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Welcome back to Found, where we get the stories behind the startups.

This week Darrell and Becca are joined by GigFinesse co-founder and CEO Mir Hwang. Mir talks about how his struggles to book music gigs as a teenager pushed him to launch the company that connects artists with venues for live shows. Mir also talked about how hard it was to steer the live music-focused business through the pandemic in an industry that was reticent to adopt tech to begin with. Plus, we learn about a fun venue that couldn’t be more perfect for Darrell’s future poetry residence.

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Modernizing the live music industry with Mir Hwang from GigFinesse by Rebecca Szkutak originally published on TechCrunch

QR code tech, which exploded during the pandemic as businesses searched for hygienic alternatives to physical touchpoints, continues to grow in popularity particularly across sectors such as restaurants and outlet retail. According to Insider Intelligence, more than 99.5 million smartphone users will scan a QR code by 2025, up from 83.4 million in 2022. There’s a potential downside — some argue QR codes reduce the need to hire employees who collect payments and service customers — but it seems clear that the tech, for better or worse, isn’t’ going anywhere.

That’s benefitted startups like Beaconstac, which works with companies including United Airlines, Amazon and Deloitte to create end-customer QR code experiences. In a sign of just how rosy business has been, Beaconstac today announced that it closed a $25 million Series A funding round led by Telescope Partners with participation from Accel.

Co-founder and CEO Sharat Potharaju says that the new capital will be put toward expanding the startup’s team and product R&D.

“We’ve seen tremendous growth since the beginning of the pandemic because our QR code technology offers businesses an efficient, user-friendly solution for creating contactless experiences,” Potharaju told TechCrunch in an email interview. “We see more businesses continuing to adopt this technology because it streamlines the customer experience. The pandemic has only amplified the existing need to connect the physical and digital worlds better.”

Potharaju co-founded Beaconstac in 2019 alongside Ravi Maddimsetty. Potharaju is an investment banker by trade, having held posts at Merrill Lynch and Fieldstone Private Capital Group. Maddimsetty, a software engineer, was an IT associate at Morgan Stanley and contributed to open source Linux projects including the GNOME desktop environment.

With Beaconstac, Potharaju and Maddimsetty sought to ride the QR code adoption wave, building a platform that allows businesses to create, manage and track QR codes across different physical touchpoints. Using Beaconstac, companies can modify aspects of branded QR codes including the shape, captions and background colors to match their design languages.

Beaconstac also lets companies create QR codes that track engagement, like a customer’s location at the time of a scan. While not a feature every patron is likely to be comfortable with, Potharaju argues that it’s helping companies acquire first-party data at a time when more platforms (see Apple) are becoming averse to tracking. (Whether you agree with Potharaju depends which side of the privacy debate you fall on, of course.)

“Beaconstac’s platform does not collect any personally identifiable information when a QR code is scanned — we are compliant with GDPR regulations around security and privacy,” Potharaju said. “Consumers can always request data deletion under GDPR rules.”

While Beaconstac competes with vendors including Flowcode and Bit.ly, the company claims to have over 20,000 customers — double the figure from last year. Potharaju declined to share revenue figures, but said that Beaconstac — which has offces in the U.S. and India — plans to double its 75-person workforce sometime this year.

“In 2019, my co-founder and I were asking the question, ‘Our phones are great at getting us online, but why aren’t they better at connecting us with the physical world?,’” Potharaju said. “Beaconstac [is] helping companies … build digital cohorts based on interactions in the physical world.”

Beaconstac lands $25M investment for its QR code management platform by Kyle Wiggers originally published on TechCrunch

QR code tech, which exploded during the pandemic as businesses searched for hygienic alternatives to physical touchpoints, continues to grow in popularity particularly across sectors such as restaurants and outlet retail. According to Insider Intelligence, more than 99.5 million smartphone users will scan a QR code by 2025, up from 83.4 million in 2022. There’s a potential downside — some argue QR codes reduce the need to hire employees who collect payments and service customers — but it seems clear that the tech, for better or worse, isn’t’ going anywhere.

That’s benefitted startups like Beaconstac, which works with companies including United Airlines, Amazon and Deloitte to create end-customer QR code experiences. In a sign of just how rosy business has been, Beaconstac today announced that it closed a $25 million Series A funding round led by Telescope Partners with participation from Accel.

Co-founder and CEO Sharat Potharaju says that the new capital will be put toward expanding the startup’s team and product R&D.

“We’ve seen tremendous growth since the beginning of the pandemic because our QR code technology offers businesses an efficient, user-friendly solution for creating contactless experiences,” Potharaju told TechCrunch in an email interview. “We see more businesses continuing to adopt this technology because it streamlines the customer experience. The pandemic has only amplified the existing need to connect the physical and digital worlds better.”

