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Equal access to capital and entrepreneurship is the final civil rights movement

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Context is always important. In the grand scheme of things, I have privilege: I was born a male, in the most powerful country in the world, during the most prosperous time in history, to parents who both went to college, all in a middle-class neighborhood.

I could have been born during my dad’s generation when there were still signs that said “Whites Only” and he was barred from entry. Even now, the fact that I’m half-Jewish and look more ambiguous than “Black” has been a privilege.

But despite my privilege, I’m also confident that my Black heritage made it more difficult for me to raise venture capital. It’s a reality that goes against the classic Silicon Valley ethos: strive for perfection and constantly improve.

It’s in our national interests to make becoming an entrepreneur as egalitarian as possible.

Today — and the data proves this — if you are a white male, you have an unfair advantage when looking to raise venture capital. This doesn’t take anything away from the brilliant white male entrepreneurs that have built incredible companies, but it has made an equivalent crowd of Black founders almost nonexistent.

As a nation we know the benefits of encouraging entrepreneurship across backgrounds: Entrepreneurs create jobs, spark innovation and allow us to maintain our position as the most competitive nation on the planet. It’s in our national interests to make becoming an entrepreneur as egalitarian as possible, and yet we’ve fallen remarkably short of that goal across both race and gender.

I moved to southern China shortly after graduating from UC Berkeley. A lot of my decision-making process at the time was more subconscious, but I always had this feeling that as a Black male, I wasn’t going to get fair treatment working for a large company; I always knew my path to success was through being an entrepreneur and creating my own company. China, not the U.S., seemed the place to do that.

I fell in love with the entrepreneurial spirit of China. And surprisingly, as a foreigner in China, I felt that I wasn’t judged in the context of race. They saw me as an American that could bring them business opportunities and that was it, I felt that I was judged more on the merits of the value that I could bring than I would in the U.S. — and it was refreshing. Spurred by opportunities, I started a successful import and export business in China, and after a few years I had over 30 employees. I loved the experience of working with factories and I found it mesmerizing watching products that we use and wear being made.

At that time, my clients were larger U.S.-based retailers and brands. I could see the growth of Shopify and how this deceptively simple e-commerce product, plus marketing tools like Instagram, allowed small businesses to sell online and market their products in ways that had only been accessible to my larger clients years before. But I kept thinking that there was no equivalent inroad for small businesses to vast resources of supply chain and manufacturing.

That was the reason I founded The/Studio, a custom manufacturing platform that would give small businesses access to factories so that they could easily manufacture products in low quantities, without having to deal with all of the hassle and risks associated with manufacturing — just like the big brands.

At the time, I didn’t even know that raising venture capital was a possibility. And really, this was where my race became an obstacle. Those closer to the concentric circles of venture capital know that venture capital exists and they know how to access it.

Those that are further away don’t know how it truly can scale your company, let alone how to access it. Now, when you have a commodity like capital that is a closely held resource to a favored few, that’s called elitism and cronyism. I believe it’s the antithesis of what Silicon Valley is supposed to stand for and it’s detrimental to America’s ability to lead on a global, entrepreneurial scale.

By 2016, without capital, I had bootstrapped the company to eight digits in revenue. We had more than 100 employees and the business was profitable. I knew that there was a much larger opportunity for us to take advantage of — the same one Shopify seized on — but I felt that I didn’t have the financial resources, nor the knowledge at the time, to really grow the business in the way that I thought was possible or responsible.

It was at this time that I started to understand that at this point in a technology company’s trajectory, they really need venture capital to put fuel to the fire. Not just for the money, though that helps — we needed the counsel and guidance that often comes with it, too.

So I upped and moved to San Francisco. I was very optimistic that it would be easy for my company to raise millions of dollars in venture capital — after all, I was used to reading in TechCrunch about companies that were raising millions of dollars, and sometimes tens of millions of dollars, with no product, just a good idea (and sometimes a bad one). I’d proven my ability as an entrepreneur by already building a sizable business with a massive TAM, plus a product that was live, already profitable and ready to be scaled.

I started off with several introductions that one of my friends from college and a former VC made for me to several of his previous colleagues. In the traditional Silicon Valley way, I would take one introduction and turn it into another. I began to realize that venture capital is a bit of a social game — and I was about to play it for two years.

