Zebeth Media Solutions

Author : zebethcontrol

Hulu Live TV adds 14 channels including Hallmark and The Weather Channel • ZebethMedia

Hulu is expanding its Live TV line-up with 14 new channels, such as Hallmark Channel, The Weather Channel, Comedy.TV, JusticeCentral.TV, TheGrio Television Network, and six channels from the music video network Vevo. The new channels bring the total to over 85 channels, which include entertainment, live sports, and national and local news. Today, November 14, Hulu Live TV added Hallmark Channel and Hallmark Movies & Mysteries to the platform. Hallmark Drama is also available, however, it’s only part of the Entertainment Add-on, which is an additional $7.99/month. The Weather Channel and Comedy.TV have been on the platform since November 1. On December 1, subscribers can stream channels such as Vevo Pop, Vevo Hip-Hop, Vevo Country, Vevo ‘80s, Vevo ‘90s, Vevo Holiday, TheGrio Television Network, JusticeCentral.TV, and The Weather Channel en Español. As announced in August, Hulu will increase the subscription prices of the Hulu Live TV bundle on December 8. For the base plan, subscribers get Disney+’s new ad-supported plan, Hulu Live TV (Ads) and ESPN+ (Ads), for $69.99 per month. The Legacy plan will increase to $74.99 per month, which includes Hulu Live TV (Ads), ESPN+ (Ads), and Disney+ (No Ads). The premium plan with Hulu Live TV (No Ads), ESPN+ (Ads), and Disney+ (No Ads) will jump to $82.99 per month. While many subscribers will be unhappy with the price hike, the new programming might make it easier for some to stomach. “We have been listening to our subscribers and are thrilled to bring some of their most requested channels to our service just in time for the holidays,” said Reagan Feeney, Senior Vice President, Live TV Content Programming and Partnerships for Hulu, in a statement.

Playground, Seraphim and Root VCs talk funding trends at TC Sessions: Space • ZebethMedia

It’s no secret that VC spending in 2022 did not take a page from the wild funding spree that was 2021. This year’s more measured approach has had a cooling effect — particularly on space-related startups. In Q3 alone, investments in 79 space companies hit $3.4 billion — down 44% from Q3 2021. Still, some prognosticators report that while space investments continue to decline, some sectors are more resilient than others. This is why we’re thrilled that Jory Bell, general partner at Playground Global; Mark Boggett, CEO and managing partner at Seraphim Capital; and Emily Henriksson, principal at Root Venture, will join us onstage for a panel discussion at TC Sessions: Space on December 6 in Los Angeles. In a session called “Backing Big Bets in Uncertain Times,” these panelists will discuss the current mindset and priorities of investors who have previously backed space startups. We’re curious to get their take on whether sectors — like remote sensing, which provides critical information to both governments and enterprises during increasingly uncertain times — might be better insulated from macroeconomic trends like high interest rates and inflation. And, if we are in for an extended economic downturn, what should startups expect from private space capital in 2023? We have questions, and these folks should provide valuable insights during a compelling discussion. Jory Bell sourced some of Playground Global’s earliest investments, including Nervana Systems (acquired by Intel). His first three investments at the firm are now unicorns and one, Velo3D, went public last year. Bell leads the firm’s investment efforts in deep tech areas, including advanced manufacturing, aerospace, computational therapeutics, energy, genomics, materials, next-gen computing, quantum and synthetic biology. His investment portfolio includes Mangata Networks, Relativity Space and Strand Therapeutics to name a few. Mark Boggett, a pioneer in space tech investment, co-founded the Seraphim Space Fund and invested in a portfolio that includes three companies that have achieved billion-dollar valuations. Previously, Boggett served as director at YFM Equity Partners, the firm behind the high-profile British Smaller Companies VCT 1 and 2. Boggett also worked at Brewin Dolphin and Williams de Broë. He completed his undergraduate degree in accounting and finance, and he received a master’s in economics and finance from the University of Leeds. Emily Henriksson is a principal at Root Ventures, a firm focused on investing in three areas: tools and infrastructure, low-cost robotics, and hardware and data science. Prior to joining Root, she worked as a propulsion engineer and designed flight hardware for the SpaceX Falcon and supervised vehicle build for schedule-critical missions. Henriksson also worked on the Model 3 battery module team at Tesla. She holds MS and BS degrees in mechanical engineering from Stanford and an MBA from Harvard Business School. TC Sessions: Space takes place on December 6 in Los Angeles. Buy your pass today, join us to learn about the latest space investment trends, see cutting-edge technology, and network for opportunities to help you build a better, stronger startup. Is your company interested in sponsoring or exhibiting at TC Sessions: Space? Contact our sponsorship sales team by filling out this form.  

