Daily Crunch: Grocery delivery app Getir bags rival Gorillas in a $1.2B acquisition
Get a roundup from TechCrunch’s most important stories delivered straight to your inbox each day at 3:00 PDT. Subscribe here.
We made it to Friday, folks. If you’re like me, this means a well-deserved rest and reruns on “The Office” at the end of the workday. Tweet, Toot Or Post Let me know your favorite way to close the week.
Mark your calendar for a Twitter Space event Tuesday, December 13, at 1 p.m. Pacific Time/4 p.m. Eastern Standard Time. Builders VC investor Andrew ChenWho will you speak with? Walter Learn more about the role of tech reporting in shaping ecosystems.
We’ll see you Monday! — Christine
TechCrunch Top 3
- Knock, knock, there is a competitor at the doorSignificative M&A in food delivery It was only a matter time. Romain Details about a major one: Getir acquires Gorillas competitor in a deal that, according to the Financial Times, is worth $1.2 billion.
- Bye bye Twitter ToolboxTwitter tried to work with third-party developers but it was not possible. Twitter decided to make a clean break and shut down Toolbox and other developer initiatives. Ivan There are many more.
- China boss at Tesla gets a new job…a factory: Rita Follow this story about Tom Zhu who was in charge of Tesla’s China Gigafactory. He has been tapped to run Gigafactory Texas stateside.
Startups and VC
This week, there are more layoffs Ingrid Primer, an ecommerce infrastructure startup based out of the U.K., reports One-third of its staff to be laid off Among other things, restructuring was done to manage the current and future commerce market conditions.
We have three more:
- Going dark: Kirsten According to reports, executives at Brodmann17 (a computer vision startup) made the decision to shut down After realizing that it would not be in a position to bring its products to the market, it decided to discontinue.
- What are your symptoms?Ubie, a Japanese health tech startup, has received $19 million in new funding Bring its AI-powered symptom checking technology To the U.S. Kate reports.
- Make that dollar work for you: Kate Also, there is a story about Akros Technologies, which raised $2.3 Million in new capital. Inject some artificial intelligence into asset administration.
How to respond to a VC asking about your startup’s valuation
A VC will undoubtedly ask you about your valuation expectations. If your answer is too high, it is a red flag. However, a low figure undervalues the company.
“We’re letting market price this round” is a good answer, but only if other investors have already provided substantial data points.
Fisher said, “If that’s all your saying, it could also be taken to mean ‘we don’t have a clue’ or ‘we’ll take what is given’.”
Instead of entering cold, he recommends that founders pre-pitch investors from their next rounds and use the takeaways from those conversations as a guide to shaping current valuations.
Fisher provides examples of questions that “you should ask every VC you meet” and other tips to help “when they answer the valuation question.”
Three more from the TC Team:
- Take that exit: Tim Writes about Vanguard’s decision to Get out of a carbon emission initiative What prompted the move.
- SPAC is back: Getaround is now a publicly traded company After enduring a cold SPAC environment that left other companies in the snow, Alex There are many more.
- Blockchain and the physical world can be connected: That’s it! Jacquelyn Writes Solana founders want to see it happen As the company and other parties pick up the pieces, they move on from the FTX crash.
Big Tech Inc.
We are here to learn that crypto news publication has been published The Block received significant, but unrestricted, loans Sam Bankman-Fried, former CEO of FTX, has taken over the role as chief revenue officer at Alameda Research. Therefore, CEO Michael McCaffrey has resigned and Bobby Moran, chief revenue officer of the company, has taken the role. Jacquelyn And Alex Write, it will take time to fix the conflict of interest, if at all possible.
We wait for the Federal Trade Commission’s response. Activision news: Microsoft’s fate, Kyle The cloud services giant acquired Lumenisity, a startup, High-speed cables are being developed for data transmission.
Three more for you:
- Are you looking for that perfect gift?: Natasha L Here are some suggestions to help you fitness-loving Buddy, while Haje There are some Gift ideas Make sure your friends are well caffeinated.
- Meet Slack’s new CEO: Slack declared that Its new CEO would be Lidiane Jones, Ron We wanted to shed light on her career, and how she got to where she is today.
- Exposed: Carly CommonSpirit Health reports confirmed that Data from over 620,000 patients was stolen October ransomware attack
I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.