News Headline: Daily Crunch - Reddit raises $250M

Wednesday, February 10, 2021

Daily Crunch - Reddit raises $250M

Tuesday, February 09, 2021 • By Anthony Ha

Reddit raises more funding, Shopify expands payments to Facebook and a study suggests that the Apple Watch might be able to predict COVID diagnoses. This is your Daily Crunch for February 9, 2021.

The big story: Reddit raises $250M

This latest funding announcement comes after Reddit has returned to the headlines, with the WallStreetBets subreddit playing a crucial role in the spectacular rise and fall of GameStop shares (along with other stocks). The company also ran a five-second Super Bowl ad on Sunday, consisting of a single static image.

Reddit announced the round in a blog post that said the money comes from "existing and new investors” and will allow the company to “make strategic investments in Reddit including video, advertising, consumer products and expanding into international markets."

How can you unlock long-term value through technology?

The tech giants

Shopify expands its payment option, Shop Pay, to its merchants on Facebook and Instagram — This is the first time Shop Pay will be made available outside of Shopify's own platform.

CD Projekt hit by ransomware attack, refuses to pay ransom — "We have already secured our IT infrastructure and begun restoring data," the game company said.

Spotify confirms it's (finally) testing a live lyrics feature in the US — Though the streaming music service today offers live lyrics in a number of markets, it has not done so in the U.S. for many years.

Image Credits: jayk7 / Getty Images

Startups, funding and venture capital

Swarm's low-cost satellite data network is now available to commercial clients — One of the original startups that set out to create a low-Earth orbit satellite constellation to provide a data network here on Earth is now open for business.

Mighty Buildings nabs $40M Series B to 3D print your next house — The startup says it can 3D print a 350-square-foot studio apartment in just 24 hours.

Seed firm Eniac Ventures raises $125M for its fifth fund — The size of Eniac's funds has grown dramatically over the past decade, from its $1.6 million first fund in 2010 to its $100 million fourth fund in 2017.

Startups, funding and venture capital image

Image Credits: Swarm

Advice and analysis from Extra Crunch

Decrypted: A hacker attempted to poison Florida town's water supply — Oldsmar is a small town in Florida that became the center of the cyber world this week.

Are SAFEs obscuring today's seed volume? — SAFEs are a quick and cheap method for raising capital.

(Extra Crunch is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

Advice and analysis from Extra Crunch image

Image Credits: Octavio Jones / Getty Images

Everything else

Announcing the agenda for TC Sessions: Justice — Our second-ever dedicated event to diversity, equity, inclusion and labor in tech is coming up on March 3.

Mount Sinai study finds Apple Watch can predict COVID-19 diagnosis up to a week before testing — The investigation, dubbed the "Warrior Watch Study," used a dedicated Apple Watch and iPhone app and included participants from Mount Sinai staff.