Joseph Heller is CEO and founder of Supplied.

Joseph Heller is CEO and founder of Supplied. Image Credits: Supplied

During this process, I want to be clear that I never faced overt racism; everyone was polite and gracious with their time. But when going to pitch meetings and VC events, I got the same feeling that I would get when you go to a high-end country club or a luxury store on Rodeo Drive in Beverly Hills. It was clear that the venture community — and the few entrepreneurs that they anointed to be part of their chosen — were a closely knit elite who wanted nothing to do with outsiders.

An air of arrogance, elitism and exclusivity pervaded literally every interaction. They spoke a certain way, they were looking for cues of who else you knew in their network — and the minute that they discovered that you were not one of them, the meeting was basically over. This feeling was in stark contrast with what in my mind Silicon Valley had stood for. I had envisioned an ideal where any brilliant, hard-working entrepreneur with a good idea and was scrappy as hell could raise money and find success.

In reality, it was a place where your admittance to the club was heavily based on your race, gender and what university you went to (even UC Berkeley wasn’t highly regarded). If you weren’t white, male and from Harvard, Stanford or the Ivies, you had to relentlessly pursue your vision for years to get in through the back door.

The/Studio did finally raise an $11 million series A — after 18 months and 150 meetings and 145 “no’s.” Read that again. I was mostly pitching white male VCs. Their prejudgements and the fact that you don’t know their friends made it a “no” before the meeting even started. The wider data suggests strongly that there was a racial component to this, as does my personal napkin math: Roughly 120 of the VCs I pitched were white and we got zero term sheets from them. Thirty that I pitched were ethnic minorities and I received five term sheets, or a success rate of 17%.

Two years later, I’ve become part of that exclusive group of entrepreneurs that have raised a sizable venture capital round. And I now have a behind-the-scenes view of what Silicon Valley is all about. There are some truly brilliant investors and entrepreneurs in Silicon Valley and the data backs that up; the number of VC-backed companies that go public in Silicon Valley dwarf the rest of the nation for a good reason.

But I’ve also learned that there are a lot of incompetent investors that are investors simply because of who they know, and a lot of entrepreneurs that aren’t the best in the world who get funded because of who they know. In addition, I’ve met a lot of people that would be great investors that never will have the opportunity to be investors, because of who they don’t know and how they look. Likewise, I know many great entrepreneurs, just as good as the ones that have taken major companies public, that won’t raise VC money because of who they don’t know and how they look.

I do believe there is a deep-seated perception in Silicon Valley that people that look a certain way and have a certain pedigree are the best entrepreneurs. The system is set up in a way that reinforces this mentality with a positive feedback loop: The VC structure is set up in a way that they make money off of 10% of their deals and the other 90% can fail, no problem.

If they invest in someone that is unknown within their social circles, they run the risk of being challenged by their partnership on why they made that decision, so the personal risk of going out on a limb is big. If they invest in someone that has a ton of social credibility in Silicon Valley, then even if they fail, nobody will question them. It’s part of the process.

VCs are only human, and if you have billions of dollars of capital to deploy and thousands of entrepreneurs that want to raise money from you, and you can only select a few a year, it’s easy to take the resistance-free route and invest in people that you know. Those people are generally white males. It becomes a self-fulfilling prophecy, because statistically if you invest in predominantly white males and a few of them succeed, then invest in far fewer people of color or women, even fewer of them will succeed. You end up internalizing that bias in your mathematically “objective” decision-making.

We saw this same issue begin to be resolved for women in the last decade. There were very few female entrepreneurs who raised VC money 10 years ago — 823 women-owned businesses, according to a recent Forbes study. There are still very few female-led VC-backed companies today, compared to male-led ones, but there are a lot more now; over 3,450 as of 2019, according to the same study. Women didn’t get smarter in 10 years; pressure was applied to VCs and they started being less myopic.

They realized that women made great entrepreneurs — and investors, too. During the last decade, more VC firms began hiring — and were started — by women, although even now it’s still a meager 11%.

But what about the racial divide? I know a brilliant Black guy that has a master’s degree in electrical engineering and computer science from one of the top five engineering schools in the nation, heads an engineering team for a company that has raised hundreds of millions of dollars and has created a high-tech startup serving enterprise customers, doing over $1 million a year in revenue, is profitable and totally bootstrapped. I’m confident that if he were a white male, he would have already raised significant VC money. He hasn’t.

