Author: TechBrunch
Apple's App Store isn't always as reliable as the company claims. The latest example comes from RockAuto, an auto parts retailer popular with home mechanics and DIY enthusiasts. The company is angry that a fake app masquerading as an official app has not been removed from the App Store, despite multiple complaints to Apple. Jim Taylor, RockAuto's co-founder and president, first noticed the situation when customers started complaining about “annoying ads” in the company's app. “I was surprised because he doesn't have the app,” he said. Fake RockAuto app on the App Store. Image credit: Apple (screen capture by TechCrunch)…
Apple's App Store isn't always as reliable as the company claims. The latest example comes from RockAuto, an auto parts retailer popular with home mechanics and DIY enthusiasts. The company is angry that a fake app masquerading as an official app has not been removed from the App Store, despite multiple complaints to Apple. Jim Taylor, RockAuto's co-founder and president, first noticed the situation when customers started complaining about “annoying ads” in the company's app. “I was surprised because he doesn't have the app,” he said. “We discovered that someone had placed an app in the Apple App Store using…
You don't need venture backing to succeed Rubrik's strong IPO pricing and warm reception from the public market following its listing further reinforces the view that public markets are not as closed to tech startups as some think. If Rubrik's results aren't enough to break the chaos, there's probably something else going on. But a lot more happened this week. So, as usual, the Equity staff had a mountain of news to tell, with a little bit of our own mixed in as well. Fortunately, it all turned out to be very interesting. So Mary Ann and Alex started at…
Darktrace is set to be taken private in a deal that values the UK-based cybersecurity giant at about $5 billion. A start-up called Luke Bidco Limited, founded by private equity giant Thomas Bravo, offered an all-cash bid of 6.20 pounds ($7.75) per share, which was 44% higher than the three-month average price. It corresponds to the amount with a premium of %. However, this premium falls to just 20% when compared to Darktrace's closing price yesterday, as the company's share price has risen 20% to £5.18 in the last month. Founded in 2013 in Cambridge, UK, Darktrace is best known…
Global Founders Capital is a Berlin-based early-stage VC firm with close ties to German startup factory Rocket Internet, and will become the venture arm of Rocket Internet. The company has previously raised two $1 billion funds, and just a few years ago its name appeared on dozens of deals a year. But then things quieted down. Now I understand why. Going forward, we will only invest from Rocket Internet's balance sheet. Last year, the Financial Times reported that Global Founders Capital was in the midst of a major strategic shift. A few weeks ago, the VC firm reached out to…
xAI, Elon Musk's 10-month-old competitor to AI genius OpenAI, has raised $6 billion at a pre-money valuation of $18 billion, according to a reliable source close to the deal. . The deal will give investors a quarter of the company and is expected to close in the coming weeks, unless the terms of the deal change. The trading conditions have already been changed once. As of last weekend, Jared Birchall, head of Musk's family office, told prospective investors that xAI had raised $3 billion at a pre-money valuation of $15 billion. That number was quickly adjusted, given that many investors…
Goldman Sachs said in a report late Thursday that Indian food delivery giant Zomato's quick-commerce arm Brinkit is now worth more than its core food delivery business, according to the bank's aggregate analysis. The investment bank values Brinkit's implied value at INR 119 ($1.43) per share, or about $13 billion, while Zomato's food delivery business is valued at INR 98 per share. It becomes. Goldman previously expected Blinkit's valuation to be $2 billion as of March 2023. Brinkit's soaring valuation is driven by strong growth potential in India's fast-growing quick commerce market. Goldman Sachs forecasts Brinkit's gross order value (GOV)…
The Federal Trade Commission voted 3-2 Tuesday to ban the use of most non-compete agreements. The ruling means companies cannot require employees who are not senior managers to wait a certain period of time before joining a competitor or starting their own company in the same category. The FTC's ruling will have the biggest impact on industries such as financial services and hedge funds, but it could also affect emerging companies because such agreements are prevalent in these industries. In fact, this ban could be positive news for startup founders and recruiters in many ways. For one thing, it could…
Norwest Venture Partners, a 65-year-old firm backed exclusively by Wells Fargo, has raised $3 billion for its 17th fund. This number is notable considering the last time NVP raised a similar amount was in December 2021. It was the peak of the venture boom, and at the time the company announced it had increased its capital pool by 50% (NVP's 2019 fund closed at $2 billion) in a deal that increased round sizes and valuations to unprecedented levels. Because we needed to stay competitive in our environment. However, things have clearly changed since then. Investors are backing fewer companies, and…
Space and defense startup True Anomaly has laid off about 25% of its employees and canceled its summer internship program, TechCrunch has learned. “With our rapid growth over the past two years, we have looked at all aspects of our company to ensure we are focused on our goals and best positioned to execute,” a company spokesperson said. “We identified duplication of roles and functions across the company and therefore reduced headcount. It doesn't affect our mission.” TechCrunch was unable to confirm the total number of employees before these cuts, but True Anomaly told the Denver Business Journal that it…