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Hello everyone! haje gets a head start on the weekend, so it’s gonna be you and me for the next two days. I was part of the group of TechCrunchers watching pitch after pitch at Y Combinator’s Demo Day. Here’s part 1 of our favorites, with the second coming later today. Forward with the news! — Christina
TechCrunch’s top 3
- Only half?: Twitter is rolling out new features for Blue subscribers, including one that will show 50% of ads in their timeline compared to what non-paying users see, Ivan reports.
- suck up the competition: UK Competition and Markets Authority takes a closer look at iRobot’s acquisition of Amazon for $1.7 billion to see if there is a threat of less competition, Paul writing.
- Get the Facts: This is what the Indian government says to Facebook, Twitter and other social media companies regarding posting any misinformation. This now includes cracking down on online gambling, pot holder reports.
Startups and VCs
Meal replacement startup Yfood did something today. Ingrid reports that Nestlé has completed an acquisition of the company in a deal that values Yfood at $469 million. She writes, “The Yfood milestone should give the food tech community something substantial to chew on. The intersection of technology and food has been a theme in the startup world for years, with technologists and entrepreneurs bringing a hacking mentality to the field to adopt new approaches to sourcing, preparation, selling and distributing food and drink. ”
Meanwhile, Canaan closed two new funds — its 12th flagship fund for early-stage health and tech startups and an opportunity fund — which total $850 million. This Opportunity Fund might raise some eyebrows, with Connie writing: “Some institutional investors privately complain that they don’t like late-stage funds hosted by early-stage investors because it complicates their ability to properly diversify their own investments.” Connie notes that the market may be slowing down, but venture capitalists are still raising big money, as we also saw S2G Ventures doing today.
Here are five more for you:
Funds offering ‘friends and family’ checks could bring the change underrepresented founders need
The long-standing wealth gap between white and black households in the United States contributes to the lack of diversity among startup founders.
The median liquid wealth of a black family in the United States is $3,630, but that number jumps to $79,000 for a white family. As a result, “the average black founder raises less than about $1,000 from family and friends,” reports Dominic-Madori Davis.
Given that the average round of friends and family is $23,000, “they would need to secure the entire liquid wealth of six black families,” according to a white paper from venture capital fund Fifth Star.
Three others from the TC+ team:
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Big Tech inc.
No personal data for you! Google says it will block personal loan apps from accessing users’ photos and contacts amid increased predatory behavior by some lenders towards borrowers, Jagmeet writing.
You all turned out to be car enthusiasts, so here’s patrickof everything that stood out at the 2023 New York Auto Show.
Oh wait, there’s more: