Business Name Generator News Digest September 16, 2022

Adobe Acquires Figma For A Whopping $20 Billion

Adobe announced that it will acquire Figma, a rival digital design tool, for $20 billion. This presents one of the biggest acquisitions in the design space in recent years.

Figma is a simple collaborative interface design tool that helps you create all sorts of digital designs. It’s very popular with engineers and developers because it enables easy design prototyping. 

Adobe is the big dog in the design space. The suite of tools it offers includes Photoshop, Illustrator, Adobe Express, Lightroom, and more. 

Users are eagerly waiting for the integration between Figma and Adobe. It’s not yet clear what will happen with AdobeXD, which shares a lot of similarities with Figma. 

Shantanu Narayen, the chairman and CEO of Adobe, said in a statement. 

“The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.”

Figma was last valued at $10 billion in 2021. The jump to $20 billion is substantial, but Adobe understands the value of its fast-growing user base. Figma currently has gross margins of approximately 90 percent and positive operating cash flows.

This deal will certainly rock the digital design space. It will be interesting to note what Canva and Sketch do in answer to this new acquisition. Canva just announced a set of new functionalities coming to the platform. 

The future never looked brighter for the users of digital design software. 

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This Platform Helps UK Startups Apply For Government R&D Claims

Applying for government subsidies usually involves tons of paperwork, calls, messages, and a lot of unanswered questions. 

Claimer is a London-based fintech that simplifies the application process for startups looking to claim back some of the money they spend on research and development. 

The UK government incentive allows startups to receive back up to a third of the funds they spend on research and development. They can receive the funding in the form of tax relief or cash credit.

The problem – the paperwork is a headache to fill out for most startups. It’s not unusual to take them months to get the application ready. 

Claimer is making a bold promise – they help startups finish the application process in 10 minutes. They promise to finish the whole process in 72 hours. They are also claiming a 100% success rate. 

The company handles everything from the final report, filling the claim, and all the necessary communication with the UK tax body. 

Adam McCann, the cofounder and CEO explains how the company operates:

“We leverage a company’s internal and public data to hugely reduce data entry and back and forth.” 

Claimer charges 5% of the claimed relief with a £10k cap. 

The company just raised a $4.2m seed round that it plans to use for international expansion

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Tough Times For The Fintech Giant Klarna

The buy now, pay later Swedish fintech Klarna has more than tripled its losses in the first half of the year

This is a challenging period for the company, which also had to lay off around 10% of its global workforce in May

The latest events resulted in Klarna’s valuation dropping by 85%. The company went from a $46bn valuation to $6.7bn.

“Klarna has been operating in a very different environment in the first half of 2022,” 

CEO and cofounder Sebastian Siemiatkowski said in a statement. He adds. 

“When we set our business plans for 2022 in the autumn of last year, it was a very different world than the one we are in today.”

This Startup Helps Salespeople With Administrative Tasks

Salespeople have to do a lot of repetitive tasks in their work. In fact, a Dooly survey reports that an average salesperson spends more than five hours a week updating CRM records. 

Eldad Postan-Koren and Bar Haleva saw that and wanted to provide a solution. Enter winn.AI.

Winn.AI is an AI-powered tool that assists sales teams in automatically tracking, capturing, and updating CRM entries. 

Postan-Koren explains.

“Winn.AI relieves salespeople of … administrative busywork so that they can focus on their customers — not their keyboards. Its magic lies in its unique ability to monitor, interpret, and document sales call.” 

The company announced a $17 million seed round. The funding will be used for R&D and marketing.

Earth Is Now The Only Shareholder Of Patagonia

Yvon Chouinard is giving away Patagonia, an outdoor apparel brand he founded almost 50 years ago.

He, together with his wife and two children, has transferred the ownership of Patagonia to a nonprofit organization and trust, which was founded to fuel all profits from the business into the environment and conservative efforts. 

The Patagonia company is valued at around $3 billion. 

The company released an official statement on its website.

“Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.” 

Will this move motivate other brands to do the same? 

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The Future Of Farming Doesn’t Include Soil

Gotham Greens is an indoor farming startup that sells leafy greens grown in hydroponic greenhouses. 

Hydronics allows plants to grow anywhere and anytime. It doesn’t use soil to feed the roots. Instead, the roots grow in nutrient-rich water. Because of that, hydroponics uses 97% less land compared to traditional farming. 

Viraj Puri, the cofounder and CEO, said in a statement.

“With increasing climate and supply chain-related issues facing our food system, it’s more important than ever to bring innovative farming solutions that grow high-quality produce while using fewer precious natural resources.”

Gotham Greens announced a $310 million funding round which brings its total funding to $440. The company plans to have 13 locations across the US by 2023. 

Matija

Amazing content is the core of what we do. With more than 5 years of experience in branding, name development, and business, Matija helps create and manage content production.

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