Signalling that privacy is coming to DeFi, Sienna Network raises $11.2M for its platform

Last week we saw some major backing of the Secret Network blockchain, as significant blockchain players Arrington Capital and Blocktower Capital invested in the privacy-first smart contract platform. What this is signaling is the rise of privacy-oriented financial blockchain projects, which are crucial if “DeFi” (decentralized finance) is to have any kind of future. We have come to expect privacy in our ’normal’ financial lives, so we will expect it in the blockchain world.

Today there’s a new signal that this privacy movement in DeFi is taking off with the announcement from privacy decentralized finance company Sienna Network that it has raised $11.2 million from institutional investors and its public supporters. Of that raise, the private token sale raised $10 million from investors including NGC, Inclusion Capital, Lotus Capital, FBG, Skyvision Capital and others. It also raised $1.2 million on the DaoMaker and Polkastarter exchanges.

Sienna Network is built on the afore-mentioned Secret Network, and pitches itself as a privacy-first and cross-chain decentralized finance platform allowing asset holders to switch to privacy-oriented tokens.

Sienna is one of an increasing number of blockchain startups tackling the industry-wide problem of ‘front-running’. This – says Sienna – is where bad actors hijack future trades on public DeFi blockchains.

Monty Munford, chief evangelist and core contributor to Sienna Network said: “Sienna helps access to the privacy-preserving blockchain in a user-friendly way due to the blockchain’s inherent privacy design. Sienna saves no login information, no wallet data, no transaction data, or anything else. It does not even track its website or give any information to any Third Party.”

Here’s how a front-running scam works: A transaction on Ethereum can be preempted by someone else simply by them paying a higher transaction fee. It’s the close equivalent in the real world of trumping a trade on the stock market, just because you paid a higher fee to a broker. In other words, it’s a disaster if it continues to happen, and the entire infrastructure of decentralized finance is threatened because of this threat.

Commenting, Tor Bair, CEO Secret Network said: “We believe Sienna will be a key pillar of Secret DeFi and help drive mass adoption of a more secure decentralized financial ecosystem.”

StuDocu raises $50M as its note-sharing network for college students passes 15M users

Whether learning online or taking a class in person, every student knows all too well how important it is to have good notes from your classes as a key way to remember and apply what you’ve been taught. Now, an Amsterdam-based startup called StuDocu, which has built a big and profitable business by way of a platform to help source and share the best student-created class notes, is announcing $50 million in funding on the heels of huge growth — a sign of demand and opportunity in the space.

The Series B is coming from Partech, the French VC, and it comes as StuDocu is gaining some critical mass: the startup says it now reaches 15 million users across 2,000 universities in 60 countries. What’s notable about that scale is not just the size but the fact that it had been achieved while the company was previously largely bootstrapped: Both PitchBook and Crunchbase note only about $1.5 million raised before now, but in fact CEO Marnix Broer tells me that it had quietly raised just under $10 million before now with previous investors including Piton Capital, Peak Capital and Point Nine Capital.

A lot of the focus in edtech in the last year of Covid-19 living has been on technology that helps people learn remotely as well (or maybe even better) than they might have done in more traditional, physical environments: improved streaming experiences, better approaches for teaching via a screen, tools for managing the experience, and so on. StuDocu both fits that mold, but also, in a way, is a throwback to the more basic approach we associate with learning: sitting in a class and taking notes during the lessons.

That was the environment in which four students came together and first formed StuDocu.

In the Netherlands, where StuDocu is based, a large amount of one’s evaluation in an undergraduate class is based on how you do in the final exams, and so the notes have perhaps even more disproportionate value.

CEO Marnix Broer, along with his friends Jacques Huppes, Lucas van den Houten and Sander Kuijk, saw an opportunity while still students back in 2013 to leverage the power of the internet and crowdsourcing, to make it easier for people who were studying the same course at university to connect together online and help each other by uploading notes from their courses and exchanging them with each other — the power of many being one way of better covering your bases in the knowledge department.

(Huppes has stepped away from the company in an active role but remains an advisor, the other two are still there, Broer said.)

Initially the product was “completely free,” he said, and was organically a popular enough concept that it not only picked up users at their university in Delft, but also a number of other schools. Then, as the founders approached graduation, “we decided we needed to earn some money,” and with the concept still going strong, they turned their attention to making their tool into a business.

