Cinematic train wreck, “The Room”, is now on YouTube in its entirety

The Room has been ranked with Plan 9 From Outer Space as a strong contender for the “best” worst movie ever made — and it’s now available in its entirety on YouTube.

Written, directed, and starring Tommy Wiseau, The Room belongs in the same category as Plan 9, and Coven (which was immortalized in the 1999 documentary American Movie) as a paean to moviemaking by people who have no idea how to make a movie.

The combination of passion and ineptitude is what made The Room a cult classic after its release, and what made The Disaster Artist — the James Franco film it inspired so compelling (Ed Wood, the biopic from Tim Burton about the director behind Plan 9 is also amazing).

Writer, actor, and director Tommy Wiseau in a still from “The Room”

In “The Room” Wiseau plays Johnny, an investment banker caught in a bizarre love triangle with his best friend, Mark, played by Greg Sestero, and his fiancee, Lisa, played by Juliette Danielle.

It was Sestero’s book on the making of the film, “The Disaster Artist”, that inspired the eponymous movie directed by Franco and starring his brother Dave and Seth Rogen.

According to The Daily DotSestero and Wiseau are now promoting a straight-to-digital follow-up to their feature debut — a two-part black comedy called “Best F(r)iends”.

Viewers might just be better off watching the original contender for best worst movies, Plan 9, which is also available on YouTube (and below).

 


Source: Tech Crunch

Comcast outbids Fox in $40B battle for Sky

Comcast has outbid Twenty-First Century Fox for the UK’s Sky, a final step in what’s been a years-long takeover battle between the two media conglomerates.

Comcast’s final offer gives Sky a roughly $39 billion price tag.

The acquisition of Sky, which has 23 million subscribers in the UK, Ireland, Germany, Austria and Italy, will give Comcast a much stronger foothold in the international market and much-needed ammo to compete with Amazon and Netflix in the streaming wars.

Both companies upped their offers for Sky at the settlement auction Saturday, with Comcast offering £17.28 per Sky ordinary share and Fox offering £15.67 per share. Comcast initially priced Sky’s shares at £14.75 apiece. Fox’s original offer was £14 per share.

Both companies will reveal their revised bids on Monday. Sky’s board will make its official recommendation by October 11.

Sky operates several brands including Sky News, Sky Sports and Sky Cinema.


Source: Tech Crunch

Corporate venture investment climbs higher throughout 2018

Many corporations are pinning their futures on their venture investment portfolios. If you can’t beat startups at the innovation game, go into business with them as financial partners.

Though many technology companies have robust venture investment initiatives—Alphabet’s venture funding universe and Intel Capital’s prolific approach to startup investment come to mind—other corporations are just now doubling down on venture investments.

Over the past several months, several big corporations committed additional capital to corporate investments. For example, defense firm Lockheed Martin added an additional $200 million to its in-house venture group back in June. Duck-represented insurance firm Aflac just bumped its corporate venture fund from $100 million to $250 million, and Cigna lust launched a $250 million fund of its own. This is to say nothing of financial vehicles like SoftBank’s truly enormous Vision Fund, into which the Japanese telecom giant invested $28 billion of its own capital.

And 2018 is on track to set a record for U.S. corporate involvement in venture deals. We come to this conclusion after analyzing corporate venture investment patterns of the top 100 publicly traded, U.S.-based companies (as ranked by market capitalizations at time of writing). The chart below shows that investing activity, broken out by stage, for each year since 2007.

A few things stick out in this chart.

The number of rounds these big corporations invest in is on track to set a new record in 2018. Keep in mind that there’s a little over one full quarter left in the year. And although the holidays tend to bring a modest slowdown in venture activity over time, there’s probably sufficient momentum to break prior records.

The other thing to note is that our subset of corporate investors have, over time, made more investments in seed and early-stage companies. In 2018 to date, seed and early-stage rounds account for over 60 percent of corporate venture deal flow, which may creep up as more rounds get reported. (There’s a documented reporting lag in angel, seed, and Series A deals in particular.) This is in line with the past couple of years.

Finally, we can view this chart as a kind of microcosm for blue-chip corporate risk attitudes over the past decade. It’s possible to see the fear and uncertainty of the 2008 financial crisis causing a pullback in risk capital investment.

Even though the crisis started in 2008, the stock market didn’t bottom out until 2009. You can see that bottom reflected in the low point of corporate venture investment activity. The economic recovery that followed, bolstered by cheap interest rates that ultimately yielded the slightly bloated and strung-out market for both public and private investors? We’re in the thick of it now.

