Since December 2021, Better.com has laid off nearly half of its staff – MovieUpdates

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Hello and welcome to this 109th day of 2022 – April 19 – which, among other things, celebrates National Garlic Day (nice try, Big Allium) and Bicycle Day, the anniversary of the discovery of LSD. Speaking of rocketing into space, check out Aria‘s awesome Max Q newsletter, collecting everything about space exploration on MovieUpdates!

Hasta manana – Christine and hi

The MovieUpdates Top 3

  • Better.com times are not ahead: We’re back with another episode of “What’s Happening on Better.com?” From our previous installments, you may recall that the digital mortgage company started making layoffs in December, and not in the most empathetic way. Today, a further decline in the mortgage market prompted Better to launch another round of layoffs in less than five months, cutting the original workforce in half. What’s different this time? Employees will receive “one-to-one” phone calls instead of learning about them during a Zoom call or through a paycheck.
  • Brex wastes no time going for what it wants: In other news from the fantastic Mary AnnBrex took no time after saying it was working on software before announcing its first splash with the acquisition of Pry Financials. Mary Ann calls paying $90 million for a 10-person company that has raised only $4 million during its existence “a bold move,” but with the number of customers it has in common, it also seems to fit the bill.
  • What am I worth, part 1: That’s a tough question right now, as the market is making corrections and companies are making their own corrections to their valuations. Alex looks at Databricks, a company that may be about to go public, and thinks about what it could mean if it were worth less today than it was in 2021, and concludes that an IPO can wait. You can read more about what startups are worth in the MovieUpdates+ section below.

Startups and VC

We have a slew of new venture capital funds for you today. In Japan, insurance company Tokio Marine launched a corporate venture fund. In LatAm, top SoftBank partners ran off to set up their own store. And Australian Square Peg Capital is investing $550 million in Southeast Asia startups.

A little closer to home, Conductive Ventures closed a third fund to invest in non-traditional founders, and Baukunst raised its inaugural fund to invest in “creative technologists.” Evok Innovations raises $300 million to tackle climate change from an industrial decarbonization angle. Meanwhile, Chipotle (yes, That Chipotle) ​​is giving other fast food chains the run (ahem) for their money with a $50 million venture fund to boost restaurant technology.

Finally Andreessen Horowitz launched something similar a lot as a Y Combinator clone – and Natasha wonders why in her piece on TC+.

The best of the best:

What am I worth now?

Orientation in business compass and money on a black background

Image Credits: underworld111 (Opens in a new window) / Getty Images

Farmers are not ashamed when the price of maize falls; likewise, there is no reason for startup founders to lose their joy because publicly traded technology stocks are getting a haircut.

Accepting a downward round or a smaller sperm check is not a sign of failure – as the Bible says, the rain falls on the just and the unjust.

“While the market has quickly turned in favor of buyers, the good news is that it is not broken,” said Irving Investors’ Jeremy Abelson and Jacob Sonnenberg.

In a guest post from TC+, they share a calculator for using growth metrics and public market valuations that can help founding teams “triangulate toward a more company-specific enterprise value.”

The numbers don’t lie – for all but a few strong contenders, the IPO window is now closed.

But if you have an idea for a product or service that could be of value to others, spending your days working for someone else, no matter what happens in the stock market, is a questionable choice.

(MovieUpdates+ is our membership program that helps founders and startup teams get ahead. You can sign up here.)

Big Tech Inc.

We just can’t get enough of cars in this publication, and many of you have been enamored with the new Mercedes Benz SUV, so if you haven’t tried it yet, then drool. Speaking of drooling, Audi’s new concept car capitalizes on Rolls Royce’s playbook, with rear doors leading into a private cocoon with reclining seats and a television screen. In the meantime, Jaclyn provides some predictions for Tesla’s upcoming first-quarter earnings as we report that the automaker is under investigation by the U.S. Equal Employment Opportunity Commission. Speaking of cars, Uber is among a number of public transport organizations that have decided that its drivers were not required to wear masks.

Now look around the world: Google opened its first manufacturing center in Nairobi to build ‘transformative’ products for the continent. The US government warned that a North Korean state-backed hacker group is targeting blockchain organizations with trojanized cryptocurrency. And 30 countries can now take advantage of Instagram Reels’ ability to fundraise and donate to nonprofits.

And more for your reading pleasure:

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