A scale story: TechCrunch’s parent company links up with Taboola

Folks often ask if Crunchbase and TechCrunch are still the same company (nope). Many express surprise that AOL was once this publication’s sole parent (yep). The saga of Who Owns TechCrunch is actually somewhat interesting. Various corporate developments over the last decade saw TechCrunch trade hands several times, including our most recent ejection from Verizon (long story) into the arms of private equity (shorter story).

Today we’re part of a reconstituted Yahoo, an entity that combines its historical assets — sans Alibaba — with AOL and other properties including this publication. I bring all that up because our parent company is in the news today. So much so that we’re pushing the value of a public company sharply higher by dint of our partnering with it, and taking a sizable stake in its equity at the same time.

The Exchange explores startups, markets and money.

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Because my employer is about to own just under a fourth of Taboola, I want to rewind the clock a bit today and recall how we wound up in a world where both Taboola and Outbrain — online advertising companies that you are familiar with, and have at times collected criticism — are public companies.

This should be lightweight and fun. Frankly, before today, I had never read a Taboola or Outbrain earnings report. We will explore together! Into the numbers!

A merger that didn’t

A scale story: TechCrunch’s parent company links up with Taboola by Alex Wilhelm originally published on TechCrunch

Bionaut Labs gets $43.2M for its tiny drug delivery robots

Founded in 2017, Bionaut Labs arrived out of stealth in March 2021, with plans to commercialize longstanding research around drug delivery robots. The Los Angeles-based startup today followed up its initial $20 million funding announcement with a $43.2 million Series B, bringing its total raise up to – you guessed it — $63.2 million. This round was led by Khosla Ventures and featured new investors, Deep Insight, OurCrowd, PSPRS, Sixty Degree Capital, Dolby Family Ventures, GISEV Family Ventures, What if Ventures, Tintah Grace and Gaingels.

If you’ve followed the robots space, you’re likely familiar with the research that gone into these tiny, remote controlled medical robots. Bionaut’s own work now has a couple of deadlines in place, including 2023 pre-clinical studies, followed by clinical trials with human patients the follow years.

“There has been a dearth of innovation around treatments for conditions that cause tremendous suffering, in large part because past failures have discouraged even the best of researchers,” CEO and cofounder Michael Shpigelmacher says in a release. “Bionaut Labs remains committed to finding new ways to treat these devastating diseases, which are long overdue for a breakthrough.”

The startup’s magnetically driven robots of the same name are designed to deliver treatments to the midbrain – a more direct application than standard systemically delivered (intravenously, orally, etc.) drugs. The firm has its eyes on a number of extremely debilitating conditions, including Parkinson’s disease and Huntington’s disease.

This round of funding, meanwhile, will be focused on treatments for malignant glioma brain tumors and Dandy-Walker Syndrome. The money will also go toward advancing R&D on its technology and hitting the aforementioned milestones.

Shpigelmacher and cofounder Aviad Maizels were both previously involved with PrimeSense, the Israeli-based 3D imagining firm behind Microsoft Kinect. That firm was acquired by Apple in 2013 and ultimately served as the foundation for its Face ID tech.

Bionaut Labs gets $43.2M for its tiny drug delivery robots by Brian Heater originally published on TechCrunch

BackingMinds raises new €50 million fund to fund normally overlooked entrepreneurs

Denmark-based venture fund BackingMinds, founded in 2016, likes to think it takes a different approach to venture in Europe. Its new €50 million fund will aim to take a road less travelled by most VCs, looking “for the blind spots” traditional venture capital can often miss because of typical VC herd behaviour (such as investing in white men in major capital cities).

Instead, the new fund will look for companies with high potential outside of Europe’s capital cities and entrepreneurs often overlooked by traditional investors.

The investment range of the fund will be €500,000 to €3,000,000 on initial investments, and across the whole of entire Europe, except the UK, due to it being outside the EU.

“Sweden is far ahead in terms of demographic and digital transformation and we can apply many insights when looking for overlooked opportunities in Denmark and the Nordics,” said Susanne Najafi, founder of BackingMinds, in a statement.

The fund’s geographical focus is northern Europe, and includes LPs from Spotify, King, Supercell, and the H&M family office, but so far no institutional investors.

Those LPs include Supercell’s chief executive Ilkka Paananen, the Persson family that owns retailer H&M, and co-founder of Spotify, Martin Lorentzon. Other investors in the new fund include the founders of private equity firms EQT and Nordic Capital, Thomas Hartwig, who is co-founder of King — the company behind Candy Crush Saga. Also the founders of software company Sinch Robert Gerstmann and Kristian Mannik, and the Olsson family behind the Stena group of companies, including the ferry operator.

After launching in 2016 with an undisclosed fund size, BackingMinds says it has since invested in 13 companies which are either led by women, immigrants, or lie outside the Stockholm region.

“It’s not about charity or diversity investing, it’s about driving societal change and even out injustices by making good returns. We go straight to the solution, challenging bias and put focus on blind spots by delivering returns in companies where traditional investors see nothing but risks,” added Sara Wimmercranz.

Najafi, was previously the founder of more than ten companies, several of which she exited, including Eleven, one of the largest beauty e-tailers in the Nordics. Wimmercranz previously co-founded the e-commerce company Footway, listed at First North Stockholm with a market cap of SEK 2 bn. They are joined by partners Sara Resvik and Niklas Thörnestad.

BackingMinds claims that evidence of these homogeneous networks and herd behaviour is showing up in the VC data which shows most Danish VCs only investing in Danish startups, not further afield, while immigrant founders are often ignored.

Investments to date:

● Brain Stimulation: Precision diagnostics and individualised digital rehabilitation.

● Cemvision: Re-inventing cement with a product that is economical, environmental friendly and technically superior.

● Combify: Construction tech specialised in digitalisation and visualisation of data related to construction projects.

● Lingio: Industry-validated language learning to improve operational efficiency in the labour market.

● Serviceform: Makes complex technologies simple and bring them all under one service – for all businesses.

● Skrym: A headless solution for optimising logistics with built-in emissions tracking.

BackingMinds raises new €50 million fund to fund normally overlooked entrepreneurs by Mike Butcher originally published on TechCrunch

SWVL reduces its headcount by 50% six months after axing 400+ staff

Cairo-born and Dubai-based mass transit and shared mobility services provider SWVL has carried out its second round of layoffs affecting 50% of its remaining headcount, according to a statement shared by the company.

