The Movado Group, which sells multiple brands including Lacoste, Tommy Hilfiger and Hugo Boss, has purchased MVMT, a small watch company founded by Jacob Kassan and Kramer LaPlante in 2013. The company, which advertised heavily on Facebook, logged $71 million in revenue in 2017. Movado purchased the company for $100 million.
The acquisition of MVMT will provide us greater access to millennials and advances our Digital Center of Excellence initiative with the addition of a powerful brand managed by a successful team of highly creative, passionate and talented individuals,” Movado Chief Executive Efraim Grinberg said.
MVMT makes simple watches for the Millennial market in the vein of Fossil or Daniel Wellington. However, the company carved out a niche by advertising heavily on social media and being one of the first microbrands with a solid online presence.
“It provides an opportunity to Movado Group’s portfolio as MVMT continues to cross-sell products within its existing portfolio, expand product offerings within its core categories of watches, sunglasses and accessories, and grow its presence in new markets through its direct-to-consumer and wholesale business,” said Grinberg.
MVMT is well-known as a “fashion brand,” namely a brand that sells cheaper quartz watches that are sold on style vs. complexity or cost. Their pieces include standard three-handed models and newer quartz chronographs.
The BitFi crypto wallet was supposed to be unhackable and none other than famous weirdo John McAfee claimed that the device – essentially an Android-based mini tablet – would withstand any attack. Spoiler alert: it couldn’t.
First, a bit of background. The $120 device launched at the beginning of this month to much fanfare. It consisted of a device that McAfee claimed contained no software or storage and was instead a standalone wallet similar to the Trezor. The website featured a bold claim by McAfee himself, one that would give a normal security researcher pause:
Further, the company offered a bug bounty that seems to be slowly being eroded by outside forces. They asked hackers to pull coins off of a specially prepared $10 wallet, a move that is uncommon in the world of bug bounties. They wrote:
We deposit coins into a Bitfi wallet
If you wish to participate in the bounty program, you will purchase a Bitfi wallet that is preloaded with coins for just an additional $10 (the reason for the charge is because we need to ensure serious inquiries only)
If you successfully extract the coins and empty the wallet, this would be considered a successful hack
You can then keep the coins and Bitfi will make a payment to you of $250,000
Please note that we grant anyone who participates in this bounty permission to use all possible attack vectors, including our servers, nodes, and our infrastructure
Hackers began attacking the device immediately, eventually hacking it to find the passphrase used to move crypto in and out of the the wallet. In a detailed set of Tweets, security researchers Andrew Tierney and Alan Woodward began finding holes by attacking the operating system itself. However, this did not match the bounty to the letter, claimed BitFi, even though they did not actually ship any bounty-ready devices.
Something that I feel should be getting more attention is the fact that there is zero evidence that a #bitfi bounty device was ever shipped to a researcher. They literally created an impossible task by refusing to send the device required to satisfy the terms of the engagement.
Then, to add insult injury, the company earned a Pwnies award at security conference Defcon. The award was given for worst vendor response. As hackers began dismantling the device, BitFi went on the defensive, consistently claiming that their device was secure. And the hackers had a field day. One hacker, 15-year-old Saleem Rashid, was able to play Doom on the device.
Well, that's a transaction made with a MitMed Bitfi, with the phrase and seed being sent to a remote machine.
The hacks kept coming. McAfee, for his part, kept refusing to accept the hacks as genuine.
The press claiming the BitFi wallet has been hacked. Utter nonsense. The wallet is hacked when someone gets the coins. No-one got any coins. Gaining root access in an attempt to get the coins is not a hack. It's a failed attempt. All these alleged "hacks" did not get the coins.
Unfortunately, the latest hack may have just fulfilled all of BitFi’s requirements. Rashid and Tierney have been able to pull cash out of the wallet by hacking the passphrase, a primary requirement for the bounty. “We have sent the seed and phrase from the device to another server, it just gets sent using netcat, nothing fancy.” Tierney said. “We believe all conditions have been met.”
