AJ Brustein was out spending time with a member of his merchandising team when a nearby store ran out of stock of some goods — but there was no one on staff responsible for that location. Fortunately, the employee he was with had already showed him how to restock the shelves, and he offered to peel off and do it himself.
But that gap in the workforce may have just continued, leading directly to potential lost revenue for companies that sell products in those stores. That’s why Brustein and Yong Kim started Wonolo, a tool to connect companies with temporary workers in order to fill the unexpected demand those companies might face in those same out-of-stock situations. Wonolo employees sign up for the platform, and the companies that partner with the startup have an opportunity to grab the necessary workers they need on a more flexible basis. Wonolo today said it has raised $13 million in a new financing round led by Sequoia Capital, including existing investors PivotNorth and Crunchfund, and new investor Base10. Sequoia Capital’s Jess Lee is joining the company’s board of directors as part of the financing.
“There’s a big opportunity helping people fill in their schedule with shifts,” Brustein said. “We really found there’s this huge untapped market of people who are looking for work who are underemployed. Let’s say Mary is a great worker and has a great job at the Home Depot, but no matter how good she, is she can only get 29 hours of work. It’s hard to manage schedules between different employers that want you to work the same hours. That’s the market we’ve really focused on, the underemployed market, which is a growing unfortunate trend in the U.S. That’s changed a little bit about the types of jobs we have on the platform.”
Wonolo is essentially looking to replace the typical temp agency experience, which helps workers find positions with companies that need a more limited amount of time. Meanwhile, those workers get an opportunity to fill in extra shifts that they might need for additional income on a more flexible schedule. Once a company posts a job to Wonolo, employees will get notified that it’s available and then get a chance to pick up those shifts, and when the job is approved those workers get paid right away.
While the jobs that Wonolo is suited for are more along the lines of merchandising, events staff, or more general labor, the hope is that the service will also expose those employees to a variety of companies who may actually end up wanting to hire them at some point. It allows them to get a good snapshot of all the work that’s available, and theoretically would help offer them an additional step on a career path that could get them to a direct full-time job with any of the companies from which they might end up accepting jobs.
“We thought we could address [the idea of being able to deal with unpredictability] better than temp staffing, and we realized the antidote was flexibility on the worker side,” Brustein said. “We could match them with these jobs that would unpredictably pop up. When we dug into it, we realized flexibility was something that was just completely lacking for workers. We took a very different approach to the way that people will often recruit talent for staffing agencies or their own employees. We are looking at character traits.”
Wonolo was born out of Brustein and Kim’s experience at Coca-Cola, where they had an opportunity to work with a major brand for a number of years. After a while, they got an opportunity to start working on a more entrepreneurial project, and that’s when that whole merchandising scenario played out and prompted them to start working on Wonolo. That part about character traits is an important part for Wonolo, Brustein said — because as long as someone can complete a job, they don’t have to be an absolute expert, as long as they are there ready and good to go.
There are, of course, companies trying to create platforms for temporary workers, like TrueBlue, and Brustein said Wonolo will inevitably have to compete with more local players as it looks to expand. But the hope is that aiming to tap the same kind of flexibility that made Uber so popular for temporary staffers — and potentially that pathway to a big career opportunity — will be one that attracts them to their service.
News Source = techcrunch.com
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After tens of thousands of pre-orders, 3D audio headphones startup Ossic disappears
After taking tens of thousands of crowd-funding pre-orders for a high-end pair of “3D sound” headphones, audio startup Ossic announced this weekend that it is shutting down the company and backers will not be receiving refunds.
The company raised $2.7 million on Kickstarter and $3.2 million on Indiegogo for their Ossic X headphones which they pitched as a pair of high-end head-tracking headphones that would be perfect for listening to 3D audio, especially in a VR environment. While the company also raised a “substantial seed investment,” in a letter on the Ossic website, the company blamed the slow adoption of virtual reality alongside their crowdfunding campaign stretch goals which bogged down their R&D team.
“This was obviously not our desired outcome. The team worked exceptionally hard and created a production-ready product that is a technological and performance breakthrough. To fail at the 5 yard-line is a tragedy. We are extremely sorry that we cannot deliver your product and want you to know that the team has done everything possible including investing our own savings and working without salary to exhaust all possibilities.”
We have reached out to the company for additional details.
Through January 2017, the San Diego company had received more than 22,000 pre-orders for their Ossic X headphones. This past January, Ossic announced that they had shipped out the first units to the 80 backers in their $999 developer tier headphones. In that same update, the company said they would enter “mass production” by late spring 2018.
