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Social gaming platform Rec Room scores $20 million Series C

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Against Gravity, the startup behind the social gaming platform Rec Room, has scored some new funding as it brings its once VR-centric platform to every major gaming platform out there.

The startup has closed a $20 million Series C led by Madrona Venture Group . Existing investors including First Round Capital, Index, Sequoia and DAG also participated in the round. They’ve raised just shy of $50 million to date.

The platform has been around for years serving as a social hub and gaming platform for virtual reality users. In recent years, the company has tried to scale its ambitions past being known as the “Roblox of VR” and scale its capabilities to meet its young user base. This year was big for the platform doing just that.

CEO Nick Fajt estimates that the company has tripled its total audience since this time last year as the company has made a concerted drive on new platforms. While a substantial portion of Rec Room’s audience still comes from its bread-and-butter VR audience, the platform’s base of console users has grown substantially in 2020 and by the end of next year, Fajt expects that mobile will have grown to be Rec Room’s most common point of entry. Meanwhile, mobile Android remains one of the last major gaming platform that Rec Room still doesn’t have a home on.

One of the company’s big aims heading into the new year is scaling their creation tools which allow players to build their own experiences inside the game. Over 1 million of the platform’s 10 million registered users have engaged with creator tools building 4 million distinct rooms on the platform. Next year, Fajt plans to scale up creator payments estimating that by the end of 2021 they’ll have paid out $1 million to their network.

Fajt says he wants creation tools on Rec Room to be more accessible to the general player base than other platforms including Roblox, aiming to keep tools simple for now and push everyday users to invest time in the creation platform.

Image via Rec Room

“Roblox has an incredible business, that’s certainly no secret,” Fajt tells TechCrunch. “We want breadth of expression over depth of expression; we want anyone who comes into to Rec Room to be able to build.”

Despite the slow maturation of the VR market, Fajt says the company doesn’t plan on moving away from its VR roots anytime soon. The company has just updated its popular battle royale mode Rec Royale for the new Quest 2 as well as on iOS.

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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This is the new interior of Tesla’s Model S

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The Model S will see some significant changes to its interior this year. After months of rumors, Tesla confirmed the revisions in a few images released just ahead of its quarterly earnings call scheduled for later this afternoon.

Some of the changes — like the shift to a widescreen display — are things that have made their way over from the Model 3. Others are entirely new.

(Update: Tesla has updated its website with refreshed ordering pages that indicate the Model X SUV will be getting the below revisions as well!)

Here’s what we’ve spotted so far:

An airplane-style steering “yoke” (similar to the one spotted in prototypes of Tesla’s new Roadster) instead of a standard round wheel.

Image Credits: Tesla

The front center screen is now a 17″ widescreen display, instead of a 17″ tall/portrait display. The resolution, meanwhile, is shifting from 1900×1200 to 2200×1300.

Image Credits: Tesla

In addition to the 12.3″ driver display above the steering yoke, there’s also now an 8″ display in the rear (presumably so passengers can more easily play the car’s built-in games in the back, as displayed.)

Image Credits: Tesla

Tesla’s earnings call is scheduled to start at 3:30pm Pacific. If they mention anything else changing about the interior, we’ll update this post.

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IAC’s Teltech acquired encrypted mobile messaging app Confide

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IAC has acquired Confide, the encrypted mobile messaging that once made headlines for its use by White House staffers during the Trump administration. The deal, which closed on Dec. 1, 2020 but was not publicly announced, sees Confide joining Teltech, the makers of spam call-busting app Robokiller, which itself had joined IAC’s Mosaic Group by way of a 2018 acquisition.

Teltech confirmed the Confide acquisition, but declined to share the deal terms. The confidential mobile messaging app had raised just $3.5 million in funding, according to Crunchbase data, and had been valued between $10 to $50 million, as a result. (Pitchbook put the valuation at ~$14 million around the same time.)

