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Week Ending 2021-05-16

“If you’re doing your job right, you are your harshest critic.” - Gregg Spiridellis

Being ahead of your time by a year will make you rich, but being ahead of your time by a decade will drive you insane.

Fundings

Upshot Raises $7.5M in Series A Funding (finsmes.com)

  • Blockchain-based protocol that incentivizes experts to answer subjective questions honestly. Upshot uses a novel algorithm that analyzes people’s answers to questions and rewards experts who provide credible information for appraising a wide variety of digital assets.
  • The company’s first product – Upshot One – is specifically designed to tackle the problem of NFT price-discovery by incentivizing a community of experts to provide efficient appraisals of NFTs.
  • Opinion: Today, getting a professional evaluation on something as NFT and even an early-stage startup is pain and the estimates differ greatly. There are some startups trying to solve it for certain industries by getting more data which just results in a little bit more efficient answer but that is still centralized. When we want to make professional evaluations legitimate even for newly created things with a lot of abstract value, I believe we will have to move to crowdsourced decisions and Upshot is one of the startups that figured it out early.

Lithuanian unicorn Vinted raises €250 million on its mission to make second-hand fashion first choice (eu-startups.com)

  • Vinted is Europe’s largest online C2C platform dedicated to second-hand fashion with more than 45 million members globally.
  • Vinted will continue expanding its team, which increased by around 75% over the last 12 months to more than 700 people. The new investment will include an expansion of Vinted’s Berlin office as the location for key teams including within Engineering and Product.
  • Opinion: It is great to see a unicorn from CEE being successfully. What is little disappointing to me is that new employees are being hired in more developed markets in europe instead of Lithuania what was its cost advantage earlier. Hopefully the talent even for later stage companies will be in CEE so companies can stay there longer.