Again, I don’t think it’s a matter of overt racism. But he probably isn’t accepted and doesn’t feel comfortable in VC social circles; he probably doesn’t have the confidence that he can raise money; he hasn’t seen others that look like him raise money. Because he lacks these things and because he doesn’t have the traditional “entrepreneur look,” he would be dismissed by VCs.

Now, all this being said, change begins with entrepreneurs, too. For instance, we recently launched a new product called Supplied that allows small businesses and boutiques to buy products wholesale directly from factories in China. About 95% of our customers are women — and 60% of our customers are people of color.

We didn’t set out to build a product for this market, but once they embraced it, we embraced them. Initially, my board, which is all white and male, didn’t understand this market and was a bit cautious. I don’t blame them; there was nothing nefarious about their assumptions or initial concerns, they just didn’t have the experience in their life that helped them to understand our customer.

But I did, at least the racial challenges faced by our customer base. I had conviction that there was a business here because I know a lot of women of color that had similar experiences and aspirations as the customers that were gravitating toward our platform, only to be shut out by prohibitively high prices on other “wholesale” platforms.

And I recognized my own inability to fully understand our customer base, as well as the fact that my team wasn’t diverse enough to really understand them, either. So I deliberately tried to recruit more women into our organization. I’m now proud to say that my executive leadership is 33% female, 33% Black, 77% people of color. The team that runs Supplied is predominantly female, just like the customer base.

Both The/Studio and Supplied’s head of marketing are Black women, with one working from Nigeria and the other from Ghana. Our diversity numbers are far better than almost any tech company I’ve encountered. Diversity isn’t something we just talk about; it comes naturally to us, because diversity comes naturally to me.

Silicon Valley has created incredible outcomes, and I don’t want to unfairly malign Silicon Valley as this racist institution that deliberately keeps out minorities and women. But because of many factors — which do include overt racism, historical factors and just human nature — the fact remains that Silicon Valley does not reflect our nation’s diversity across race and gender. Yet.

Our country is becoming more diverse and the rest of the world more wealthy. For Silicon Valley to maintain its crown as a beacon of innovation, it’s important to make it more diverse so it can understand the United States as well as emerging markets. It doesn’t need to be a zero-sum game where more people of color will push out the incumbents. In fact, it will make things more competitive, with a more diverse perspective on the world, which is better for returns and opportunities for all.

Blacks founders and other underrepresented groups also have an obligation to pull up their bootstraps and pursue being entrepreneurs and being funded, no matter how hard it is. This generation will serve as the inspiration — and employer — of the next. The more Black people who get funding, the more Black entrepreneurialism becomes normalized, creating a flywheel effect of normalizing investing in Black founders for VCs and encouraging more Black people to pursue being entrepreneurs.

I firmly believe that equal access to capital and entrepreneurship is the final civil rights movement. We have an opportunity to create real equality — financial and social — in Silicon Valley and the world, all while building the future.

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

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How fintech and serial founders drove African pre-seed investing to new heights in 2020

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When Stripe-subsidiary Paystack raised its seed round of $1.3 million in 2016, it was one of the largest disclosed rounds at that stage in Nigeria. 

At the time, seven-figure seed investments in African startups were a rarity. But over the years, those same seed-stage rounds have become more common, with some very early-stage startups even raising eight-figure sums. Nigerian fintech startup, Kuda, which bagged $10 million last year, comes to mind, for example.

Also notable amidst the growth in seven and eight-figure African seed deals have been gains in pre-seed fundraising. Typically, pre-seed rounds are raised when the startup is still in the product development phase, yet to make revenue or discover product-market fit. These investments are usually made by third-party investors (friends and family), and range between $25,000-$150,000.

But the narrative as to how much an early-stage African startup can raise as pre-seed has changed. 

Last year, African VCs who usually fund seed and Series A rounds began partaking in pre-seed rounds, and they don’t seem to be slowing down. Just a month into 2021,  Egyptian fintech startup Cassbana raised a $1 million pre-seed investment led by VC firm Disruptech in a bid to drive expansion within the country.

So why the sudden change in appetite from investors?