4 moves your firm must make now • ZebethMedia

Grant Easterbrook Contributor Grant Easterbrook is a fintech consultant based in Amsterdam. His work has been cited in the media over 150 times. He also co-founded Dream Forward, which was acquired in 2020. This year marks the 10th anniversary of the fintech phenomenon. Companies such as E*TRADE, Rocket Mortgage, and TurboTax began to disrupt the established financial services sector well before 2012, but that year marked the turning point when fintech morphed into a sustained movement that would drastically change how most people manage their money. If you’re a fintech startup, you will face four main types of competitors over the next decade: Traditional financial firms offering more of a “super app” experience with strong member benefits and perks; Advanced decentralized finance protocols that can offer financial products that involve real-world assets; Increasingly common embedded financial products sold by non-financial firms; A government-issued CBDC in many (but not all) countries. Your firm will need a very strong value proposition to compete with all four types of competitors. This leaves most firms with two options over the next decade. One avenue is to specialize in a handful of products or services that you believe will have value on their own that consumers will sign up for despite robust competitor ecosystems. Alternatively, you need to develop a comprehensive strategy to compete and build a compelling suite of products, services and perks. How can fintech startups prepare to compete in the next decade? Here are four steps you can take to remain competitive. Any corporate strategy document will remain a fantasy on paper if your tech infrastructure is outdated and incapable of meeting your future needs. Your tech stack must support fintech’s cutting edge The foundational step of any long-term strategy for the 2020s is to revamp your firm’s tech stack to support future needs. You will need modern tech infrastructure that can support greater cross-product automation, a sophisticated AI assistant, more integrations with external parties such as the crypto ecosystem, and non-financial perks/benefits. The process for improving your tech stack varies based on the type of firm. If you work for a large bank still running COBL, the first step is likely a massive investment in a multi-year process to migrate to a modern and streamlined tech infrastructure. If you are a relatively young fintech company, you generally have more “white space” to design your stack. The challenge for smaller companies isn’t dealing with decades of tech debt; rather, it’s optimizing limited engineering resources to build the best possible tech stack. Modernizing tech infrastructure is a difficult and expensive proposition. Generally speaking, the best way to get company leadership on board with such investments is to highlight what competitors are doing to help them understand the competitive threat.

Bird tells SEC it overstated revenue for two years • ZebethMedia

Micromobility company Bird said Monday it had overstated its revenue for more than two years by recognizing unpaid customer rides. Bird’s audit committee found on Friday that the company’s financial reports spanning the first quarter of 2020 through the second quarter of 2022 “should no longer be relied upon,” according to a U.S. Securities and Exchange Commission (SEC) filing. The committee discovered the discrepancy while preparing Bird’s financial statements for the quarter ended September 30, 2022. The Santa Monica–based e-scooter and e-bike sharing company also said it will delay filing its third-quarter financial report, originally scheduled for Monday. Bird said it had recorded revenue on certain trips even when customers lacked sufficient “preloaded ‘wallet’ balances.” The company said it should have reported the unpaid balances on its financial statements as deferred revenue. An internal investigation found that the company’s “disclosure controls and procedures are not effective at a reasonable assurance level.” Bird, which went public in a November 2021 SPAC deal that valued the company around $2.3 billion, said it plans to file its third quarter results as soon as possible and restate its previous financial results. In August, Bird reported that it missed Q2 revenue estimates slightly, with a net loss of $310.4 million on revenue of $76.7 million. It said that its total number of rides doubled over the year-ago period but that its average fare and number of rides per vehicle dropped. Overall, the company suffered a tumultuous second quarter, announcing plans to dismantle its retail business, shut down operations in unprofitable markets and laying off close to 140 workers. CEO Travis VanderZanden stepped down as president in June, shortly after the New York Stock Exchange warned that the company could be delisted for trading below $1. Bird said during its second-quarter financial report that it would realize savings from the cost-cutting measures in the third quarter.