Whereas most traditional venture firms are beholden to their limited partners, that investor base is often spread rather thinly between different pension funds, endowments, funds-of-funds, and high-net-worth family offices. With rare exception, corporate venture firms have just one investor: the corporation itself.

More often than not, that results in corporate venture investments being directionally aligned with corporate strategy. But corporations also invest in startups for the same reason garden-variety venture capitalists and angels do: to own a piece of the future.

A note on data

Our goal here was to develop as full a picture as possible of a corporation’s investing activity, which isn’t as straightforward as it sounds.

We started with a somewhat constrained dataset: the top 100 U.S.-based publicly traded companies, ranked by market capitalization at time of writing. We then traversed through each corporation’s network of sub-organizations as represented in Crunchbase data. This allowed us to collect not just the direct investments made by a given corporation, but investments made by its in-house venture funds and other subsidiaries as well.

It’s a similar method to what we did when investigating Alphabet’s investing universe. Using Alphabet as an example, we were able to capture its direct investments, plus the investments associated with its sub-organizations, and their sub-organizations in turn. Except instead of doing that for just one company, we did it for a list of 100.

This is by no means a perfect approach. It’s possible that corporations have venture arms listed in Crunchbase, but for one reason or another, the venture arm isn’t listed as a sub-organization of its corporate parent. Additionally, since most of the corporations on this list have a global presence despite being based in the United States, it’s likely that some of them make investments in foreign markets that don’t get reported.


Source: Tech Crunch

Singapore is the crypto sandbox that Asia needs

Singapore Blockchain Week happened this past week. While there have been a few announcements from companies, some of the most interesting updates have come from regulators, and specifically, the Monetary Authority of Singapore (MAS). The financial regulator openly discussed its views on cryptocurrency and plans to develop blockchain technology locally.

For those who are unfamiliar, Singapore historically has been a financial hub in Southeast Asia, but now has also gradually become the crypto hub of Asia. Compared to the rest of Asia and the rest of the world, the regulators in Singapore are well-informed and more transparent about their views on blockchain and cryptocurrency. While regulatory uncertainties still loom over Korea and Japan, in Southeast Asia, the MAS has already released its opinion “A Guide to Digital Token Offering” that illustrates the application of securities laws to digital token offerings and issuances. Singaporean regulators have arguably been pioneering economic and regulatory standards in Asia since the early days of the country’s founding by Lee Kuan Yew in 1965.

Singapore is the first stop for foreign companies in crypto

In the past, I’ve said that Thailand is one of the most interesting countries in crypto in Southeast Asia. Nonetheless, for any Western or foreign company looking to establish a footing in Asia, or even for any local company in any Asian country looking to establish a presence outside of their own country, Singapore should be the first stop. It has become the go-to crypto sandbox of Asia.

There are a number of companies all over Asia, as well as in the West, that have already made moves into the country. And the types of cryptocurrency projects and exchanges that go to Singapore vary widely.

A few months ago, a Korean team called MVL introduced Tada, or the equivalent of “Uber” on the blockchain, in Singapore. Tada is an on-demand car sharing service that utilizes MVL’s technology. The Tada app is built on MVL’s blockchain ecosystem, which is specifically designed to serve the automotive industry, adjacent service industries, and their customers. In this case, MVL was looking to test out its blockchain projects in a progressive, friendly jurisdiction outside of Korea, but still close enough to its headquarters. Singapore fulfilled most of these requirements.

Relatedly, Didi, China’s ride-sharing company, has also looked to build out its own blockchain-based ride-sharing program, called VVgo. VVgo’s launch is pending, and its home is intended to be in Toronto, Singapore, Hong Kong or San Francisco. Given Singapore’s geographic proximity and the transparency of its regulators, it would likely be a good testing ground for Didi as well.

This week, exchanges such as Binance and Upbit from Korea have also announced their plans to enter the Singaporean market. A few days ago, Changpeng ZhaoCEO of Binance, the world’s largest cryptocurrency exchange, announced the launch of a fiat currency exchange that will be based in Singapore. He also mentioned his company’s plan to launch five to ten fiat-to-crypto exchanges in the next year, with ideally two per continent. Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, also just announced the launch of Upbit Singapore, which will be fully operational by October.

The team at Dunamu mentions how they are encouraged by MAS’s attitude towards cryptocurrency regulation and the vision of the country’s government to establish a strong crypto and blockchain sector. They also believe Singapore could be a bridge between Korea and the global cryptocurrency exchange market.