The news is coming six months after SWVL laid off 32% of its workforce in a “portfolio optimization program” effort geared towards achieving positive cash flow next year. Over 400 employees were affected at the time, leaving more than 900 behind at the mobility company, based on data from its LinkedIn profile. But with the second round of layoffs, the number of employees at SWVL would have reduced to a little over 450.

Reports about a second round of layoffs at SWVL had been circulating for over two weeks as axed employees took to LinkedIn to share that they were open to new job opportunities. Local media said the layoffs affected teams across multiple departments including tech and HR in Dubai and Pakistan. Another report has it that SWVL completely shuttered its Pakistan operations entirely two weeks ago

Although SWVL, in its statement, didn’t confirm these reports, it did not that it was evaluating a “potential sale, scale back or discontinuation of operations” of its smaller markets. It’s unclear what markets the Dubai-based mobility company is referring to but several sources have referred to Pakistan as one of its larger markets. As of May, it was present in 13 markets globally including the UAE, Egypt, Kenya, Germany, Spain, Italy, Switzerland, Turkey, Japan, Argentina, Saudi Arabia, Jordan and Pakistan.

SWVL went into some of these markets via acquisitions: Germany’s door2door, Turkey’s Voltlines, Mexico’s Urbvan, Spain’s Shotl and Argentina’s Viapool (its planned acquisition of U.K.-based Zeelo was called off in July). When SWVL conducted its first round of layoffs, it said that though the acquisitions contributed to its overall growth, it needed to make reductions on roles automated by investments in its engineering, product and support functions teams. However, the second round of layoffs reveals a different story: the current economic downturn has exposed that SWVL scaled too fast and didn’t have the necessary systems in place to make the acquisitions work.

SWVL’s sloppy operations – despite claiming that it turned EBITDA positive or break even in half of its markets as of August – are also evident in its stock market performance so far. In March, the mobility company went public via a SPAC merger with U.S. women-led blank check company Queen’s Gambit Growth Capital. It listed at $9.95 per share on Nasdaq and targeted a $1.5 billion valuation. Several months later, SWVL has seen its valuation tank to $53 million and its share price drop by over 90% to $0.40 (price before the market opening). As a result, SWVL received a letter from Nasdaq this month saying it was not in compliance with a certain listing rule (because its shares traded below $1 for 30 consecutive business days) and it had until May 1, 2023 (180 days) to regain compliance and avoid delisting.

Cutting costs is one way SWVL believes will, in some way, affect its share price. The Dubai-based company stated it is taking these measures amid the continuing uncertainty in the global economic environment as the volatility in capital markets “potentially impact SWVL’s ability to generate sufficient cash from operating activities and external financings to fund working capital and service its commitments.” The company, in the statement, said it is also reducing operating expenses including discretionary spending such as marketing expenses and other third-party services. Going forward, SWVL’s broader optimization plan is to sharpen its focus on its largest markets which contribute the most to its revenues including Egypt and Mexico.

SWVL reduces its headcount by 50% six months after axing 400+ staff by Tage Kene-Okafor originally published on TechCrunch

Yahoo gets 25% stake in Taboola as part of long-term advertising deal

Yahoo is taking a nearly 25% stake in advertising network Taboola. In exchange for this move, Taboola is becoming Yahoo’s native advertising partner through a 30-year commercial agreement.

If you’re not familiar with Taboola, you may have seen its content recommendation widgets on popular news websites, such as USA Today, Insider and The Weather Channel. They mostly feature sponsored links that lead to third-party websites. Those links appear in recommendation widgets at the end of news articles or in the middle of a content newsfeed.

Yahoo is a name that you may already know quite well. It is now a private company owned by investment firm Apollo Global Management. It owns many popular media properties, such as Yahoo Finance, Yahoo Sports, Yahoo News, AOL and Engadget. Yahoo’s homepage and Yahoo Mail are also important products for the company as they attract large audiences. Yahoo is TechCrunch’s parent company as well.

This isn’t the first time Taboola is signing a strategic partnership that covers some of these properties. In 2015, Verizon acquired AOL. The next year, Taboola and AOL signed a strategic partnership that led to integrations of Taboola’s ads on AOL properties. Shortly after, Verizon also acquired Yahoo and merged AOL with Yahoo.

And now, the second incarnation of Yahoo, which includes AOL’s activities and operates separately from Verizon, is doubling down on digital advertising. With this new deal, Taboola becomes the exclusive partner for native advertising across all of Yahoo’s digital properties.

It means that you’ll soon scroll through news articles on Yahoo Finance and see an item that looks just like a normal article. But it will be a Taboola-powered advertising unit instead. Or at least, that’s the idea. Advertisers will be able to buy Taboola through the Yahoo DSP.

“Partnering with Taboola enables Yahoo to further enhance the contextual and native offerings within our unified advertising stack. The partnership also allows Yahoo and Taboola to continue to differentiate in market, improving user, advertiser and publisher experiences across properties, while benefiting from the long-term tailwinds in digital native advertising,” Yahoo CEO Jim Lanzone said in a statement.

As Yahoo currently reaches nearly 900 million monthly active users, it represents a significant deal for Taboola. Right now, Taboola partners with 9,000 publishers and reaches 500 million users every day.

This deal isn’t just a way to display Taboola ads in front of more eyeballs. As technology companies and regulators are cracking down on privacy-invasive targeting methods, adtech companies like Taboola need to find new ways to target audiences in an effective way.

“Our collaboration with Yahoo will give advertisers access to what I believe is the most sophisticated contextual dataset online. Together, we’re going to build a ‘Contextual Powerhouse’, enabling advertisers to target relevant audiences without relying on third-party cookies and while maintaining complete user privacy,” Taboola founder and CEO Adam Singolda writes in a blog post.

Taboola went public last year by merging with a special purpose acquisition company, also known as a SPAC. Taboola shares (NASDAQ:TBLA) are currently up 70% in pre-market trading compared to yesterday’s closing price — but Taboola shares have been steadily going down over the past twelve months. Shares should open at around $3.14.

As part of the deal, Yahoo is becoming Taboola’s largest shareholder with a 24.99% stake in the advertising network company. Yahoo will also get a seat on Taboola’s board of directors. Both companies expect to generate $1 billion in annual revenue from this newly formed partnership if integrations go well.

Yahoo gets 25% stake in Taboola as part of long-term advertising deal by Romain Dillet originally published on TechCrunch

Cameroonian crypto and savings platform Ejara raises $8M, led by Anthemis and Dragonfly

Ejara, a Cameroonian fintech offering an investment app that allows users to buy crypto and save through decentralized wallets, has raised $8 million in Series A investment.

