The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

Coinbase CEO Brian Armstrong. Photo by Bloomberg. Art by Mike Sullivan.

Coinbase Enters the Metaverse; An Exodus from Meta’s Novi Unit

By Hannah Miller · Dec 16, 2021 4:00pm PST

Coinbase wants a piece of the metaverse. But instead of building its own virtual world, the crypto exchange is focusing on how to manage people’s identities within this three-dimensional, immersive version of the internet. The company’s goals could put it at odds with tech giants like Meta Platforms, which plans to spend $10 billion on its... Coinbase wants a piece of the metaverse. But instead of building its own virtual world, the...

Tori Dunlap, Founder of Her First 100K. Photo: Courtesy Tori Dunlap

Creator Economy

Boot-Strapping the Creator Economy; TikTok Tweaks its Algorithm

By Kaya Yurieff · Dec 16, 2021 2:41pm PST

We published a feature on Thursday morning about some of the difficulties female founders of startups have encountered while fundraising, and how those deals amounted to less than 5% of the sector’s funding in the first eight months of the year, according to The Information’s Creator Economy Database. One thread that emerged from our... We published a feature on Thursday morning about some of the difficulties female founders of...

Liz Reid announces Google Maps features at Google I/O 2021. Screengrab via YouTube.

Let’s Open Big Tech’s Financial Black Box

By Tim O'Reilly · Dec 16, 2021 9:00am PST · 1 comment

Markets work best when everyone has access to the same information. That’s why the U.S. Securities and Exchange Commission requires public companies to file 10-Qs and 10-Ks, and why insider trading rules prohibit trading on the basis of material nonpublic information. Companies are also required (though said requirement is weakly enforced... Markets work best when everyone has access to the same information. That’s why the U.S....

From left to right, Fave CEO Jacquelle Amankonah Horton, The Luupe CEO Keren Sachs, Lili CEO Lilac Bar David and Curastory CEO Tiffany Kelly. Photos courtesy of the companies.

Creators Are Mostly Women. Where’s the Money For Women-Led Creator Startups?

By Kaya Yurieff · Dec 16, 2021 6:00am PST · 3 comments

From left to right, Fave CEO Jacquelle Amankonah Horton, The Luupe CEO Keren Sachs, Lili CEO Lilac Bar David and Curastory CEO Tiffany Kelly. Photos courtesy of the companies.

Creators Are Mostly Women. Where’s the Money For Women-Led Creator Startups?

By Kaya Yurieff · Dec 16, 2021 6:00am PST · 3 comments

In 2019, Keren Sachs was pitching her new startup, which connects female photographers with business clients, to a partner at a midsize New York venture firm when he gave her some disheartening advice: Ditch entrepreneurship and focus on keeping her husband happy. A year later, when she was on the phone to discuss joining a fundraising... In 2019, Keren Sachs was pitching her new startup, which connects female photographers with...

Cryptocurrency investor Katie Haun in 2018.

What Crypto Investor Katie Haun’s Exit From Andreessen Horowitz Means

By Kate Clark · Dec 15, 2021 6:07pm PST · 4 comments

Surging public adoption of cryptocurrencies and investments in crypto-related startups this year has already forced major changes at some of the biggest venture capital firms, which have raced to catch up to VC upstarts specializing in the crypto sector. But the departure Wednesday of crypto-investment partner Katie Haun from Andreessen... Surging public adoption of cryptocurrencies and investments in crypto-related startups this year...

A Covid testing line in New York this week. Photo by AP

Covid Clouds Gather

By Martin Peers · Dec 15, 2021 5:00pm PST

This is shaping up to be another Christmas overshadowed by Covid-19. Lines for testing in New York City have suddenly lengthened. Apple shuttered three retail stores in North America after a rise in Covid-19 exposures among employees. Broadway theaters are canceling productions. Colleges are shifting exams to online only. What’s the bet that... This is shaping up to be another Christmas overshadowed by Covid-19. Lines for testing in New...

Andreessen Horowitz General Partner Katie Haun. Photo from Katie Haun. Art by Mike Sullivan.

