Day: November 20, 2020

Daily Crunch: Roblox is going public

Roblox opens its books, Snap makes an acquisition and Pfizer and BioNTech seek regulatory approval for their vaccine. This your Daily Crunch for November 20, 2020.

The big story: Roblox is going public

The child-friendly gaming company filed confidentially to go public in October, but it only published its S-1 document with financial information late yesterday.

How do the numbers look? Well, Roblox is certainly growing quickly — total revenue increased 56% in 2019, and then another 68% in the first three quarters of 2020, when it saw $588.7 million in revenue. At the same time, losses are growing as well, nearly quadrupling to $203.2 million during those same three quarters.

The company also acknowledged that its success depends on its ability to “provide a safe online environment” for children. Otherwise, “business will suffer dramatically.”

The tech giants

Snap acquired Voisey, an app to create music tracks overlaying your own vocals — Voisey users can apply audio filters to their voices, and they can browse and view other people’s Voisey tracks.

Despite commitment to anti-racism, Uber’s Black employee base has decreased — Uber’s latest diversity report shows a decline in the overall representation of Black employees in the U.S.

Google, Facebook and Twitter threaten to leave Pakistan over censorship law — This comes after Pakistan’s government granted blanket powers to local regulators to censor digital content.

Startups, funding and venture capital

Loadsmart raises $90M to further consolidate its one-stop freight and logistics platform — Loadsmart offers booking for freight transportation across land, rail and through ports, all from a single online portal.

ORIX invests $60M in Israeli crowdfunding platform OurCrowd — OurCrowd also says that the two groups will collaborate to create financial products and investment opportunities for the Japanese and global market.

Kea raises $10M to build AI that helps restaurants answer the phone — CEO Adam Ahmad says the startup has created a “virtual cashier” who can do the initial intake with customers, process most routine orders and bring in a human employee when needed.

Advice and analysis from Extra Crunch

If you didn’t make $1B this week, you are not doing VC right — Don’t yell at me, Danny Crichton said it!

Why is GoCardless COO Carlos Gonzalez-Cadenas pivoting to become a full-time VC — “I think this is the best moment in entrepreneurship in Europe.”

What is Roblox worth? — A deeper dive into Roblox’s numbers.

(Extra Crunch is our membership program, which aims to democratize information about startups. You can sign up here.)

Everything else

Pfizer and BioNTech to submit request for emergency use approval of their COVID-19 vaccine today — These emergency approvals still require supporting information and safety data, but they are fast-tracked relative to the full, formal and more permanent approval process.

Mixtape podcast: Building a structural DEI response to a systemic issue with Y-Vonne Hutchinson — Hutchinson is the CEO of ReadySet, a consulting firm that works with companies to create more inclusive and equitable work environments.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

Rocket Lab makes its first booster recovery after successful launch

New Zealand-born launch provider Rocket Lab took a step towards making its launch vehicles reusable today with the safe splashdown and recovery of an Electron booster after it successfully took its payload to orbit. The image above is the view from the booster up into the parachute that brought it safely down.

Reusing the first stage of launch vehicles — that is to say, the booster that takes the payload from the ground to the edge of space, where a second stage takes over — has the potential to vastly reduce the cost of getting to orbit. For decades these precision-engineered machines, which cost millions to produce, have been abandoned after use and allowed to break up on reentry.

SpaceX first demonstrated recovery of its Falcon 9 rockets in 2015, landing one on a drone ship after several failed attempts with other launches. A used first stage was first re-launched in 2017.

Rocket Lab CEO Peter Beck announced last year that the company would be attempting its own method of recovering a used booster. Instead of the complex propulsive controlled landing of the Falcon 9, the booster would descend safely under a parachute, and be intercepted and captured by a helicopter before splashdown.

Image Credits: Rocket Lab

Today’s mission, however, skipped the helicopter step as perhaps being a bit ambitious for a first try. After delivering some 30 satellites and a 3D-printed gnome to the edge of the atmosphere, the Electron’s booster returned to Earth and was tracked to where it splashed down about two hours later.

According to a press release from Rocket Lab sent after the launch, the descent and recovery went exactly as planned:

Approximately two and a half minutes after lift-off, at an altitude of around 80 km, Electron’s first and second stages separated per standard mission procedure. Once the engines shut down on Electron’s first stage, a reaction control system re-oriented the stage 180-degrees to place it on an ideal angle for re-entry, enabling it to survive the incredible heat and pressure known as “The Wall” during its descent back to Earth. A drogue parachute was deployed to increase drag and to stabilize the first stage as it descended, before a large main parachute was deployed in the final kilometres of descent. The stage splashed down as planned. Rocket Lab’s recovery team will transport the stage back to Rocket Lab’s production complex, where engineers will inspect the stage to gather data that will inform future recovery missions.

“What the team achieved today in recovering Electron’s first stage is no mean feat. It took a monumental effort from many teams across Rocket Lab, and it’s exciting to see that work pay off in a major step towards making Electron a reusable rocket,” said Beck.

The recovery crew is securing Electron’s first stage and preparing to bring it back via ship to our production complex. Pics to follow once we have them! https://t.co/LnVAhmvbdo

— Rocket Lab (@RocketLab) November 20, 2020

We’ll update this post with further developments. You can watch a replay of the launch below.

Save up to 36% with the best ‘FIFA 21’ deals this Black Friday

Save up to 36% with the best 'FIFA 21' deals this Black Friday

SAVE UP TO 36%: FIFA 21 is on sale as part of Amazon’s Black Friday event, saving you up to 36% on list price.


We know that the world of gaming is kind of preoccupied at the moment, and the only thing anyone wants to know about is stock for the Xbox Series X and PS5. We’re not coming to you with news about this unfortunately, because it seems like nobody knows what’s going on.

Instead, we’re bringing you deals on FIFA 21, whether you want them or not. You can save up to 36% on FIFA 21 from Amazon as of Nov. 20, with options for PS4 and Xbox One.

More about Fifa, Black Friday, Mashable Shopping, Shopping Uk, and Uk Deals