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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.
We had a lot to get through this week and may have ran over our time a little bit but it was worth it. First, we discussed Weekend Fund’s second effort, a $10 million vehicle targeting early-stage upstarts. Led by Product Hunt founder and CEO Ryan Hoover, Weekend Fund raised a smaller debut angel fund a few years ago. Now they’re back at it after deploying capital to Girlboss, TTYL, Headspin and more.
Next, we turned to some upsetting news, at least for the employees and venture capitalists behind the startup Omni. After raising a total of $35 million in VC funding, Omni announced this week it was shutting down, with 10 of its engineers moving over to Coinbase. It appears the company struggled to make the economics of equipment rentals and physical on-demand storage work out. It’s another victim of a venture capital-subsidized business offering a convenient service at an unsustainable price.
Far from shuttering, we also spoke about Cocoon, a new company that wants to help you stay in touch with those who matter most. The company graduated from Y Combinator and has since raised $3 million in venture funding. The startup was founded by former Facebook employees, hence the headline, and is hoping to create the dedicated software that you use for that most important group chat in your life. The iOS-only app is a bit of a cross between Life360, Slack and Path.
Finally, we closed the episode with some Airbnb news and the New York Stock Exchange’s interesting plans to alter direct listings.
Glad you guys came back for another episode, we’ll see you soon.