Potharaju co-founded Beaconstac in 2019 alongside Ravi Maddimsetty. Potharaju is an investment banker by trade, having held posts at Merrill Lynch and Fieldstone Private Capital Group. Maddimsetty, a software engineer, was an IT associate at Morgan Stanley and contributed to open source Linux projects including the GNOME desktop environment.

With Beaconstac, Potharaju and Maddimsetty sought to ride the QR code adoption wave, building a platform that allows businesses to create, manage and track QR codes across different physical touchpoints. Using Beaconstac, companies can modify aspects of branded QR codes including the shape, captions and background colors to match their design languages.

Beaconstac also lets companies create QR codes that track engagement, like a customer’s location at the time of a scan. While not a feature every patron is likely to be comfortable with, Potharaju argues that it’s helping companies acquire first-party data at a time when more platforms (see Apple) are becoming averse to tracking. (Whether you agree with Potharaju depends which side of the privacy debate you fall on, of course.)

“Beaconstac’s platform does not collect any personally identifiable information when a QR code is scanned — we are compliant with GDPR regulations around security and privacy,” Potharaju said. “Consumers can always request data deletion under GDPR rules.”

While Beaconstac competes with vendors including Flowcode and Bit.ly, the company claims to have over 20,000 customers — double the figure from last year. Potharaju declined to share revenue figures, but said that Beaconstac — which has offces in the U.S. and India — plans to double its 75-person workforce sometime this year.

“In 2019, my co-founder and I were asking the question, ‘Our phones are great at getting us online, but why aren’t they better at connecting us with the physical world?,’” Potharaju said. “Beaconstac [is] helping companies … build digital cohorts based on interactions in the physical world.”

Beaconstac lands $25M investment for its QR code management platform by Kyle Wiggers originally published on TechCrunch

Match-owned dating app Hinge confirmed it’s testing a higher-priced premium subscription of $50 to $60 per month — a significant increase over the current $35 per month pricing. The company had earlier teased the new offering during Match’s Q3 2022 earnings in November, calling it Hinge’s equivalent of Tinder’s top-tier “Platinum” subscription, as a comparison, and touting its potential to drive the revenue per payer “meaningfully higher.”

Bloomberg first reported the news of the premium offering, which a spokesperson for Match Group confirmed.

Hinge will aim its pricey subscription at “highly motivated daters,” it said, who are willing to pay for more features to boost their exposure in the app as well as those that would allow them to receive better recommendations. For example, subscribers’ “likes” will be seen faster than others, among other things, the report noted.

While Match’s flagship app Tinder leads the company in terms of revenue, Match called out Hinge as a “bright spot” in the past quarter. The dating app aimed more heavily towards those interested in relationships has become the third most popular app by downloads in the U.S. In more recent months, the app has been localized outside the U.S., having launched in Germany and other European markets where it’s finding traction. It’s also one of the key apps Match has been counting on to help offset the declines it’s been seeing at some of its established brands, as well as those at its 2021 acquisition of Hyperconnect, which did not pay off as expected.

The company said it would invest further in marketing Hinge in the U.S. and abroad in the fourth quarter, to help further grow the brand. On the success of this expansion and the new premium tier, Match is forecasting Hinge to deliver at least $100 million in incremental revenues this year, the company told investors during November’s earnings call.

Match shared few details about the subscription itself during the call, only noting that it would begin rolling out globally after the new year.

“We like subscription monetization opportunities with Hinge — with the Hinge user base. As with any big changes to tiers, we’ll continue to optimize the offering throughout 2023,” Match CEO Bernard Kim said during the call.

However, the company acknowledged hinge was about $15 million behind its 2022 goal, mainly due to foreign exchange headwinds, and particularly the impact those were having on the pound. It said it would update investors on Hinge’s revenue for this year during its February Q4 earnings call.

Bloomberg’s report also noted Tinder was testing a $500 monthly plan, which Match also confirmed but declined to provide details.

Dating app Hinge tests a pricier $60 per month subscription, similar to Tinder Platinum by Sarah Perez originally published on TechCrunch

Match-owned dating app Hinge confirmed it’s testing a higher-priced premium subscription of $50 to $60 per month — a significant increase over the current $35 per month pricing. The company had earlier teased the new offering during Match’s Q3 2022 earnings in November, calling it Hinge’s equivalent of Tinder’s top-tier “Platinum” subscription, as a comparison, and touting its potential to drive the revenue per payer “meaningfully higher.”

