Under Armour is selling MyFitnessPal – ProWellTech
Under the armor forgoes one of its large acquisitions, Uber Eats faces complaints about its free delivery policy for black restaurants, and Facebook takes another step to limit non-QA-related content. This is your Daily Crunch for October 30, 2020.
The Big Story: Under Armor is selling MyFitnessPal
Five years after Under Armor acquired MyFitnessPal for $ 475 million, it is selling the diet and exercise tracking app to investment firm Francisco Partners for $ 345 million. It is also closing down the Endomondo platform, which it acquired at the same time.
Under Armor says it is making these moves so it can focus its brand on its “target consumer: the Focused Performer”. However, the reduced price suggests there may be more here, perhaps the business likely suffers as companies like Peloton and Apple (with its upcoming Fitness + service) draw the spotlight in the casual fitness category.
It’s also worth noting that Under Armor is not giving up on digital products entirely – it will continue to use the MapMyFitness platform, including MapMyRun and MapMyRide.
The tech giants
Uber Eats Faces Discrimination Charges For Free Delivery From Black-Owned Restaurants – Uber says it has received more than 8,500 arbitration requests due to dropping delivery charges for some black-owned restaurants via Uber Eats.
Facebook is restricting distribution of the “save our children” hashtag on QAnon ties – In recent months, these terms have provided a kind of harmless cover for the popular online conspiracy theory.
Reliance Jio Platforms Surpasses 400 Million Subscribers, Explore Expanding Services Outside India – Facebook and Google-backed telecom operator said its finances have improved despite the pandemic.
Startups, financing and venture capital
Daimler invests in lidar company Luminar to push self-driving trucks onto highways – Luminar will also become a publicly traded company through its merger with special-purpose acquisition company Gores Metropoulos.
Nestlé Acquires Healthy Meals Startup Freshly For Up To $ 1.5 Billion – Founded in 2015, Freshly is a New York-based startup that delivers healthy meals to your door with weekly orders, which can be prepared in minutes via microwave or oven.
B8ta remains optimistic about IRL purchases with a new acquisition: B8ta offers shelf space to unique digital products.
Tips and analysis from Extra Crunch
GV’s new partner Terri Burns has a simple investment thesis: Gen Z – Burns is the company’s youngest partner and the first black woman to fill the role.
Is the big tech rally of 2020 slowing down? – What happens if COVID-19, unrest and exaggerated assessments come into conflict?
(Reminder: Extra Crunch is our membership program, which aims to democratize startup information. You can sign up here.)
All the rest
The teachers are leaving the schools. Will they come to startups then? – Teacher departures are a loss for public schools, but an opportunity for startups racing to win a portion of the evolving teacher economy.
Big tech “black box” algorithms must tackle regulatory oversight according to the EU plan: Major internet platforms will have to open their algorithms to regulatory oversight based on proposals European lawmakers will present next month.
AOL founder Steve Case, involved at the start of Section 230, says it’s time to change that: “Having more of a dialogue between innovators and policy makers will actually be key in this third wave of the Internet,” Case told us.
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