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| Hey Insiders, Today we are taking a look at Yuga Labs' acquisition of Roar Studios, new business applications in Pheonix, and Carbon Upcycling's $26M funding round. I hope you enjoy today's edition! Karan
p/karan-chafekar | |
| 1 | | Yuga Labs, the company behind Bored Ape Yacht Club NFTs, is acquiring Roar Studios to merge with the Otherside metaverse. Otherside develops a Web3 environment where NFTs become playable characters. More: - As part of the deal, Roar's CEO Eric Reid will join Yuga as general manager of Otherside.
- Otherside launched its early-access demos in August 2022.
- The acquisition follows Yuga's purchase of Cryptopunks and Meebits NFT collections in Mar. 2022 and Beeple's 10KTF in Nov. 2022.
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What the numbers say: The metro Phoenix area saw 18 new business applications per 1,000 residents in 2022, per Census Bureau and IRS data reviewed by Axios. The new business creation rate is higher than the national average of 15 businesses per every 1,000 residents. Why it matters: The higher rate of new business applications is a strong indicator of the area's economic resilience. It reflects the optimistic expectations of its residents, showcasing their confidence in the local business environment. What happened: Over 5 million new business applications were filed nationwide in 2022. The figure was lower by 6.6% compared to 2021's tally of 5.4 million applications. Miami, Atlanta, and Orlando took the top spots for the most business applications, registering 40.9, 31.3, and 28.7 applications per 1,000 residents, respectively. | | | |
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| 3 | | Carbon Upcycling, a carbon-capturing startup, raised a $26M Series A led by BDC Capital's Climate Tech Fund and VC fund Climate Investment. "Over the next year, our mission is to demonstrate our technology's versatility, scalability, and operational elegance," said the startup's CEO, Apoorv Sinha. More: - Carbon Upcycling takes CO2 emissions from industrial facilities to reduce the carbon footprint of cement and concrete through blending with industrial waste or naturally occurring materials.
- The company claims the materials produced can replace clinker in cement production and that the blend results in a 30% reduction in CO2 emissions.
- The startup currently has projects with CRH in Canada and CEMEX in the U.K.
- Carbon Upcycling has received grants from the Government of Canada, U.K. Research and Innovation, and the U.S. Department of Energy in collaboration with the Colorado National Renewable Energy Laboratory.
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| 4 | | Fintech startup Ramp added a new automated "procure-to-pay" solution to its product suite for large enterprises. The solution is part of its new tier, Ramp Plus, catering to large businesses with complex financial needs. The procure-to-pay solution aims to give large enterprises "a viable alternative to incumbents like Amex, Concur, and Coupa." Ramp's CEO and co-founder Eric Glyman said that Canadian e-commerce giant Shopify uses the new product as its sole expense management platform. More: - Ramp called the move a natural extension of its business after witnessing a surge in large organizations using their platform.
- The addition of the new product is not expected to impact Ramp's revenue significantly.
- Glyman added, "The vast majority of our revenue comes through interchange — however, we're offering procurement because our customers asked for it…[and] it encourages deeper use of Ramp's core card and accounts payable platform."
Zoom out: - Ramp initially started as a corporate credit card company for SMEs, subsequently adding features such as bill pay, vendor management, and travel expense management, which helped the startup move upstream and cater to large enterprises.
- Ramp claims it has tripled its customers to 15,000, up from 5,000 in Mar. 2022.
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| 5 | | Electric aircraft manufacturer Pyka received approval from the Federal Aviation Administration (FAA) to operate its unmanned crop sprayer aircraft called Pelican Spray in the U.S. COO and co-founder Chuma Ogunwole said that this approval makes Pelican Spray the largest uncrewed aircraft ever permitted for commercial operations by the FAA. More: - The Oakland, Calif.-based firm currently provides its electric aircraft to crops-spraying companies in Costa Rica, Honduras, and Brazil.
- The Pelican Spray can carry up to 540 pounds of liquid pesticides and need to land every 15 minutes to swap batteries.
- Pyka developed uncrewed aircraft since it is easier to obtain regulatory approval.
- The firm has also developed a cargo aircraft with 70 cubic feet of cargo volume currently awaiting FAA approval.
Zoom out: - The aviation sector contributes nearly 2% of the total global carbon dioxide emissions.
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| 6 | | Topline Pro, a startup working on generative AI for home services to scale their businesses, announced a $12M Series A led by Forerunner Ventures. The company helps general contractors and landscapers build a website and establish a social media presence using artificial intelligence. More: - The startup sees itself as an alternative to marketplaces and intermediaries connecting customers to home services.
- "Home Services businesses are part of the backbone of the American economy and an industry that consumers rely on for the safety and comfort of their home, but the space has been overlooked for far too long due to structural and cultural dynamics, such as market fragmentation and misplaced stigma," said Nick Ornitz, CEO and co-founder of Topline Pro.
- The company claims to have generated $180M across "thousands of businesses."
- Other participants in the round included TMV, Bonfire Ventures, and BBG Ventures.
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| 7 | | Quick Hits: - Elevate your cloud expertise with the AWS Cookbook. Practical, concise, AWS-focused: This resource is your key to cloud success.*
- A16z Games announced a new startup accelerator, Speedrun, armed with $75M capital to back pre-seed gaming startups.
- Solid-state battery maker QuantumScape Corporation hired Western Digital Corp.'s president Siva Sivaram in the newly created role of president.
- Privateer, a space startup co-founded by Steve Wozniak, is introducing an online marketplace to make Earth-observing satellites accessible to private organizations.
- GoTab, a digital ordering and payment solutions provider for the hospitality industry, closed its Series A round with $18M funding led by Truist Ventures.
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Term of the Day Short (position): A short position involves one party borrowing a security, selling, and then repurchasing the security in the future. Question of the Week Have you ever regretted a career decision? What would you have done differently? Join the conversation |
INSIDE STARTUPS LEADERBOARD (7 DAYS) |
 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Nicolas is a Sr. Analyst at Inside, covering startups and transportation trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups. | | This newsletter was edited by Vibha Chapparike | |
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