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Goodcover, the YC-backed insurance startup, raises $7.5 million in Series A

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YC-backed Goodcover, the insurtech startup that looks to pass unused premiums back to the policyholder, is today announcing the close of a $7.5 million Series A funding round. The funding was led by Goodwater Capital, with participation from Fuel Capital, Broadhaven Ventures, Global Founders Capital, Liquid 2 and TransRe.
Goodcover launched out of Y Combinator in February of this year with a mission to charge as close to what is needed as possible in premiums, using its own machine learning algorithm for underwriting. It backs up that pact with its users by paying back unused premiums to its users. In fact, this year marked the first time Goodcover was able to offer users a dividend, which amounted to 1.89 percent of premiums paid that year.
“This isn’t about charging everyone and then giving 50% back,” Lotz told TechCrunch at launch. “It’s a guarantee that we’re not overcharging you in the first place.”
The company operates as a managing general agent, which means they write the policy, set the pricing and build their own risk assessment model, but partner with insurance carriers to hold the back-end capital and write on their book. This differs from Lemonade, which is its own insurance carrier, …

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Vestas to Acquire Full Control of Offshore Turbine Business

vestas to acquire full control of offshore turbine business

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Leading global wind turbine manufacturer Vestas has taken full ownership of its offshore turbine joint venture, MHI Vestas.The Danish company revealed Thursday that it has acquired Mitsubishi Heavy Industries’ half of the offshore business. MHI will take a 2.5 percent stake in Vestas and will be awarded a seat on the board in return. The all-stock deal is valued at around €709 million ($832 million).Vestas is targeting market-leading status in offshore wind by 2025 and will launch a new technology platform in the near future.“We won’t achieve market leadership with the current turbine,” said Henrik Andersen, group president and CEO of Vestas, during an analyst call.Rival supplier Siemens Gamesa is the market leader for offshore wind turbines. In May, Siemens Gamesa Renewable Energy revealed a new 14-megawatt turbine, while GE’s Haliade-X platform, now scaled up to a 13-megawatt turbine, has provided it with fresh momentum in the offshore sector too.MHI Vestas’ largest turbine is currently rated at 10 MW. In a statement, the company said its new tech would “improve efficiency and drive the levelized cost of energy further down.”Vestas also said it would be eyeing savings and synergies in the domains of “sales, technology, manufacturing footprint …

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16 Startups Selected for UC Berkeley’s Highly-Competitive, Global Startup Accelerator Program SkyDeck

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TipRanksAll Eyes on FAANG Stocks Ahead of Earnings; JPMorgan Says ‘Buy’Between the ongoing corona crisis and the upcoming elections, the markets are plagued by uncertainty – the one thing that really gets investors worried. Uncertainty puts a cloud over the market’s likely course, making it difficult to find the stocks that will bring in returns.Fortunately, there are some trends that are somewhat immune to this uncertainty. Just 20 years ago, these would not have moved the needle; their niches were young, just beginning their long march through our society and culture, but today Big Tech has become one of the market’s sure things.There is no tech bigger than the FAANG stocks. This group – Facebook, Apple, Amazon, Netflix, and Google – offers the tech we have come to want, whether it is hardware or online. Facebook invented today’s social media; Apple brings us the device innovations that have boosted mobile; Amazon has redefined online commerce. Netflix and Google have each made their own contributions, in video streaming and web search and advertising.The FAANGs have generated investors interest and media buzz, and they have also gotten attention from some of Wall Street’s top analysts. Writing from investment …

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Hutchins Roundup: Business closures, inflation, and more

hutchins roundup: business closures, inflation, and more

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Studies in this week’s Hutchins Roundup find business closure rates have been elevated during the pandemic, inflation is affected more by long-run inflationary expectations than aggregate output, and more.
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Using a variety of indicators on business exit, Leland D. Crane of the Federal Reserve Board and co-authors find some evidence that businesses are closing at elevated rates in 2020. Specifically, ADP payroll data show that shutdown rates in the leisure and hospitality sector peaked in May, exceeding previous years by 5 percentage points, but are now only modestly elevated. The shutdown rates in other sectors, however, are lower than in previous years. Credit-card transactions from small firms in customer-facing industries also show shutdown rate spikes in March and April. While many of those businesses re-opened in May and June, the rate of business closing remains elevated. Moreover, phone-tracking data suggest that the restaurant exit rate through August was 4 percentage points higher than recent years, and retail vacancy rates, small business delinquency rates, and Google search rates for “going out of business” were also elevated in comparison to the recent past. These …

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VCs poured capital into European startups in Q3, but early-stage dealmaking appeared to suffer

vcs poured capital into european startups in q3, but early-stage dealmaking appeared to suffer

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The VC trends of later, and larger continue to change the landscape of private capital

Alex Wilhelm

7 hours

The global recovery in venture capital activity did not miss Europe, new data indicates.
According to a PitchBook report, European venture capital activity rose in Q3 2020, putting the continent on pace to set a new yearly record for aggregate VC activity (as measured in Euros).

The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday.

