In the startup world, I Own My Data (IOMD) has emerged from stealth with a $2.75 million seed funding, aiming to revolutionize online shopping. Navan, a fintech startup, has partnered with Citi to provide a jointly branded travel and expense system. However, the funding for Black founders in the U.S. has dropped significantly, with only 0.13% of all capital allocated to startups in Q3. Lastly, global investment firm KKR has closed its third tech growth fund with approximately $3 billion in capital commitments.
Key takeaways:
- Despite signs of economic recovery, tech companies continue to lay off employees with Nokia, Qualcomm, Qualtrics, and LinkedIn announcing significant layoffs. Product Hunt and Stack Overflow also announced major staff reductions.
- The Rebelle Rally 2023 saw a significant entry of electric vehicles with a Rivian team clinching first place in the 4×4 class. Meanwhile, Tesla's Q3 earnings report showed a fall in gross margin leading to a 44% profit drop.
- Startups are raising funds for various initiatives. I Own My Data (IOMD) emerged from stealth with a $2.75 million seed funding for its platform that eliminates the need for consumers to create new accounts with every purchase. Navan partnered with Citi to provide a jointly branded travel and expense system for Citi Commercial cardholders.
- Web Summit's co-founder and CEO, Paddy Cosgrave, resigned amid controversy over his comments about Israel and Palestine. Despite his resignation, Cosgrave still owns 80% of the business and the conference organizers confirmed that future events will proceed as planned.