From a high level, the supply of crypto projects and trading volume in Singapore is certainly strong, and the demand also appears abundant. Following China’s ICO ban in late 2017, Singapore has become home to many financial institutions that can serve as potential investors for ICOs.

As recently featured on the China Money Network, Li Dongmei wrote that:

What is supporting such optimism is the quiet preparation of capital on a massive scale getting ready to act the “All In Crypto” mantra. “In recent months, there have been over a thousand foundations being established in Singapore by Chinese nationals,” said Chen Xianhui, an agent specialized in helping Chinese clients to register foundations in Singapore. Most of these newly established foundations are used setting up various token investments funds.

Singapore has become the first choice when crypto companies from both the West and the East are initially scoping out their market strategies in Asia, and companies want an overarching idea of what’s going on in the cryptocurrency world in the region.

In fact, it’s often the case that Southeast Asian crypto companies and leaders gather in Singapore before they go off and do crypto businesses in their own countries. It’s the place for one wants to tap all of the Asian crypto markets in one single physical location. The proof is in the data: in 2017, Singapore ascended to the number three market for ICO issuance based on the number of funds raised, trailing the United States and Switzerland.

Crypto is thriving due to regulator openness

The Monetary Authority of Singapore (MAS) takes a very practical approach to crypto. Currently, MAS divides digital tokens into utility tokens, payments tokens, and securities. In Asia, only Singapore and Thailand currently have such detailed classifications.

While speaking at Consensus Singapore this week, Damien Pang, Singapore’s Technology Infrastructure Office under the FinTech & Innovation Group (FTIG), said that “[MAS does] not regulate technology itself but purpose,” when in conversation discussing ICOs in Singapore. “The MAS takes a close look at the characteristics of the tokens, in the past, at the present, and in the future, instead of just the technology built on”.

Additionally, Pang mentioned that MAS does not intend to regulate utility tokens. Nevertheless, they are looking to regulate payment tokens that have a store of value and payment properties by passing a service bill by the end of the year. They are also paying attention to any utility or payment tokens with security features (i.e. a promise of future earnings, which will be regulated as such).

On the technology front, since 2017, Singapore authorities have been looking to use distributed ledger technology to boost the efficiency of settling cross-bank financial transactions. They believe that blockchain technology offers the potential to make trade finance safer and more efficient.

When compared to other Asia crypto hubs like Hong Kong, Seoul, or Shanghai, Singapore can expose one to the Southeast Asia market significantly more. I believe market activity will likely continue to thrive in the region as the country continues to act as the springboard for cryptocurrency companies and investors, and until countries like Korea and Japan establish a clear regulatory stance.


Source: Tech Crunch

Fintech startups: Apply to exhibit for free as a TC Top Pick at Disrupt Berlin 2018

Fintech promises to be one of the hottest topics at Disrupt Berlin 2018, and you can take that to the bank — see what we did there? On 29-30 November thousands of attendees will descend on Berlin, and what better way to get your fintech business in front of them than to exhibit in Startup Alley?

Oh wait, we know a better way — apply to be a TechCrunch Top Pick and exhibit at Disrupt Berlin for FREE! Our highly discerning editors will review every application and choose up to five of the absolute best early-stage fintech startups. Each TC Top Pick receives one free Startup Alley Exhibitor Package along with prime real estate in Startup Alley where they can strut their stuff in front of influential technologists and investors, potential collaborators and customers. It’s an opportunity you can’t afford to miss, so don’t wait — apply before the 28 September deadline.

Here’s what you get with a Startup Alley Exhibitor Package.

  • One-day exhibit space
  • Three Disrupt Berlin Founder Passes
  • Access to CrunchMatch (our free investor-to-startup matching platform)
  • Access to the Disrupt press list
  • A chance to be selected as one of the Startup Battlefield Wild Card companies (and you might even compete in our $50,000 startup-pitch competition)

Exhibiting in Startup Alley can help you build connections and relationships you might not otherwise make. Consider Zeroqode, a company that exhibited in Startup Alley at Disrupt Berlin 2017.

Startup Alley attendees chose Zeroqode as a Wild Card company on day three, which earned them a five-minute interview with TechCrunch editor John Biggs on the Startup Alley Showcase Stage. What’s more, TechCrunch shot that interview and promoted it, along with an article penned by Biggs, across its social media platforms.

Here’s what Vlad Larin, the company’s co-founder, had to say about the experience.