Through a couple of iterations, “We finally came up with trying to keep as much free as we can in a freemium model,” Broer said. In StuDocu’s case, using the data they had amassed about how much certain documents were viewed, downloaded and recommended over others, they created a top 20% of all documents, which were labelled premium, “so you either upload your own docs or pay a small subscription fee to access them.” Conversely, this also means that 80% of documents on the site are all still free.

StuDocu also built a few pieces of technology into its platform to help fight against scammers or people trying to game it: the only users who it now measures to determine what is premium content are premium users themselves, who do not get any indication of what is premium content on the site and what is not, and are more likely more serious and heavier users of StuDocu.

“We want the best quality documents to stay up and the rest to drift down the pile, so that our users only experience great notes,” he said. “But we know if a few upload garbage we haven’t lost money on it. We just gave access for free and should not have. At the end of the day, it’s a community and we believe that will ensure the quality stays high.” They also incentivise people to review documents with lottery tickets and other rewards.

And it has increasingly been adding in more ways of scanning materials to determine that what people are submitting are actual notes about the subject at hand, rather than blank documents or random unrelated writing. A recent search partnership with Algolia, Broer said, should also help with more granualar document searches, rather than simply searching by university and course to find materials.

It’s a compelling business model that helps square the issue that a lot of user-generated content sites have, which is that the vast majority are consumers rather than creators. Broer said that currently some 15% of its users pay for the service, 15% access it by uploading content, and 70% of its base are using it free and not uploading anything.

Through its gradual building up of a business from a tool that they built to help themselves, StuDocu went, Broer said, from “working in a squat“, to taking a small and cheap space with interns, to what Broer describes “a normal office.”

There are a number of other edtech companies that have identified the potential of providing platforms for students to help each other with learning. Brainly, another big one out of Europe (specifically Poland) built its concept not around notes but students helping each other answer homework questions, similar to Chegg. NexusNotes out of Australia also has built a platform aimed at amassing notes; Academia includes not just notes but also research papers; Docsity also focuses on both class notes and papers. StudySmarter also out of Europe also brings in notes but also applies AI to shape a person’s learning progress.

Perhaps the most similar and StuDocu’s biggest competitor of all is Course Hero out of the U.S., which is now valued at around $1.1 billion (a notable number here too, since StuDocu is not disclosing valuation).

“We consider ourselves the leading global player,” Broer noted, with more than 30 local languages supported across its catalog of courses and notes.

“We help millions of students and have millions of documents, but at the same time we consider ourselves a hyper-local marketplace,” he added. “Three hundred people who are on the same law course can now communicate and share knowledge with each other.”

This funding will be an interesting test of both extending that hyper-local concept to more places, but also tapping into opportunities where the help that might come could have a much bigger impact.

In the UK, for example, going down another age bracket younger than university to students of high school age (14 and up), the majority of them are studying to prepare for two sets of tests, GCSEs that you take in year 11 (aged 16/17 usually) and A-Levels you take in year 13 (18/19 years old), both based around very specific subjects and thus based on very particular curriculums that literally the whole country studies together. That is to say, even if individual schools or teachers might have different approaches or teach better or worse, at the end of the day, all the students will be taking the same examinations in their specified subjects.

This presents an interesting opportunity to a company like StuDocu, which could build a much bigger network of users as a result on an even smaller proportion of contributed, strong notes (since more of the users will all be needing the same materials). This is also a model used in other places, and Broer said StuDocu is well on its way to testing and slowly expanding in specifically these kinds of markets at the moment.

And you could argue that even if standardized tests were not a part of the equation, students will want better notes to use for other kinds of coursework, such as essay writing, or simply to help retain knowledge as they continue to learn. With some 200 million people currently in university education, there are a lot of opportunities to find variations on the premise.

There might also be possibilities down the line to work more closely also with universities to build out the course materials — also a big area considering that a lot of professors already provide notes for their lectures to students — although Broer said that for now its focus is remaining on students and their needs, since in many cases professors still do not do this.

It’s for all of these reasons that investors are there for StuDocu’s funding.

“StuDocu is a platform already helping millions of students around the world, and we’re excited to partner with this talented team in their mission to make education more accessible to all.” comments Bruno Crémel, a general partner at Partech, in a statement. “When we met the team at StuDocu, we were wildly impressed with their data-driven culture and by how much students really love using their services. We look forward to working closely with Marnix and his team as they accelerate StuDocu’s global expansion and develop even more innovative ways to support students in meeting their learning goals.”