London-based venture capital firm Anthemis co-led the growth round alongside crypto-focused fund Dragonfly Capital. Anthemis is a follow-on investor in Ejara, having also led the fintech’s $2 million seed round announced last October.

Participating VC firms in this new financing include other follow-on investors Mercy Corps Ventures, Coinshares Ventures and Lateral Capital–and new investors such as Circle Ventures, Moonstake, Emurgo, Hashkey Group and BPI France. Jason Yanowitz, co-founder of Blockwoks is one of the angels in the round.

Ejara wants to “democratize access to investment and savings products across the region, using blockchain technology.” While its recently launched savings product where it tokenizes government bonds is one of the ways it uses blockchain, so is its crypto product which was pivotal to the two-year-old startup raising $10 million in less than 18 months.

By providing users in Francophone Africa with an option to buy, sell, exchange and store their crypto investments, CEO Nelly Chatue-Diop and her co-founder Baptiste Andrieux saw an opportunity to increase crypto activity in the region. However, unlike most crypto platforms in Africa that provide custodial wallets to users, Ejara offered customers the option of non-custodial wallets so they could own and store their keys. That decision paid off, especially during this period when the collapse of FTX and other crypto organizations continue to underscore the need for customers to prioritize privacy and ownership when dealing with crypto and tokenized assets.

“When everyone was taking the other route and building centralized exchanges, we always thought that, if you want to own crypto, you need to own your keys. And that’s pretty much what’s saved us in turbulent times,” Chatue-Diop said to TechCrunch over a call.

Ejara’s crypto product has caught on fast with users in a region where access to financial products is limited to the most informed and wealthy. In addition to connecting their mobile money accounts and accessing crypto, users could also make cross-border transactions via stablecoins. As a result, users on the platform have grown in multiples over the last 14 months. Last October, it had 8,000 users from Cameroon, its first market and others including Ivory Coast, Burkina Faso, Mali, Guinea, and Senegal. Now, it counts over 70,000 users across nine Francophone African countries.

Chatue-Diop – who noted that Ejara has seen revenue growth 10x and achieved a 15% month-on-month transaction volume growth since last October despite crypto’s meltdown – expects users on the platform to reach 100,000 by the end of the year. Its savings product, which Ejara described, in a statement, as the first of its kind in the crypto world, was launched to get it there. In an ecosystem where many people around the world are trying to find use cases for blockchain technology, Ejara has demonstrated that startups in emerging markets are likely to pioneer many such innovations in web3,” the company added.

With this product, the Cameroonian fintech asserts that users do not need to set up a bank account to access savings products but can instead start that journey with Ejara by downloading its app and depositing a minimum of 1,000 CFA franc (~$1.5). Users can earn up to 10% interest on their two-year deposits on the platform, said Chatue-Diop, while adding that Ejara is going up against traditional financial institutions with this product.

“The competition for treasury bonds is with the traditional asset managers and banks. And given the way they are structured, they mainly target high-net-worth individuals and institutions like other banks or insurance companies,” she commented. “Nobody is targeting the woman selling the markets or the man driving a motorbike for a living. And because we structure the product the way we do, we have many people come to our platform because they can save up to 1000 CFA franc daily.”

Both lead investors in this round recognize Ejara’s ambition to be a financial super app of some sort for users in French-speaking Africa and even those in the diaspora who send and invest money back home. Mia Deng, a partner at Dragonfly said Ejara is well-positioned to imitate the growth of China’s Alipay and WeChat Pay, two prominent web2 super apps based, in the early 2010s and help the Francophone region achieve a web3 financial leap in the coming years.

“Conscious of the challenges across the zone, Ejara does not intend to limit itself to being a crypto app, but rather to become a one-stop-shop for products tailored to the needs of Africans: a shop where a suite of financial products will be accessible at their fingertips, without the need for any crypto knowledge,” stated Ruth Foxe Blader, partner at Anthemis, on Ejara’s potential.

Ejara’s journey to a million users is somewhat dependent on how fast its target audience catches on to the nuances associated with crypto, savings and investments. It’s one reason why the fintech is championing a couple of non-profit initiatives to teach the public, particularly women, girls and orphans about crypto, savings, investments (it is yet to launch its fractional investing product) and financial education while prepping the market for its growth.

“The initiative we launched for women and orphans and girls is to improve their financial literacy and computer skills. When I think about Ejara, I think about an ecosystem and as a leveler to bring the community together, whether they are in Africa or the diaspora, whether they belong to the elites, or they are in the poorer layers of the community,” said the chief executive who also mentioned that Ejara recently obtained a license to extend its offerings to the French-speaking diaspora in Europe.

Last week, Djamo, an Ivorian fintech announced what seems to be the largest equity round in the country. At $10 million, Ejara is one of Cameroon’s most-funded companies (if not the most funded). That’s two similar events across different Francophone markets in quick succession. Though it’s too early to say, it appears the market is rapidly embracing innovation, and its ecosystem — which for the most part, embodies a strict regulatory landscape — is becoming more attractive to foreign venture capital despite the current global downturn.

Cameroonian crypto and savings platform Ejara raises $8M, led by Anthemis and Dragonfly by Tage Kene-Okafor originally published on TechCrunch

Deepomatic wants to build the AI-based computer vision companion for field workers

French startup Deepomatic has raised a $10.5 million (€10 million) Series B funding round. While the founding round is relatively small, the startup has managed to convince some large-scale clients to use its visual automation platform. For instance, telecom companies use Deepomatic on the field to check that tasks have been completed successfully.

EnBW New Ventures and Orbia Ventures are leading the newly announced funding round, which Deepomatic closed in October. Existing investors Alven, Hi-Inov Dentressangl and, Swisscom Ventures are participating once again in a new round.

The startup has been around for a few years already as I first covered Deeepomatic back in 2015. The company has always been focused on deep learning for computer vision applications. The main issue is that it has been a long journey to find the right clients for this technology.

With the telecom industry, it seems like Deepomatic has finally unlocked its true potential. “We discovered an industry that very much needed what we were working on — and that was telecom companies,” co-founder and CEO Augustin Marty told me.

When a field worker is installing optical fiber cables or rolling out a new 5G tower, they have to fill out complicated forms to make sure that they followed some specific processes. It can be quite tedious as workers can be working for contractor companies. And those companies can be working with multiple telecom companies with different requirements.

