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| Hey Insiders, Happy Friday! Here are the latest stories from today's newsletter: - Poshmark exits international markets.
- Convoy shuts down operations.
- Metaverse startup Upland raises $7M.
If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Nicolas
p/mobilitynerd | |
| 1 | | Poshmark, the social marketplace, announced closing some of its international markets. The company will discontinue its operations in India, Australia, and the U.K. to focus on core markets. More: - The company noted that services will cease in these countries on Oct. 26, 2023.
- The decision to close these international markets comes as Poshmark's popularity has declined in these regions, with less than 500,000 active users across the U.K., India, and Australia in the past month.
- With 8.1 million monthly active users, the company will concentrate its investments on the U.S. and Canada.
- The move follows Poshmark's acquisition by South Korean firm Naver last year, valuing the platform at $1.6B, a significant decrease from its peak market cap of $7.3B
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| 2 | | Digital freight broker Convoy announced it is shutting down its operations. The company had raised $260M at a $3.8B valuation 18 months prior. More: - Convoy, a Seattle-based startup, aimed to modernize the traditional and fragmented freight brokerage business.
- Prior to the shutdown, the company employed around 500 people.
- Convoy faced challenges as trucking rates normalized after the pandemic-induced supply chain disruptions, impacting the demand for its on-demand technology.
- The company cited an "unprecedented freight market collapse" and "dramatic monetary tightening" as reasons for its closure.
- The move comes as supply chain software startup Flexport announced 20% layoffs of about 20% of its workforce a week earlier.
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| 3 | | Upland, a Palo Alto-based Web3 metaverse startup, announced a $7M round. This brings the total raised to $25M since its inception, having launched its virtual real estate game in June 2019. More: - The startup works on a virtual version of the real world, where users can buy and sell properties.
- Upland claims 3 million registered users on the EOS blockchain and 300,000 virtual property owners.
- The round included participation from EOS Network Venture and recurring investors Hong Kong software company Animoca Brands and C3 Venture Capital.
Q: Have you used a metaverse platform this year? How was your experience? Join the conversation here. | | | |
| 4 | | RockItCoin announced the acquisition of FirstCoin ATM and Phoenix Crypto, which operate Bitcoin ATMs in California, Texas, and Arizona. The deal will add 78 ATMs to RockItCoin's network of 2,000 locations in 47 states. More: - The agreement brings RockItCoin's acquisition count to four, after Colorado-based XBTeller and Texas-based Tao Bitcoin in Jun. 2023 and Oct. 2022, respectively.
- RockItCoin launched its Go mobile app feature last month, which generates a barcode for scanning at participating stores for Bitcoin purchases.
- According to a report by AltIndex, the number of Bitcoin ATMs installed since the end of 2022 fell 17% to 32,500.
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| 5 | | Dutch company Skoon Energy raised a €5M ($5.3M) Series A funding round. Blue Bear Capital led the round with participation from the Graduate Entrepreneur Fund. More: - Skoon Energy, founded in 2017, focuses on reshaping on-site energy supply by connecting users to clean mobile energy systems, including batteries, hydrogen, and solar generators.
- The online platform allows customers to select the best energy system for their specific needs, monitor energy usage, and report on carbon savings.
- Skoon Energy has over 150 verified suppliers, including Atlas Copco, Volta Energy, and Morillo Energy, and is utilized by rental companies in Europe.
- This move comes as many companies are looking at ways to reduce their carbon footprint and transition to more sustainable energy solutions.
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| 6 | | iink, a startup working on automating multiparty property insurance claims, raised a $12M Series A led by Headline. The startup develops a TurboTax-like approach, where users get asked questions to expedite payments. More: - The Tampa-based company is averaging $72M in insurance claim volume.
- The startup plans to use the funds on scalability, automation, and building the customer base. It also intends to hire in the areas of business and engineering.
- The round included participation by Motley Fool Ventures, Chartline Capital Partners, and Silver Circle Ventures, among others.
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| 7 | | Quick Hits: *This is sponsored content. | | | |
Term of the Day Conversion rate: Conversion rate is the percentage of visitors to a website or landing page who take a desired action. Question of the Week What perks would convince you to return to the office? Join the conversation |
INSIDE STARTUPS LEADERBOARD (7 DAYS) |
 | Sr. Analyst | | Nicolas S. is a Sr. Analyst at Inside, covering transportation and startup 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 startups. Follow him at @MobilityNerd. | | This newsletter was edited by Vibha Chapparike | |
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