Katie Haun Has a Crypto Fund of Her Own; Crypto Miners Pan for Gold

By Hannah Miller · Dec 15, 2021 4:12pm PST · 1 comment

Katie Haun’s decision to leave Andreessen Horowitz to start her own crypto and Web3 fund gives a big stamp of approval to these spaces. Andreessen Horowitz has been steadily building its crypto team and raising massive funds dedicated to the industry. But Haun’s willingness to strike out on her own shows her confidence in crypto. After... Katie Haun’s decision to leave Andreessen Horowitz to start her own crypto and Web3 fund gives a...

Tyler Faux, Co-Founder & CEO, Supergreat

Shopify Backs a Creator Economy Startup; Q&A With TikToker Lex del Valle

By Mahira Dayal · Dec 15, 2021 3:22pm PST

Tyler Faux, Co-Founder & CEO, Supergreat

Creator Economy

Shopify Backs a Creator Economy Startup; Q&A With TikToker Lex del Valle

By Mahira Dayal · Dec 15, 2021 3:22pm PST

Supergreat, a beauty-focused live streaming and shopping app, has raised $20 million in a funding round led by Greenoaks and joined by Shopify. Existing investors such as Benchmark, which led Supergreat’s $10 million Series A investment in July, along with Thrive Capital, TQ Ventures, Shrug Capital and Third Kind also participated. Details of... Supergreat, a beauty-focused live streaming and shopping app, has raised $20 million in a funding...

Traders on the floor of the New York Stock Exchange on Monday. Photo by Bloomberg.

Once-Hot Enterprise Software Stocks Cool as Investors Get Picky

By Aidan Ryan · Dec 15, 2021 11:33am PST

Enterprise software, long one of the hottest sectors of the tech industry on the public market, has suddenly turned cold. Fears about rising interest rates and a slowdown from pandemic-driven growth surges have delivered a double whammy to enterprise software stocks in recent months. A group of 46 such firms are down 3% so far this year,... Enterprise software, long one of the hottest sectors of the tech industry on the public market,...

Conor Russomanno, left, checking Galea devices attached to Valve Index VR headsets. Photo: OpenBCI

OpenBCI Gets VC Funding; Teasing Out Snap AR Trends

By Mathew Olson · Dec 15, 2021 11:00am PST

Brooklyn-based startup OpenBCI, which is working on a VR headset accessory designed in partnership with Valve and the eye-tracking company Tobii, is raising its first round of venture capital. Coming eight years after its founding, the funding round of undisclosed size signals that OpenBCI wants to get ahead of increased momentum in the sector.“... Brooklyn-based startup OpenBCI, which is working on a VR headset accessory designed in...

Art by Mike Sullivan

AWS Is Too Big to Fail

By Corey Quinn · Dec 15, 2021 9:00am PST · 6 comments

Amazon Web Services, Amazon’s stunningly profitable cloud division, powers the online presences of millions of users—and by users, I mean Fortune Global 2000 heavyweights ranging from Netflix to iRobot to the Nasdaq stock exchange. Quite simply, AWS is too big and has too many customers for the good of society. I say this as both an... Amazon Web Services, Amazon’s stunningly profitable cloud division, powers the online...

BigCommerce Isn’t a Shopify Clone—And What That Means For Its Stock

By Malique Morris · Dec 15, 2021 6:00am PST

BigCommerce Isn’t a Shopify Clone—And What That Means For Its Stock

By Malique Morris · Dec 15, 2021 6:00am PST

On the surface, you might think BigCommerce is getting smaller. The e-commerce software provider said it had 58,600 merchants using its services in the third quarter, down from 60,000 at the end of last year. That decline has undercut Wall Street’s belief that BigCommerce is the next Shopify: BigCommerce’s stock has dropped by half... On the surface, you might think BigCommerce is getting smaller. The e-commerce software provider...

Microsoft's Redmond campus. Photo by Bloomberg.

What We're Losing in Endless Remote Work

By Martin Peers · Dec 14, 2021 5:00pm PST

Former AOL CEO Tim Armstrong won’t win many friends with his comments, published in The Information today, that young people should go back to the office to protect their own career development. It’s an unfashionable view, particularly given the surging Omicron variant. It may also be impractical right now. California’s reintroduction of an... Former AOL CEO Tim Armstrong won’t win many friends with his comments, published in The...

Rand Labs Co-Founders Pablo Yabo and Michel Dahdah. Photo by Rand Labs. Art by Mike Sullivan.