DoorDash rolls out new safety features for delivery people on its platform • ZebethMedia

DoorDash is rolling out new in-app safety features to help ensure delivery people on its platform are safe before, during and after every order. Now, if DoorDash detects that a delivery is taking longer than expected, the app will automatically check to see if the delivery person is okay. The new check-in feature is initially launching in New York City and Washington before rolling out across the country. Delivery people will gain access to a new “SafeChat” feature that aims to prevent safety incidents. If the app detects inappropriate or offensive language in a chat, the person who sent the message will receive a warning and the delivery person will be given the option to unassign themselves from the delivery without a penalty. SafeChat is now active in the United States, Canada, Australia and New Zealand. Image Credits: DoorDash In response to feedback from delivery people, DoorDash will start sending a notification to customers asking them to turn their porch or house lights on as the their delivery person is approaching. The company says delivery people have said that better lighting would make it easier for them to find the right address and make them feel safer when delivering at night. DoorDash is also making it easier for delivery people to report a safety incident during or after a delivery. If a customer makes them feel unsafe, they can immediately report it via in-app chat or call for investigation. They can also block deliveries to that customer in the future. Image Credits: DoorDash In addition, DoorDash is partnering with Samdesk, a global crisis detection platform, to roll out real-time safety alerts. In the event of an emergency, the company will alert delivery people and merchants about the incident and suspend operations near the area. The app will also check-in on delivery people near any impacted area to make sure they are okay. The features announced today are an extension of SafeDash, DoorDash’s in-app security toolkit that launched last year. DoorDash partnered with ADT to launch two features within the toolkit. The “safety reassurance call” feature lets users connect with an ADT agent through the Dasher app in instances where they may feel unsafe. The “emergency assistance button” allows users to seek help if needed.

222 wants to match perfect strangers for bespoke, real-life experiences • ZebethMedia

