Daily Crunch: Zoom reports spectacular growth

Daily Crunch: Zoom reports spectacular growth

Zoom’s newest earnings report was even higher than anticipated, SoftBank declares a brand new fund to spend money on founders of shade and Google pulls a trending app that targets apps from China.

Here’s your Daily Crunch for June 3, 2020.

1. Remote work helps Zoom develop 169% in a single yr, posting $328.2M in Q1 income

Zoom’s buyer numbers had been equally sharp, with the agency reporting that it had 265,400 clients with greater than 10 seats (workers) on the finish of the quarter, which was up 354% from the year-ago interval.

Not all the information popping out of its newest earnings report was constructive, nonetheless. CEO Eric Yuan confirmed {that a} plan to implement end-to-end encryption doesn’t in actual fact lengthen to non-paying customers.

2. SoftBank launches $100M+ Opportunity Growth Fund to spend money on founders of shade

The Opportunity Growth Fund “will solely spend money on corporations led by founders and entrepreneurs of shade,” in keeping with an inner memo from SoftBank’s COO Marcelo Claure, who mentioned the fund will initially begin with $100 million — that means there’s room for SoftBank or different restricted companions so as to add extra over time.

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3. Google pulls ‘Remove China Apps’ from Play Store

The high trending app in India, which was downloaded greater than 5 million instances since late May and enabled customers to detect and simply delete apps developed by Chinese corporations, was pulled from Android’s marquee app retailer for violating Google Play Store’s Deceptive Behavior Policy.

4. Facebook and PayPal spend money on Southeast Asian ride-hailing large Gojek

Facebook and PayPal are becoming a member of Google and Tencent as high-profile tech corporations which have backed the five-year-old Southeast Asian ride-hailing startup, which additionally provides meals supply and cellular funds.

5. The fundraising market has stabilized. Or has it?

DocSend CEO Russ Heddleston mentioned the final two weeks could possibly be establishing a brand new regular for fundraising this yr. Even although most VCs aren’t taking in-person conferences, they had been extra energetic prior to now month than they had been in May of each 2019 and 2018. (Extra Crunch membership required.)

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6. Venture corporations rush to seek out methods to assist Black founders and buyers

Firms like Benchmark, Sequoia, Bessemer, Eniac Ventures, Work-Bench and SaaSTR Fund founder Jason Lemkin all tweeted in assist of the trigger and supplied to take steps to enhance the dearth of illustration of their business. But some Black entrepreneurs and buyers are questioning the corporations’ motivations.

7. Lili raises $10M for its freelancer banking app

CEO Lilac Bar David advised that no conventional banking options are actually designed to unravel the issues confronted by freelancers — whether or not they’re designers, programmers, health instructors, cooks or magnificence professionals. She described Lili as the primary “all-in-one” resolution, providing each a checking account and a broader suite of economic monitoring instruments.

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