Zoom’s most current revenues report was even much better than expected, SoftBank announces a brand-new fund to buy creators of color and Google pulls a trending app that targets apps from China.
Here’s your Daily Crunch for June 3, 2020.
1. Remote work helps Zoom grow 169%in one year, posting $3282 M in Q1 profits
Zoom’s client numbers were likewise sharp, with the firm reporting that it had 265,400 clients with more than 10 seats (staff members) at the end of the quarter, which was up 354%from the year-ago period.
Not all of the news coming out of its latest profits report was positive, nevertheless. CEO Eric Yuan validated that a plan to carry out end-to-end encryption does not in reality extend to non-paying users.
2. SoftBank releases $100 M Chance Growth Fund to buy founders of color
The Opportunity Growth Fund “will just buy business led by founders and entrepreneurs of color,” according to an internal memo from SoftBank’s COO Marcelo Claure, who stated the fund will at first start with $100 million– meaning there is space for SoftBank or other minimal partners to include more with time.
3. Google pulls ‘Eliminate China Apps’ from Play Shop
The top trending app in India, which was downloaded more than 5 million times given that late May and allowed users to identify and quickly erase apps established by Chinese companies, was pulled from Android’s marquee app shop for violating Google Play Store’s Deceptive Habits Policy.
4. Facebook and PayPal purchase Southeast Asian ride-hailing huge Gojek
Facebook and PayPal are joining Google and Tencent as prominent tech companies that have actually backed the five-year-old Southeast Asian ride-hailing startup, which also provides food delivery and mobile payments.
5. The fundraising market has stabilized. Or has it?
DocSend CEO Russ Heddleston stated the last two weeks could be establishing a new regular for fundraising this year. Even though many VCs aren’t taking in-person meetings, they were more active in the previous month than they remained in May of both 2019 and2018 (Bonus Crunch membership needed.)
6. Endeavor companies rush to find ways to support Black founders and investors
Firms like Benchmark, Sequoia, Bessemer, Eniac Ventures, Work-Bench and SaaSTR Fund creator Jason Lemkin all tweeted in assistance of the cause and offered to take steps to improve the absence of representation in their market. However some Black entrepreneurs and financiers are questioning the firms’ inspirations.
7. Lili raises $10 M for its freelancer banking app
CEO Lilac Bar David recommended that no conventional banking solutions are truly created to fix the issues dealt with by freelancers– whether they’re designers, developers, fitness trainers, chefs or charm professionals. She explained Lili as the first “all-in-one” option, providing both a checking account and a wider suite of financial tracking tools.
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