Andreata Muforo is a partner at TLcom Capital, a pan-African early-stage VC firm. She told TechCrunch that last year’s run of 23 pre-seed rounds (10 of which were $150,000+ deals) per Briter Bridges data, was due to the confidence investors had in the market, especially fintech.

Startups building financial infrastructure got noticed

While most African pre-seed investments in 2020 went to fintech, there were exceptions, including Egyptian edtech startup Zedny, which raised $1.2 million; Nigerian automotive tech startup Autochek Africa, which raised $3.4 million; and Nigerian talent startup TalentQL, which raised $300,000. 

Just as Paystack and Flutterwave built payment infrastructure for thousands of African businesses, these fintech startups are trying to make their mark in the sweet spots of credit and banking. 

“Fintech is compelling. But while most fintech startups play around the commodities side of fintech, it’s the companies building infrastructure around the market that got most of the pre-seed validation last year,” Muforo said. Her firm, TLcom, led the $1 million pre-seed investment in Okra.

Okra is an API fintech startup. So are Mono, OnePipe and Pngme. They are building Africa’s API infrastructure that connects bank accounts with financial institutions and third-party companies for different purposes. Within the past 18 months, Mono and Pngme raised $500,000, while OnePipe raised $950,000 in pre-seed.

It is noteworthy that while these startups are clamoring to solve Africa’s open API banking issues, three of the four deals came after Visa’s $5.3 billion acquisition of Plaid last year in January.

Although the Visa-Plaid acquisition has now been called off, it is safe to say some African investors developed FOMO, handing out sizable checks to fund “Africa’s Plaid” in the process.

Digital lenders remain one of their most important customers for fintech API startups. They can access customers’ financial accounts to understand their spending patterns and know who to loan to.

Egypt’s Shahry and Nigeria’s Evolve Credit are fintech startups building credit infrastructure for their markets. Evolve Credit connects digital lenders to those who need loan services in Nigeria via its online loan marketplace. Shahry, on the other hand, employs an AI-based credit scoring engine so users in Egypt can apply for credit. The pair also secured impressive pre-seed funding — Evolve Credit, $325,000, and Shahry, $650,000.

A recurring theme: Serial founders

Muforo points out that aside from startups building fintech infrastructure, the caliber of founders was another reason pre-seed funding peaked last year.

Adewale Yusuf, co-founder and CEO of TalentQL, a startup that hires, manages and outsources talent for Nigerian and global companies, seemed to agree. He told TechCrunch that trust between the VCs and founders involved played a major role in most pre-seed rounds last year. 

“It wasn’t surprising that a lot of investors put money in pre-seed rounds. I say this because we also saw existing founders and serial entrepreneurs coming back to the market. To me, these founders’ credibility was a major part of why those rounds were large,” he said.

A second-time founder himself, Yusuf is the co-founder of Nigerian tech media publication Techpoint Africa. His partner at TalentQL, Opeyemi Awoyemi, is also a serial entrepreneur. He co-founded Ringier One Africa Media-owned Jobberman, one of Africa’s most popular recruitment platforms.

According to Adedayo Amzat, founder of Zedcrest Capital, which is the lead investor in TalentQL’s round, the founders’ experience proved vital in closing the deal. 

He says investors are more comfortable backing experienced founders in pre-seed rounds because they have a more mature understanding of the problems they’re trying to solve. So, in essence, they tend to raise more capital.

“If you look at pre-seed sizes, experienced founders can demand a significant premium over first-time founders,” Amzat said. “Pre-seed valuation cap for first-time founders will typically be between 400K to $1 million while we frequently see up to $5 million for experienced founders.” 

It was a recurring theme last year. Yele Bademosi, who runs Microtraction, a West African early-stage VC firm, is the CEO of Bundle Africa, a Nigerian-based crypto-exchange startup that raised $450,000 in April 2020. 

Shahry co-founders Sherif ElRakabawy and Mohamed Ewis also run Egypt’s largest shopping engine and price comparison website, Yaoota.

Mono co-founder and CEO Abdulhamid Hassan was the co-founder of Nigerian fintech startup OyaPay and data science startup Voyance. Also, Etop Ikpe, the co-founder and CEO of Autochek Africa, was CEO of DealDey and Cars45.

