INSUBCONTINENT EXCLUSIVE:
Before that, I noted the big uptick in VC spending in 2019.Remember, you can send me tips, suggestions and feedback to
VCs may be confident in the potential of teletherapy, but struggling companies in the space tell another story.Nine months ago Basis
launched a website and app for guided conversations via chat or video with pseudo-therapists or people trained in research-backed approaches
but who lack the same certifications as a counseling or clinical psychologist
I wrote a story noting that the company, led by former Uber VP Andrew Chapin, had raised a $3.75 million round from Bedrock, Wave Capital
and Lightspeed Venture Partners.But last month, things took a turn for the worse
Basis quietly shut down its website and app, its co-founder and chief science officer, Lindsay Trent, a former research psychologist at
appetite for innovative businesses in the mental health sector
As the stigma associated with seeking mental health support has dwindled and technology developments have allowed for personalized mental
health tools and practices, more entrepreneurs have entered the space
therapy.Basis co-founder and CEO Andrew Chapin (center) with the founding team last yearWhen asked why the Basis app and website were no
Lightspeed declined to comment
Wave Capital and Bedrock did not respond to requests for comment.Basis, which did not claim to treat diagnosable conditions like bipolar
disorder or schizophrenia, charged $35 per 45-minute phone call with its paraprofessionals
Its use of unlicensed therapists sparked concern in the mental health provider community
professional therapists and all of their lived experience and empathy with telepsychiatry administered by novice advisers could be
personalized medicine for mental health) and Talkspace (a leader in the online counseling space) have all closed funding rounds in
2019.Whether Basis will find its footing is TBD
at TechCrunch Disrupt NY 2017Adam Neumann did what?The eccentric co-founder and CEO of the international real estate co-working startup
WeWork has reportedly cashed out of more than $700 million from his company ahead of its upcoming IPO
According to Axios, a majority of that capital came in the form of loans while the remaining $300 million came from stock sales
The size and timing of the payouts is unusual, considering that founders typically wait until after a company holds its public offering to
But even with the big sale, Neumann remains the single largest shareholder in WeWork.Medallia soarsThe customer experience management
platform priced shares of its stock at $21 apiece Thursday, closing up Friday a whopping 76%
Money left on the table? I think so, and I bet Bill Gurley does too
The nearly two-decades-old company sold a total of 15.5 million shares in its IPO, raising $326 million at a $2.5 billion valuation in the
Venture Growth and Grotmol Solutions.Uber finally sets diversity and inclusion goalsWithin the next three years, Uber aims to increase the
percentage of women at levels L5 and higher (manager and above) to 35% and increase the percentage of underrepresented employees at levels
Currently, Uber is 9.3% black and 8.3% Latinx compared to just 8.1% black and 6.1% Latinx last year
my!Startups focused on improving productivity and email are unstoppable this year
The latest to close VC rounds are Substack and Notion
The company, which consists of just three employees working out of a living room, says that newsletters on the platform have now amassed a
total of 50,000 paying subscribers (up from 25,000 in October) and that the most popular Substack authors are already making hundreds of
thousands of dollars per year
As for Notion, The Information reported this week that it raised $10 million at an $800 million valuation
its door.Other notable funding events of the week:The trouble with blitzscalingSilicon Valley has many dreams
eventually building a product that is loved by humans the world over and becoming a startup billionaire in the process
Blitzscaling is making a lot of people a lot of wealth, but early employees? Not so much.Read more from TechCrunch editor Danny
Kirsten Korosec has something great in the works
All of us here at TechCrunch are very excited to announce The Station, a new TechCrunch newsletter all about mobility
Each week, in addition to curating the biggest transportation news, Kirsten will provide analysis, original reporting and insider tips on
the fast-growing industry
For a low price, you can learn more about the startups and venture capital ecosystem through exclusive deep dives, Q-As, newsletters,
resources and recommendations and fundamental startup how-to guides
venture-focused podcast, Equity