The strong results come in the wake of a cracking quarter for venture capital activity in the United States and a generally bullish period for the global VC market. Venture debt is also seeing something of a rebound from lulls seen earlier in the year.
Inside Europe’s Q3 however, was some less-than-good news: the amount of money that went to first-financings was weak, and much of the strong results from the continent were predicated on capital flowing into already-funded startups. There’s less pie for new companies than the top-line numbers might suggest.
Let’s get into the good and bad from Europe’s quarter, contrasting our new data with some prior numbers that we …

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Airline Tech Startups Try to Adapt to Brutal Sales Market

airline tech startups try to adapt to brutal sales market

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Business prospects darkened this year for several venture-backed startups focused on providing technology to airlines to run their operations and strategy better.Skift checked in with a random sampling of startups — Countalytics, Duffel, Elenium, Flyr, LocusLabs, Unicoaero, and Volantio — to take the segment’s pulse as airlines undergo an epic revenue crunch.Some startups have diversified their customer base outside of aviation. Some have used luckily timed funding rounds to fine-tune their products. Other companies have tried to stay relevant by either inventing new products or reviving old ones.“While many people think that this isn’t the ideal time to create a travel startup, the opposite is true,” said Bonny Simi, president of JetBlue Technology Ventures, the investment and innovation arm of U.S. carrier JetBlue. “There are plenty of opportunities to be had with early-stage funding while founders determine product-market fit.”“Travel startups have to be creative about working with airlines right now,” Simi said. “One way to do this is by demonstrating value through proof of concepts. My advice to founders is that they should be mindful of the associated cost due to spend sensitivity across the industry and consider proving their near-term value through low or …

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Emails show how Pompeos mixed personal, official business

emails show how pompeos mixed personal, official business

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WASHINGTON — Less than three months after Secretary of State Mike Pompeo was sworn in, his son, Nick, reached out to thank State Department officials for a private tour they had given him and his mother, Susan Pompeo, of the agency’s in-house museum.”I also want to reinforce my willingness to help your mission in any way I can,” Nick Pompeo wrote. “We view this as a family endeavor, so if you think there is any place I can add value, don’t hesitate to reach out.”He also had an ask: Could he or the software company for which he was a sales executive be involved in a coming “data hackathon” event the State Department was planning? In an email, he asked for details about dates, times, volunteer opportunities and “how I or anyone at my company could help.”The State Department said Pompeo’s company didn’t join the hackathon, an educational event focused on computer programming skills. But the request, which was included in hundreds of pages of emails obtained by NBC News, sheds light on how the Pompeos have repeatedly blurred the lines between official government business and domestic or personal matters.Both Congress and the State Department’s inspector general …

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“I am humbled by what we’ve been able to create”: Small business owners on when they knew they’d made it

“i am humbled by what we’ve been able to create”: small business owners on when they knew they’d made it

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Running a small business has never been easy. Even before the Covid-19 pandemic changed everything about the way we live, work, and shop, getting an independent business off the ground and keeping it afloat was difficult. But being your own boss also comes with the promise of incredible fulfillment.
Be it a coffee shop, a nail salon, a gift shop, or a bookstore, local businesses are often community hubs, spaces for people to come together — both for the people who own them and for customers who become regulars and friends. The Goods spoke to four small business owners across the country about why they decided to try and make it on their own, the struggles they’ve faced along the way, the moments that make it all worth it, and whether they feel like they’ve “made it.”
Despite their differences, every person we spoke with expressed a combination of joy, anxiety, and confidence in what they’ve built — even now that things are so uncertain. In most cases, there wasn’t a single lightbulb moment that made them feel like they had finally made it. It was a series of things, or even just the joy of doing something …

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Content writer/blogger/copy editor – power markets, market intelligence, technology

content writer/blogger/copy editor – power markets, market intelligence, technology

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We are hiring a versatile content writer with blogging, social media and copy-editing skills to join our fast-growing marketing and communications team. Montel has been a newswire and market data distributor in the European power markets for more than 25 years. We are now gradually transforming into a European group of tech-driven companies offering a wide range of products for professionals. As one of our content writers, you will help spread the word about this transformation and our products.Key duties and qualificationsResearching and writing about diverse topics linked to power markets, market data, technology innovations and the green transition, creating quality content fuelling our inbound marketing. Ensure our copy in English is sharp and engages both native speakers and our target audiences across Europe. Interviewing users of our services and product developers, enabling you to write concisely and convincingly about the benefits our products offer – always with existing and potential new customers and investors in mind. Being able to confidently convey a message in front of a camera is a desired qualification, as we regularly produce video tutorials, broadcasts and podcasts.Experience from price, tech or market reporting is a bonus.Target audiencePicture a manager who oversees power plant operations, …

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Trailer for “Small Business Revolution” featuring Fredonia released

trailer for “small business revolution” featuring fredonia released

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FREDONIA, N.Y. (WIVB) — A trailer for the newest season of “Small Business Revolution,” which features Fredonia, has been released.

The village received $500,000 to upgrade some local businesses. Shooting wrapped in August, but due to COVID-19, crews say they weren’t able to travel back to Fredonia for more in-person filming.

They created a connected, but socially distant set where co-hosts Amanda Brinkman and Ty Pennington checked in with the business owners virtually about their makeovers.

The show will air on Hulu and Amazon Prime Video on November 10.

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