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☆ A sports tech startup lost millions — then made it big. Here's how its millennial founders staged a comeback
▼ + stars: | 2022-12-23 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +8 min

Losing millions of dollars when they were 24 years old was a defining moment for entrepreneurs Harsh Jain and Bhavit Sheth. More than a decade after its launch, their company Dream Sports says it's now valued at $8 billion dollars, with 160 million users to boot. Dream Sports is a sports tech firm from India that owns Dream11, the biggest fantasy gaming platform in the country. Harsh Jain and Bhavit Sheth launched their startup Dream11 when they were just 22 — but it quickly "crashed and burned." That is something they learned from losing a large sum of money in the early days of their company, Jain added.

☆ They launched a fantasy sports company at 22. It's now worth $8 billion
▼ + stars: | 2022-12-23 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: 1 min

Harsh Jain and Bhavit Sheth are the founders of Dream Sports, a sports tech firm from India that owns one of the biggest fantasy gaming platforms in the country — Dream11. The childhood friends started the company in 2008, but lost millions of starting capital in less than three years. More than a decade after its launch, Dream Sports says it's now valued at $8 billion with 160 million users. Watch the video above to find out how the duo bounced back from failure to launch India's first sports tech unicorn.

☆ As tech companies pull back on spending, big office holiday parties are on the chopping block
▼ + stars: | 2022-12-22 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Apparently, some tech workers are also missing their companies' holiday festivities — but not because they're bopping around in the Mountain West. As tech companies pull back on spending, big office holiday parties are on the chopping block. Cost-cutting is coming for startups — and big office holiday parties are first on the list. For startup founders and venture capitalists, the office holiday party is a December tradition. But this year, holiday parties in startup-land look a little different.

☆ Amazon aggregator Razor has raised a fresh $70 million and acquired Latin American peer Valoreo, sources say
▼ + stars: | 2022-12-22 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +2 min

Amazon aggregator Razor Group has raised around $70 million in a new equity funding round. LVMH-backed private equity firm L Catterton led the deal, Insider understands. Razor has also acquired a Mexico City-based aggregator in a separate transaction, one source said. Amazon aggregator Razor has raised approximately $70 million in a round led by US private equity firm L Catterton, according to two sources familiar with the deal. L Catterton has placed bets on a range of other e-commerce aggregators, including Berlin-based SellerX, Nebula in Asia, and US-headquartered Dragonfly.

☆ How Cerebral went from a hyped $4.8 billion mental-health startup to fighting for its survival
▼ + stars: | 2022-12-22 | by ( Blake Dodge | ) www.businessinsider.com time to read: +10 min

It called itself the fastest-growing mental-health company. Some Cerebral clinicians told Insider they were uncomfortable treating the patients assigned to them and felt their licenses were at risk. In the past few years, highly funded startups have tried to disrupt mental-health care and struggled. Cerebral's next steps will dictate its future, and its story could influence what's ahead for online mental-health care. A former Cerebral provider told Insider the ban was frustrating because many patients who were improving on the drugs lost access to care at Cerebral.

☆ Indian startups raised a record $49 billion in 2021. Here's 5 reasons why the region is set to become the next tech powerhouse, according to investors.
▼ + stars: | 2022-12-22 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +2 min

India's startup ecosystem is one of the world's largest, trailing behind Europe and the US. Startups in the region landed a record $49 billion in 2021, according to Dealroom data. It was a major milestone for the country's tech ecosystem — and one that highlighted the momentum the region has gained over the past six years. India's tech ecosystem has long been in the shadow of its more established counterparts like China, Europe, and the US. But 2021 was a pivotal year for India's startup ecosystem.

☆ Wells Fargo faces another setback with $1.7 billion penalty
▼ + stars: | 2022-12-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

But first, Wells Fargo heads to the penalty box, again. Wells Fargo faces the music. The regulators have once again come knocking at Wells Fargo, and it ain't pretty. Wells Fargo was ordered to pay $2 billion back to customers and pay a $1.7 billion civil penalty by the Consumer Financial Protection Bureau (CFPB) for illegal activity involving auto loans, mortgages, and deposit accounts that impacted over 16 million accounts. "Wells Fargo is a corporate recidivist," CFPB Director Rohit Chopra told reporters on a call Tuesday, according to The Wall Street Journal, adding that the settlement "should not be read as a sign that Wells Fargo has moved past its longstanding problems."

