Daily Crunch: Senate and White House reach stimulus deal

A $2 trillion stimulus package is moving forward in the United States, Google Podcasts comes to iOS and ClassPass offers livestreamed fitness classes. Here’s your Daily Crunch for March 25, 2020.

1. Senate, White House reach deal on $2 trillion stimulus package to lessen COVID-19’s economic impact

After five days of negotiations, Senate leaders and the Trump administration said early this morning they have reached a deal on a $2 trillion stimulus package to help relieve the economic impact of COVID-19.

The deal (which includes sending $1,200 checks to many Americans) still needs to be approved by the Senate and House of Representatives, but the stock market was already rising Tuesday as reports came out that an agreement was imminent.

2. Google Podcasts is finally available on iOS

Users’ listening habits on the app will be synced across platforms by way of Google Podcasts for Web. The iOS version is available for download starting today. The Android update, meanwhile, will be rolling out to users this week.

3. ClassPass now offers live streamed workouts for those house-bound by coronavirus

ClassPass, the fitness platform that connects gym-goers with the right studio/fitness class, announced that it’s dusting off its shuttered video product in the wake of the coronavirus pandemic, with tweaks. The company is allowing studio partners to set their own prices, date and time, and share a link to the streaming platform of their choice for their class.

4. Second Life-maker calls it quits on their VR follow-up

SF-based Linden Lab announced today that it has sold off assets related to its virtual reality project to a small, little-known company called Wookey Search Technologies, which will take over development of the title. Linden Lab will continue developing and maintaining Second Life and some of its employees may be joining Wookey.

5. Survey shows growth in podcasts and voice assistants, little change in streaming

A new annual survey — taken before the current COVID-19 crisis led to restrictions of movement in much of the U.S. — suggests good news for Amazon, continued dominance for Facebook and continued growth in podcasting. (Extra Crunch membership required.)

6. Amazon warehouse workers organized to demand PTO, and coronavirus clinched it

This particular group of Chicago workers was fed up with the company failing to provide paid time off or vacation it promised to part-time workers. They organized; Amazon resisted — and the coronavirus acted as tiebreaker.

7. Facebook in talks to acquire stake in top Indian telco Reliance Jio, report says

The social media giant is in talks to acquire a 10% stake in the Indian telecom operator, according to a report in the Financial Times. The size of the deal, the paper said, was in “multi-billion dollars.”

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

Longtime LP Chris Douvos shares how COVID-19 could shake up venture industry

Chris Douvos runs a fund of funds called Ahoy Capital that manages assets on behalf of numerous nonprofit institutions, endowments and foundations throughout the U.S.

Outfits that want exposure to startups — but aren’t large enough to contemplate funding them directly — count on Ahoy and funds like it to invest in venture firms on their behalf.

Douvos has been at it for nearly 20 years, having joined Princeton University’s endowment in 2001 out of business school and investing on behalf of several organizations since, always focusing on venture. Given his background, we suspected he might have some thoughts about what a pullback in funding from big institutions might mean for the venture industry, so we called him up last week.

You can catch a longer version of our chat in podcast form, but you’ll find the most valuable highlights below, edited for length.

TechCrunch: You’ve talked and blogged in the distant past about passing on investing in the Accel fund that ultimately invested in Facebook. What happened?

Chris Douvos: I said no to probably one of the better funds of that decade not once but twice . . . [If you] rewind to 2004, you know, we’re there at Princeton, we’re existing investors. And Accel is coming back [for more capital commitments]. And we were really kind of rethinking our portfolio a little bit because most long-established names had stumbled [after the dot-com crash] . . . and there was a lot of tumult in the portfolio . . . and venture returns [had] just been so grim.

Self-reporting app for Covid-19 symptoms for UK research sees 650k downloads in 24 hours

One of the big challenges (among many) with the coronavirus pandemic is that overwhelmed health services do not always know how best to deploy the limited resources that they have to meet the demand of people falling ill with Covid-19. For example, we know that more ventilators and beds will be needed, but where specifically are the outbreaks happening and how can those local areas be served better?

Now, an app in the UK called the C-19 Covid Symptom Tracker, developed out of an unlikely corner of medical research — looking into the progression of medical conditions by tracking twins — is asking people to self-report their symptoms in an effort to start to gather more of that detail.

And in a mark of how the public is trying to step up its efforts to get involved in the fight to contain the disease, the app has itself gone viral, with 650,000 downloads since being launched on Tuesday morning.