“Exhibiting in Startup Alley was a massively positive experience. It gave us the chance to show our technology to the world and have meaningful conversations with investors, accelerators, incubators, solo founders and developers. The publicity we received from the on-stage interview brought a lot of people to our website. We had a huge spike in traffic, and we’re still feeling the positive business effects of that interview.”

You’ll also have the opportunity to hear some of Europe’s fintech movers and shakers speak from the Main Stage. People like Anne Boden, the founder and CEO of Starling Bank and Ricky Knox, the CEO and co-founder of Tandem Bank.

Disrupt Berlin 2018 takes place on 29-30 November. If you want a shot at being one of the fintech TC Top Picks and exhibiting for free in Startup Alley, then apply here before 28 Sept. We can’t wait to see you in Berlin!


Source: Tech Crunch

Polestar unveils first production EV with aim to overtake Tesla

Polestar debuted its first production EV and previewed its electric car line in New York with the CEO squarely taking aim at Tesla.

The Volvo subsidiary pulled the cover off its Polestar 1, which it positioned less as a hybrid and more as a fully electric (gas optional) car to attract fence sitters to EVs.

The $155,000 auto—that will hit streets in 2019—has 3 electrical motors powered by twin 34kWh battery packs and a turbo and supercharged gas V4 up front (more details here).

All electric range is up to 100 miles—which the company claims gives the Polestar 1 the longest all electric range of any production hybrid.

Polestar drivetrain

The Polestar 1 brings 600 horsepower and 738 ft-lbs of torque. It is the first in a series, with an all electric Polestar 2 to debut in 2019 and a Polestar 3 SUV after that.

“Polestar 2 will be a direct competitor to the Tesla Model 3…” CEO Thomas Ingenlath said on the launch stage.

He told TechCrunch the company will focus more on creating converts to EVs than pulling away Tesla’s existing market share.

Thomas Ingenlath, chief executive officer, Polestar

One advantage Ingenlath described was using Polestar 1 as a gateway car for getting laggards to go all electric. “There are many people out there who still think a car has to have a combustion engine,” he said. “Polestar 1 is an extremely good vehicle to get people across that line and once they drive it…understand what an amazing experience an electric car is.”

Polestar converts shouldn’t get too attached to that gasoline/voltage combo, however.

Polestar 1 will be the company’s first and last electric and gas vehicle, according to Ingenlath. “The future is electric. We will not do a hybrid car again,” he told TechCrunch.

At their New York Polestar 1 debut, the company devoted about as much time to the Polestar sales and service experience as the actual car. It will be multi-channel—from app to physical—leveraging parts of Volvo’s dealer network for certain things and staying completely separate for others. For one, Polestar will not have dealers or use Volvo dealers to showcase their cars, according to Ingenlath.

The buyer experience will start on the company’s app, then move into what it refers to as a network of “Polestar Spaces” across the U.S., Europe, and China where buyers can view and test cars. Purchased cars can be delivered to one’s home and service coordinated by app and home pickup—though Polestar will use Volvo dealers (not their spaces) on the service end.

“We will become a company that produces around a 100,000 cars a year and this will definitely scale-up,” said Ingenlath. “We’ll never become a Volvo, but we certainly need a certain scale to come in to a profitable range.”

The company oversubscribed orders for the Polestar 1 with 200 cars coming to North American buyers.

While Polestar’s HQ is in Gothenburg, Sweden, it will manufacture cars at a plant in Chengdu China.

The company’s EV debut comes as Tesla’s $49,000 to $64,000 Model 3 earned the NHTSA’s top safety rating and Audi introduced it $74,800 all electric e-tron SUV (covered here at TechCrunch)

In the U.S. market Tesla still dominates plugin sales by make and model and its Model 3 is expected to boost that lead, according to EV Volumes.


Source: Tech Crunch

Twitter says bug may have exposed some direct messages to third-party developers

Twitter said that a “bug” sent user’s private direct messages to third-party developers “who were not authorized to receive them.”

The social media giant began warning users Friday of the possible exposure with a message in the app.

“The issue has persisted since May 2017, but we resolved it immediately upon discovering it,” the message said, which was posted on Twitter by a Mashable reporter. “Our investigation into this issue is ongoing, but presently we have no reason to believe that any data sent to unauthorized developers was misused.”

A spokesperson told TechCrunch that it’s “highly unlikely” that any communication was sent to the incorrect developers at all, but informed users out of an abundance of caution.

Twitter said in a notice that only messages sent to brand accounts — like airlines or delivery services — may be affected. In a separate blog post, Twitter said that it’s investigation has confirmed “only one set of technical circumstances where this issue could have occurred.”

