In this engaging discussion, the hosts dive into the ups and downs of the startup world. Lula impressively transitions into a frugal powerhouse in insurtech, while Weights & Biases effortlessly secures a hefty $50 million. However, not all news is bright; BlueJeans falters after Verizon's acquisition, and Kenyan logistics startup Sendy closes its doors. The conversation also touches on Proterra’s bankruptcy woes and WeWork’s ongoing challenges. Plus, a look at SoftBank’s renewed investment strategies rounds out this rollercoaster of a week in venture capital.
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Lula's Frugal Growth
Lula, an insurtech startup, grew 20x in monthly revenue since February 2022 by expanding its offerings.
Initially an insurance API, Lula now provides software for risk and claims management, driver vetting, and premium reduction.
This week Mary Ann and Alex got into a mix of growth stories, and some less-than-winsome on the startups that are not having the best 2023:
How Lula went frugal and set itself up for a massive up-round in 2023: Mary Ann's recent reporting on Lula was perfect Equity material as it dealt with capital in motion, and a quickly-growing startup. Even more notably, Lula is in the insurtech space, part of the fintech world that has had an up-and-down few years.
Weights & Biases raises $50M: Back in the day if a startup raised a big round, and then a smaller round afterwards, we would have worried a little. Today's venture market feels a little bit different. So, MLOps startup Weights & Biases has added $50 million more to its coffers, and we didn't fret too much on the round coming in light compared to its previous tranche. Summing our views, anything ML and AI is hot today, and Weights & Biases is well known. This round was not a shocker.
BlueJeans folds: Remember when Verizon bought a Zoom competitor during the pandemic? It seems that customers didn't, either.
Sendy shutters, Proterra reaches for bankruptcy help: While insurtech and MLOps are showing vigor, Kenyan logistics startup Sendy is over, and an EV startup that went public via a SPAC is trying to shake up its accounting so that it can keep going. Not the best news, frankly.
Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.
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