Developed by a startup called Zoe in partnership with researchers at Kings College Hospital in London, the plan is to bring the app next to the US, where the latter group had already been working with colleagues at Massachusetts General Hospital and Stanford on a previous project (more on that below).

To be very clear, the app itself is not a diagnostic tool — these are being developed on a more national level, linking people through to local services. Nor is it designed to give the public any clarity on where Covid-19 symptoms are cropping up. (As we reported earlier, there are a number of those being built and used already, too, providing maps and other data.)

Instead, it’s a research app designed to bring together information that could be useful to medical professionals to better plan their responses.

At first, the plan was to build an app to figure out where there were clusters of cases in order to better determine where testing kits, in short supply, might be better allocated.

“We were actively speaking to a multitude of companies that are making or have testing kits, and the originally the idea was that if we identified people who were expressing symptoms, maybe we could get a testing kit to them faster,” said Sara Gordon, a spokesperson for the company. That proved to be too difficult, she added, since the testing arena is very fragmented and so it’s not clear whether they all reliably and consistently work the same (and work well).

Then, attention turned to where the data could be useful, and providing support to the NHS, the UK’s National Health Service, in determining the shape and evolution of the virus, in order to research it better and figure out how to deploy NHS resources, was where the team landed.

The ExCel conference center in the Docklands in East London is being set up as a field hospital now, “but there are many other places that will need hospitals opened,” she said, “and this could help figure out where.”

The app has a somewhat unlikely origin. It was created by Zoe, a spinout from Kings College Hospital that is now backed by some $27 million in funding — investors include Daphni in France, Accomplice (formerly Atlas Venture) in Boston, among others — in partnership with a research group at Kings College that has been tracking twins.

“We’re a healthcare startup that has been running the world’s largest nutrition study,” Gordon said, spanning some 25 years (predating the startup materialising or getting spun out) and 8,000 groups of twins, and covering not just people through Kings, but also Stanford and Mass General.

Researching food intake as well as blood and stool samples, the idea was to “understand everything about how genes determine how we metabolise food, our immune responses, and more,” using twins with nearly identical DNA to do this, and using that input to determine new insights into cardiovascular disease, diabetes, and other chronic conditions.

Last week, Zoe’s co-founder, Tim Spector, who is also Professor of Genetic Epidemiology at King’s College London and director of the Twins UK study, spoke to the Zoe team about creating an app to reach out to the 8,000 twins in the study (who had already been using Zoe to track other parts of their lifestyles) to see how many of them were expressing signs of the novel coronavirus. It could have been a useful test pool also for determining what role age plays in this, since the long-term study means many of the people involved are older.

Events overtook those plans, too:

“From the conversations we were having with Kings” — the inner-city hospital (which happens to be my local hospital) has been very much at the front lines of the coronavirus response in London and the UK — “we decided that if we’re making this available to twins, maybe we should open it up to more people,” Gordon said. “One of the main issues here in the UK and other countries has been that governments haven’t been able to get good enough data about where the virus is spreading or how bad symptoms are.”

There are some major caveats with the app, which it seems are still a work in progress.

The biggest of these is that the app itself is self-reporting. That means that you are putting a lot of trust into people to be accurate and also consistent with each other in how they are describing their symptoms. (Is my idea of a continuous, unproductive cough the same as yours? And are our coughs even a reliable enough indicator of what is going on?)

“We’re relying on the public to be honest about their symptoms,” Gordon said more than once during my conversation with her. That would have been one reason too why tying the surveys to testing kits (the original idea) might have been problematic: so many people want some assurance that I’m guessing a lot would have reported just to get the kits.

The other is that it requires regular, habitual use: a person reporting one day is only really useful if that person reports for the rest of the days subsequent to that to get a picture of how and if symptoms progress. On the other hand, that could be a boost to self-reporting too: even if my version of a continuous cough is different from yours, at least I’ll now be showing how and if anything else gets added to that cough over time.

“What we’re trying to do is scale what we see and what scientists are classifying as severity of symptoms,” she said. “If someone has fever over a certain period, then that’s logged as red. Amber is feeling ill.”

Over the next few days she said the team is hoping to separate Covid-19 symptoms apart from those associated with a common cold. “We’re working to make sure that in reporting we’re being able to divide which are common cold or flu and which are Covid-19.”

A third issue is the data usage on the app. The privacy terms on Zoe note that the data is only there to be used by the researchers, but it also notes that it could travel outside of the EU not just for analytics but to be shared with other research partners.