As anyone who’s moved to a city sight unseen can tell you — this reporter included — making platonic connections isn’t easy. Adult friendships are fickle beasts in metros of millions, where casual friends are cheap currency. Statistics back up my anecdotal evidence. According to a 2021 survey conducted by the Survey Center on American Life, an increasing number of people can’t identify a single person as a “close friend.” In 1990, only 3% of Americans said that they had no close friends, while in 2021, that percentage rose to 12%. Many a startup has attempted to “solve socializing” with apps, algorithms and social nudges, or a combination of those three things. Bumble, for instance, has experimented with a communities feature that lets users connect with one another based on topics and interests. Patook took a Tinder-like approach to matching potential friends, using AI both to connect users and block flirtatious messages. But not everyone’s found these experiences to be especially fulfilling. “[I’m alarmed] by the tech industry’s lack of focus on building social products that are truly social rather than purely built to capture attention and exploit our desire for external validation,” Keyan Kazemian told ZebethMedia in an interview. He’s one of the three co-founders of 222, a social events app that aims to — unlike many that’ve come before it — facilitate meaningful and authentic connections. “Our society’s brightest minds — our fellow scientists, engineers and product managers — are being paid hundreds of thousands of dollars not to solve the existential problems of loneliness, climate change, space travel, cancer and aging but to instead find new ways to keep an already mentally ill society consuming endless content, always fighting for more of their attention,” Kazemian continued. “We’re building a product to swing the pendulum in the other direction.” Kazemian co-launched 222 in late 2021 with Danial Hashemi and Arman Roshannai. They initially came together over a university-funded project around predicting social compatibility among a group of strangers. Toward the end of the pandemic, Kazemian, Hashemi and Roshannai — all Gen Zers (at 23, Kazemian is the oldest) — curated intimate dinners in Kazemian’s backyard over wine and pasta for friends of friends who’d never met each other, using machine learning and a psychological questionnaire to craft the guest lists. “Folks loved the backyard dinners so much they convinced us to try to replicate it with real venues,” Kazemian said. “In early 2022, we moved to Los Angeles and started partnering with brick and mortar locations, creating a marketplace between hyperlocal venues and members looking to discover their city and meet new people through unique social experiences.” That marketplace became 222. Today, anyone between the ages of 18 and 27 can sign up for an account — the founding team is focused on the Gen Z crowd presently. There’s no app — just a basic Typeform workflow — and the sign-up process is designed to be simple. Once you provide your name, email address and date of birth, 222 has you answer roughly 30 Myers-Briggs-type questions covering topics from movie, music and cereal preferences to political views and religious affiliation. 222’s onboarding survey. Some are uncomfortably personal — you’ll be asked about your income level, sexual orientation and college major — but Kazemian says it’s in the interest of narrowing down potential matches. “All of our data is encrypted and used only to better each 222 member’s social experience,” he added when asked about 222’s privacy practices. 222’s small print also indicates that data from the app is being analyzed as a part of a university social science project — a continuation of the one Kazemian, Hashemi and Roshannai led a year ago. Opting out requires contacting the company. Image Credits: 222 After answering additional questions about your personality (e.g. “Is social activism is incredibly important for you?”, “Are you willing to have uncomfortable and difficult conversations with your friends?”) and go-to social activities (e.g. drinking, watching sports, going out to nightclubs), 222 has you list dietary restrictions and your ZIP code. You’re then asked to choose which factors you find most important in meeting new people (e.g., social scene, political leanings), and it’s finally off to the races. Or it should be. When I tried to sign up, the website threw an internal server error. I eventually received a text confirming my enrollment, but it included a link to a webpage that endlessly loaded. Kazemian chalked it up to teething issues and promised a fix. When the Typeform is working properly, Kazemian says, an algorithm behind the scenes factors in the answers to those 30-some questions to determine which of 16 categories your personality falls into. Once that’s decided, you’ll be notified if you’re selected for a 222 event — for example, dinner at a local venue partner of 222’s — which are currently held weekly and cost $2.22 to attend. Those who aren’t recruited for the dinner can choose to join for post-event mingling. So is the algorithm any good? Kazemian asserts that it is, and that, furthermore, 222 is one of the few social apps directly training and matching based on real-life experiences. “Most dating apps don’t do any sort of matching at all and rather focus solely on an Elo-type score, like in chess. Users on those products are only exposed to those that have a similar ‘yes-swipe-to-no-swipe ratio to themselves,” Kazemian said. “[By contrast,] based on our member’s onboarding questionnaire, 222 develops a psychological profile for each new sign up … Our algorithm will then not only pair each member with the best possible group of strangers for a given experience, it will also curate an itinerary for the evening with the best possible consumer experience — which speakeasy, café, concert or restaurant will this group of individuals have the best time at.” That’s quite a claim to make considering Tinder and even Facebook has dabbled with helping strangers connect at events. But algorithmic robustness aside, users might be wary of attending events

Zenlytic develops commerce-specific, self-serve business intelligence tool • ZebethMedia

Zenlytic, a business intelligence tool for commerce, secured $5.4 million in seed funding to continue developing its natural-language interface for non-technical users who want to corral their customer acquisition, conversion and retention software into one tool without needing a data team. Bain Capital Ventures led the round and was joined by other investors, including Primary Venture Partners, Correlation Ventures, Company Ventures, Habitat Partners (Red Antler) and the Sequoia Scout Fund. As my colleague Kyle Wiggers wrote earlier this year, business intelligence is getting some love from venture capital firms as the category yields more solutions for managing and analyzing large amounts of data so customers can identify new revenue opportunities. However, Ryan Janssen, co-founder and CEO of Zenlytic, is out to turn business intelligence on its head by doing something he believes the industry says it’s doing but has never really delivered — true self-serve capabilities. Prior to starting the company, Janssen and co-founder Paul Blankley were data scientists consulting with commerce brands on how to use data and noticed that no matter the size, they had similar issues. “One of the biggest ironies is they have a wealth of data to make decisions, but because their core product is not tech, they generally have smaller tech teams, are late to develop tech teams,” Janssen told ZebethMedia. So they set out to build their own take on business intelligence with Zenlytic, what he described as a true self-service tool specifically designed for commerce companies. Users can unite all of their customer acquisition, conversion and retention SaaS tools into one cloud data warehouse and access customizable analytics. “Unreliable data is worse than no data at all,” Janssen added. “Brands need customer logic, but today’s tools are typically one-size-fits-all. Our tech unlocks better self-serve by rolling up natural language capabilities powered by GPT-3 and OpenAI to make it feel like you are having a conversation with an internal data person.” The $5.4 million in new funding is spread across two rounds, including one that happened about two years ago and the other one, led by Scott Friend, a partner at Bain Capital Ventures, this year. Friend told ZebethMedia that commerce is one of the core focuses of the firm and he spent most of his career in commerce analytics. While looking for new software companies helping brands do things they couldn’t do before, he found Zenlytic and saw that it was doing something that he had recognized a need for, but could not find. “We didn’t have nearly the brilliance of Ryan and Paul, but did think there needed to be a self-serve way for people to ask questions about their business data without having to hire an analytic team,” Friend said. “We stumbled into Zenlytic and when we saw versions of the product, we were blown away by their idea of being able to ask a question and have the machine do all the analysis. That is a dream for people running brands.” Meanwhile, Zenlytic is very much still in its early stages, so there wasn’t much to report on traction, according to Janssen, and much of the funding will go into expanding the company’s team as it moves toward being a product-led business. He expects the company to triple its team of four people in the next year as it adds more product and analytics folks to develop additional capabilities.