Cowboy launches the Cowboy 4 e-bike, with a step-through version and built-in phone charger

E-bike startup Cowboy has launched the Cowboy 4, its newest generation of urban electric bikes. The bike will come in two different frames, a traditional frame, and a step-through.
The C4 is basically an upgrade on the previous version 3, while the ‘C4 ST’ is a step-through model which the company is predicting will appeal to young people used to city bikes.

The C4 and C4 ST are both priced at £2,290/€2,490 inclusive of mudguards and are available for pre-order with a €100/£100 deposit starting from today cowboy.com, with deliveries starting in September 2021.

Cowboy has raised $46.1M in venture capital and largely extent competes with VanMoof (which raised $61.1M) and Furo Systems (£750K) to a lesser extent. The basic differences between the three are that Cowboy is moving closer to leverage the cloud and apps as its main differentiation, VanMoof tends to built things (like a screen) into the bike (and has an app), and Furo is more about ease of maintenance, and weight.

Cowboy says both bikes feature 50% more torque via their automatic transmission. There are no gears to change, with the engine kicking in as you turn the cranks. The removable battery weighs 2.4kg, giving the bike a range of up to 70km.

The heaviest version of the bikes is 19.2 kg including battery and both will hit 25 km/h (15 mph).

Adrien Roose, Cowboy Co-Founder and CEO said in a statement: “The Cowboy 4 completely redefines life in and around cities. By designing two frame types featuring our first-ever step-through model, an integrated cockpit, and a new app, we are now able to address a much larger audience and cater to many more riders to move freely in and around cities,” he added. “Our mission is to help city dwellers move in a faster, safer and more enjoyable way than any other mode of urban transportation. Be it wandering through the city or staying fit, it’s a reconnection with your senses and a rediscovery of the simple thrill of riding a bike.”

The step-through model is optimized to suit riders 160-190cm in height, while the normal C4 will accommodates riders 170-195cm tall.

Mike Butcher meets Cowboy's Adrien Roose

Mike Butcher meets Cowboy’s Adrien Roose

Doing a very quick test of the new bikes in a London basketball court and around local streets, I found both bikes to be very nippy on the off and a pleasure to ride. Cowboy is probably right – the step-through version is likely to appeal to a wide variety of riders.

Roose said the bike has been custom-designed. Only the saddle and the carbon belt are made by third-party companies Selle Royal and Gates, respectively. The brake cables are now integrated into the handlebars and stem, brakes and pedals have new angles, and the rear wheel has a ‘dropout’ design.
Cowboy will offer a custom-designed series of accessories starting with a rear rack and kickstand. The C4 and C4 ST will come in Absolute Black, Peyote Green, and Sand Dune, and are available to pre-order now, with deliveries beginning in September. Both models will feature pre-fitted mudguards.

The bikes also now feature a wireless charging mont on the stem featuring a built-in Quad Lock mount to hold the rider’s smartphone and wirelessly charge it via the bike’s internal battery.

Tanguy Goretti, Co-Founder, and VP Software added: “The new Cowboy app [will show] remaining battery range, air quality en route and a wide range of live fitness stats.”

The app also has a new navigation screen, 3D map rendering layout, turn-by-turn directions, air quality index for routes, live fitness data, leaderboard rankings; a new community feature offering the ability to join curated group rides across capital cities in Europe.

Cowboy is also offering a free repair network across Belgium, The Netherlands, Germany, France, the United Kingdom, Austria and Luxembourg; 6 days a week customer support; and a subscription plan operated in partnership with Qover which includes theft detection, theft insurance throughout Europe.

Less than 24 hours to save $100 to TC Sessions: Mobility 2021

Calling all frazzled procrastinators, feet-draggers, lollygaggers and last-minute decision makers. The best price on passes to TC Sessions: Mobility 2021, which takes place on June 9, disappears in mere hours.

It’s now o’clock, baby. Shift your EV into gear, hail a robotaxi or tell Mr. Scott to beam you up — whatever it takes to buy your pass before the early bird deadline expires tonight, May 6, at 11:59 pm (PT).