In the end, after tens of thousands of pre-orders, Ossic only built 250 pairs of headphones and only shipped a few dozen to Kickstarter backers.
Crowdfunding campaign failures for hardware products are rarely shocking, but often the collapse comes from the company not being able to acquire additional funding from outside investors. Here, Ossic appears to have been misguided from the start and even with nearly $6 million in crowdfunding and seed funding, which they said nearly matched that number, they were left unable to begin large-scale manufacturing. The company said in their letter, that it would likely take more than $2 million in additional funding to deliver the existing backlog of pre-orders.
Backers are understandably quite upset about not receiving their headphones. A group of over 1,200 Facebook users have joined a recently-created page threatening a class action lawsuit against the team.
News Source = techcrunch.com
With at least $1.3 billion invested globally in 2018, VC funding for blockchain blows past 2017 totals
Although bitcoin and blockchain technology may not take up quite as much mental bandwidth for the general public as it did just a few months ago, companies in the space continue to rake in capital from investors.
One of the latest to do so is Circle, which recently announced a $110 million Series E round led by bitcoin mining hardware manufacturer Bitmain. Other participating investors include Tusk Ventures, Pantera Capital, IDG Capital Partners, General Catalyst, Accel Partners, Digital Currency Group, Blockchain Capital and Breyer Capital.
This round vaults Circle into an exclusive club of crypto companies that are valued, in U.S. dollars, at $1 billion or more in their most recent venture capital round. According to Crunchbase data, Circle was valued at $2.9 billion pre-money, up from a $420 million pre-money valuation in its Series D round, which closed in May 2016. According to Crunchbase data, only Coinbase and Robinhood — a mobile-first stock-trading platform which recently made a big push into cryptocurrency trading — were in the crypto-unicorn club, which Circle has now joined.
But that’s not the only milestone for the world of venture-backed cryptocurrency and blockchain startups.
Back in February, Crunchbase News predicted that the amount of money raised in old-school venture capital rounds by blockchain and blockchain-adjacent startups in 2018 would surpass the amount raised in 2017. Well, it’s only May, and it looks like the prediction panned out.
In the chart below, you’ll find worldwide venture deal and dollar volume for blockchain and blockchain-adjacent companies. We purposely excluded ICOs, including those that had traditional VCs participate, and instead focused on venture deals: angel, seed, convertible notes, Series A, Series B and so on. The data displayed below is based on reported data in Crunchbase, which may be subject to reporting delays, and is, in some cases, incomplete.
A little more than five months into 2018, reported dollar volume invested in VC rounds raised by blockchain companies surpassed 2017’s totals. Not just that, the nearly $1.3 billion in global dollar volume is greater than the reported funding totals for the 18 months between July 1, 2016 and New Year’s Eve in 2017.
And although Circle’s Series E round certainly helped to bump up funding totals year-to-date, there were many other large funding rounds throughout 2018:
- $118 million raised by Orbs, a purported “consumer-ready blockchain” service set to launch in June.
- $75 million closed in a Series B round for Paris-based secure hardware wallet-maker Ledger.
- $32 million raised by Project Shivom, which claims to use two hyped technologies — blockchain and artificial intelligence — to analyze and protect genomic data.
- $16 million in a Benchmark-led Series A round for Chainalysis, a blockchain analysis platform.
There were, of course, many other large rounds over the past five months. After all, we had to get to $1.3 billion somehow.
All of this is to say that investor interest in the blockchain space shows no immediate signs of slowing down, even as the price of bitcoin, ethereum and other cryptocurrencies hover at less than half of their all-time highs. Considering that regulators are still figuring out how to treat most crypto assets, massive price volatility and dubious real-world utility of the technology, it may surprise some that investors at the riskiest end of the risk capital pool invest as much as they do in blockchain.
Notes on methodology
Like in our February analysis, we first created a list of companies in Crunchbase’s bitcoin, ethereum, blockchain, cryptocurrency and virtual currency categories. We added to this list any companies that use those keywords, as well as “digital currency,” “utility token” and “security token” that weren’t previously included in the above categories. After de-duplicating this list, we merged this set of companies with funding rounds data in Crunchbase.
Please note that for some entries in Crunchbase’s round data, the amount of capital raised isn’t known. And, as previously noted, Crunchbase’s data is subject to reporting delays, especially for seed-stage companies. Accordingly, actual funding totals are likely higher than reported here.
News Source = techcrunch.com
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