It’s also easy to make a mistake when you are filling out a form. Sometimes, field workers can also say that something is working fine when it’s kind of working. It can create some QA issues, as we have seen in fiber concentration points.

That’s why many field service companies are also working with photos. When they are done installing something, they have to take a photo of their installation and their instruments proving that some new equipment is up and running with the right parameters. It means more work.

With Deepomatic, field service companies mostly use photos as their benchmark. Photos are automatically analyzed to extract some knowledge. Deepomatic can then send some alerts if something feels off and should be double-checked.

“We started with the most complicated part, which is identifying mistakes,” Marty said. On top of that, Deepomatic now sells an end-to-end platform so that field workers only have to use Deepomatic to get something done. It also integrates with specific enterprise tools like ERPs.

When the startup works with a new client, there is some integration work so that Deepomatic works exactly as expected. It involves adding control points, reusing some of the existing tasks in its computer vision library or training its algorithm on a new set of photos. Deepomatic algorithms are trained on the startup’s own infrastructure. But its product can run on the client’s own cloud infrastructure and in some cases on premise.

The company currently has around 20 large accounts, such as Bouygues Telecom, Swisscom and Movistar, as well as a bunch of smaller clients. As this is enterprise software, clients usually pay hundreds of thousands of euros per year to use Deepomatic.

Every month, Deepomatic monitors more than one million on-field operations. More than 20,000 field workers are taking photos with their phone and uploading them to a Deepomatic backend every day.

Up next, Deepomatic and its team of 70 employees want to enter new markets and new industries, such as renewable energy, electric mobility, construction, insurance, etc. Deepomatic wants to work with companies in Europe, the U.S. and South America.

Many governments and big companies are currently investing heavily to overhaul their infrastructure for the next few decades. At the same time, there is a talent shortage for field workers. It seems like Deepomatic is arriving at the right time on the market to become an essential tool for this infrastructure overhaul.

Deepomatic wants to build the AI-based computer vision companion for field workers by Romain Dillet originally published on TechCrunch

US government bans Huawei, ZTE, and Hikvision tech over ‘unacceptable’ spying fears

The U.S. government said it is banning telecommunications and video surveillance equipment from several prominent Chinese brands in an effort to protect the nation’s communications network. The Federal Communications Commission (FCC) voted unanimously on Friday to expand its ban on the sale and import of Chinese technology from firms that pose an “unacceptable risk to the national security” of the United States.

The decision implements the directive in the Secure Equipment Act of 2021 signed by President Biden in November that places additional restrictions on companies including Huawei, ZTE, surveillance camera makers Hikvision and Dahua, and two-way radio manufacturer Hytera.

These organizations will be prohibited from exporting new products into the U.S. unless they assure that the devices “won’t be used for public safety, security of government facilities, and other national security purposes,” the FCC said. Existing equipment from these companies, which are all listed under the FCC’s “Covered List,” are not affected, but the regulator said it is possible existing authorizations could be revoked in the future.

U.S. intelligence agencies believe the named Chinese firms, which are subject to China’s laws, could be forced to hand over information to Beijing’s security services, although the companies have denied this. U.S. lawmakers have also criticized how Beijing authorities widely use Chinese technology to commit human rights abuses within its borders. Hikvision’s cameras have been linked to the oppression of Uyghurs and other Muslim minorities in China’s Xinjiang province.

“The FCC is committed to protecting our national security by ensuring that untrustworthy communications equipment is not authorized for use within our borders, and we are continuing that work here,” FCC chair Jessica Rosenworcel said in a statement. “These new rules are an important part of our ongoing actions to protect the American people from national security threats involving telecommunications.”

When reached by TechCrunch, Huawei declined to comment. Hikvision, Dahua, Hyerta and ZTE did not respond.

The latest regulatory move represents Washington’s continued crackdown on Chinese tech giants amid fears that the Chinese government could use them to spy on Americans.

In 2019, an executive order from then-President Donald Trump put Huawei on the Commerce Department’s Bureau of Industry and Security Entity list, effectively banning the company from U.S. networks over its close relationship with the Chinese government. The following year, the FCC ordered all U.S. telcos to stop using equipment from Chinese manufacturers, including Huawei and ZTE, and began efforts to revoke China Telecom’s authorization to operate in the United States. The FCC banned more Chinese companies earlier this year, including China Unicom and Pacific Network.

The U.S. government has also signaled In recent weeks that it could take action against TikTok. FCC commissioner Brendan Carr said in an interview earlier this month that he believes US lawmakers should also ban the app in the US over the potential mishandling of personal and sensitive data by China-based parent company ByteDance.

US government bans Huawei, ZTE, and Hikvision tech over ‘unacceptable’ spying fears by Carly Page originally published on TechCrunch

We went diving with the Apple Watch Ultra

In September, Apple launched the Apple Watch Ultra, which is not only waterproof to 100 meters (330 feet) in depth, but can also be used as a dive computer with the help of a companion app developed by Huish Outdoors. We took it into the deep blue sea to test it out.

I’ve been an enthusiastic scuba diver for more than a decade. I’ve logged hundreds of dives, and I’ve earned a handful of qualifications over the years: I’m an SSI Rescue Diver, an SSI Master Diver and a PADI Divemaster; I’ve also completed a bunch of specialty training over the years. If that means nothing to you, suffice it to say I’m trained in dive-specific first aid, and if you are diving with me, I can (at least in theory) save your life if something goes wrong. I’m also qualified to lead dive tours.

I’m also a big hardware and gadgets nerd, so when Apple first announced that the Apple Watch Ultra could be used as a dive computer, I got very excited and brazenly wrote that I would gladly trust my life to the freshest and chunkiest wrist-worn supercomputer from the Cupertino-based electronics manufacturer. The article got me some, er, interesting feedback from the dive community, but I stand by it. So when Apple gave me early access to the Huish OutdoorsOceanic+ app and an Apple Watch Ultra, I decided to put my money where my regulator goes, book a flight to Hawaii, and see if it could stand the pressure of 100 feet of seawater under my watchful eyes.

Was I nervous? Not really. A dive computer can fail without putting divers’ lives at risk. That said, I should mention that while the Apple Watch Ultra is in its full and final form, the Oceanic+ app was not. I was running a beta version, which did introduce a couple of nerves. The watch app was full-featured and worked sleekly, but the iPhone compendium app was a little rough at the edges, still.

The Oceanic+ watch app itself is where the brunt of the heavy lifting is done, so I’ll spend most of my focus there, but let’s start with a slight detour into some theory…

What’s a dive computer?

