World business news 23.06-29.06

Broadcom will purchase VMware for $61 billion in one of the largest technology acquisitions ever made

Broadcom made its proposed merger with VMware official, and with it came a few children who got in the way of some of VMware’s acquisitions. Experts are not convinced the two companies are a perfect combination. Both parties are still working on having the agreements signed, sealed, and delivered.

The founder of Roofstock has closed a $90 million fund to support early-stage proptech businesses

1Sharpe Ventures, which recently closed its $90 million first fund, might be a new source of finance for early-stage proptech businesses.

Roofstock co-founder and chairman Gregor Watson, along with real estate investor Rob Bloemker, founded the venture firm in 2021 and closed their first round of funding last year. The fund was “oversubscribed,” according to the duo. Roofstock is an online marketplace for investing in leased single-family rental homes that received $240 million in March at a valuation of $1.9 billion.

Customer support management platform Assembled lands $51M

Assembled, which defines itself as a workforce management platform for customer service teams, revealed today that it has raised $51 million in a Series B fundraising round led by New Enterprise Associates, with Emergence Capital and Basis Set Ventures also participating. According to CEO Ryan Wang, the extra funds will go into product development, such as schedule optimization algorithms and HR software integrations, as well as the launch of CX Scholars, a program that will dedicate a portion of Assembled’s revenue to assist worker education.

Manta, a data observability business, has raised $35 million in funding to expand its workforce

As it gets cheaper to store, access, and analyse data, the rate at which enterprises create data has grown over the previous decade. However, as data grows in size and complexity, it becomes dispersed across apps and platforms, causing issues with data quality. According to an O’Reilly report from 2020, more than 60% of businesses say they have too many data sources and inconsistent data, and more than a third believe they have insufficient resources to handle data quality concerns.

Joby Aviation has obtained approval to operate commercial air taxis

Joby Aviation, a publicly traded electric air vehicle startup with a market capitalization of $3.1 billion, announced on Thursday that it has gained the requisite certification from the Federal Aviation Administration to commence on-demand commercial air taxi operations.

While this is an important step toward Joby’s stated aim of commercializing its electric aerial ridesharing service in 2024, the company still has a long way to go before it can transport passengers in its electric vertical takeoff and landing (eVTOL) vehicles.

JABU, a Namibian B2B e-commerce retail platform, has raised $15 million in a round led by Tiger Global

More venture financing is pouring into Africa’s B2B e-commerce market, where firms are digitizing informal trade to help thousands of businesses run more smoothly.

This time, it’s a Namibian business called JABU, which raised $3.2 million in a seed round that we covered in January. Now, Tiger Global has led a $15 million Series A investment in the last-mile distribution e-commerce startup.

Tiger Global’s second investment in the B2B e-commerce industry comes after backing Wasoko in its mammoth Series B round, which completed in March. It’s also worth noting that this transaction took place before Tiger Global’s $17 billion loss during this year’s tech sell-off.

Getir, a $12 billion fast delivery business, plans to lay off 14% of its global workforce and scale back aggressive expansion plans

In Europe, e-commerce enterprises have had a particularly difficult week. In the most recent development, TechCrunch has learned and confirmed that Getir — the $12 billion rapid commerce start-up that provides supermarket necessities and sundries and promises delivery in minutes — is laying off 14% of its global workforce. The Turkish company employs around 32,000 workers in its nine markets, which translates to 4,480 people who will be affected by the downsizing.

Yubo, a Gen Z networking app, has launched age ‘estimating’ technology to help it better detect minors who use its service

Yubo, a popular social livestreaming app among Gen Z users, revealed today that it will be one of the first major social platforms to implement a new age verification technique that will employ live picture capture technology to identify minors using the service and keep them separate from adult users. Other organizations that cater to a younger audience may use traditional age-gating measures, but these can be readily circumvented because all that is usually necessary is for a user to enter their birthday in an online form.


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