☆ 174 US tech startups have achieved unicorn status this year despite the downturn. Here's the full list.
▼ + stars: | 2022-12-20 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +1 min

This year, 174 US companies have achieved unicorn status. While it's down from a record 2021, this year is set to be one of the biggest ever for new unicorns. With markets plunging, it's unclear whether these companies can hold on to sky-high valuations. Despite market turmoil and falling valuations, 174 US companies have attained the coveted unicorn status this year, meaning they raised money at a valuation of at least $1 billion. Even Binance.US, which achieved a $4.7 billion valuation in March, may soon face its own crypto reckoning as questions swirl about the health of its parent company.

☆ The man behind Trump World’s myth of rigged voting machines
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +32 min

He publicly announced his purchase of Montgomery’s data in August at a gathering in Missouri of hundreds of his followers. “I own it,” Lindell said of Montgomery’s data, touting it as irrefutable proof Trump was cheated. On Nov. 9, far-right podcaster Joe Oltmann linked Montgomery’s Hammer and Scorecard claims to a parallel conspiracy theory: that widely used voting machines manufactured by Dominion Voting Systems were rigged to flip votes from Trump to Biden. Powell amended her complaint a few days later and dropped the expert’s declaration and the references to Montgomery’s claims. But the government said in a recent court filing that the order has nothing to do with election data.

☆ These twins started companies together and other cofounders can learn a lot from them about rivalries, comparisons and being close to your business partner
▼ + stars: | 2022-12-18 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +12 min

Having a business partner you are personally close to can be a huge benefit, they said. Torsten Pieper, an academic at UNC Charlotte, told Insider that twins having distinct roles in a business can be beneficial. Research from the Institute for Family Business showed companies that promote themselves as family-run can gain greater trust and are better placed to attract talent. Phan said family businesses inherently care about their communities, because their identity is often attached to the community where they work. As long as we're together, that's greatAll the twins said their businesses have changed the nature of their relationships.

☆ Inside 4 of the biggest VC-backed startups that went public and crashed, from Casper Sleep to Blue Apron
▼ + stars: | 2022-12-17 | by ( Bethany Biron | ) www.businessinsider.com time to read: +1 min

Bird became the latest VC-backed startup showing signs of distress, after hinting at a potential bankruptcy this week. The company is among several former success stories struggling against competition and a tough economy. Here are four of the biggest VC-backed startup downfalls of recent years. Meanwhile, VC-backed startup darlings of recent years — many of which held the vaunted $1 billion valuation unicorn status — are suddenly unable to keep their heads above water. Here's a look at four of the biggest VC-supported startups that went public and crashed in recent years.

☆ The co-founder of Europe's first Black VC Fund on how he transformed his life, and his plan to help Black founders "build the impossible"
▼ + stars: | 2022-12-16 | by ( Fahiemah Al-Ali | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe co-founder of Europe's first Black VC Fund on how he transformed his life, and his plan to help Black founders "build the impossible"Black Seed's Karl Lokko, the co-founder and chairman of Europe's first Black-led for Black-founders venture capital fund, says he's on a mission to find South London's next Black unicorn. The UK native opens up to CNBC in a candid conversation about his transformational journey from gang leader to climbing Mont Blanc with Sir Richard Branson, how mastering the art of 'code-switching' led to access within the tapestry of London society, and why Brixton could become the "Black Silicon Valley."

