Top tech startup news for today, Thursday, January 30, 2020: Facebook, Neighbor.com, GameRefinery, SoCi, Aquant
Good morning! Below are the top tech startups news for today, Thursday, January 30, 2020.
Facebook lost more than $50 billion in market value after reporting a 51% rise in expenses compared with its total in 2018. What’s a $50 billion loss to Facebook? The stock of Facebook reportedly fell much as 8% as the market opened erasing more than $50 billion from the social media giant’s market cap. The decline comes after Facebook reported a 51% rise in expenses compared with its total in 2018. The expenses were largely related to the company’s privacy and security improvements. That coincides with a drop in the company’s operating margin, which fell from 45% in 2018 to 34% in 2019.
GameRefinery acquires Reflection.io, a U.K. startup that provides market insight for app developers. GameRefinery, a mobile game insight and analytics startup, today announced it has acquired another market insight platform, Reflection.io. The terms of the deal were not disclosed. As part of the acquisition agreement, Reflection.io’s capabilities will be into the GameRefinery portal over the coming months. The current Reflection’s platform will remain fully operational and accessible to existing customers at Reflection.io. Founded in 2013, Reflection.io provides market insight for app developers. The startup has worked with an impressive list of customers including Square Enix, Miniclip, Sky, BBC, Wooga, Endemol and Sega.
SOCi scores $15M Series C funding to grow its reputation management platform. SOCi, a San Diego, California-based social and reputation management platform for multi-location businesses, has closed a $15m Series C funding round to continue to build out its platform to allow enterprise partners to manage all of their local digital channels and assets that are core to their localized marketing presence in a single platform. The round was co-led by Vertical Venture Partners, Grayhawk Capital, and Ankona Capital with participation from Blossom Street Ventures. The company, which has raised roughly $35m since its inception in 2012.
Self-storage marketplace startup Neighbor.com closes $10 million Series A led by Andreessen Horowitz. Neighbor.com, an Utah-based tech startup disrupting the self-storage marketplace, has closed a $10 million Series A funding round led by Silicon Valley venture capital firm Andreessen Horowitz. Other investors in this round include Nate Bosshard, former partner at Khosla Ventures and co-founder of Tonal, as well as Ryan Graves, Uber’s first CEO. In conjunction with the funding, Neighbor.com also announced that Jeff Jordan, managing partner at Andreessen Horowitz and former eBay, PayPal and OpenTable executive who currently sits on the boards of Airbnb, Instacart, Lime and Pinterest, will join its Board of Directors.
Aquant closes $30M in Series B funding for its service intelligence and AI platform. Aquant, a NYC-based provider of a service intelligence platform, has raised $30 million Series B funding round to drive continuous innovation of its AI platform, accelerate global expansion, and grow its engineering, client services, and go-to-market teams. The round, which brought total funding to $40 million, was led by Insight Partners with participation from existing investors including Lightspeed Venture Partners, Angular Ventures, and Silvertech Ventures. Co-founded by Shahar Chen, CEO and co-founder, and COO and co-founder, Aquant provides an artificial intelligence technology platform that captures the knowledge of subject matter experts before they leave, by unlocking insights from clients’ data silos (e.g., CRMs and ERP systems), analyzing the free-text of customer comments and field technician notes, and validating findings with top performers.