The bug was found on September 10, but took almost two weeks to inform users.

“If your account was affected by this bug, we will contact you directly through an in-app notice and on twitter.com,” said the advice.

The company said that the bug affected less than 1 percent of users on Twitter. The company had 335 million users as of its latest earnings release.

“No action is required from you,” the message said.

It’s the second data-related bug this year. In May, the company said it mistakenly logged users’ passwords in plaintext in an internal log, used by Twitter staff. Twitter urged users to change their password.


Source: Tech Crunch

Instagram denies it’s building Regramming. Here’s why it’d be a disaster


Instagram tells me Regramming, or the ability to instantly repost someone else’s feed post to your followers like a retweet, is “not happening”, not being built, and not being tested. And that’s good news for all Instagrammers. The denial comes after it initially issued a “no comment” to The Verge’s Casey Newton, who published that he’d seen screenshots of a native Instagram resharing sent to him by a source.

Regramming would be a fundamental shift in how Instagram works, not necessarily in terms of functionality, but in terms of the accepted norms of what and how to post. You could always screenshot, cite the original creator, and post. But the Instagram has always about sharing your window to the world — what you’ve lived and seen. Regramming would legitimize suddenly assuming someone else’s eyes.

And the result would be that users couldn’t trust that when they follow someone, that’s whose vision would appear in their feed. Instagram would feel a lot more random and unpredictable. And it’d become more like its big brother Facebook whose News Feed has waned in popularity – Susceptible to viral clickbait bullshit, vulnerable to foreign misinformation campaigns, and worst of all, impersonal.

Photographer: Andrew Harrer/Bloomberg via Getty Images

Newton’s report suggested a Instagram reposts would appear under the profile picture of the original sharer, and could regrams could be regrammed once more in turn, showing a stack of both profile thumbnails of who previously shared it. That would at least prevent massive chains of reposts turning posts into all-consuming feed bombs.

Regramming could certainly widen what appears in your feed, which some might consider more interesting. It could spur growth by creating a much easier way for users to share in feed, especially if they don’t live a glamorous life themself. I can see a case for this being a feature for businesses only, which are already impersonal and act as curators. And Instagram’s algorithm could hide the least engaging regrams.

These benefits are why Instagram has internally considered building regramming for years. CEO Kevin Systrom told Wired last year “We debate the re-share thing a lot . . . But really that decision is about keeping your feed focused on the people you know rather than the people you know finding other stuff for you to see. And I think that is more of a testament of our focus on authenticity”.

See, right now, Instagram profiles are cohesive. You can easily get a feel for what someone posts and make an educated decision about whether to follow them from a quick glance at their grid. What they share reflects on them, so they’re cautious and deliberate. Everyone is putting on a show for Likes, so maybe it’s not quite ‘authentic’, but at least the content is personal. Regramming would make it impossible to tell what someone would post next, and put your feed at the mercy of their impulses without the requisite accountability. If they regram something lame, ugly, or annoying, it’s the original author who’d be blamed.

Instagram already offers a demand release valve in the form of re-sharing posts to your Story as stickers

Instagram already has a release valve for demand for regramming in the form of the ability to turn people’s public feed posts into Stickers you can paste into your Story. Launched in May, you can add your commentary, complimenting on dunking on the author. There, regrams are ephemeral, and your followers have to pull them out of their Stories tray rather than having them force fed to them via the feed. Effectively, you can reshare others’ content, but not make it a central facet of Instagram or emblem of your identity. And if you want to just make sure a few friends see something awesome you’ve discovered, you can send them people’s feed posts as Direct messages.

Making it much easier to repost to feed instead of sharing something original could turn Instagram into an echo chamber. It’d turn Instagram even more into a popularity contest, with users jockeying for viral distribution and a chance to plug their SoundCloud mixtapes like on Twitter. Personal self-expression would be overshadowed even further by people playing to the peanut gallery. Businesses might get lazy rather than finding their own style. If you want to discover something new and unexpected, there’s a whole Explore page full of it.

Newton is a great reporter, and I suspect the screenshots he saw were real, but I think Instagram should have given him the firm denial right away. My guess is that it wanted to give its standard no comment because if it always outright denies inaccurate rumors and speculation, that means journalists can assume they’re right when it does ‘no comment’.