That said, Fara Ashiru Jituboh of Okra and Akan Nelson of Evolve Credit as first-time founders got investments that most of their counterparts would only dream of. For Jituboh, her solid tech background spoke for her — boasting a senior software engineering job at Pexels and engineering consultant role at Canva before founding Okra.

“We backed Fara because she’s a strong tech founder. When you look at the core of what Okra does as a tech-heavy company, you see how important it was to make the decision,” Muforo said about backing Okra’s CEO and CTO.

Nelson also told TechCrunch that his finance background helped Evolve Credit raise its six-figure sum. The team’s bullishness on finding product-market fit and the potential of Africa’s loan marketplace was also enough to bring foreign and local VCs like Samurai Incubate, Future Africa, Ingressive Capital and Microtraction on board.

While early-stage investments in African startups haven’t reached full speed, the explosion in the number of angel investors has lowered entry barriers into early-stage investing. 

Now investors are beginning to show readiness toward African startups that have promise as they continue to search for the next Paystack. 

“More people are willing to take risks now in the market, especially angel investors. They can easily let go of $10K-$50K because of success stories like Paystack,” Yusuf said about the $200 million acquisition by U.S. payments startup Stripe

For all of its significance to the African tech ecosystem, what particularly stands out about Paystack’s exit is the return on investment made for early investors.

By the time it exited in October 2020, some angel investors had an ROI of more than 1,400% according to Jason Njoku in his blog post. Njoku, who took part in the round as an angel investor, is the CEO of IROKO, a Nigerian VOD internet company.

For Muforo, witnessing more early-stage investments is a big deal, one the African tech ecosystem should savor regardless of the round in question.

“Pre-seed or seed are just names investors and founders give. They can basically mean the same thing, in my opinion,” she said. “What I think is most important is the fact that we’re getting more early-stage capital into Africa, and startups are getting more attention from investors, which is fantastic.”

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Is anything too big to be SPAC’d?

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While many deemed 2020 the year of SPAC, short for special purpose acquisition company, 2021 may well make last year look quaint in comparison.

It’s probably not premature to be asking: is anything too big to be SPAC’d?

Just today, we saw the trading debut of the most valuable company to date go public through a merger with one of these SPACs: 35-five-year-old, Pontiac, Michigan-based United Wholesale Mortgage, which is among the biggest mortgage companies in the U.S.

Its shares slipped a bit by the end of trading, closing at $11.35 down from their starting price of $11.54, but it’s doubtful anyone involved is crying into their cocktails tonight. The outfit was valued at a whopping $16 billion when its merger with the blank-check outfit Gores Holdings IV was approved earlier this week.

Why is this interesting? Well, first, despite UWM’s size, unlike with a traditional IPO that can require 12 to 18 months of preparation, UWM’s path to going public took less than a year, beginning with Gores Holdings IV completing its IPO in late January 2020 and raising approximately $425 million in cash.

Alec Gores, the billionaire founder of of the private equity firm Gores Group, led the deal. It isn’t clear when Gores approached UWM, but the tie-up was announced back in September and ultimately included a $500 million private placement. (It’s typical to tack-on these transactions once a target company has been identified and accepts the terms of the proposed merger. Most targets are many times larger than the SPACs. In fact, according to law firm Vinson & Elkins, there’s no maximum size of a target company.)

Also notable is that UWM is a mature company, one that says it generated $1.3 billion in revenue in the third quarter of last year alone. UWM CEO Mat Ishbia, whose father started the company in 1986, said last fall that the company is “massively profitable.”

It’s a story unlike that of many other outfits to go public recently through the SPAC process. Many — Opendoor, Luminar Technologies, Virgin Galactic — are still developing businesses that need capital to keep going and which might not have found much more from private market investors. Indeed, today’s deal would seem to open up a new world of possibilities, and for companies of all sizes.

Either way, it isn’t likely to hold the record for ‘biggest SPAC deal ever’ for long. Not only is interest in SPACs as feverish as ever, billionaire investor William Ackman is still sitting on a $4 billion SPAC to which he has said he’ll throw in an additional $1 billion in cash from his hedge fund, Pershing Square Capital.

You can bet the deal will be a doozy. Reportedly, Ackerman was at one point looking to take public Airbnb with his SPAC, which began trading in July. When Airbnb passed on the proposed merger, he reportedly reached out to the privately held media conglomerate Bloomberg (which Bloomberg has said is untrue).