TC Sessions: Mobility 2021 gathers the very best people in the mobility startup ecosystem to discuss the rapidly evolving trends, opportunities and challenges that come from inventing new ways to move populations — and all their stuff — around the planet and beyond.

This one-day deep dive will help you drive your startup forward, understand emerging trends and gain insight on what investors want and where they’re placing bets. Engage in hyper-focused networking and discover opportunities anywhere in the world.

We have a great line up, and here are just a few examples of the interviews, inter-active panel discussions and breakout sessions waiting for you. Don’t forget to check out the event agenda here.

Mobility’s Robotic Future: Automotive manufacturers are looking to robotics as the future of mobility, from manufacturing to autonomy and beyond. We’ll be speaking with James Kuffner, CEO, Toyota Research Institute – Advanced Development, the head of robotics initiatives at one of the world’s largest automakers, to find out how the technology is set to transform the industry.

The Rise of Robotaxis in China: Silicon Valley has long been viewed as a hub for autonomous vehicle development. But another country is also leading the charge. Executives from three leading Chinese robotaxi companies (that also have operations in Europe or the U.S.) will join us to provide insight into the unique challenges of developing and deploying the technology in China and how it compares to other countries.

Will Venture Capital Drive the Future of Mobility? Clara Brenner (Urban Innovation Fund), Quin Garcia (Autotech Ventures) and Rachel Holt (Construct Capital) will discuss how the pandemic changed their investment strategies, the hottest sectors within the mobility industry, the rise of SPACs as a financial instrument and where they plan to put their capital in 2021 and beyond.

What are you waiting for? It’s now o’clock and time to save $100 — but only if you purchase your pass to Mobility 2021 before the price increase goes into effect tonight, May 6 at 11:59 pm (PT). Let the learning, networking and scaling begin!

Is your company interested in sponsoring or exhibiting at TC Sessions: Mobility 2021? Contact our sponsorship sales team by filling out this form.

Personal skin problems leads founder to launch skincare startup Nøie, raises $12M Series A

Inspired by his own problems with skin ailments, tech founder Daniel Jensen decided there had to be a better way. So, using an in-house tech platform, his Copenhagen-based startup Nøie developed its own database of skin profiles, to better care for sensitive skin.

Nøie has now raised $12m in a Series A funding round led by Talis Capital, with participation from Inventure, as well as existing investors including Thomas Ryge Mikkelsen, former CMO of Pandora, and Kristian Schrøder Hart-Hansen, former CEO of LEO Pharma’s Innovation Lab.

Nøie’s customized skincare products target sensitive skin conditions including acne, psoriasis and eczema. Using its own R&D, Nøie says it screens thousands of skincare products on the market, selects what it thinks are the best, and uses an algorithm to assign customers to their ‘skin family’. Customers then get recommendations for customized products to suit their skin.

Skin+Me is probably the best-known perceived competitor, but this is a prescription provider. Noie is non-prescription.

Jensen said: “We firmly believe that the biggest competition is the broader skincare industry and the consumer behavior that comes with it. I truly believe that in 2030 we’ll be surprised that we ever went into a store and picked up a one-size-fits-all product to combat our skincare issues, based on what has the nicest packaging or the best marketing. In a sense, any new company that emerges in this space are peers to us: we’re all working together to intrinsically change how people choose skincare products. We’re all demonstrating to people that they can now receive highly-personalized products based on their own skin’s specific needs.”

Of his own problems to find the right skincare provider, he said: “It’s just extremely difficult to find something that works. When you look at technology, online, and all our apps and everything, we got so smart in so many areas, but not when it comes to consumer skin products. I believe that in five or 10 years down the line, you’ll be laughing that we really used to just go in and pick up products just off the shelf, without knowing what we’re supposed to be using. I think everything we will be using in the bathroom will be customized.”

Beatrice Aliprandi, principal at Talis Capital, said: “For too long have both the dermatology sector and the skincare industry relied on the outdated ‘one-size-fits-all’ approach to addressing chronic skin conditions. By instead taking a data-driven and community feedback approach, Nøie is building the next generation of skincare by providing complete personalization for its customers at a massive scale, pioneering the next revolution in skincare.”

From bootstrapped to a $2.1B valuation, ReCharge raises $227M for subscription management platform

ReCharge, a provider of subscription management software for e-commerce, announced today that it has raised $227 million in a Series B growth round at a $2.1 billion valuation. 

