Rinse, the San Francisco-based dry cleaning and laundry delivery service, has closed a $14M Series B round of funding. This comes after a $6M Series A last year, meaning the startup has now raised about $23.5M in three rounds. The round is being led by Partech Ventures, with participation from existing investors including Javelin Ventures, Arena Ventures, Accelerator Ventures, and Structure Capital. Rinse was started in 2013, at the height of the on-demand boom. At the time companies like Washio (which is now shut down) offered to pick up your dry cleaning within an hour and return it the next day. But Rinse had a different model. Sticking to the belief that no one really needed their dry cleaning picked up within an hour, Rinse focused on nightly pickups between 8-10pm with standard return times (unless you wanted to pay extra for faster service).
Walmart to Buy Bonobos, Men’s Wear Company, for $310 Million
Walmart has agreed to acquire the men’s clothing company Bonobos for $310 million. The purchase is part of a sweeping effort by the world’s largest retailer to revamp its business model as it tries to better compete with Amazon, which on Friday announced that it would buy the upscale grocer Whole Foods for $13.4 billion. Bonobos, founded 10 years ago in New York, began by selling simple chino pants on the internet. In recent years, it has expanded to offer shirts, suits and other men’s clothing, and has opened dozens of brick-and-mortar locations, as well as boutiques in Nordstrom department stores, a previous investor in the start-up.
Collective Health’s Goal: Medical Benefits That Work
The No. 2 company in the WSJ’s Tech Companies to Watch says insurance can be less costly for employers and less frustrating for workers... As costs for health care keep rising, Collective Health Inc. is counting on companies turning to it for better ways to spend their medical dollars. Collective Health administers health benefits for businesses that self-insure, meaning they cover their employees’ medical claims themselves instead of paying premiums to an insurer. Most large and many small and midsize companies self-insure because it lets them customize their benefits and save money in the long term.
The Wall Street Journal's Top 25 Tech Companies to Watch
#22 Acorns - The Wall Street Journal set out to identify companies that show signs of becoming emerging leaders. A data analysis assessed their founders' experience, investor track record, amount of investments raised, growth of workforce and buzz about the company. These five factors were given an equal weighting to calculate a maximum score of 100.
Eero Offers a Tool to Eliminate Wi-Fi Dead Spots
The company, ranked fifth in WSJ’s Tech Companies to Watch, believes its independence gives it an edge... After a lifetime of repairing internet connections for friends and family, Nick Weaver had seen it all. “I’ve been the guy who’s had to fix the internet for my friends and family my entire life,” Mr. Weaver says. One huge improvement equipment makers could make, he recognized soon after Wi-Fi came along, would be to fix the gaps in service that people experience in their homes, causing dead spots that people have to avoid if they want to stay connected when using their computers or phones.
Eero's New Router Doubles as a Bouncer for your Smart Home
GENERALLY SPEAKING, YOUR router has one job: keep those internet juices flowin'. When Eero launched its mesh router, it made waves by stringing multiple devices together so that your Wi-Fi could reach more places in your home and run more quickly. The concept of "mesh networking" took off and soon, everyone else copied the idea. Now even Netgear and Linksys want to sell you a three-part mesh system. Your Wi-Fi options are better and faster than ever, but Eero lost its advantage.
Smart WiFi startup Eero updates its hardware and introduces a new network security service
Wireless networking startup Eero was founded on the premise of providing “WiFi that works.” With easy setup and the ability to boost your signal by just adding more WiFi stations, Eero introduced a new category of wireless mesh networking products to market. But since there are now multiple WiFi mesh competitors out there, Eero can’t afford to be left behind. With that in mind, the company is announcing two new hardware products for consumers and additional security features users can subscribe to.
Momentum Machines raises $18 million to launch robot-powered restaurant
A secretive robotics startup has raised a new round of venture funding as part of its quest to replace humans with robots in the kitchens of fast-food restaurants. Momentum Machines secured over $18 million in financing, according to a SEC filing in May. The startup has generated investments from top VC firms Google Ventures and Khosla Ventures in the past.
Hamburger-Making Robotics Firm Momentum Machines Secures $18 Million (GOOGL)
INVESTOPEDIA - Robots capable of churning out 400 hamburgers in an hour could one day become a permanent fixture across fast food chains. Momentum Machines, the Google (GOOGL) backed startup that specializes in building these high-tech, artificial intelligence-powered devices, has just secured over $18 million of new venture capital, according to an SEC filing.
Jack Abraham Thinks He's Found A Better Way To Build Businesses
At 24, Jack Abraham sold his first company, Milo.com, to eBay for $75 million. He’d dropped out of his Wharton undergrad program two years earlier to start the website, where consumers could hunt down merchandise at their local brick-and-mortar retailers. After the sale in 2010, he joined eBay’s staff, before shifting to a consulting role and making angel investments in companies like Pinterest and Postmates. Then in early 2013 he
Some venture capitalists are prioritizing mental health -- and are willing to pay for therapy
Silicon Valley investors are starting to take the mental health of start-up executives quite seriously. Venture firms including Refactor Capital and Slow Ventures have agreed to pick up the tab for portfolio company founders to get an initial visit to a therapist. They're offering an option via a startup called Kip, which provides a curated list of therapists online. Once users book a session, they see the therapist in-person. Kip is currently available in San Francisco. Erin Frey, the company's founder, said Kip wants to work with entrepreneurs to demonstrate the benefits of mental health services.
The story behind Denver’s most popular mobile app and why it needed to change
Bryan Leach pulls several receipts from his leather wallet and excitedly spreads them on the table as if he just discovered a pirate’s map of buried treasure. Few people, especially Yale Law School grads who have clerked for a Supreme Court justice, are this passionate about paper receipts. “I just have them because I test all the time,” said Leach, CEO and founder of Ibotta, one of nation’s most popular mobile retail apps. He takes a picture of a Walmart receipt using the newly revamped Ibotta app and all items are automatically scanned. That makes it easier and faster for users to get cash rebates credited to their accounts. No clipping coupons. No need to verify purchases by also scanning a product’s barcode, which had been Ibotta’s modus operandi for years. (Skipping barcode verification is being slowly rolled out to more stores.)