Bloomberg first reported the news of the premium offering, which a spokesperson for Match Group confirmed.

Hinge will aim its pricey subscription at “highly motivated daters,” it said, who are willing to pay for more features to boost their exposure in the app as well as those that would allow them to receive better recommendations. For example, subscribers’ “likes” will be seen faster than others, among other things, the report noted.

While Match’s flagship app Tinder leads the company in terms of revenue, Match called out Hinge as a “bright spot” in the past quarter. The dating app aimed more heavily towards those interested in relationships has become the third most popular app by downloads in the U.S. In more recent months, the app has been localized outside the U.S., having launched in Germany and other European markets where it’s finding traction. It’s also one of the key apps Match has been counting on to help offset the declines it’s been seeing at some of its established brands, as well as those at its 2021 acquisition of Hyperconnect, which did not pay off as expected.

The company said it would invest further in marketing Hinge in the U.S. and abroad in the fourth quarter, to help further grow the brand. On the success of this expansion and the new premium tier, Match is forecasting Hinge to deliver at least $100 million in incremental revenues this year, the company told investors during November’s earnings call.

Match shared few details about the subscription itself during the call, only noting that it would begin rolling out globally after the new year.

“We like subscription monetization opportunities with Hinge — with the Hinge user base. As with any big changes to tiers, we’ll continue to optimize the offering throughout 2023,” Match CEO Bernard Kim said during the call.

However, the company acknowledged hinge was about $15 million behind its 2022 goal, mainly due to foreign exchange headwinds, and particularly the impact those were having on the pound. It said it would update investors on Hinge’s revenue for this year during its February Q4 earnings call.

Bloomberg’s report also noted Tinder was testing a $500 monthly plan, which Match also confirmed but declined to provide details.

Dating app Hinge tests a pricier $60 per month subscription, similar to Tinder Platinum by Sarah Perez originally published on TechCrunch

Back in 2017, Wyze made a name for itself with the launch of its original $20 security camera. Over the years, it released its fair share of iterations of the Wyze Cam, with version 3 launching in 2020. Today, it’s launching both a new iteration of the original Wyze Cam, dubbed the Wyze Cam OG, with a launch price of $20 (later $24) as well as a new member of the family, Wyze’s first telephoto camera, the aptly named Wyze Cam OG Telephoto.

The Wyze Cam OG Telephoto will retail for $30 at launch, with the price going up to $34 later. While the regular camera provides a 120-degree field of view, the Telephoto version has a 3x zoom and a 27-degree field of view. Otherwise, they are pretty much identical. These are 1080p HD cameras that feature Wyze’s color night vision, two-way audio support and motion detection, including support for its Cam Plus subscription with features like a web view and AI-powered package, vehicle and pet detection. In their daytime mode, these cameras record up to 20 frames per second, while at night, that drops down to 10 frames.

Both cameras are IP65 rated, so they should be quite usable in most outdoor settings (though Wyze recommends you use its $14 outdoor power adapter for this). Both also still use a micro-USB plug. You’re not going to move these cameras around a lot, so that’s not likely an issue. Still, it would be nice to see USB-C here, given that most devices are moving this way.

The only major difference here is that the Wyze Cam OG features an integrated 40 lumen spotlight, which can automatically turn on when the camera detects motion in very low light.

Thanks to updated chips, both cameras can now detect motion and send out notifications three times faster than the company’s other cameras and an upgraded mic and speaker should make two-way audio clearer. Live video in the Wyze app from these cameras also now loads significantly faster.

While you can use the OG Telephoto camera as a standalone device, a lot of people will likely use it to augment an existing Wyze camera, maybe to specifically zoom in on a door. For those users, Wyze is launching a new kit with a mount and dual-power cable that allows you to stack both OG cameras on top of each other (in any combination). To enable this, the new cameras now feature a simple hot shoe-like indentation on their tops. On the software side, this is enhanced with Wyze’s new Picture-in-Picture view. Sadly, this PiP view isn’t available for older Wyze cameras.

As for the overall design, Wyze switched things up here a bit, going from the original folding base to a more basic pole the camera now screws into. It makes the camera look a bit more pedestrian but I think it’s a worthwhile tradeoff since it will allow for more accessories and makes the stand easily replaceable.

I’ve tested both cameras for the last week or so and there haven’t been any real surprises. Setup is about as easy as it can be. Indeed, it’s easier than before, since you don’t have to hold any QR code in front of the cameras anymore to connect them to your WiFi network. Instead, the app now finds the new camera for you, you select the network in the app, enter your WiFi password and the camera connects. All of that takes maybe 30 seconds, whereas with earlier Wyze cameras, it could be a few minutes. That’s not exactly a gamechanger, but a nice feature nonetheless.