Musk says orgs will soon verify affiliated accounts; Blue sign-ups and name changes will be reinstated end of this week • ZebethMedia

Twitter Blue, Twitter’s paid tier, appears to be on ice at the moment as the company tries to navigate how to control it from being abused by impersonators while still promoting it as a mass market product to build out a new revenue stream among “official” users and the hundreds of millions of others who use Twitter. No biggie! In the absence of any official announcements, Twitter’s new owner and CEO Elon Musk is reverting to type and pushing out some social guerilla marketing around how brands, other organizations, and the rest of us use the platform. Yesterday, Musk said in a Tweet that the company soon would be letting “organizations to identify which other Twitter accounts are actually associated with them.” In later notes, he clarified this meant organizations would be able to manage their own affiliations and affiliated accounts, but that Twitter would likely be the arbiter of what counted as a primary organization. Rolling out soon, Twitter will enable organizations to identify which other Twitter accounts are actually associated with them — Elon Musk (@elonmusk) November 13, 2022 It’s not clear if managing affiliations will be a tool only for organizations that pay for the privilege to use it — a la a Twitter Blue-style tier for orgs, brands and influencers — or if it will be something that any verified account will be able to do. Where Verified blue-check accounts will sit in relation to paid Blue blue-check accounts is in itself still a big question mark, since Twitter has made so many changes around the product in the last week that most people have now lost track of what is going on. In any case, if it all goes to plan — Twitter’s business plan as meted out in Tweets, that is — Twitter Blue, plus another related service that was paused due to impersonation abuse — a current lock on verified users changing Twitter screen names — should both be reinstated by end of week, Musk noted. Without doubt, Twitter is trying to make some lemonade out of lemons here. Musk’s tweets are coming on the back of an unbelievably chaotic couple of weeks of the company operating under new ownership, spearheading a different business model (focusing on subscriptions and paywalls rather than just ads while also going from publicly-traded to privately-held), and in some ways maybe most critically, as of last week with half the staff it had compared to a week before. That’s meant not only sharp turns in what the company is doing, and how it’s carrying things out (the latest as of this morning: a freeze on code changes) but very little communication about any of it. Case in point: Twitter Blue has expanded, been pretty mercilessly trolled and abused, contracted, and ultimately paused in the space of little more than a week. Yet the service’s own “Official” Twitter account has not sent a single Tweet out, nor made any actual announcements, since October 18 — a full 10 days before Musk closed his deal to buy the company. On the other hand, if Musk’s hint of the new feature does get rolled out and it has to do with managing affiliated accounts (rather than creepily keeping tabs, say, on how employees discuss the company in their individual accounts), it’s actually long overdue. One of the problems with Twitter had been that accounts that were getting impersonated typically had to proactively find and request take-downs of other accounts, and even then the process was not always instantaneous. (Ditto abusive and harassing accounts.) Something like this could effectively turn that problem on its head by making it easier for organizations to track and report those unaffiliated accounts, which would be one step towards Twitter sweetening the deal for getting organizations to sign up to (and pay for?) “official” tiers, and for Twitter improving its credibility with brands and organizations, which appears fairly poor at the moment. Indeed, just as it’s downright hard for us regular people to stake much faith on what might happen next, brands and organizations have somewhat been left out in the cold, too. We’ve received some research passed to us from Battenhall, a London-based marketing agency that works with brands and companies on social media strategy. It lays bare the state of Twitter’s current interface with commercial organizations. The long and short of it: like the rest of Twitter right now, it’s all over the place. One of Twitter’s attempts at clearing up the confusion (hah) between “Blue” paid accounts, the pre-existing blue-check verification status and impersonations that were running riot exploiting the Blue paid tier, was to create a “double verification” route, where “real” accounts were denoted with both “official” notes and blue checkmarks. But taking just the FTSE 100 top companies in the U.K., Battenhall found that only 23% of them had been given that double verification status as of late Friday. Further to that, 39% of FTSE 100 companies had just a single blue tick verification. But as Battenhall founder Drew Benvie pointed out to me, “That can signify either a verified account or an $8 per month Twitter Blue pay-for-verification account.” Sounds inconsistent? On top of this, a full 38% of FTSE 100 companies did not have any form of verification at all. “Burberry, the brand with the largest Twitter following in the FTSE 100, has not been given ‘official’ white tick status, ranking it equally in prominence to $8 Twitter Blue subscribers,” Benvie added. Burberry’s Twitter account, which does have the blue check, has around 8.2 million followers. Phoenix Group, which 4,100, has the smallest following among FTSE 100 companies with 4,100 followers, yet it does have double verification. Other FTSE 100 organizations with the double include AstraZeneca, BP, Diageo, Sainsburys, Tesco and Vodafone. “There is no clear pattern to which accounts are verified, official, or even really who they say they are as blue ticks can be purchased for £6.99 or $8,” Benvie noted. “I believe (although don’t categorically know) that the verification