Summit Partners, ICONIQ Growth and Bain Capital Ventures provided the capital.

Notably, Santa Monica, California-based ReCharge was bootstrapped for several years before raising $50 million in a previously undisclosed Series A from Summit Partners in January of 2020. And, it’s currently cash flow positive, according to company execs. With this round, ReCharge has raised a total of $277 million in funding.

Over the years, the company’s SaaS platform has evolved from a subscription billing/payments platform to include a broader set of offerings aimed at helping e-commerce businesses boost revenues and cut operating costs.

Specifically, ReCharge’s cloud-based software is designed to give e-commerce merchants a way to offer and manage subscriptions for physical products. It also aims to help these brands, primarily direct to consumer companies, grow by providing them with ways to “easily” add subscription offerings to their business with the goal of turning one-time purchasers “into loyal, repeat customers.”

The company has some impressive growth metrics, no doubt in part driven by the COVID-19 pandemic’s push to all things digital. ReCharge’s ARR grew 146% in 2020, while revenue grew over 136% over the same period, according to co-founder and CEO Oisin O’Connor, although he declined to reveal hard numbers. The startup has 15,000 customers and 20 million subscribers across 180 countries on its platform. Customers include Harry’s, Oatly, Fiji Water, Billie and Native. But even prior to the pandemic, it had doubled its processing volume each year for the past five years and has processed over $5.3 billion in transactions since its 2014 inception.

ReCharge also has 328 employees, up from 140 in January of 2020.

“We saw many brick and mortar stores, such as Oatly, offer their products through subscriptions as a result of the pandemic in 2020,” O’Connor told TechCrunch. “Certain categories such as food & beverage and pet foods were some of the fastest growing segments in total subscriber count, with 100% and 147% increases, respectively, as non-discretionary spending shifted online.”

He was surprised to see that growth also extend beyond the most obvious categories. For example, ReCharge saw beauty care products subscribers grow by 120% last year.

“Overall, we saw a 91% subscriber growth in 2020 across the board in all categories of subscriptions,” O’Connor told TechCrunch. “We believe there is a combination of factors at play: the pandemic, the rise of physical subscriptions and the rise of direct-to-consumer buying.”

ReCharge plans to use its fresh capital to accelerate hiring in both R&D (engineering and product) and go-to-market functions such as sales, marketing and customer success. It plans to continue its expansion into other e-commerce platforms such as BigCommerce, Salesforce Commerce Cloud and Magento, and outside of North America into other geographic markets, starting with Europe. ReCharge also plans to “broaden” its acquisition scope so that it can “accelerate” its time-to-market in certain domains, according to O’Connor, and of course build upon its products and services.

Yoonkee Sull, partner at ICONIQ Growth, said his firm has been watching the rapid rise of subscription commerce for several years “as more merchants have looked for ways to deepen relationships with loyal customers and consumers increasingly have sought out more convenient and flexible ways to buy from their favorite brands.”

Ultimately, ICONIQ is betting on its belief that ReCharge “will continue to take significant share in a fast-growing market,” he told TechCrunch.

Sull believes the ReCharge team identified the subscription e-commerce opportunity early on and addresses the numerous nuanced needs of the market with “a fully-featured product that uniquely enables both the smallest merchants and largest brands to easily adopt and scale with their platform.”

Andrew Collins, managing director at Summit Partners, was impressed that the company saw so much growth without external capital for years, due to its “efficiency and discipline.”

The ReCharge team identified a true product-market fit and built a product that customers love — which has fueled strong organic growth as the business has scaled,” Collins added.

Look out PiedPiper – iSIZE reduces power for video streaming, raises $6.3M in round led by Octopus

It’s widely known that video streaming boomed during the pandemic, as millions of people were faced by boredom during lockdowns. But an unintended consequence of this was the growing environmental impact of millions of video streams which meant server farms needing to draw increasing amounts of power from the grid. Indeed, there were even calls for people to cycle down to Standard Definition, as HD streaming has a greater impact. But it turns out that if you optimize the video, you can reduce the bitrate required, reducing the data and energy needed.

Oddly enough this is also the pitch of the famed satirical show, Silicon Valley, where fictional startup PiedPiper invents a new creates an app that contains a revolutionary data compression algorithm for video.