Overall, video from both cameras is more than sharp enough and the 3x zoom makes for a nice addition, though at least for my use case (watching over my backyard and front porch), it’s not a massive upgrade — more of a nice-to-have. And that’s about all there is. Both cameras worked exactly as expected and while its mobile app isn’t flashy, it never gets in my way. I do wish I could use the PiP view for any random camera combination, though.

It’s worth noting that the original version 1 Wyze Cam had some security issues that — because of hardware limitations — Wyze wasn’t able to patch. Security issues are almost inevitable, but the main issue here was that Wyze was very slow to acknowledge this. That’s something worth keeping in mind — and I think it’s a good idea to keep your IoT devices on a different network from the rest of your home anyway.

Wyze goes back to its roots with the Wyze Cam OG and OG Telephoto by Frederic Lardinois originally published on TechCrunch

Back in 2017, Wyze made a name for itself with the launch of its original $20 security camera. Over the years, it released its fair share of iterations of the Wyze Cam, with version 3 launching in 2020. Today, it’s launching both a new iteration of the original Wyze Cam, dubbed the Wyze Cam OG, with a launch price of $20 (later $24) as well as a new member of the family, Wyze’s first telephoto camera, the aptly named Wyze Cam OG Telephoto.

The Wyze Cam OG Telephoto will retail for $30 at launch, with the price going up to $34 later. While the regular camera provides a 120-degree field of view, the Telephoto version has a 3x zoom and a 27-degree field of view. Otherwise, they are pretty much identical. These are 1080p HD cameras that feature Wyze’s color night vision, two-way audio support and motion detection, including support for its Cam Plus subscription with features like a web view and AI-powered package, vehicle and pet detection. In their daytime mode, these cameras record up to 20 frames per second, while at night, that drops down to 10 frames.

Both cameras are IP65 rated, so they should be quite usable in most outdoor settings (though Wyze recommends you use its $14 outdoor power adapter for this). Both also still use a micro-USB plug. You’re not going to move these cameras around a lot, so that’s not likely an issue. Still, it would be nice to see USB-C here, given that most devices are moving this way.

The only major difference here is that the Wyze Cam OG features an integrated 40 lumen spotlight, which can automatically turn on when the camera detects motion in very low light.

Thanks to updated chips, both cameras can now detect motion and send out notifications three times faster than the company’s other cameras and an upgraded mic and speaker should make two-way audio clearer. Live video in the Wyze app from these cameras also now loads significantly faster.

While you can use the OG Telephoto camera as a standalone device, a lot of people will likely use it to augment an existing Wyze camera, maybe to specifically zoom in on a door. For those users, Wyze is launching a new kit with a mount and dual-power cable that allows you to stack both OG cameras on top of each other (in any combination). To enable this, the new cameras now feature a simple hot shoe-like indentation on their tops. On the software side, this is enhanced with Wyze’s new Picture-in-Picture view. Sadly, this PiP view isn’t available for older Wyze cameras.

As for the overall design, Wyze switched things up here a bit, going from the original folding base to a more basic pole the camera now screws into. It makes the camera look a bit more pedestrian but I think it’s a worthwhile tradeoff since it will allow for more accessories and makes the stand easily replaceable.

I’ve tested both cameras for the last week or so and there haven’t been any real surprises. Setup is about as easy as it can be. Indeed, it’s easier than before, since you don’t have to hold any QR code in front of the cameras anymore to connect them to your WiFi network. Instead, the app now finds the new camera for you, you select the network in the app, enter your WiFi password and the camera connects. All of that takes maybe 30 seconds, whereas with earlier Wyze cameras, it could be a few minutes. That’s not exactly a gamechanger, but a nice feature nonetheless.

Overall, video from both cameras is more than sharp enough and the 3x zoom makes for a nice addition, though at least for my use case (watching over my backyard and front porch), it’s not a massive upgrade — more of a nice-to-have. And that’s about all there is. Both cameras worked exactly as expected and while its mobile app isn’t flashy, it never gets in my way. I do wish I could use the PiP view for any random camera combination, though.

It’s worth noting that the original version 1 Wyze Cam had some security issues that — because of hardware limitations — Wyze wasn’t able to patch. Security issues are almost inevitable, but the main issue here was that Wyze was very slow to acknowledge this. That’s something worth keeping in mind — and I think it’s a good idea to keep your IoT devices on a different network from the rest of your home anyway.

Wyze goes back to its roots with the Wyze Cam OG and OG Telephoto by Frederic Lardinois originally published on TechCrunch

A lot of entrepreneurs are incredible idea generators and hackers; they have a knack for seeing something that’s broken or something that could be better and creating a solution around that. The problem is this: It’s rare that even very good features make good companies.

