#533
Short On Parts
Published:
Apr 01, 2024
Author:
Sarah Parsons Wolter
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When Formula 1 Williams team welcomed a new team member Vowles in 2023, he was not prepared to manage an excel spreadsheet with more than 20,000 car parts that the team had been using to track components. Moreover, this spreadsheet did not include fields for data including cost, stock level and lead times, which are critical to modeling updates. As a result, the F1 team is now spending millions of dollars to implement technology changes including a brand new digital system.
And F1’s not the only team with supply chain difficulties. On a more macro level, the collapse of a major bridge outside Baltimore is delaying shipments at the Port of Baltimore, one of the East Coast’s busiest hubs. Coal, retail and various other products are affected, and there is no estimate of when the center could reopen. In the interim, importers are hoping to be re-routing their cargo through Norfolk and Port of New York/New Jersey.
Whether due to outdated software or unexpected accidents, global supply chain disruptions have become headline news more frequently than ever. As such, the rise of supply chain and inventory management software that can help solve large, complex and constantly changing problem sets is not surprising. While they’re at it, can they also help solve the impending cocoa shortage crisis? The Easter Bunny is certainly feeling the effects this weekend…
Portfolio News
Australian fintech Stables launches international remittances between Australia and the Philippines - From today, Stables users in over 130 countries can send Australian Dollars or Philippine Pesos to over 140m people across Australia and the Philippines, all powered by stablecoins. Read more
RealPage and Plaid team to curb rental fraud - The partnership with Plaid will help RealPage customers detect fraud earlier via “multifaceted verification across data, device, document and biometrics,” employing artificial intelligence and machine learning, while streamlining tenant sign-up. Read more
Short On Parts
Formula 1 management shocked team used Excel for 20,000-part inventory, now replacing 'impossible to navigate' sheet - Up to and including the 2024 Williams FW46 race car, the headlining Excel spreadsheet was crucial for building cars and managing parts. Vowles didn’t pull his punches when talking about the old system. “The Excel list was a joke,” blasted the new Williams team principal. “Impossible to navigate and impossible to update.” Read more
Bridge collapse resets U.S. supply chains - The collapse of a major bridge along a crucial trade corridor outside Baltimore idled shipping at one of the East Coast’s busiest ports, tied up coal shipments and pushed retailers, truckers and industrial firms to reroute shipping volumes to contain the economic fallout of the catastrophic event. Read more
Cocoa prices reach all-time high: what this means for Easter baskets - About 70% of the world’s cocoa is grown in West Africa and the rising prices are a result of lackluster, weather-related crop yields there. El Niño—above-average sea surface temperatures in the Pacific Ocean that affects global climate patterns—has caused warmer temperatures and heavy rains in the region, which has resulted in a decline in crop yields. Read more
Industry News
Visa and Mastercard agree $30b settlement over US transaction fees - The deal will require the payments companies to lower the so-called swipe fees they charge sellers over the next five years. It will also allow merchants to charge different prices to consumers based on which credit card they use. Read more
FTX customers in line for higher payouts as crypto prices soar - FTX is on track to repay its customers up to two-fifths more than the initial value of their claims as administrators for the collapsed exchange capitalize on surging prices of cryptocurrency and artificial intelligence assets. Read more
Robinhood’s new credit card goes after Apple Card with ability to invest cash-back perks - Robinhood is touting all sorts of benefits with its new card in an attempt to attract users - the card has no annual or foreign transaction fees, and users can earn 3% cash back on all categories and 5% cash bank when booking travel at Robinhood’s new travel portal. Read more
Larry Fink says world leaders must address growing retirement crisis - Fink believes an aging population is stressing retirement safety nets such as Social Security, an issue that is set to worsen as medical breakthroughs like weight-loss drugs extend people’s lives. Read more