If you’re a veteran scuba diver, you probably don’t need this refresher, but for this review to truly make sense, we need to get a little bit nerdy about what a dive computer is and why it’s important to use one.

You may have heard of “the bends,” or decompression sickness. This is a potentially medically serious condition that can occur when you breathe a gas (usually air) at pressure (such as underwater). The problem is that when a gas is at pressure, it goes in through your lungs, and the nitrogen in the gas gets absorbed into your bloodstream. From there, it goes everywhere your blood goes – your muscles, your fat, your brain, your guts, and all your other tissues. This isn’t dangerous in itself, as long as the gas stays “in solution” – in other words, as long as your blood stays liquid, your fat stays fat, and your brain stays sans air bubbles.

If you reduce the pressure too quickly, for example, by surfacing from a dive too quickly, physics flexes its mighty arms (in the form of Boyle’s Law), and that gas can come out of solution, forming little bubbles. Those little bubbles can collect in places you don’t want them and cause very serious issues. A small air bubble in a blood vessel in your brain can cause an embolism. The same air bubble in your heart can cause heart attacks and air anywhere there shouldn’t be air can cause a number of other nasty effects. “Minor” issues are also possible, which can lead to rashes, itches or other unpleasantness. If you want a deep dive into all the nasty stuff that can happen, feel free to Google decompression sickness and dive injuries, and you’ll come across some gnarly shit.

The quirk that complicates all of this is that different tissues take on and release nitrogen at different rates, so you need to keep a close eye on things.

A scuba diver observes that the target 30-minute dive time alarm has been reached. Image credit: Bang Bang Media.

For recreational scuba divers, there is a pretty straightforward way of avoiding decompression sickness:

When diving, divers tend to the deepest part of their dive first, and then gradually and slowly go shallower and shallower on their dive, ensuring they don’t ascend faster than a certain ascent rate. A dive computer helps here: It will warn you if you are ascending too fast.
When diving, ensure that they don’t stay down too deep for too long so slow-loading tissues don’t get overloaded with nitrogen. Slow-loading tissues also offload more slowly, and they can cause problems even if you stick to all the other rules of diving. A dive computer will help here, too, by using algorithms to keep a model of how much each of a diver’s tissues are loaded with nitrogen and advise divers to go shallower or to end a dive if they are overloaded. (The algorithm Oceanic+ uses keeps track of 16 different theoretical tissue types, weighted in different ways to keep recreational divers as safe as possible.)
Finally, divers can give themselves some surface time between dives to properly give their body time to off-gas. In addition to diving, it’s important not to go mountaineering or get on a plane too soon after diving, and don’t dive too deep or too often in rapid succession. How do you keep track of all of that? You guessed it: A dive computer.

In the early days of scuba diving, before dive computers were a thing, you’d use a depth gauge and a watch. Your depth gauge would measure how deep you went, and your watch would be used to keep track of how long you stayed down there. And to calculate how much time you could spend underwater, you’d use dive tables. These early dive tables were calculated by essentially testing on daredevil navy divers in the early 1900s.

As you might expect, they had some issues: Most of the people in the tests were male, 18-25 years of age, and in very good shape. I can just about pass for male, but the rest of those things are not true for me. The other problem is that the dive tables don’t really have a concept of multi-level dives: They assume that you plunge to a certain depth (in the case of a navy diver, plant explosives on an enemy ship), stay there to do a job and then resurface. That’s not really how people dive for fun anymore.

So as soon as dive computers became reasonably accessible, people started using those instead. The first dive computers became available in the 1980s, and they started being reasonably priced – putting them in range of recreational divers in the late 1990s. They could beep at you when you ascended too fast, keep track of your tissue loading, and keep track of multi-depth, multi-dive scenarios that quickly become too complicated to figure out by hand. Some dive training still includes the use of dive tables to support teaching the theory and history, but the vast majority of divers don’t use those after they pass their certification.

The Oceanic+ app uses the Bühlmann decompression algorithm, which is widely used and trusted across the dive industry.

So do you need a dive computer to keep you safe?

As part of your dive training, you are taught how to surface safely from a dive. While a dive computer telling you how fast you are ascending can be a good safety blanket, if your computer should fail and all your other instruments also crap the bed, you can still safely make it back to the boat.

A trick most divers are taught is to “ascend at the rate of your smallest bubbles.” In other words, they breathe out through their regulator, and waft their hand through the bubbles that form. Find the smallest bubble; it will be ascending very slowly through the water. Keep pace with it all the way to the surface, and you will be ascending at a safe, slow rate.

Now, if your dive computer did fail, a safe, conservative diver wouldn’t choose to dive again that day. In theory you could buddy up with a diver who had a more aggressive dive profile than you in previous dives (i.e. they went deeper for longer than you) and you could assume that their dive computer’s data would be safe for you, too. If you stay shallower than them on the next dive, you should, in theory, be fine. However, if you dive on different gases (say, your Nitrox mix was 32% and theirs was 30% oxygen), or if they have done fewer dives than you recently, things get tricky.

In addition, a dive computer is a personal safety device. If you did end up with decompression sickness, the dive medics at the hyperbaric chamber will use the data from your dive computer to figure out what happened and how to treat you. In theory, because no sensible divemaster will recommend you use someone else’s dive computer as a proxy for your safety, most dive operations will ask you not to, and no dive certification body will condone this sort of thing. I would explain all of that to you, and then I’d add — hey, as a certified diver, you’re responsible for your own safety; you do what fits with your acceptable risk profile.

All of this is to say that it isn’t actually dangerous or scary to trust my diving experience to a brand-new Apple Watch and the beta version of an app. I did dive with a second dive computer in the pocket of my Buoyancy Compensator Device (BCD – that’s the life-vest-looking thing you can see in the pictures), so I had something to compare the Apple Watch Ultra with.

If the watch or the Oceanic+ app had failed, I would have had a chance to go on the second dive, relying on my backup computer. I should add that this isn’t uncommon for me: Whenever I’m working as a divemaster and leading other divers, I typically bring two dive computers — one for my wrist and one for in my pocket.

With all of that out of the way… a lot of this is about trusting the gear you are using, which brings me to the next question.

The dive computer I use as a backup is a Suunto Zoop. There are dive computers that are smaller than the Apple Watch Ultra – this is not one of them. The Zoom is now discontinued, but it is the size of an ice-hockey puck, and about as elegant. It does the trick of measuring your dive, however. These days, I keep it in a pocket as a backup. Image Credit: Haje Kamps / TechCrunch.