“The data policy we have is the one we have had legal advice on,” Gordon said. “It’s compliant with GDPR, and if if and when we pass to others, people’s names are anonymised and switched to code. We feel we have super strict data rules on our side.” She added that the compliance in the US is even more strict because any research we do there has to go through a clinical process to make sure it is protected “so there should be absolutely no concerns about data privacy.”

All the same, even with all the best intentions, there could also be a risk of your data getting misappropriated when handed off from one party to another and no longer under local jurisdictions.

One of the other co-founders, Jonathan Wolf, is the former chief product officer of Criteo (the adtech company currently being investigated by France’s data protection watchdog for how it uses personal data) is also something to consider, in particular when you see that Criteo is disingenuously described as a “machine learning company” in his bio on the Zoe site. If there is nothing to hide, why hide? (The third co-founder is George Hadjigeorgiou, who also doesn’t have any direct links to the medical industry, having been the CEO of HouseTrip and the co-founder of efood, a delivery startup.)

On a more positive note — and there is a lot to see that is positive here — Zoe itself is set up as a business, but this project specifically was built without any of that in mind.

“Building this to meet the current need was just a decision we made,” Gordon said. “The team switched from the commercial product to this for the next few weeks, and the plan is to make it open source and to hand it off to the right people eventually. We just want to get the ball rolling.”

Remember to stay two meters apart from others when you go out, and stay at home when you can. Keep well, TC readers.

New York State seeks tech talent for its COVID-19 technology SWAT team

New York State is ramping up efforts to combat the growing coronavirus pandemic, including appeals to all industries for help in the form of much-needed medical equipment for healthcare workers. It’s also specifically asking for help from the tech community, through an open call for contributions from individuals and organizations to help form its “COVID-19 Technology Swat Team.

The call, posted to New York State’s official government website, seeks “impactful solutions and skilled tech employees” to help state authorities scale and grow their technology-driven response to the spread of the coronavirus. Specifically, NY State is seeking people who have professional experience in “product management, software development / engineering, hardware deployment & end-user support, data science, operations management, design, or other similar areas.”

Priority is given to any groups or teams of individuals who come from the same institution, since the effort will including assigning teams tasks with minimum 90-day “deployment” periods, and the state is obviously looking to maximize effectively by sourcing talent that already works together as a collective, thereby bypassing the process of people having to figure out how to work together.

The application form also calls out full-scale platform builds as one area of contribution, as well as freely providing access to hardware or software that can be used in tech-focused solutions. It includes options for participating either with on-site staffing, or remotely, and it’s open to both groups and individuals despite the stated preference for pre-existing groups and teams.

New York State faces the most serious threat from COVID-19 in the U.S., with a total of 30,811 positive cases reported as of Wednesday morning, with 12% of those in hospital and 3% in ICU. New York Governor Andrew Cuomo has been calling for support in the form of equipment from the White House and federal stockpiles, but has also said that that equipment has not been forthcoming in anywhere near the volumes needed to address the situation in the state.

TechCrunch’s audience definitely fits the profile for NY’s new call-to-action for technical expertise, so if you think you can contribute in some way, definitely consider registering your interest via their task force website.

African turns to mobile payments as a tool to curb COVID-19

Africa is using digital finance as a means to stem the spread of COVID-19.

Governments and startups on the continent are implementing measures to shift a greater volume of payment transactions toward mobile money and away from cash — which the World Health Organization flagged as a conduit for the spread of the coronavirus.

It’s an option facilitated by the boom in fintech that’s occurred in Africa over the last decade. By several estimates, the continent is home to the largest share of the world’s unbanked population and has a sizable number of underbanked consumers and SMEs.

But because of that, fintech — and startups focused on financial inclusion — now receive the majority of VC funding annually on the continent, according to recent data.

As COVID-19 cases began to grow in Africa’s major economies last week, the continent’s leader in digital payment adoption — Kenya — turned to mobile-money as a public-health tool.

The country’s largest teleco, Safaricom,  implemented a fee-waiver on East Africa’s leading mobile-money product, M-Pesa, to reduce the physical exchange of currency in response to COVID-19.

Image Credit: Flickr

The company announced that all person-to-person (P2P) transactions under 1,000 Kenyan Schillings (≈ $10) would be free for three months.

The move came after Safaricom met with the country’s Central Bank and per a directive from Kenya’s President Uhuru Kenyatta “to explore ways of deepening mobile-money usage to reduce risk of spreading the virus through physical handling of cash,” according to a release provided to TechCrunch from Safaricom.

