Roblox is going public – ProWellTech
Roblox opens its books, Snap makes an acquisition, and Pfizer and BioNTech seek regulatory approval for their vaccine. This is your Daily Crunch for November 20, 2020.
The big story: Roblox is going public
The child-friendly games company filed a confidential application to go public in October, but only released its S-1 document with financial information yesterday.
How do the numbers appear? Well, Roblox is certainly growing rapidly: Total revenue increased 56% in 2019, and then another 68% in the first three quarters of 2020, when it posted revenue of $ 588.7 million. At the same time, losses are also growing, nearly quadrupling to $ 203.2 million in the same three quarters.
The company also recognized that its success depends on its ability to “provide a safe online environment” for children. Otherwise, “the business will suffer great damage”.
The tech giants
Snap has acquired Voisey, an app for creating music tracks by overlaying your voice: Voisey users can apply audio filters to their voices and can browse and view other people’s Voisey tracks.
Despite the commitment to anti-racism, Uber’s black employee base has declined: Uber’s latest diversity report shows a drop in overall black employee representation in the U.S.
Google, Facebook and Twitter threaten to leave Pakistan under censorship law – This comes after the Pakistani government granted general powers to local regulators to censor digital content.
Startups, financing and venture capital
Loadsmart raises $ 90 million to further consolidate its one-stop freight and logistics platform: Loadsmart offers bookings for freight transportation by land, rail and through ports, all from a single online portal.
ORIX invests $ 60 million in Israeli crowdfunding platform OurCrowd – OurCrowd also says the two groups will collaborate to create financial products and investment opportunities for the Japanese and global market.
Kea raises $ 10 million to create an AI that helps restaurants answer the phone – CEO Adam Ahmad says the startup has created a “virtual cashier” who can do the initial hiring with customers, process most. of routine orders and bring a human employee when needed.
Extra Crunch tips and analysis
If You Didn’t Make $ 1 Billion This Week, You’re Not Doing VC Well – Don’t scold me, Danny Crichton said so!
Why GoCardless COO Carlos Gonzalez-Cadenas is pivoting to become a full-time VC – “I think this is the best time for entrepreneurship in Europe.”
How much is Roblox worth? – A deeper dive into Roblox numbers.
(Extra Crunch is our membership program, which aims to democratize information about startups. You can sign up here.)
All the rest
Pfizer and BioNTech will today file an approval request for emergency use of their COVID-19 vaccine – These emergency approvals still require supporting information and safety data, but are expedited compared to the full, formal and more permanent approval process .
Podcast Mixtape: Building a DEI Structural Response to a Systemic Problem with Y-Vonne Hutchinson – Hutchinson is the CEO of ReadySet, a consulting firm that works with businesses to create more inclusive and equitable work environments.
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