It’s rarer still that companies built on a feature make for VC-investable companies with the potential for VC-scale returns. A lot of no-code products fall into this category.

So do you have a company or merely a feature? Let’s explore the red flags investors will look for to determine which bucket your startup falls into.

A nontrivial percentage of the companies that come to me for advice about how to make their pitch decks better have a problem far bigger than a subpar deck. Fundamentally, the idea doesn’t work as a VC-scale startup; and if that is true, it doesn’t really matter how good your idea is. You will never raise money because ultimately, the risk your would-be investors are taking is higher than the reward that is available for them to reap.

The red flags fall into three categories:

Your company is 100% dependent on another product or company.
Your company could very easily be put out of business if an incumbent adds your product as a feature of theirs.
The market size for this feature is too small.

Let’s take a closer look at all three scenarios, as well as how you can evaluate whether these conditions are true for your company.

Build a company, not a feature by Haje Jan Kamps originally published on TechCrunch

A lot of entrepreneurs are incredible idea generators and hackers; they have a knack for seeing something that’s broken or something that could be better and creating a solution around that. The problem is this: It’s rare that even very good features make good companies.

It’s rarer still that companies built on a feature make for VC-investable companies with the potential for VC-scale returns. A lot of no-code products fall into this category.

So do you have a company or merely a feature? Let’s explore the red flags investors will look for to determine which bucket your startup falls into.

A nontrivial percentage of the companies that come to me for advice about how to make their pitch decks better have a problem far bigger than a subpar deck. Fundamentally, the idea doesn’t work as a VC-scale startup; and if that is true, it doesn’t really matter how good your idea is. You will never raise money because ultimately, the risk your would-be investors are taking is higher than the reward that is available for them to reap.

The red flags fall into three categories:

Your company is 100% dependent on another product or company.
Your company could very easily be put out of business if an incumbent adds your product as a feature of theirs.
The market size for this feature is too small.

Let’s take a closer look at all three scenarios, as well as how you can evaluate whether these conditions are true for your company.

Build a company, not a feature by Haje Jan Kamps originally published on TechCrunch

HBO Max makes history tonight with its first-ever domestic live sporting event. Starting at 10 p.m. ET, U.S. subscribers can watch the U.S. Women’s Soccer National Team take on the New Zealand team, the 2023 FIFA Women’s World Cup co-host. The streamer will also air the follow-up match between the U.S. and New Zealand on January 20.

Along with live coverage of the matches, HBO Max will also give subscribers pre-game coverage and post-game as well as replays. The pre-game show begins at 9:30 p.m. ET.

It’s also important to note that both HBO Max subscription tiers aren’t including any ads, a Warner Bros. Discovery spokesperson told TechCrunch.

Last week, the company announced its lineup of sports analysts which includes National Soccer Hall of Famers Julie Foudy, DaMarcus Beasley and Shannon Boxx, along with former U.S. Men’s National Team player Kyle Martino. Soccer commentator Luke Wileman will provide play-by-play alongside Foudy. Melissa Ortiz, a former pro soccer player, will report live from Wellington, New Zealand.

As previously announced, the U.S. Soccer Federation and Turner Sports, a division of WarnerMedia, closed an eight-year multimedia rights agreement, making TNT and HBO Max the exclusive English-language home to over 20 Women’s and Men’s National Team matches every year. The matches will all be simulcast on HBO Max, whereas TNT will broadcast several matches.

The deal doesn’t include the Women’s World Cup matches in 2023, which will be broadcast by Fox and Telemundo. However, it does include World Cup qualifiers, friendlies and competitions.

HBO Max will debut the U.S. Men’s National Team on January 25, when it livestreams the U.S. vs. Serbia game. The team will play against Colombia on January 28, which will be broadcast by TNT.

Winning streaming rights to U.S. soccer is a big deal for the company. The streamer isn’t known for sports, so a domestic live sports offering will help HBO Max better compete with rivals in the sports space, such as Paramount+, Peacock, Amazon Prime Video and Apple TV+.

HBO Max is also working on a live hockey offering, thanks to a multi-year rights agreement with the National Hockey League (NHL). Last year, Turner Sports closed the deal, giving TBS and TNT the rights to broadcast regular-season games as well as Stanley Cup Playoff and Stanley Cup Final games.

HBO Max subscribers in Brazil and Mexico have access to live UEFA Champions League matches.

HBO Max subscribers can now livestream U.S. national soccer games by Lauren Forristal originally published on TechCrunch