How do you know if you can trust a dive computer?

As mentioned, if your dive computer fails, you can still safely surface, but it would ruin the rest of your day of diving. Nobody wants to miss out on diving while on an expensive dive trip, so to know whether or not you can trust a dive computer, you need to trust a few different components of it:

The instrumentation – A dive computer needs to keep a running log of time and depth. Most dive computers run a continuous calculation of your tissue loading, and in addition keep a log with certain intervals, so you can review your log later.
The algorithm – Different algorithms use different levels of conservatism (i.e. how much safety buffer it has built-in, keeping in mind that everyone’s body is slightly different).
Reliability – It is exceedingly rare that a dedicated dive computer crashes. It may run out of battery, but as a single-function device that only has to keep track of a single set of algorithms, there’s not much that can go wrong.

Evaluating the Apple Watch Ultra and the Oceanic+ app, then, becomes a question of examining the instrumentation, the algorithm and the reliability.

For instrumentation, Apple claims that the Apple Watch Ultra is EN13319-compliant; this is a European standard covering the “Functional, safety, and testing requirements” for “depth and time measuring devices.” In other words: dive computers. Apple Watch Ultra uses depth sensors that are accurate to 40 meters/130 feet. Typically, a newly certified scuba diver is licensed to 18 meters/60 feet, but most scuba diving training orgs will offer a “deep diving” specialty, which will allow divers to go to the full 40 meters/130 feet depth. Beyond that, you are looking at “technical diving,” which usually requires diving with other gas mixes. Things get complicated fast from here.

The algorithm and the user interface for Oceanic+ is offered by Huish Outdoors, which knows a thing or two about scuba diving. The company owns a number of extremely well-respected scuba diving brands, including Atomic, Bare, Stahlsac, Zeagle, Hollis, and, of course, Oceanic.

So the Oceanic brand itself is trustworthy and has been serving the dive community for 50-plus years. The other diving brands in the Huish Outdoors portfolio are extremely highly regarded and are trusted by recreational, technical and industrial/military divers all over the world. The question mark for me is that the brand doesn’t necessarily have a strong core competency as an app developer.

The truth is that Apple did choose Huish Outdoors as its launch partner to release the Oceanic+ app, giving the developer a significant head start, with the combo receiving hundreds of hours of testing, both in pressurized chambers and in real-life dive conditions. Sources within Apple suggest that other app developers will be given access to the depth sensors later this year, and it’ll be interesting to see what other brands decide to release their own versions of these apps.

The final piece is reliability. I have not experienced crashes with Apple Watch apps before, but it stands to reason that they could happen, as they could with any other app on any other platform. Incidentally, this is where Oceanic+ is, as of yet, an unknown.

Two out of the 40 or so divers that were with us on this Oceanic+ testing extravaganza experienced issues with the Oceanic+/Apple Watch Ultra combo. It’s not entirely clear if this was a user error or whether the app malfunctioned in some way. I didn’t experience any issues, and I’m not clear on whether I ought to be worried. I asked Apple about this, and they said they are unable to comment on specific incidents with beta software.

Personally, if the Oceanic+ app had failed or crashed on my dives, I’d have been a little grumpy, but as described above it doesn’t present an actual risk to divers. If you notice the app is malfunctioning, you can surface slowly and safely. Huish Outdoors did release an update of the beta app as I was writing this review, and will have its final release ready in the public App Store as you are reading this.

Your correspondent greeting the photographer underwater. You can see the Apple Watch Ultra on my left wrist, facing toward me, and that I am in dire need of a haircut and a shave. Image credit: Bang Bang Media.

As above, so below

Oceanic+ is a sleek, powerful Apple Watch app that essentially replicates (almost) everything a dive computer can do, and adds a few new toys to the mix. The app is in active development, and the team developing the app told me they have an extensive roadmap for fun new features it has in the pipeline. First things first, though: Getting the app into people’s hands.

The app has a number of free features which are useful for snorklers and free divers. If you want to use it as a dive computer, however, you have to pay its (remarkably well-designed) subscription fee to unlock the full functionality.

https://techcrunch.com/2022/11/28/oceanic-plus-pricing-model/

A diver inspecting their dive profile on the Apple Watch Ultra, observing it has been 1 hour and 11 minutes since their dive (known as the “surface time.”) Image credit: Bang Bang Media.

At the surface, the watch can be used for dive planning and a log book, and to configure the settings for your next dive. If you have a recent dive on the books, it can also show you your surface interval time.

None of this is rocket science; dive computers have been able to do most of these things as long as they have been around. The Apple Watch Ultra’s huge touch-screen makes the user experience significantly nicer than on traditional dive watches, which can be pretty indescipherable from time to time. Think user interfaces that seem like relics from the 1980s Casio watch era, and you get a pretty good idea.

Dive Planner, Dive Mode and the logbook are all easily accessible when you’re at the surface. Image Credit: Apple.

Dive planning helps you use your current tissue loading to figure out how deep and how long you can dive for after a surface interval.

The log book helps you see the depth profile of your recent dives, along with dive time, max ascent rate, water temperature, maximum depth and the gas mix (air at 21% oxygen or Nitrox up to 40% oxygen), sampled every 15 seconds as you are underwater. These are features you can get on any dive computer, but Oceanic+ also shows any warnings about your recent dives, and uses the GPS chip in the watch to show a map of where you dived. Small iterations, but they make a huge difference over traditional dive computers.

Dive settings, Scuba settings, and the dive alarm configuration screen. Image Credit: Apple.

Finally, you can configure settings for your dive, including the units you want to set your app to (Celcius or Farenheit, feet or meters, pounds or kilos) and dive mode (snorkeling or scuba), and scuba settings (partial oxygen pressure and gradient factor settings, which are safety settings usually left to advanced divers, or divers who have body compositions or medical conditions that warrant being extra careful). You can also configure your gas (air or Nitrox) and Nitrox oxygen level settings.

You can also set up dive alarms: a depth alarm to warn you when you’ve reached a certain depth and a dive duration alarm. Both are helpful to ensure you stay within your dive plan. It’s also possible to configure whether the watch automatically starts tracking dives when it senses you’ve hopped into the water or whether you need to start the dives manually.

It’s possible to review the dive or adjust settings at the surface. As soon as you submerge, water lock automatically engages, and the touch screen is disabled.Image Credit:Bang Bang Media.

