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Social Networks 2.0

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Upside Team
September 20, 2023

Good morning. Ever felt like social media platforms are those clingy exes who just can't let go, holding you hostage with an endless barrage of cat videos and influencer ads? Well, today we dive into Faves, the new kid on the block promising not to be that guy, while daring to ask the unthinkable: "What if less really is more?"

Spotlight

Favs: The Fresh Face in Social Media Advocating for 'Less is More

In the bustling world of social media where the giants play a never-ending game of keep-away with your attention, a new player enters the field with a fresh perspective. Meet Favs, the brainchild of Saba Karim, a Techstars veteran, and Noah Mitsuhashi, formerly with Meta. This Los Angeles-based startup is flipping the script, urging users to spend less time scrolling and more time living. Poised to launch publicly in January 2024, after bagging close to a cool million in pre-seed funding, Favs is ditching the usual suspects — news feeds and inboxes — to craft a "lightweight experience." The goal? To foster real connections by encouraging users to log off after a mere 10 minutes and immerse themselves in the real world.

Picture this: a social network that serves as an oasis in the desert of "doomscrolling" that is today's social media landscape. That's Favs for you, stepping up as the antidote to the endless scroll, the barrage of ads, and the influencer overload. Karim voices a sentiment many share — a longing for genuine connections amidst the digital noise. The startup is on a mission to bring back the heart and soul of social networking, spotlighting updates from your inner circle and fostering true reconnections. And while it embraces the iPhone's Dynamic Island feature, it gives consumer-facing AI the cold shoulder, promising a refreshing and authentic approach to social connectivity.

But here's the million-dollar question: Can a social network really flourish by encouraging users to spend less time on it? Skeptics are raising eyebrows, pointing to the potential roadblocks in user engagement and growth, traditionally fueled by ads and extended screen time. Yet, Favs is holding its ground, sidestepping the ad revenue route and stirring quite the buzz among investors. The platform is teasing a groundbreaking interaction method that promises value from the get-go, aiming to solve the "cold-start" problem that plagues new networks. As November approaches and the seed round looms, all eyes are on Favs — will it redefine social engagement or become a case study in the entrenched habits of social media users? The VIP waitlist is growing, the industry is watching, and the anticipation is palpable. It's Favs' game to win or lose, as it endeavors to carve out a niche where meaningful connections aren't bound by time.

Quick Bites

Legit Security Secures $40M to Enhance App and Dev Environment Security

Cybersecurity firm Legit Security has raised $40 million in a Series B funding round led by CRV, bringing its total funding to $77 million. The company, founded by veterans of the Israel Defense Forces' cyber warfare division, aims to modernize application security by offering real-time visibility and control across development environments. The funds will be used to expand its teams and develop a broader platform to address the industry's needs. Legit Security operates in the emerging application security posture management (ASPM) market, which is projected to grow substantially in the coming years.

Ghana's Complete Farmer Secures $10.4M to Boost Agritech Platform

Ghanaian agritech startup Complete Farmer has raised $10.4 million in a pre-Series A round, comprising $7 million in equity and $3.4 million in debt, to enhance efficiency in the agricultural value chain. The platform connects African producers with global industries, offering resources, data, and market access. The funds will be used to develop technical and physical infrastructure, expand domestic operations, and launch new products, including a vendor platform for farmers and an embedded finance product to facilitate direct remittances from buyers to farmers.

ZayZoon Secures $34.5M to Accelerate Earned Wage Access Features

Fintech firm ZayZoon has raised $34.5 million in a Series B round to enhance its earned wage access (EWA) platform, which allows employees to access a portion of their earned wages before payday for a fee. The funding, which brings the total raised to $53 million, will be used to develop new features and foster growth. Despite concerns from consumer groups regarding the potential for such services to foster financial instability and calls for regulatory oversight, ZayZoon plans to expand its offerings, aiming to save employees from predatory loans and unnecessary bank fees.

HiddenLayer Raises $50M to Fortify AI Systems Against Adversarial Attacks

Security startup HiddenLayer has raised $50 million in a funding round to enhance its platform that protects AI systems from adversarial attacks. The round was co-led by M12 and Moore Strategic Ventures, with participation from notable firms including IBM and Capital One. The company, which aims to safeguard AI models against vulnerabilities and malicious code injections, will use the funds to expand its team and invest in research and development. Despite the nascent stage of the adversarial AI security market, HiddenLayer is rapidly scaling to meet global industry demands, offering a solution that monitors AI system inputs and outputs to ensure integrity before deployment.

Plan A Raises $27M to Enhance Corporate Carbon Accounting and ESG Reporting

Berlin-based startup Plan A has raised $27 million in a Series A funding round led by Lightspeed Venture Partners, taking its total funding to $42 million. The company offers a SaaS platform that aids corporations in carbon accounting and ESG (Environmental, Social, and Governance) reporting, helping them to identify and reduce their carbon footprint across all scopes of emissions. The new funding, which saw participation from corporate giants like Visa and Deutsche Bank, will be used to double the company's headcount and expand its market penetration in Europe, focusing on France, the UK, and Scandinavia. The platform aligns with global scientific standards, including the Greenhouse Gas Protocol and the Science-Based Targets Initiative, to facilitate companies in their net-zero efforts.

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