☆ Colombian property tech unicorn Tuhabi to double operations in 2023
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 15 (Reuters) - Colombian property technology startup Tuhabi expects to double in size next year, betting particularly on growth in Mexico, the company said in a release on Thursday. The so-called unicorn, a startup with a valuation over $1 billion, said it will budget more than $250 million to buy homes in both Colombia and Mexico over the next few months. Since its founding in 2019, Tuhabi has bought from or sold to more than 26,800 clients, the startup said Thursday. Tuhabi faces competition in Mexico from other proptechs such as Flat.mx and La Haus, which primarily handles new properties. Reporting by Kylie Madry; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Over 150,000 tech workers have lost their jobs in 2022 with education, health, and crypto sectors among the worst affected
▼ + stars: | 2022-12-15 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +4 min

Over 150,000 tech workers have lost their jobs in 2022, according to tracker site Layoffs.fyi. More than 150,000 tech workers have lost their jobs this year, according to data from tracker site Layoffs.fyi. Industries that grew rapidly during the pandemic — such as health tech, education tech, and crypto — have been the worst affected in 2022. The issue, he said, was that some investors in crypto, education tech, and health tech paid little heed to economic fundamentals. Amid recessions, B2B sub-sectors such as corporate education tech and employee coaching remain promising pockets within education tech, the investor added.

☆ Camille Herron put her ‘heart and soul’ into breaking the 100-mile world record. But officials now say the course was too short
▼ + stars: | 2022-12-07 | by ( George Ramsay | ) edition.cnn.com time to read: +7 min

“I definitely want it to count [as a record] because I put my heart and soul into that performance,” she tells CNN Sport. “It was such an historical moment for the sport.”More than nine months on from the race, Herron remains adamant that she ran at least 100 miles that day. Herron currently holds the women's 100-mile world record, set in 2017. Kevin YoungbloodEight months later, without Rubeli present, the course was remeasured once more by USATF officials and yielded the distance shy of 100 miles. Running a record time in Phoenix might allow Herron to put some of the pain from the fallout of February’s race behind her.

☆ I created a unicorn, but I had to fight to keep my job
▼ + stars: | 2022-12-02 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI created a unicorn, but I had to fight to keep my jobBrent Hoberman co-founded Lastminute.com, but when things got tough early on, he had to fight to keep his job. Here, for the first time, he recounts how the company's chairman tried to fire him.

☆ Internet pioneer Brent Hoberman has some advice for young entrepreneurs
▼ + stars: | 2022-12-02 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInternet pioneer Brent Hoberman has some advice for young entrepreneursBrent Hoberman founded two unicorn startups. Here, he tells Tania Bryer what a young person needs to do to be successful in business.

☆ As overdoses soar in rural America, more clinicians are prescribing addiction medications
▼ + stars: | 2022-11-30 | by ( Tony Leys | Kaiser Health News | ) www.nbcnews.com time to read: +12 min

The Health Resources and Services Administration, which aims to improve health care for underserved people, offers many of these grants. But the use of methadone for addiction treatment is tightly regulated, due to concerns that it can be abused. Federal regulators approved Suboxone in 2002, opening an avenue for addiction treatment in towns without methadone clinics. Or a patient’s primary doctor could take over the buprenorphine treatment after an addiction treatment specialist stabilizes a patient. Storjohann said some health care professionals believe addiction treatment would lead to frustration, because patients can repeatedly relapse.

☆ Ex-employees from Europe’s 60 biggest fintech unicorns like Revolut and Klarna spawned 310 new startups, new data shows
▼ + stars: | 2022-11-29 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

The biggest fintech startups in Europe are producing a large chunk of new founders in the industry. It's a sign that Europe's tech ecosystem is maturing, according to VC firm Accel. Europe's fintech boom is solving one of the biggest problems in the region's tech ecosystem, according to a new analysis: experienced founders. "Fintech has played a core role in the growth of the European tech ecosystem," Accel partner Luca Bocchio told Insider. The biggest producer of new startups, according to Accel, is N26.

☆ CEO of multimillion-dollar company Casetify shares his No. 1 'super underrated' business tip
▼ + stars: | 2022-11-28 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

Ng now runs his own business, Casetify, with the same philosophy. Headquartered in Hong Kong, the tech accessory brand is most well-known for its wide range of trendy phone cases. Wesley Ng Co-founder and CEO, CasetifyTo date, Casetify said it has sold more than 15 million phone cases worldwide. BootstrappingCasetify was first launched as an e-commerce platform back in 2011 that allows customers to customize phone cases with Instagram photos. There are currently 19 stores globally, where customers can design their own phone cases and "get it within 30 minutes," he added.