Because SPACs typically complete a merger with a private company in two years or less, speculation continues to run rampant about what Ackman will put together. In the meantime, there have already been 59 new SPAC offerings this year — as many as in all of 2019 — that have raised $16.8 billion, and there’s seemingly no end in sight.

Just this week, Fifth Wall Ventures, the four-year-old, L.A.-based proptech focused venture firm, registered plans to raise $250 million for a new blank-check company.

Intel Chairman Omar Ishrak, who previously ran medical device giant Medtronic, is planning to raise between $750 million and $1 billion for a blank-check firm targeting deals in the health tech sector, Bloomberg reported on Sunday.

Gores Group isn’t done, either. On Wednesday, it registered plans to raise $400 million in an IPO for its newest blank check company. It will be the outfit’s seventh to date.

There are now so many companies to go public through a SPAC exchange-traded funds are beginning to pop up, putting together baskets of SPAC deals for investors who want to hedge their bets.

The very newest fund, reported on earlier this week by the WSJ and overseen by hedge fund Morgan Creek Capital Management and  fintech company Exos Financial, will be actively managed and snap up stakes in firms that recently went public by merging with a SPAC, as well as shell companies that are still on the prowl.

It will be joining the world’s first actively managed exchange-traded fund focused on SPACs, the Calgary-based Accelerate Arbitrage Fund, which launched in April of last year.

A second ETF, the Defiance NextGen Derived SPAC ETF, emerged in October.

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Daily Crunch: Alphabet shuts down Loon

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Alphabet pulls the plug on its internet balloon company, Apple is reportedly developing a new MacBook Air and Google threatens to pull out of Australia. This is your Daily Crunch for January 22, 2021.

The big story: Alphabet shuts down Loon

Alphabet announced that it’s shutting down Loon, the project that used balloons to bring high-speed internet to more remote parts of the world.

Loon started out under Alphabet’s experimental projects group X, before spinning out as a separate company in 2018. Despite some successful deployments, it seems that Loon was never able to find a sustainable business model.

“While we’ve found a number of willing partners along the way, we haven’t found a way to get the costs low enough to build a long-term, sustainable business,” Loon CEO Alastair Westgarth wrote in a blog post. “Developing radical new technology is inherently risky, but that doesn’t make breaking this news any easier.”

The tech giants

Apple reportedly planning thinner and lighter MacBook Air with MagSafe charging — The plan is reportedly to release the new MacBook Air as early as late 2021 or 2022.

Google threatens to close its search engine in Australia as it lobbies against digital news code — Google is dialing up its lobbying against draft legislation intended to force it to pay news publishers.

Cloudflare introduces free digital waiting rooms for any organizations distributing COVID-19 vaccines — The goal is to help health agencies and organizations tasked with rolling out COVID-19 vaccines to maintain a fair, equitable and transparent digital queue.

Startups, funding and venture capital

‘Slow dating’ app Once is acquired by Dating Group for $18M as it seeks to expand its portfolio — Once has 9 million users on its platform, with an additional 1 million users from a spin-out app called Pickable.

MotoRefi raises $10M to keep pedal on auto refinancing growth — CEO Kevin Bennett sees the opportunity to service Americans who collectively hold $1.2 trillion in auto loans.

Backed by Vint Cerf, Emortal wants to protect your digital legacy from ‘bit-rot’ —  Emortal is a startup that wants to help you organize, protect, preserve and pass on your “digital legacy” and protect it from becoming unreadable.

Advice and analysis from Extra Crunch

How VCs invested in Asia and Europe in 2020 — The unicorns are feasting.

End-to-end operators are the next generation of consumer business — VC firm Battery has tracked seismic shifts in how consumer purchasing behavior has changed over the years.

Drupal’s journey from dorm-room project to billion-dollar exit — Twenty years ago, Drupal and Acquia founder Dries Buytaert was a college student at the University of Antwerp.

(Extra Crunch is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

Everything else

UK resumes privacy oversight of adtech, warns platform audits are coming — The U.K.’s data watchdog has restarted an investigation of adtech practices that, since 2018, have been subject to scores of complaints under GDPR.

Boston Globe will consider people’s requests to have articles about them anonymized — It’s reminiscent of the EU’s “right to be forgotten,” though potentially less controversial.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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