In the iPhone app, you can add additional notes about your dive: visibility, currents, notes about who you dived with, wildlife you saw, equipment you used, or other notes you want to take. You can also add your dive certification cards and numbers and other helpful notes.

For example, in the screen shot below, the post-dive information shows the depth profile of my dive, along with my max ascent rate (24 meters per minute). The recommended ascent rate is a maximum of 18 m/s, so the watch gave me a warning that I was being silly.

Image Credit: Screenshot from Apple Watch

Also in the app, you can plan your next dive by selecting the dive site on a map, and see recent water temperatures and other data about the dive.

Over time, the company told me it is planning to make this data crowdsourced, so divers who have been at the site recently can give you higher-resolution ideas of the temperature, visibility, currents and perhaps even wildlife spotted at various sites. Helpful if you are looking for whales or other large sea creatures!

The iPhone app still needs a little bit of work, but even with some minor graphic inconsistencies and quirks (mostly text alignment, minor typos, etc.), it gives a very good post-dive experience:

From left to right: depth chart, temperature chart, ascent rates, and remaining no-deco time. Image credit: Oceanic+ screen shots

As you can see from the screenshots, the Apple Maps preview was possibly zoomed in a little bit too far; yes, I was diving in the ocean, but without any visual cues for where I was, the map isn’t that useful.

The depth chart, temperature, ascent rates, and no-decompression (no-deco) graphs are fantastic tools for divers, however. Most dive computers let you connect to your computer with USB or Bluetooth; it was refreshing to see how seamless the Oceanic+ experience was. By the time I opened my iPhone, all my data was already synced and ready to dig into.

Taking it into the water

Yours truly wearing the Apple Watch Ultra. It’s very comfortable to wear with all its different wristbands, but it is a comically large watch. Let’s ignore that I’m using an Android phone in this photo, shall we. Image Credit: Bang Bang Studios

For normal use, the Apple Watch Ultra takes some getting used to. It is a very large watch, and on my puny little computer-nerd wrists, it looks comically huge. That issue goes away once I’m in the water, though; large as it is for a watch, it is about on par with an average dive computer.

In the ocean, the Apple Watch Ultra is truly in its element. The display is large, fantastically bright and very easy to read under water. Apple says it is the largest display ever on an Apple Watch, and twice as bright as the display on the Series 8.

I would be amiss if I didn’t mention the water sports band Apple has created for the Apple Watch Ultra. The ‘Ocean Band,’ as the company calls it, was designed specifically for ocean and water activities, molded from a high-performance elastomer.

The tubular geometry allows it to stretch for a perfect fit, and the titanium buckle and adjustable loop means that once it’s on, it ain’t coming off easily. The band was designed for extreme water sports, including kite surfing and other high-impact sports. Great for clumsy scuba divers like myself. I tried to rip the watch off underwater, and failed. It’s remarkably sturdy.

The company even sells a band extension if you need to wear the watch over a drysuit or a particularly chonky wetsuit.

The underwater readability of the Apple Watch Ultra is extraordinary – and pretty hard to photograph, so you’ll have to take my word for it, I’m afraid. Image Credit:Bang Bang Media.

Once you activate dive mode, the watch enters water-lock mode, which means that the touch screen becomes unusable, and you have to rely on the Digital Crown (which is 30 percent bigger than Series 8 with coarser grooves) and two buttons to engage with its functions.

In addition to the crown and the side button, both of which are slightly raised so they can be easily used even when you are wearing gloves, the Apple Watch Ultra has an orange Action button. When diving, this can be used to dismiss warnings and alarms, and to select a compass heading on the underwater compass.

The crown is protected by a titanium guard to help prevent accidental rotations, and the sapphire glass on the watch is protected by a titanium bezel all the way around. All great features to have on a dive computer.

The watch uses water-based sensors only during a dive: depth gauge, water temperature, and the compass, in addition to the time. You don’t get the vital readings (heart rate, etc.) that you would get on a run, which I think makes a lot of sense. Apple suggests that measuring vitals is hard to do consistently underwater, and in any case I ended up wearing the Apple Watch Ultra over a wetsuit anyway, so it couldn’t have made a reading if it had wanted to.

In use in the deep blue sea

Once a dive is started and the water lock mode is on, you can use the Digital Crown to scroll through a number of information screens. On all screens, you can see your current depth and no-deco time. Always on screen is also a variometer, which moves up and down as you ascend or descend. It can be remarkably hard to determine whether you are moving up and down in open water, so that’s a very helpful tool to keep you level in the water, for example when doing a safety stop.

Primary screen, Secondary screen, Compass screen, and the Air screen. Image Credit: Apple.

You can rotate the Digital Crown to access additional screens or press the Action button to set a compass heading. On the various screens, divers get access to a bunch of extra information.

Primary screen:

Dive Time – helpful to know how long you’ve been under, and when the boat expects you back
Minutes to Surface – how long would it take to safely ascend to the surface, including a safety stop
Water Temperature – never really all that helpful, as there is not much you can do about it once you’re in the water and realized you didn’t wear a warm enough wet suit

Secondary screen:

Max depth for this dive – helpful to ensure you are sticking to the outlined dive plan for this dive
Current ascent rate – good to keep an eye on when you are surfacing from your dive to ensure you are ascending at a reasonable rate
Percentage battery left in the Apple Watch Ultra – the battery life on this thing is extraordinary, but it’s good to be able to check

Compass screen:

This is a super helpful screen; underwater compasses are crucial, and often one of the only ways to know which way you are facing underwater. Traditional compasses are a royal pain in the wetsuit to use, and the Oceanic+ app has one of the best implementations I’ve ever seen.

Current compass bearing
Target compass heading (set using the Action button)

Air screen:

This screen confused me a little; I doubt it’d come in all that helpful most of the time, but it’s neat to be able to verify that your watch is using the settings you thought it was.

Conservatism
Gas settings – air vs Nitrox, and oxygen percentage if you’re diving on Nitrox
Max oxygen partial pressure setting. This is good to know, as oxygen can become toxic to the central nervous system at high partial pressures. Here’s a “fun” fact for you: Oxygen can be toxic to humans if you breathe pure 100% oxygen at as little as 6 meters/20 feet deep.

In addition, the watch will use a powerful haptic signal, easily felt through a wetsuit, to draw your attention to it when it needs to tell you something.

It can give safety warnings such as decompression limits, excessive ascent rates and safety stops. It can also warn you if you’re at your maximum operating depth (which varies based on what gas you are breathing), and buzz you with any depth or time alarms you have set.