According to Teltech, the deal was for the Confide IP and technology, but not the team.

The company believes Confide makes for a good fit among its growing group of mobile communication apps, including Robokiller and its latest app, SwitchUp, which offers users a second phone number for additional privacy and spam blocking purposes. Other Teletech apps include phone call recorder TapeACall and blocked call unmasker TrapCall.

Confide, however, may end up being one of the better-known additions among that group, thanks to being remembered as a favored tool of choice among frustrated Washington Republicans during the Trump years.

But despite the user growth that news had driven, things slowed in the months that followed, when researchers published a report that claimed Confide wasn’t as secure as it had promised. Confide quickly fixed its vulnerabilities but then a month later was facing a class action lawsuit (later dismissed by the plaintiff) over the security issues.

Teltech says it was aware of the security concerns, but it had conversations with the prior Confide team and understands that the earlier issues had been “quickly and effectively remediated.”

While IAC won’t speak to its specific plans for Confide’s future, the app will continue to offer users a safe and secure way to communicate. What it won’t do, though, is try to directly compete with Telegram or other private apps that offer large channels or group chats that support tens of thousands of people at once.

“I think one kind of key differentiators is that Confide is definitely more for one-on-one and smaller group communication, rather than with Signal and Telegram where there’s some larger chat dynamics,” notes Giulia Porter, Teltech’s VP of Marketing. “One thing that makes us a little bit different is just that we’re more personal,” she says.

Despite having hit some bumps in the road over the years, Confide as of the time of the acquisition, still had around 100,000 monthly active users. There’s now a team of around 10 assigned to work on the app, adding needed resources to its further development, and soon, an updated logo and branding.

Confide’s existing desktop and mobile apps will also continue to be available, but later updated with new features as part of Teltech’s efforts.

Investors and IAC alike have declined to talk about deal price, but that may speak for itself.

“With the absolute explosion in privacy over the past several years, Confide, which started as a side project, has become a mission-critical platform for sensitive communication throughout the world,” said Confide co-founder and President Jon Brod, in a statement shared with TechCrunch about Confide’s exit.

“We’re thrilled that IAC shares our passion for secure communication and recognizes the unique business we have built. IAC has a proven track record of providing fast-growing companies with the support to reach their full potential and we are excited to see IAC take Confide to the next level,” he said.

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Squarespace files privately to go public

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Squarespace announced this afternoon that it is going public. The online website creation and hosting service is a venture-backed entity, having raised Series A and B rounds in 2010 and 2014, respectively. Those deals were worth a combined $78.5 million, according to Crunchbase data.

But Squarespace is perhaps best known for its epic 2017-era $200 million secondary round that General Atlantic financed. A secondary round is a transaction in which an external party buys share from existing shareholders, instead of the company issuing new equity. Some private companies execute secondary transactions when they do not need additional capital, but are also not near a liquidity event.

The 2017 transaction fits well with the company’s now-impending 2021 IPO.

At the time TechCrunch reported that the company had revenues of around $300 million and that it was profitable.

By filing, Squarespace joins a growing list of companies pursuing the public markets in recent months. At the end of 2020 C3.ai, DoorDash and Airbnb listed. To kick off 2021, Affirm and Poshmark listed to great effect. Coinbase has filed, Robinhood is a hot IPO prospect, and now Squarespace is throwing its hat into the ring.

The Squarespace filing is private, which means that we are waiting for a future public S-1 from the company. Here’s its own words on the current state of affairs:

Squarespace, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”). The registration statement is expected to become effective after the SEC completes its review process, subject to market and other conditions.

As Squarespace is a software company, a cloud company and a company with a hand in the e-commerce space, we can only presume that it will suffer from a stultifying lack of investor interest when it does file, price and list.1 After all, we’ve not seen a hot software IPO for weeks.

Hat’s off to Squarespace for freeing us from the news doldrums. We’re going back to our nap now.

1This is sarcasm.

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