says. Alternatively, they may use a chair or involve leaning against the wall. They can also be combined with other Fitness+ workouts, carrying those modifications over.
Finally, there’s a new workouts for pregnancy series. 10 sessions – covering Strength, Core, and Mindful Cooldown – will be led by Betina Gozo alongside trainers Emily Fayette and Anja Garcia, each 10 minutes in length. They’re designed, Apple says, to suit any stage of pregnancy along with any fitness level. Again, as with the older fitness sessions, they also include suggestions on how to modify the more general Fitness+ workouts in ways to accommodate those who are pregnant.
Beyond the three specific categories, there are now two new trainers: one in the Yoga section, and the other in HIIT (High Intensity Interval Training). From April 19, meanwhile, Jane Fonda’s Time to Walk session will be added. That takes the form of an audio interview with paired walking instructions.
Apple Fitness+ is currently available in the US, Australia, Canada, Ireland, New Zealand, and the UK. Three months access is bundled with a new Apple Watch Series 3 or later, while existing owners can try it free for a month. After that, it’s $9.99 per month or $79.99 per year – for up to six family members to share – or bundle as part of the $29.95 Apple One Premiere plan.
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