Kenya has one of the highest rates of mobile-money adoption in the world, largely due to the dominance of M-Pesa in the country, which stands as Africa’s 6th largest economy. Across Kenya’s population of 53 million, M-Pesa has 20.5 million customers and a network of 176,000 agents.

M-PESA Sector Stats 4Q 2019 per Kenya’s Communications Authority

With all major providers in Kenya there are 32 million subscribers, which means roughly 60% of the country’s population has access to mobile-money.

Ghana is also using digital finance as a monetary policy lever to reduce the spread of COVID-19

On March 20, the West African country’s central bank directed mobile money providers to waive fees on transactions of GH₵100 (≈ $18), with restrictions on transactions to withdraw cash from mobile-wallets.

Ghana’s monetary body also eased KYC requirements on mobile-money, allowing citizens to use existing mobile phone registrations to open accounts with the major digital payment providers, according to a March 18 Bank of Ghana release.

The trajectory of the coronavirus in Africa is prompting more countries and tech companies to include mobile finance as part of a broader response. The continent’s COVID-19 cases by country were in the single digits until recently, but those numbers spiked last week leading the World Health Organization to sound an alarm.

“About 10 days ago we had 5 countries affected, now we’ve got 30,” WHO Regional Director Dr Matshidiso Moeti said at a press conference Thursday. “It’s has been an extremely rapid…evolution.” 

Source; World Health Organization

By the World Health Organization’s stats Monday there were 1321 COVID-19 cases in Sub-Saharan Africa and 34 confirmed deaths related to the virus — up from 463 cases and 10 deaths last Wednesday.

The country with 40% of the region’s cases is South Africa, which declared a national disaster last week, banned public gatherings and announced travel restrictions on the U.S.

Unlike Ghana and Kenya, the government in Africa’s second largest economy hasn’t issued directives toward mobile payments, but the situation with COVID-19 is pushing fintech startups to act, according to Yoco CEO Katlego Maphai.

The Series B stage venture develops and sells digital payment hardware and services for small businesses on a network of 80,000 clients that processes roughly $500 million annually.

Image Credit: Jake Bright

With the growth in coronavirus cases in South Africa, Yoco has issued a directive to clients to encourage customers to use the contactless payment option on its point of sale machines. The startup has also accelerated its development of a remote payment product, that would enable transfers on its client network via a weblink.

“This is an opportunity to start driving contactless adoption,” Maphai told TechCrunch on a call from Cape Town. 

In Nigeria — home to Africa’s largest economy and population of 200 million — the growth of COVID-19 cases has shifted the country toward electronic payments and prompted one of the country’s largest digital payments startups to act.

Lagos based venture Paga made fee adjustments, allowing merchants to accept payments from Paga customers for free — a measure “aimed to help slow the spread of the coronavirus by reducing cash handling in Nigeria,” according to a company release.

Parts of Lagos — which is connected to Nigeria’s largest commercial hub of Lagos State — have begun to require digital payments in response to COVID-19, according to Paga’s CEO Tayo Oviosu .

“We’re seeing some stores that are saying they are not accepting cash anymore,” he told TechCrunch on a call from Lagos.

Cash only Nigeria Paga

Image Credits: Paga

Paga already offers free P2P transfers on its multi-channel network of 24,840 agents and 14 million customers. The startup, that recently expanded to Mexico and partnered with Visa, will also allow free transfers up to roughly 5000 Naira (≈ 15) from customer accounts to bank accounts, to encourage more digital payments use in Nigeria.

Paga’s CEO believes the current COVID-19 crisis will encourage more digital finance adoption in Nigeria, which has shown a cash-is-king reluctance by parts of the population to use mobile payments.

“I think it will help move the needle, but it won’t be the final straw that breaks the camel’s back,” he said.

Time and research will determine if efforts of African governments and tech companies to encourage digital payments over physical currency yield results in halting the spread of COVID-19 on the continent.

It is a unique case-study of mobile finance in Africa being employed to impact human behavior during a public health emergency.

UK turns to WhatsApp to share coronavirus information

Three years ago, the U.K. government chastised WhatsApp for using enabling end-to-end encryption by default. Today, it’s relying on the encrypted messaging app as a vital service for sharing information about the coronavirus pandemic.

The new chatbot, supplied by the U.K. government, will let anyone subscribe to official advice about the pandemic, known as COVID-19, in the hope of reducing the burden on its national health system.

Send “hi” to 07860 064422 (or +44 7860 064422 for international users) over WhatsApp to start receiving updates.