But this scenario may about to become fact.

iSIZE, UK startup which applies deep learning to optimize video streaming and delivery, has $6.3 million in a funding round led by Octopus Ventures, with participation from existing investors including TD Veen and Patrick Pichette, Chairman of Twitter and ex-CFO of Google. The company has now raised a total of $8.2 million.

iSIZE’s BitSave technology optimizes video streaming quality while reducing bitrate requirements, “allowing for a significant reduction in data and energy consumption”.

This is trained to ‘see with the human eye’ in order to n=make the video still look high quality, but reduce the bitrate needed. It integrates with all video encoding standards (including AVC, HEVC, and AV1) without needing changes to the streaming process. In other words, the links of Netflix, etc would, says the company, be able to install the iSize solution relatively easily.

Founded by Sergio Grce and Dr. Yiannis Andreopoulos, the team combines R&D in machine learning, neural networks, and video signal processing, and is a graduate of the Creative Destruction Lab Oxford 2019-2020 program.

Sergio Grce, Founder and CEO of iSIZE, commented: “Today there are more people streaming more video than ever before. Our customers recognize both the commercial opportunity and their social responsibility to optimize their video delivery pipelines with our pioneering technology.”

On a call to me, he added: “The processing optimizes for human perception and tries to reverse engineer human perception of the receiver in a manner similar to psycho visual perception. So that saves bitrate and the content looks the same or better on the client device. We are doing something similar for video as what the MP3 did for music.”

Simon King, Partner and deep tech investor at Octopus Ventures, said: “The technology iSIZE has created is pioneering and is already being used by some of the world’s largest companies to reduce the costs and energy used in streaming. Consumer demand for high-quality video is only going to increase as our devices are upgraded, so it’s vital that we find new ways to reduce the environmental impact.”

iSIZE’s competitors include Wave 1 and Deep Render.

Meanwhile, let’s remind ourselves of how good PiedPiper was at video compression.

ifeel, another well-being platform that blends self-care tools with 1-2-1 therapy, scores $6.6M

If the pandemic has been good for anything it’s been good for the therapy business and for startups targeting mental health, with VCs kept very busy signing checks. To wit, here’s another one: Madrid-based ifeel has bagged €5.5 million (~$6.6M) in Series A funding, led by Nauta Capital.

The startup was founded back in 2017 — initially as a consumer-focused therapy platform — but last year it pivoted to a hybrid business model, tapping into demand from businesses to offer staff emotional support during the public health crisis. So it’s available both to individuals via monthly subscription or as part of employer’s or insurance provider’s cover

It says that pandemic pivot has resulted in 1,000% growth in its b2b business.

Companies it’s signed up to offer its platform to their staff include AXA Partners, Glovo and Gympass.

“We have a total of 400K users on the platform (b2c and b2b),” says co-founder Amir Kaplan. “We have 100,000 eligible covered who have access to ifeel as a benefit (through our insurance and wellness partners or direct with ifeel).

“The 100K grew 10x from September 2020 and is the largest trend we are experiencing these days. Employees of 100 companies use ifeel on a weekly basis.”

ifeel’s platform delivers both live therapy sessions with licensed psychologists but also provides users with self-care tool such as daily mood trackers, recommended exercises and activities to expand the support available.

“By combining self-care and guided therapies, ifeel maximises engagement and retention of its users — with 90% reporting improved emotional and mental well-being after using ifeel,” it claims.

The startup is using AI technology in the self-care portion of its platform — to recommend “the most relevant” content or exercise to its users, per Kaplan. But he also says it’s looking at using the tech to assist the therapist practice by developing dedicated tools inside the platform.

ifeel has an international founding team, hailing from three countries (Israel, Italy and Mexico), and says its main markets so far are Spain, France, Brazil and Mexico. While its b2b and insurance network coverage extends to 20 countries and four languages (English, Spanish, French and Portuguese).

With so much competition in the mental health tools space — from mindfulness apps, to internet-delivered CBT programs, to therapy platforms — how does ifeel see itself standing out?

Kaplan suggests it has an advantage of being “global from day one”, and also flags a “strong technology integration focus” which he says has allowed it to plug into insurance companies and wellness players — to become a “main service provider”.

“Very early we partnered with global leading companies and we support them in many countries (compared to specific country players like in Germany and UK,” he tells TechCrunch. “The platform approach is different from ‘online therapy’ companies or ‘mindfulness apps’.

