Tech Rundown: Buy now, IPO later

Hello there,

Here’s today tech rundown — everything you need to know from the world of tech in 3 minutes!

In today’s email:

• Klarna going public?

• A ring that gauges blood pressure raises $15m

• NASA’s strange apology

The Lead Story

IPO hope springs eternal.

A recent report noted buy now, pay later startup Klarna is getting ready to go public.

Early estimates put Klarna’s value at around $15 billion. While this remains ever-distant from Klarna’s all-time high of $46b, it represents a more than doubling of its recent $7b valuation.

One could easily draw parallels with another well funded startup, WeWork (both once worth over $40b, both Softbank companies). But with a noticeably different outcome.

And yes, Klarna’s business model makes life easier: being asset light with no multi-year commitments has its advantages! Though there are other factors.

For starters, Klarna actually is a tech company (unlike WW’s claim), so they can release new products quickly. It’s also profitable now, and has been in the past.

And while harder to quantify, it has a, seemingly, grounded CEO who’s made hard decisions, re-calibrated when needed, & doesn’t want to live forever. Not sure the same can be said for Adam Neumann.

More Tech News

• Twitter handles it: Twitter reportedly working on a new marketplace to buy and sell usernames; some to cost $50k (more)

• Netflix numbers: Netflix reported 15m subscribers on their ad-supported tier, 3x the user base from May this year (more)

• Tesla victory: Tesla found not guilty in a case that claimed their auto-pilot feature led to a driver’s death (more)

• Enter Dorsey: Founder Jack Dorsey set to take a more active role in former company Block, after share price drop (more)

• Mint no more: Intuit's budgeting app Mint is set to shut down in 2024, and will be absorbed into Credit Karma (more)

Startup Fundraising

• Covera Health uses AI to assist radiologists with accuracy of scans and reports. Raised $50m

• Atom Bank, a neo-bank based in the UK, raised $115m. However, valuation fell from $530m to $440m

• Sky Labs is a ring that measures blood pressure and is powered by AI. Raised $15m

• Free Market Health provides consumers with access to low-cost medications. Raised $20m

• Siro leverages AI to train and upskill sales reps. Raised $18m

Daily Data

Meta’s continued bet on VR/AR

Space is busy

Distractions

Fair comment?

• Wolf of Wall Street’s crashed car goes on sale

• No need to apologise, NASA

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