Inside a Startup Using Algorand Blockchain; CoinMarketCap’s Fat Finger; Musk Moves Dogecoin

By Hannah Miller · Dec 14, 2021 4:00pm PST

Bitcoin, Ethereum and Solana are familiar names in blockchain, but developers are turning to other options as well. Here’s an inside look at C3, a decentralized finance protocol built on the Algorand blockchain. Founders: Pablo Yabo and Michel DahdahMoney Raised: $3.6 million at a $20 million valuationInvestors: Arrington XRP Capital, Jump... Bitcoin, Ethereum and Solana are familiar names in blockchain, but developers are turning to...

Photo: Bloomberg

Creator Economy

The Math on Snap’s Spotlight Payouts

By Mahira Dayal · Dec 14, 2021 3:38pm PST

On Tuesday, Snap disclosed a big new number: This year, it has paid 12,000 creators over $250 million to make videos for Spotlight, its short-form video alternative to TikTok. The Snapchat parent was one of the first social networks to dedicate a special pool of money to pay creators, announcing just over a year ago that it would spend $1... On Tuesday, Snap disclosed a big new number: This year, it has paid 12,000 creators over $250...

The Information’s Return to the Office Tracker: Winter 2021

By Sarah Krouse and Mark Matousek · Dec 14, 2021 11:45am PST

The Information’s Return to the Office Tracker: Winter 2021

By Sarah Krouse and Mark Matousek · Dec 14, 2021 11:45am PST

For nearly two years, tech executives have wrestled with the question of whether and how to reopen their physical workspaces. Some were quick to declare that the age of the office was over, while others have gravitated toward a middle ground. The biggest tech companies—including Apple, Microsoft and Meta Platforms, Facebook’s parent... For nearly two years, tech executives have wrestled with the question of whether and how to...

Artwork for Among Us VR, which was announced late last week. Credit: Innersloth/Schell Games

Meta’s Busy December; Spatial’s Art Gallery Pivot; A New AR Googler

By Mathew Olson · Dec 14, 2021 11:00am PST

Last week’s Horizon Worlds public debut was just the start of Meta Platforms’ busy December, it seems. Meta is engaged in a flurry of AR/VR activity, including the rollout of a new beta AR app, expanding the reach of the avatars it offers and its latest Quest advertising push. Mercifully, this slew of news is more grounded in the present than... Last week’s Horizon Worlds public debut was just the start of Meta Platforms’ busy December, it...

Tim Armstrong. Photo by Bloomberg

Q&A

Former AOL CEO Tim Armstrong Says the ‘Earthverse’ Matters More Now Than the Metaverse

By Jessica Toonkel · Dec 14, 2021 9:02am PST

Digital advertising veteran Tim Armstrong thinks Facebook’s rebranding to Meta Platforms was “number one in the best marketing jiujitsu moves of the last 200 years.” But while he thinks there is a big opportunity in the metaverse long term, he is more upbeat about the near-term opportunity of what he calls the... Digital advertising veteran Tim Armstrong thinks Facebook’s rebranding to Meta Platforms...

Photo of Intuit headquarters provided by Intuit. Art by Mike Sullivan.

Tech Talent Shortage Looms Behind Return-to-Office Delays

By Sarah Krouse and Mark Di Stefano · Dec 14, 2021 6:00am PST

A near-record number of tech job openings. Morale problems. Employee anxiety about new Covid-19 variants. Those factors and others are leading more tech companies to a similar conclusion: Let’s punt a return-to-office plan until sometime next year. Earlier this month, for example, Intuit executives told staff at the financial software... A near-record number of tech job openings. Morale problems. Employee anxiety about new Covid-19...

Vox CEO Jim Bankoff. Photo by Bloomberg.

Why Vox and Group Nine Shouldn’t Celebrate Their Merger

By Martin Peers · Dec 13, 2021 5:00pm PST

Vox CEO Jim Bankoff. Photo by Bloomberg.

Why Vox and Group Nine Shouldn’t Celebrate Their Merger

By Martin Peers · Dec 13, 2021 5:00pm PST

Digital media firms should go into the lemonade business, given how good they are at turning the lemons their businesses represent into their liquid versions. Today, for instance, we got news that Vox Media and Group Nine Media are in “advanced” talks to merge. In a note to staff, Vox CEO Jim Bankoff pronounced the deal “one of the most exciting... Digital media firms should go into the lemonade business, given how good they are at turning the...