The alarms are very well color coded: Red for things that need immediate action, yellow for warnings, and blue if the water temperature drops below your configured threshold. And the large, bright screen and prominent haptics means you’re not going to miss anything.

Below are some examples of the warning screens: too-rapid ascent warning; safety stop reminder; target depth alarm; and temperature alarm. The green lines across the middle of the screen is the tissue loading. If it goes all the way down, you are out of no-deco time, and it’s time to surface to avoid unnecessary risk of decompression sickness.

Image Credit: Apple.

Once in the water, there is remarkably little to say about the Apple Watch Ultra as a dive computer: It’s easy to use; the crown and buttons are phenomenal as far as user interfaces go, the screens are well-designed; and the important information is clear and very easy to read.

I brought my trusty old Suunto that has been with me on many a dive to serve as my secondary dive computer for these test dives. The readouts from the two dive computers were almost identical all the way through. The small differences can be attributed to having the Suunto in my pocket while the Apple Watch was on my wrist.

The Suunto also uses a slightly different algorithm. Having said that, trying to compare the dive profiles on the two devices reminded me why the Oceanic+ was such a great leap forward. Even figuring out how to step through a logged dive on the Suunto is an unmitigated, miserable disaster. We’ve come a long way in dive tech.

Easy to read underwater. Image Credit: Apple

What is missing?

Apple Watch Ultra plus Oceanic+ is a hell of a combo. It’s heads and shoulders above the competition in terms of screen and user interface, and the automatic syncing and logging to my phone is a fantastic perk. Which isn’t to say that the Apple Watch does quite everythingyet.

Most high-end dive computers are “air integrated,” meaning that a transmitter can be added to your first-stage regulator, which transmits how much air you have left in your tank to your dive computer. Rumor has it that Oceanic+ and Apple Watch Ultra might have something in the works to add air integration at some point in the future, although both companies remained tight-lipped on if and when when this might be available.

As you climb closer to the $1,000 mark, dive computers are also able to do more exotic gas mixes, mostly used for technical diving. They are also better at doing decompression diving, which is dives where you exceed your no-deco time, and need to stay underwater for longer to off-gas.

I suspect the Oceanic+ app has deco algorithms in place to save your bacon in case divers accidentally overstay your no-deco time, but I wasn’t able to verify this before this article was published. Again, not something you would expect recreational divers to run into on the regular. For context, in my hundreds of dives, I have only ever once had to do a decompression dive; it involved staying at 10 meters for 6-7 minutes extra.

One advantage the Apple Watch Ultra has over traditional dive computers, however, is that most dive computers spend 11 months of the year in a drawer, whereas Apple’s device can be used for, well, the hundreds of things that people use Apple Watches for, including making calls, fall detection, health tracking, notifications and much more. On a cost-per-day-used basis, the Apple Watch Ultra is an absolute bargain compared to every dive computer on the market today.

I can’t help but wonder if we have entered a similar space for dive computers that we saw for sat-nav devices some 15 years ago. If you’ll recall, in the time before iPhones, there was a period where everyone had dedicated sat-nav devices from manufacturers like TomTom and Garmin. When the iPhone came along, they delayed their own demise in this space by releasing mapping apps for the new phone platform with significant price tags, before they were all destroyed by the likes of Google Maps, Apple Maps, Waze and other free mapping apps with live traffic data.

It wouldn’t surprise me if at some point in the non-too-distant future, as prices of Apple Watch Ultra and similar devices come down, dive computers will seem as anachronistic as using a suction-cup to put a Garmin device on your windshield does today.

Sup. Image Credit: Bang Bang Media.

Should you take the plunge?

Time will tell if an $800 watch is accessible enough to put a major dent in dive computer sales. After all, $500 buys you a great entry-level dive computer. It is admittedly far larger than the Apple Watch Ultra, and not nearly as nice or as easy to use as the Apple/Oceanic+ combo. A higher-end dive computer, however, like Suunto’s D5 or Oceanic’s own ProPlus 4 computer, cost about the same as the Apple Watch Ultra.

Would I recommend that you trust your dive holiday to an Apple Watch and an Oceanic+ app? Yes, with a caveat. I would need a few more dives with a backup dive computer in my BCD pocket before I would rely on the Oceanic+ app by itself.

I’d trust it as long as Huish Outdoors ensures that the stability and reliability of the app remain its No. 1 priority over all the fun bells and whistles it could be tempted to add over the next months and years. And if the app continues to stay stable, I can’t imagine it will take very long before the skeptic in me fully embraces it.

Thanks for reading, see you on the reef! Video credit: Bang Bang Media

We went diving with the Apple Watch Ultra by Haje Jan Kamps originally published on TechCrunch

Lessons for raising $10M without giving up a board seat

As a startup founder, you have no shortage of voices to listen to. Most of those voices — especially those from venture capital or other startups — tend to give you a singular piece of advice when it comes to fundraising: Basically, raise as much as you can as fast as you can. This isn’t “bad” advice, per se, but given the funding environment we find ourselves in, it may not be the most realistic.

My co-founder and I started Reclaim.ai nearly four years ago, and our path to raising capital has been far from conventional. We realized early on that we tended to build best (and pitch best) using a more incremental approach — raising modest sums of capital as we grew rather than using a pitch deck and raising multiple rounds. Doing this not only gave us a more sustainable business that had less risk of entering zombie unicorn territory, it also let us build faster, and we had fewer distractions and more control.

I’ve written about this before, and we’ve since continued to follow that mantra as Reclaim has evolved. We recently raised another $3.2 million to power our next phase of growth, bringing our total funding to nearly $10 million over the past two years. We’ve done all this without giving up a single board seat, and Reclaim employees continue to own over two-thirds of the company’s equity.

Raise capital by all means, but be conscious of the fact that raising too much means you may be relinquishing control at a very early and sensitive stage.

Here are three lessons we’ve learned from this journey:

Belief goes farther than a pitch deck

Our most recent round of funding came from a mix of new and existing investors. In fact, the round was fueled by a couple of key insiders who believed in what we were doing so much that they went to bat for us and brought in other angels and firms to the table. We didn’t have to do much pitching and outreach in the end.

To do this, we first identified the people in our cap table who seemed most likely to be interested in expanding ownership based on their profile and relationship. Second, we used an instrument called a SAFE to help expedite the process and reduce due diligence pain. Lastly, we emphasized lightweight growth metrics instead of a full deck to keep the focus on a few key points.

Lessons for raising $10M without giving up a board seat by Ram Iyer originally published on TechCrunch

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