African web3 startup Nestcoin declares it held its assests in FTX, lays off employees • ZebethMedia

African web3 startup Nestcoin has laid off some of its employees as its business was impacted by FTX’s demise. This information was shared by the startup’s CEO Yele Bademosi, who, in a tweet, said last week’s events impacted his one-year-old startup “as we held our assets (cash and stablecoins) at FTX to manage our operational expenses.” Since Sam Bankman-Fried’s crypto empire, made up of FTX, Alameda Research and FTX Ventures, collapsed last week, there have been various reports of companies whose money are stuck on FTX, its crypto exchange platform. Some of them include Galois Capital, a hedge fund with half of its assets stuck on FTX; Genesis Trading, who had about $175 million locked on the crypto exchange; Multicoin, the famed web3 venture capital firm which had nearly 10% of its assets under management trapped. Nestcoin joins that list which seems to be growing by the day; it seems all its assets (cash and stablecoins, as mentioned by the CEO). According to several reports, companies with money stuck on FTX might get their money back depending on how much FTX’s assets are ultimately worth. From its 23-page bankruptcy filing, FTX has more than 100,000 creditors with assets in the range of $10 billion to $50 billion, as well as liabilities ranging from $10 billion to $50 billion. Nestcoin is one of a handful of companies that have received capital from FTX and Alameda Research, alongside other U.S.- and Western-based companies. FTX, for instance, led the $150 million Series C extension round in Chipper Cash, an African payments company; Alameda Research, on the other hand, has backed Nestcoin, Nigeria- and Kenya-based web3 company Mara, Congolese web3 startup Jambo. It’s still unclear if these other startups held their assets in FTX, but that’s likely the case given what’s come to light with Nestcoin, even though Alameda Research, its investor, has less than 1% equity. We used the closely-associated exchange, FTX, as a custodian to store a significant proportion of the stablecoin investment we raised – i.e. our day-to-day operational budget,” said Bademosi in his tweet. “We were not undertaking any trading, but simply custodied our assets on the FTX exchange. While there are uncertainties, including the outcome of our assets held at FTX, we as a company have to adjust our plans, rethink our strategy and take steps to better position ourselves for the future.” To that end, Nestcoin has had reduce its headcount. According to two people familiar with the matter, Nestcoin layoffs will affect at least 30 employees from sub-departments, including Breach, Brunch and MVM, a sister product that raised $3 million months ago; for those remaining, they will see their salaries cut as much as 40%, the people said. While this is a challenging time for us and the industry as a whole – we see this as a wake up call to focus on building a more decentralized crypto future where no one organization or person can amass enough power to influence a nascent industry that has the potential to do good. In the past few days l’ve strengthened my resolve and remain committed to “doing crypto” in line with its true spirit and founding ethos. At Nestcoin we have a renewed sense of purpose – we realize that for crypto to truly go mainstream, we must accelerate the transition to self custody by building compelling trustless crypto products. To succeed, we will remain relentless, resourceful and flexible as we navigate these hard times. Please note, the products Nestcoin has released to-date are DeFi protocols & non-custodial in nature and, as such, we have never held customer funds and this incident has no impact on our customers financially. This is a developing story…