CFPB to investigate credit card reward programs following consumer complaints - CFPB Director Rohit Chopra said that credit card issuers too often tell consumers about rewards without telling them about the availability of a card with a lower interest rate offered by the same issuer, according to the report. Read more
Bitcoin’s surge stirs crypto VC from its slumber - Crypto startups raising capital have been stuck in the mud for much of the past couple of years. They are starting to gain traction now thanks to one of the industry’s key underlying assets: bitcoin. Read more
Chime Financial targets public listing in US in 2025 - Chime has been a closely watched IPO candidate for a few years after it won over customers unable to stomach the fees on overdrafts and accounts charged by most banks. The company scored a $25b valuation in 2021 at the peak of a technology boom which then faded as interest rates and inflation rose. Read more
JPMorgan bets on new wealth planning tool to draw investments - The bank will offer a new planning tool to its 54m Chase retail customers. Clients can use the tool to include retirement locations and fine-tune their estimated living costs. The tool can also initiate meetings with financial advisers, who also use it to design the plans. Read more
The crypto world has a new villain - Billionaire Barry Silbert faces accusations of defrauding thousands. New York Magazine's in-depth article delves into how consumers' savings vanished with firms like Genesis and explores the bankruptcy proceedings impacting asset recovery. Read more
Visa adds new AI tools to help fight digital fraud on payments - Visa said it helped block $40b in fraudulent activity last year, nearly double the total in the previous 12 months. In October, the firm unveiled a $100m plan to invest in companies focused on generative AI, targeting ventures with the potential to shape how commerce is conducted in the future. Read more
FTX founder Sam Bankman-Fried sentenced to 25 years - Judge Lewis Kaplan chose a much harsher sentence for the disgraced crypto mogul than the defense's recommendation of five to seven years, based on their argument that SBF should be granted leniency because customers will be paid back the dollar-value of their holdings at the time the company declared bankruptcy. Read more
Select Financings
0G Labs - Web3 infrastructure startup raised $35m in pre-Seed funding led by Hack VC. Read more
Ayora - London based revenue management platform raised $1.6m in pre-Seed funding led by J12. Read more
Belong - UK based wealth building platform raised £2.95m in pre-Seed funding led by Octopus Ventures and Viola Fintech. Read more
Bob - UK based hybrid Layer 2 blockchain raised €9.2m in Seed funding led by Castle Island Ventures. Read more
Element - Germany based insurtech company raised €50m in growth funding led by Versorgungswerk der Zahnärztekammer Berlin and Alma Mundi. Read more
Fieldguide - San Francisco based startup building AI-enabled tools for accountants raised $30m in Series B funding led by Bessemer Venture Partners. Read more
Goalsetter - Brooklyn based family finance app raised $9.6m in Series A funding led by Edward Jones and MassMutual. Read more
Iron Sheepdog - Virginia based vertical SaaS and payments platform for truckers raised a $10m Series B financing led by SJF Ventures. Read more
Keeyns - Netherlands based tax tech company raised €10m in new funding from Alea Capital Partners and Mountainview Capital Partners. Read more
NewRetirement - California based financial planning startup raised $20m in Series A funding led by Allegis Capital. Read more
Nominal - New York based financial management platform for mid-size businesses raised $9.2m in Seed funding led by Bling Capital and Hyperwise Ventures. Read more
OrdinalsBot - London based company building out the data layer of the BTC blockchain raised $3m in Seed funding led by DACM. Read more
Peaq - Singapore based Layer 1 blockchain developer raised $15m in Series A funding led by Generative Ventures and Borderless Capital. Read more
Qoala - Indonesia based personal insurance provider raised $47m in Series C funding led by PayPal Ventures and MassMutual Ventures. Read more
Scaleup Finance - Copenhagen based finance management platform for startups raised $8m in new funding led by Inveready. Read more
Uzum - Uzbekistan based e-commerce startup offering fintech and food delivery services raised $52m in Series A funding led by FinSight Ventures. Read more
ValidMind - California based AI and model risk management platform for financial services raised $8.1m in Seed funding led by Point72 Ventures. Read more
ZayZoon - Phoenix based earned wage access company for small and mid-size businesses raised $15m in Series B funding led by Viola Fintech. Read more
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