The end state of this crypto mess? BitFi did what most hacked crypto companies do: double down on the threats. In a recently deleted Tweet they made it clear that they were not to be messed with:
I haven’t really been following this Bitfi nonsense, but I do so love when companies threaten security researchers. pic.twitter.com/McyBGqM3bt
The researchers, however, may still have the last laugh.
Claiming your front door has an unpickable lock does not make your house secure. No more does offering a reward only for defeating that front door lock, and repeatedly saying no one has claimed the reward, prove your house is secure, especially when you’ve left the windows open.
Printrbot, a popular Kickstarter-backed 3D printer company, has shut down, leaving only a barebones website and little explanation. The founder, Brook Drumm, wrote that “Low sales led to hard decisions.”
“We will be forever grateful to all the people we met and served over the years,” he wrote. “Thank you all.”
Drumm also ran Vault Multimedia and appeared on Science Channel’s All-American Makers TV and a pastor. Drumm created his product after having trouble assembling an early Makerbot and finding the hardware and software difficult to use.
There is no clear information on future support or parts availability for current customers. I’ve reached out to the company for comment.
Not far from Tel Aviv a drone flies low over a gritty landscape of warehouses and broken pavement. It slowly approaches its home – a refrigerator-sized box inside a mesh fence, and hovers, preparing to dock. It descends like some giant bug, whining all the way, and disappears into its base where it will be cleaned, recharged, and sent back out into the air. This drone is doing the nearly impossible: it’s flying and landing autonomously and can fly again and again without human intervention and it’s doing it all inside a self-contained unit that is one of the coolest things I’ve seen in a long time.
The company that makes the drone, Airobotics, invited us into their headquarters to see their products in action. In this video we talk with the company about how the drones work, how their clients use the drones for mapping and surveillance in hard-to-reach parts of the world, and the future of drone autonomy. It’s a fascinating look into technology that will soon be appearing in jungles, deserts, and war zones near you.
French startup Ledger has been working for a while on a brand new app to manage your crypto assets on your computer. The company is designing and manufacturing one of the most secure hardware wallets out there.
While it’s clear that security has always been the first focus of the company, the user experience has been lacking, especially on the software front. The company launched a new app called Ledger Live to handle everything you used to do with Chrome apps before.
That’s right, before today, the company relied on Google Chrome for its desktop apps. You had to install the browser first, and then install a new app for each cryptocurrency. There was also a main app to update the firmware. It could quickly become a mess.
Now, everything is centralized in a single app. After downloading and installing the app on Windows, macOS or Linux, you can either configure the app with an existing Ledger device or configure a new Ledger wallet.
The app first checks the integrity of your device and then lets you manage the device. You can upgrade the firmware and install apps on your Ledger Nano S or Ledger Blue from the “Manager” tab.
More interestingly, you can now add all your wallets to the Ledger Live app. You won’t have to switch from one app to another to view your wallets. When you click the add button, the app will try and retrieve existing wallets on your device. You can also generate a new set of keys (and a new wallet) from there.
Once you’ve added all your wallets, you can get an overview of your entire portfolio. The app gets historical pricing information from popular exchanges, such as Kraken and Bitfinex. You can also click on individual accounts to see how a specific cryptocurrency has evolved over time.
The portfolio interface looks like a Coinbase account. It’s well-designed and it’s a great way to get a quick look of your accounts.
Many Ledger users have been using tracker websites and apps. These services let you enter a cryptocurrency and the amount you own to get an overview of everything you own independently of the wallet.
Ledger’s new app partially replace tracker services. If you don’t need to check your balance from your phone, you can get enough information with the Ledger app. You can see your balance without having to plug your Ledger device.
The company is already working on new features. You’ll be able to view and manager ERC20 tokens in the future. So if you invested in a bunch of obscure ICOs, your tokens will be there too.