The U.K. government’s official WhatsApp account, which it’s using to share information about the coronavirus pandemic. (Image: TechCrunch)

The U.K. government said the service will also allow the government to send messages to all opted-in users if required. Currently the U.K. does not have a national emergency alert system, unlike the U.S., to notify citizens on mass about incidents or emergencies. South Korea was praised for its use of sending up-to-date emergency alerts to citizens, which experts say has helped to “flatten the curve” of infections, a reference to slowing the rate of infection to help ease the burdens on hospitals.

British Prime Minister Boris Johnson declared a national lockdown on Tuesday, ordering all non-essential citizens and residents to stay at home in an effort to fight the spread of the pandemic.

U.K. authorities had faced criticism for failing to issue the stay-at-home order sooner. Several other countries and cities with spiking infection rates, including Italy and New York, had ordered their citizens to remain at home.

As of Wednesday, there were more than 438,000 confirmed global cases of COVID-19, with 19,000 deaths recorded.

IBM and The Weather Channel launch detailed local COVID-19 maps and data tracking

There are already a number of resources available for mapping the spread of confirmed COVID-19 cases both in the U.S. and globally, but IBM and its subsidiary The Weather Company have launched new tools that bring COVID-19 mapping and analysis to more people via their Weather Channel mobile app and weather.com.

Existing tools are useful, but come from fairly specialized sources including the World Health Organization (WHO) and Johns Hopkins University. This new initiative combines data fro these same sources, including global confirmed reported COVID-19 cases, as well as reported data from sources at both the state and county level. This is collected on a so-called “incident map” that displays color-coded reported case data for states and counties, as well as on state-wide trend graphs and through reporting of stats including relative percentage increase of cases week-over-week.

On top of these sections built into the core, consumer-facing Weather.com products, IBM has also launched a Watson and Cognos Analytics tools, are intended for use by both researchers and public officials – but they’re also meant for general public consumption. IBM is also providing resources including fact-checking resources and practical guidance for both COVID-19 patients and the general public, to help not only inform people about the spread of the virus, but also the steps they can take to protect themselves and others.

One of the key elements of COVID-19 mitigation is making sure that the average American has access to reliable and accurate information, including the most up-to-date guidelines about social distancing and isolation from trusted experts including the WHO and the Centers for Disease Control and Prevention (CDC). That makes this a key resource in the ongoing efforts to curb the spread of the coronavirus, since it resides in an app that is among the most popular pieces of software available for smartphones. There are around 45 million or so monthly active users of the Weather Channel app, which means that this information will now be readily accessible by a large percentage of the U.S. population.

Oxford Uni academics launch a tracker for COVID-19 policy interventions

Oxford University academics have launched a project to track government responses to the coronavirus pandemic.

The tool, called the Oxford COVID-19 Government Response Tracker (OxCGRT), tracks 11 indicators to generate an index that compares the stringency of policy responses around the world.

Nation state responses to the COVID-19 pandemic continue to vary widely, both in timing and stringency. The UK, for example, only began imposing more stringent restrictions on Saturday, ordering bars and restaurants to close. Yet Denmark — a European country with fewer confirmed cases of COVID-19 — took similar steps around a week earlier.

The index, which is being made freely available, contains data from 73 countries at launch — including China, South Korea, Italy, UK and USA. The academics say it will continue to be updated throughout the crisis.

The idea is to help policymakers and researchers understand the impacts of different state interventions and identify triggers for implementing more or less strict measures during the public health crisis.

The range of government interventions being tracked for the index are: 1. school closure; 2. workplace closures; 3. public event cancellation; 4. public transport closure; 5. public information campaigns; 6. restriction on internal movement; 7. international travel controls; 8. fiscal measures; 9. monetary measures; 10. emergency investment in healthcare; 11. investment in vaccines.

The academics behind the project, from Oxford University’s Blavatnik School of Government, are relying on tracking publicly available information.

They caveat the effort by saying it obviously does not represent the fill picture, nor should it be interpreted as measuring “the appropriateness or effectiveness of a country’s response”.

Commenting in a statement, Thomas Hale, associate professor of global public policy at the School and lead for the project, said: “Our index cannot, of course, tell the full story, but we believe the data we have collected can help decision makers and public health professionals examine the robustness of government responses and provide a first step into understanding exactly what measures have been effective in certain contexts, and why.”

The OxCGRT can be found here — where project data and notes are also available for download.

