Used car marketplace Sylndr lands $12.6M pre-seed round, sets new record for MENA startups – TechCrunch
Monday, May 23, 2022, and we’re listening to our brand new podcast called TechCrunch Podcast. In it, we talk to TechCrunch editors about the stories they’re most passionate about. The first episode is live now, featuring Darrell and Taylor talking about… UFOs‽ — haje and Christina
TechCrunch’s top 3
- Hey you get in my car: Newcomer to the car market, Sylndr, holds a strong position in the Egyptian used car market with a pre-seed round of $12.6 million, a big one for the region, to try to give meaning to an unorganized and outdated industry where buyers are suspicious of sellers. Sylndr’s approach is to offer both a “certified pre-owned” option – they buy the cars and get them back to running condition – and financing in hopes of curbing some of that mistrust.
- Is he a nerd? Is it crazy? No, it’s super Solana: If you’ll pardon the utterly dodgy Superman reference, Rita explores whether StepN, the latest crypto gaming craze, makes sense.
- High yields: Cryptocurrency has never been synonymous with stability – even stablecoins aren’t proven to be stable – but for hardcore investors looking for high-yield savings, Pebble wants to be your provider. With a fresh injection of $6.2 million in seed funding, the startup is offering a 5% annual percentage return on all cash deposits through the use of stablecoins. Is everyone checking their bank’s APY right now?
Startups and VCs
Putting robot operating systems in the cloud makes sense in a world where many industrial robots have limited computing power (and certainly no GPUs, TPUs, or FPGAs to support them). brian reports on a really interesting development from the Berkeley AI Research Lab, aiming to change that.
It’s depressing enough that there are enough startup layoffs that we’re now into our third weekly installment of a roundup of startup team cuts, but Natasha and Amanda have you covered, allowing you to read all the heartbreaking news in one article, rather than having to read all of our individual coverage.
As we tighten our belts, batten the hatches and mutter “winter is coming” in low voices, Connie has some fantastic advice on why you should start talking to bankers and buyers to make sure you have options if the guillotine really does go down.
Some good news too:
- The pear tree bears fruit: Connie reports that Silicon Valley venture capital firm Pear raises $410 million; that’s a huge step up from its previous funds of $50 million, $75 million, and $160 million.
- Go from A to B in Uno, Dos, Tres: Christina reports how Argentinian startup ClicOh is raising $25 million to bring Amazon-level logistics to e-commerce businesses in Latin America.
- Twinkle, twinkle, little pedal: We didn’t know how much bike pedals needed lighting until we saw it in action. It just makes so much sense…
- From routing to routing: Amit Jain, who previously ran Uber’s APAC business and was a partner at Sequoia, is working on a crypto payments platform, raising funds from Uber’s CEO, pot holder reports.
Cisco’s latest results indicate a settling of scores may soon be at hand
Is the network leader Cisco in the doldrums?
Ron Miller and Alex Wilhelm looked at the company’s recently released quarterly results and found that year-over-year revenue was flat, with future earnings expected to be well below expectations.
CEO Chuck Robbins told analysts last week that the company was feeling the effects of global supply chain issues and Russia’s invasion of Ukraine, but it’s increasingly unclear whether healthy software revenue may offset the decline in its hardware business.
“Even when supply chain issues are resolved, Cisco needs to find a way to innovate and monetize networks, something it has struggled with for four to six years,” said Constellation Research analyst Holger Mueller. .
(TechCrunch+ is our membership program, which helps founders and startup teams grow. You can register here.)
Big Tech inc.
Some M&A news courtesy of Broadcom taking an interest in VMware. Ron and Alex weren’t the first to hear the news, but they spent some energy wondering why Broadcom might have an eye on VMware when there wasn’t much in common between the two.
Today’s mobility news is brought to you by the letter “H”, the letter “B” and the word “oops”. Anne reported on a civil lawsuit drivers in Kenya have brought against Uber BV, saying the ride-sharing company intends to ‘cut transport costs further in Kenya, months after the 35% reduction of 2016″. This also explains why drivers stayed even after the price reduction. Meanwhile, Hyundai said it will invest some $10 billion in electric and autonomous vehicles by 2025. About half of that will go to the automaker’s new electric vehicle plant it is building in Georgia. . At Boeing, his team cheers as his Starliner spacecraft docks with the International Space Station after numerous delays and even a few biting post-liftoff events.
In streaming news, late-night comedian Conan O’Brien must be all smiles as his Team Coco podcast is now part of SiriusXM, and there’s some positive news for premium streaming subscriptions that could make Netflix a bit jealous.
And now this:
- Where were you when “The Great Fintech Battle” took place?: You may remember that in one of the Daily Crunchs last week, we discussed Plaid and Stripe one-on-one about new tools. Alex and Mary Ann dig a little deeper into this fintech battle, where consumers could be declared the winners.
- Remove toxic text: Microsoft has developed informational tools that aim to find and fix flaws in the way AI models process large amounts of data to create large language models that often end in hate speech and other harmful languages.
- Epic Games has fought the law and won, so far: Epic Games has temporarily won on behalf of its internet music company holding, Bandcamp, to let the app run its existing payment system on Android. This is a similar antitrust legal battle against tech giants that Epic Games is waging itself.
- Data disasters: The UK has fined Clearview AI £7.5million and told them to delete UK resident information after it discovered that the US-based company, which has a database of over 20 billion facial images, grabbing them and using them without permission in a crime. local privacy laws. In the United States, Mark Zuckerberg finds himself in hot water. The Facebook founder is part of a new lawsuit brought by the District of Columbia alleging he was personally involved in the failures that led to the entire Cambridge Analytica-Facebook data misuse debacle.
- Well that takes the cake: Wedding planning app Zola has confirmed that hackers broke into user accounts, giving them access to credit card numbers, which the hackers used to purchase gift cards.