Issue #35: Perform, Remember, Energize

EVA: Turning the Tables for Local Performers

In a world where the gig economy often feels like a race to the bottom, a Nashville-based startup is on a mission to level the playing field. EVA, armed with $2 million in fresh funding, is revolutionizing how event planners connect with local performers, potentially transforming the lives of struggling artists.

Key Points:

• Raised $2 million in funding, valuing the company at $15 million

• Currently available in 7 markets, expanding to New York City and Los Angeles

• Platform connects event planners with a wide range of entertainers

• Minimum booking fee of $400, with average transactions ranging from $600 to $7,500

• Has helped artists earn $6 million collectively over the past four years

EVA's approach is refreshingly artist-centric: a platform that not only simplifies the booking process for event planners but also provides performers with access to larger, more lucrative gigs. It's like having a personal agent working round the clock, but more accessible and comprehensive.

"At our core, we felt artists and creators deserve to be paid for their craft, and so that's what started us down this path," says co-founder Channing Moreland.

The startup's potential impact is enormous. By leveraging a user-friendly platform and a wide range of performers, EVA has caught the attention of major corporations like Amazon, BMW, and LinkedIn. This could be the tool that finally bridges the gap between talented local performers and high-paying corporate gigs.

But EVA's ambitions don't stop at connecting performers with events. Their mission to provide performers with "access to large events they may not have had the opportunity to attend previously" speaks to a broader vision of empowering artists and revitalizing the entertainment industry. Could this be the platform that finally allows local performers to make a living wage from their craft?

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Quick Bites

🧠 Letta Emerges from Stealth with $10M to Revolutionize AI Memory:

⚡ David Energy Raises $23M to Decarbonize the Grid:

🏢 Jump Secures $12M to Provide Benefits for Freelancers:

Vocabulary

💡Each edition we’ll bring you a new “Startup word” to help bolster your vocabulary and understanding of the subject!

Stealth Mode: noun /stelTH mōd/

Definition: A period during which a startup operates in secrecy, developing its product or service without public attention or disclosure.

Why It Matters: Stealth mode allows startups to develop their ideas without competitive pressure or public scrutiny. It can be crucial for protecting intellectual property or maintaining a first-mover advantage in highly competitive markets.

In Action: Letta, an AI startup from UC Berkeley, operated in stealth mode while developing its MemGPT technology. This allowed them to refine their product and secure significant funding before making a public launch, generating buzz and excitement in the AI community.

Startup Shutdown Of The Day :(

Kyros: When Good Intentions Meet Regulatory Missteps

Minnesota-based Kyros, once the state's largest provider of peer recovery services, has announced its shutdown amidst a storm of controversy and fraud allegations.

Key Points:

• Founded in 2021, raised over $15 million in funding

• Operated in tandem with nonprofit Refocus Recovery to bill Medicaid

• Investigations revealed improper funneling of taxpayer money and fraudulent billing practices

• Minnesota Department of Human Services cut funding, citing "credible allegations of fraud"

Kyros' downfall highlights the dangers of operating in highly regulated industries without proper oversight and compliance measures. Despite its rapid growth and seemingly noble mission to support addiction recovery, the company's complex relationship with its nonprofit arm led to its undoing.

The startup's journey serves as a cautionary tale about the importance of ethical practices and transparency, especially when dealing with vulnerable populations and public funds. It underscores the need for stricter oversight in innovative business models that intersect with healthcare and social services.

As we reflect on Kyros' closure, it's worth considering: How can startups in sensitive sectors like healthcare maintain innovation while ensuring compliance and ethical practices? Is there a way to bridge the gap between the agility of startups and the necessary regulatory safeguards in such critical industries?