Spotify adds fundraising features and a COVID-19 news hub to address the health crisis

Spotify this morning announced a series of new initiatives to address the COVID-19 health crisis across its platform. The company is launching a financial relief effort for those in the creative community who have been heavily impacted by the virus, which includes the addition of a public donations feature on its website. The company is also working to add a new feature that will allow artists to fundraise directly from their fans via their Spotify artist profile pages. Meanwhile, for listeners, Spotify is adding a COVID-19 news and information hub in its app to help keep users informed.

The new Spotify COVID-19 Music Relief Project will recommend verified organizations that are offering financial relief to those in the music community who are in need, worldwide. At launch, Spotify is partnering with MusiCares, PRS Foundation, and Help Musicians, and says it’s planning to add more partners in time.

The company says it will also match dollar-for-dollar the public donations made through the Spotify COVID-19 Music Relief page up to a total contribution of $10 million. Industry professionals in need of financial assistance will go to the partners’ sites for information to apply for relief funds.

“While streaming still gives artists a way to connect with their fans, so many other sources of revenue have been put on hold by this crisis,” notes the company on the Relief project’s page. “To play our part, we’re working with a growing list of organizations offering financial relief to creators around the world to find ways to support our community,” it says.

And though not yet launched, Spotify says it’s working to add a new fundraising feature for artists that will allow them to drive their fans to a fundraising destination of their own choice. This would allow artists to directly fundraise for other artists in need or another separate initiative of their own choosing. This feature will be optional for the artists to use and no changes to their profile pages will occur unless the artist wants to participate. And unlike the fundraising efforts on other sites, Spotify says it won’t take a cut of the funds.

Of course, offering personal fundraisers in a time of crisis can also be problematic, as there are a number of scammers now trying to capitalize on crisis with fake fundraisers. Artists, like anyone else, could fall for these scams and then rally their fans towards the cause — potentially redirecting money away from true relief organizations at a time when it’s critical.

This is worsened by the fact that personal fundraisers generally need vetting to ensure they in and of themselves aren’t scams or engaging in some kind of fraud. Even Facebook, operating at the scale it does, is warning users that it currently has fewer people on staff to review personal fundraisers due to the coronavirus (COVID-19) outbreak. It says fundraisers may not even be able to be reviewed at all and if they are, they’ll take longer than usual. And yet Spotify is readily the rollout of fundraisers at this time when staffing reductions are in place? That’s concerning.

In addition, Spotify is adding a new feature to connect listeners with news and information about COVID-19. Through a new in-app hub, the company is pointing users to news and podcasts from the media, including ABC News, BBC World Service, CNN, Foreign Policy, and NPR.

And, like most companies, Spotify is also offering advertising space to governments and nonprofits for health information and PSAs.

The new COVID-19 Music Relief Project and COVID-19 hub are live today. Artists fundraisers are in the works.

Public optimism doesn’t convert to checks, founders report

Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.

How quickly our world has changed. In late February, TechCrunch covered the news that TripActions, a unicorn four times over, had secured a $500 million credit line to help it scale its corporate travel-focused business; however, it became known yesterday that TripActions is undergoing stiff layoffs after the corporate travel market transformed from growing to moribund in light of the global outbreak of COVID-19.

Many aspects of the public market are now different: public companies are pulling guidance; the Olympics is postponed; domestic life has been overturned by lockdowns and social distancing recommendations; and at the heart of what this publication covers, the venture capital scene has changed as well — not that you could tell from reading Twitter, mind. VCs love to tweet that they are still writing checks, and in some cases, it’s even true.

Inside the investor community, however, there’s some calling bullshit on the idea that the venture capital market is matching anything like its prior pace of business. Here’s Gil Debner from Angular Ventures:

And fintech angel Sheel Mohnot:

Founders are feeling the pinch. To better understand what the fundraising market is like for entrepreneurs today, TechCrunch asked founders to write in with fundraising stories. Below, we’ve compiled a fair number.

Many people asked to remain anonymous so most anecdotes are shielded. Normally, I wouldn’t grant such broad protections. But we’re all learning together, and I’m not after any particular point, so we can be generous. (Write in if you have your own story, and we may include it in a future piece.)

Deals and dreams

What founders sent in ran the gamut, but mostly fell into two camps:

  1. Deals were kaput and few (if any) investors are writing checks.
  2. While the investing market had slowed, it was still moving some, if only a little.

As a final programming note, I’ve mostly kept original formatting from the notes that were sent in; in some cases, very light edits have been made.

Deals are dead