“We want our users to manage their emotional well being on our platform no matter the need. In this way we create millions of engagement events that are customized to the user’s needs and allow users over time to use different parts of our platform in different life situations.”

TechCrunch Survey of Scottish Tech Hubs: Edinburgh, Glasgow, Dundee, Aberdeen

TechCrunch is embarking on a major new project to survey European founders and investors in cities outside the larger European capitals.

Over the next few weeks, we will ask entrepreneurs in these cities to talk about their ecosystems, in their own words.

This is your chance to put Edinburgh, Glasgow, Dundee, Aberdeen on the Techcrunch Map!.

If you are a tech startup founder or investor in one of these cities please fill out the survey form here.

We are particularly interested in hearing from women founders and investors.

This is the follow-up to the huge survey of investors (see also below) we’ve done over the last six or more months, largely in Europe’s biggest capital cities.

These formed part of a broader series of surveys we’re doing regularly for ExtraCrunch, our subscription service that unpacks key issues for startups and investors.

In the first wave of surveys, the cities we wrote about were largely capitals. You can see them listed here.

This time, we will be surveying founders and investors in Europe’s other cities to capture how European hubs are growing, from the perspective of the people on the ground.

We’d like to know how your city’s startup scene is evolving, how the tech sector is being impacted by COVID-19, and generally how your city will evolve.

We leave submissions mostly unedited and are generally looking for at least one or two paragraphs in answers to the questions.

So if you are a tech startup founder or investor in one of these cities please fill out our survey form here.

Thank you for participating. If you have questions you can email mike@techcrunch.com and/or DM on Twitter to @mikebutcher.

Kahoot acquires Clever, the US-based edtech portal, for up to $500M

Kahoot, the popular Oslo-based edtech company that has built a big business out of gamifiying education and creating a platform for users to build their own learning games, is making an acquisition to double down on K-12 education and its opportunities to grow in the U.S. It is acquiring Clever, a startup that has built a single sign-on portal for educators, students and their families to build and engage in digital learning classrooms, currently used by about 65% of all U.S. K-12 schools. Kahoot said that the deal — coming in a combination of cash and shares — gives Clever an enterprise value of between $435 million and $500 million, dependent on meeting certain performance milestones.

The plan will be to continue growing Clever’s business in the U.S. — which currently employs 175 people — as well as give it a lever for expanding globally alongside Kahoot’s wider stable of edtech software and services.

“Clever and Kahoot! are two purpose-led organizations that are equally passionate about education and unleashing the potential within every learner,” said Eilert Hanoa, CEO at Kahoot, in a statement. “Through this acquisition we see considerable potential to collaborate on education innovation to better service all our users – schools, teachers, students, parents and lifelong learners – and leveraging our global scale to offer Clever’s unique platform worldwide. I’m excited to welcome Tyler and his team to the Kahoot family.”

The news came on the same day that Kahoot, which is traded in Oslo with a market cap of $4.3 billion, also announced strong Q1 results in which it also noted it has closed its acquisition of Whiteboard.fi, a provider of whiteboard tools for teachers, for an undisclosed sum.

The same tides that have been lifting Kahoot have also been playing out for Clever and other edtech companies.

The startup was originally incubated in Y Combinator and launched with a vision to be a “Twilio for education“, which in its vision was to create a unified way of being able to tap into the myriad of student sign-on systems and educational databases to make it easier for those building edtech services to scale their products, and bring on more customers (schools, teachers, students, families) to use them. As with payments, financial services in general, and telecommunications, it turns out that education is also a pretty fragmented market, and Clever wanted to figure out a way to fix the complexity and put it behind an API to make it easier for others to tap into it.

Over time it built that out also with a marketplace (application gallery in its terminology) of some 600 software providers and application developers that integrate with its SSO, which in turn becomes a way for a school or district to subsequently expand the number of edtech tools that it can use. This has been especially critical in the last year as schools have been forced to close in-person learning and go entirely virtual to help stave off the spread of the Covid-19 pandemic.

Clever has found a lot of traction for its approach both with schools, and investors. With the former, Clever says that it’s used by 89,000 schools and some 65% of K-12 school districts (13,000 overall) in the U.S., with that figure including 95 of the 100 largest school districts in the country. This works out to 20 million students logging in monthly and 5.6 billion learning sessions.