Vow’s first cultured meat product close to Singapore unveiling after $49.2M Series A • ZebethMedia

Another cell-based meat company is poised to have its meat products introduced in restaurants. Vow’s first product brand, Morsel, which was created from its cultured meat technology, will go into Singapore restaurants by the end of this year. Singapore was the first nation to approve cultured meat products for sale, with Eat Just being one of the first companies to sell its lab-grown chicken there. This milestone comes as the three-year-old Australian company, which touts itself as “Australia’s first cell-based meat company,” raised $49.2 million in Series A funding. Cell-based technology is one of the solutions increasingly used that creates meat from the cells of animals instead of the animals themselves. This is not only to save animals from slaughter, but to provide a more sustainable method of food production. Vow co-founder and CEO George Peppou told ZebethMedia that scaling and manufacturing are the biggest single costs for the company and a driver for going after funding. “Before the round, we had an underlying product and customers who were interested,” he said. “We had built Factory 1 and had everything in place going into the regulatory process in Singapore, Australia and the U.S. However, there was way more demand than supply. If we could raise a large Series A, we could introduce Morsel to multiple markets and prove out the big view on what the food looks like.” Morsel is a cultured umami quail product, and the way chefs are experimenting with it is to position it on the menu, not as quail, but as a new type of meat. It has a roasted umami flavor with aromatic seafood notes, providing a more unique experience and something that you would expect to see on a fine-dining menu, Peppou said. Blackbird and Prosperity7 Ventures, an Aramco Ventures growth fund, co-led the Series A and was joined by Toyota Ventures, Square Peg Capital, Grok Ventures, Cavallo Ventures, Peakbridge, Tenacious Ventures, HostPlus Super, NGS Super and Pavilion Capital. The new capital comes nearly two years after Vow grabbed $6 million in seed funding. The company was focusing its technology on more exotic meats, like buffalo, kangaroo or alpaca. At the time, it was also building a design facility and laboratory in Sydney, and in October announced that the facility was open. When it is fully operational, the company said it will produce “as much as 30 tonnes” or 66,100 pounds of cultivated meat each year. But as we’ve discussed many times within this publication, scale continues to be a challenge for cultured meat producers due to the cost of the materials and volume needed to reach price parity with current meat products and eventual company profitability. To put this in perspective, it is feared that as the human population nears 9 billion by 2050, a meat-centric diet will not yield enough calories to feed everyone. Giant food producers and startups alike are collectively trying to find a way to produce more food, and plant-based has been identified as one of the ways to do it. Currently, Vow’s Factory 1 is working on producing between one kilo, or two pounds, and tens of kilos every few days, Peppou said. He believes the company has a good strategy for achieving a bigger scale, and with the new capital will speed up getting its Morsel product to market, future product development and hiring across new divisions, like product and marketing. Peppou expects to grow the manufacturing team from four people to between 15 and 20 people in the next few months. By the middle of next year, the overall Vow workforce will be around 80 people. It is also expanding manufacturing by beginning the development of its second factory that the company said will be “100x larger” than its first. “Currently, every part of the process is a long way before hitting the factory’s physical limits, which is intentional,” he added. “We will continue to test with a high margin for error and then ramp up close to capacity while also looking at what Factory 2 needs to look like.” Singapore and Australia currently have a bespoke approval process for cultured meat products and a clear regulatory framework for that approval, Peppou said. He expects to be able to get Morsel to market within a year in both of those countries. The U.S., however, is “a bit more ambiguous because there isn’t a specific regulatory framework, so the timeline for introducing products is less clear,” Peppou added.

business and solar energy