☆ Heinz, Waitrose, and hundreds of other brands' Royal Warrants became void after the Queen died. Now, they have to prove the royal family uses their products to get them back under King Charles III.
▼ + stars: | 2022-11-28 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Hundreds of brands had a Royal Warrant to use the royal coat of arms on their products, but it became void after the Queen died. The brands, including Waitrose and Heinz, can keep using the royal coat of arms for another two years. They will have to reapply under King Charles III and prove the royal family uses their products. There are approximately 850 Royal Warrants held by about 750 companies or individuals, according to The Royal Warrant Holders Association, which also noted that that number changes frequently. As the new reigning sovereign, King Charles III will have the power to review and grant the Royal Warrants.

☆ Mexican unicorn Bitso sets out transparency roadmap amid FTX crash
▼ + stars: | 2022-11-25 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 24 (Reuters) - Mexican cryptocurrency exchange unicorn Bitso laid out a transparency roadmap, as pressure from users mounted following the high-profile collapse of crypto exchange FTX, a top Bitso executive told Reuters on Thursday. In a spectacular crypto blowup, FTX filed for protection in the United States earlier this month after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. FTX's crash has created a sense of urgency to regulate crypto, the chair of global securities watchdog IOSCO Jean-Paul Servais said in an interview published Thursday. Brazilian lawmakers are speeding up crypto regulation, and in the United States, Congress is expected to make progress next year on regulating its sprawling crypto sector. While Bitso's growth could suffer in the near-term as it implements the new transparency methods, Vallejo said non-crypto services, such as remittances to Mexico, could help offset the blow.

☆ 23 of the most promising B2B marketplaces of 2022, according to investors
▼ + stars: | 2022-11-22 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +4 min

We asked top venture capitalists to name the most promising B2B-marketplace startups of 2022. That's meant a new receptiveness for alternative hiring approaches like labor marketplaces, Jenny He, the founder and general partner at Position Ventures, told Insider. So B2B marketplaces for both tangible goods and labor became an innovative method to combat these issues. Insider asked top investors to nominate the most promising B2B-marketplace startups they'd come across, both within and outside their portfolios. Here are the 23 most promising B2B-marketplace startups of 2022, according to VCs, listed from least to most capital raised:

☆ Long-lost pigeon species 'rediscovered' in Papua New Guinea
▼ + stars: | 2022-11-19 | by ( Zoe Sottile | ) edition.cnn.com time to read: +4 min

CNN —A bird thought to be extinct for 140 years has been rediscovered in the forests of Papua New Guinea. Rediscovering the bird required an expedition team to spend a grueling month on Fergusson, a rugged island in the D’Entrecasteaux Archipelago off eastern Papua New Guinea where the bird was originally documented. The team consisted of local staff at the Papua New Guinea National Museum as well as international scientists from the Cornell Lab of Ornithology and the American Bird Conservancy. Many members of the community told the team that they hadn’t seen the black-naped pheasant-pigeon in decades, says the news release. So the expedition team placed a camera on a 3,200-foot high ridge near the Kwama River above Duda Ununa, according to the release.

☆ US researchers jubilant after rediscovering a bird lost to science for 140 years in Papua New Guinea
▼ + stars: | 2022-11-19 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

Scientists from the American Bird Conservancy have rediscovered a rare bird not documented since 1882. The bird only lives on Ferguson Island, off the coast of Papua New Guinea. Researchers installed camera traps on Fergusson Island, Papua New Guinea, with the results showing the rare black-naped pheasant-pigeon strutting in the images. Seeing the images was like "finding a unicorn," said John C. Mittermeier, Director of the Lost Birds program at the American Bird Conservancy and co-leader of the expedition. Christina Biggs, Manager for the Search for Lost Species at Re:wild, said, "This rediscovery is an incredible beacon of hope for other birds that have been lost for a half-century or more."

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