But once Newton published his report, backlash quickly mounted about how regramming could ruin Instagram. Rather than leaving users worried, confused, and constantly asking when the feature would launch and how it would work, the company decided to issue firm denials after the fact. It became worth diverging from its PR playbook. Maybe it had already chosen to scrap its regramming prototype, maybe the screenshots were just of an early mock-up never meant to be seriously considered, or maybe it hadn’t actually finalized that decision to abort until the public weighed in against the feature yesterday.

In any case, introducing regramming would risk an unforced error. The elemental switch from chronological to the algorithmic feed, while criticized, was critical to Instagram being able to show the best of the massive influx of content. Instagram would eventually break without it. There’s no corresponding urgency fix what ain’t broke when it comes to not allowing regramming.

Instagram is already growing like crazy. It just hit a billion monthly users. Stories now has 400 million daily users and that feature is growing six times faster than Snapchat as a whole. The app is utterly dominant in the photo and short video sharing world. Regramming would be an unnecessary gamble.


Source: Tech Crunch

Early-bird tickets close today, 9/21

TC Sessions: AR/VR on October 18 at UCLA is gearing up to be a great show.
Early-bird sales end after today, September 21. Don’t miss out on the biggest savings for this event — book your $99 tickets here before prices go up by $100.

The stage will feature some of the industry’s most groundbreaking companies and thought leaders from Oculus, Emmy-winning Baobab Studios, Facebook, Survios and more.


Why attend TC Sessions: AR/VR?

Big Conversations
Hear today’s innovators, leaders and experts share their experiences and insights

Exclusive Demos
Get a first-look at several never-before-seen augmented and virtual technology demos

Community Building
Meet the key players and contributors in AR/VR throughout the day and expand your network


Agenda Highlights:

Ditching Headsets for Holograms with Ashley Crowder (VNTANA), Shawn Frayne (Looking Glass Factory) and Brett Jones (Lightform)
Augmented reality may be a powerful sight, but it requires participants to own expensive hardware. Is there a workaround? Startups are working to centralize the experience but it’s going to look a lot different.

Building Inclusive Worlds with Cyan Banister (Founders Fund)<br />
If you had the chance to redesign society, where would you even start? As game developers continue designing massive online virtual worlds where we will spend more and more time, how should we look to correct issues we encounter and how can we build a better future?

Kickstarting an Industry with Yelena Rachitzky (Oculus)
Oculus has pumped hundreds of millions of dollars into funding VR content, and while the headset market is still small, developers have built plenty of games and experiences. Facebook’s VR future rests on people finding new worlds that they want to step into; how will Oculus make this happen?

See the full agenda here.


Don’t forget to book your early-bird tickets here before end of day today. Students, you can book tickets for just $45 here.

P.S. When you tweet your attendance through our ticketing platform, you’ll save an additional 25 percent (for Early Bird) and 15 percent (for student tickets).


Source: Tech Crunch

Interiors startup Clippings raises $15.4M Series B with Advance Venture Partners

Back in April we saw that eporta, a London-based B2B interiors marketplace startup, had raised $8 million in a Series A funding round led by US investor Canvas Ventures. Eport has digitized the catalogues of furnishing manufacturers and allowed businesses to order direct, cutting out the middle-men.

Now London is continuing its obsession with interior decoration startups with the news that Clippings has raised a Series B round of funding, raising $15.4 million. Advance Venture Partners (AVP) lead the round and existing investor C4Ventures also participated.

Founded in 2014 by architecture-trained entrepreneurs Adel Zakout and Tom Mallory, Clippings now plans to grow in the US.

Currently, the furniture industry is worth €9.6 billion in Europe, and around $120 billion in the US, but only 6% of this spend is online.

Clippings aggregates data on over 7 million products from over a thousand brands to simplify discovery and combines that with interactive mood boards that replace Pinterest to identify and buy a product. Then it throws in collaboration tools for teams, multiple quote requests, orders, invoices and timelines into one place.

It now claims to have about 50,000 people – including teams designing for WeWork, Citroën and British Land – using Clippings.

Adel Zakout, co-founder and CEO of Clippings told me “We’ve built software that enables full management of an interior project, offer a layer of service and logistics so that when you do buy, we manage it all for you vs Eporta where it’s fully self-serve. This doesn’t fix major pain point of customer.”

He also says they have full pricing control, meaning “we can take a view of a whole project value / customer spend and offer optimal prices vs Eporta who can’t do that as the seller controls price.”

He says a typical large co-working space project may have a budget in the £100k range and will have products from 40-50 different vendors, “so you need to be able to consolidate pricing, service, logistics and offer tech to manage it all.”

Other players in the industry (but not competitors) include Houzz and made.com.


Source: Tech Crunch