Ledger also told me that you could imagine an integration with decentralized exchanges eventually. This way, you would be able to send tokens to an address and get another set of tokens back on another Ledger-generated address. It would be a great way to exchange cryptocurrencies without signing up to a centralized exchange and leaving the Ledger app.
Folks riding the OnePlus bandwagon will be pleased to learn that the phone maker today introduced a red version of the OnePlus 6.
The company is calling the phone the OnePlus 6 Red, and the new model follows on the success of the OnePlus 5T Lava Red.
Here’s what OnePlus CEO Pete Lau had to say in a statement:
Deciding on this color was not without its challenges. We see individual colors as a way to express certain feelings or ideas. To us, red exudes enthusiasm and personality. It also represents an inner confidence and courage. There is a kind of power in red, which the OnePlus logo has always tried to articulate. We hope you feel similarly empowered when you hold the OnePlus 6 Red this summer.
The OnePlus 6 debuted in May with a starting price of $529. Specs include a 6.28-inch display at a 19:9 aspect ratio, a Snapdragon 845 chip, 6GB of RAM and 64GB of storage and Oxygen OS on the front end.
And there we have it: Bird, one of the emerging massively hyped Scooter startups, has roped in its next pile of funding by picking up another $300 million in a round led by Sequoia Capital.
The company announced the long-anticipated round this morning, with Sequoia’s Roelof Botha joining the company’s board of directors. This is the second round of funding that Bird has raised over the span of a few months, sending it from a reported $1 billion valuation in May to a $2 billion valuation by the end of June. In March, the company had a $300 million valuation, but the Scooter hype train has officially hit a pretty impressive inflection point as investors pile on to get money into what many consider to be the next iteration of resolving transportation at an even more granular level than cars or bikes. New investors in the round include Accel, B Capital, CRV, Sound Ventures, Greycroft and e.ventures; previous investors Craft Ventures, Index Ventures, Valor, Goldcrest, Tusk Ventures and Upfront Ventures are also in the round. (So, basically everyone else who isn’t in competitor Lime.)
Scooter mania has captured the hearts of Silicon Valley and investors in general — including Paige Craig, who actually jumped from VC to join Bird as its VP of business — with a large amount of capital flowing into the area about as quickly as it possibly can. These sort of revolving-door fundraising processes are not entirely uncommon, especially for very hot areas of investment, though the scooter scene has exploded considerably faster than most. Bird’s round comes amid reports of a mega-round for Lime, one of its competitors, with the company reportedly raising another $250 million led by GV, and Skip also raising $25 million.
“We have met with over 20 companies focused on the last-mile problem over the years and feel this is a multi-billion dollar opportunity that can have a big impact in the world,” CRV’s Saar Gur, who did the deal for the firm, said. “We have a ton of conviction that this team has original product thought (they created the space) and the execution chops to build something extremely valuable here. And we have been long-term focused, not short-term focused, in making the investment. The ‘hype’ in our decision (the non-zero answer) is that Bird has built the best product in the market and while we kept meeting with more startups wanting to invest in the space — we kept coming back to Bird as the best company. So in that sense, the hype from consumers is real and was a part of the decision. On unit economics: We view the first product as an MVP (as the company is less than a year old) — and while the unit economics are encouraging, they played a part of the investment decision but we know it is not even the first inning in this market.”
There’s certainly an argument to be made for Bird, whose scooters you’ll see pretty much all over the place in cities like Los Angeles. For trips that are just a few miles down wide roads or sidewalks, where you aren’t likely to run into anyone, a quick scan of a code and a hop on a Bird may be worth the few bucks in order to save a few minutes crossing those considerably long blocks. Users can grab a bird that they see and start going right away if they are running late, and it does potentially alleviate the pressure of calling a car for short distances in traffic, where a scooter may actually make more sense physically to get from point A to point B than a car.
Devices like smartphones ought to help people feel safer, but if you’re in real danger the last thing you want to do is pull out your phone, go to your recent contacts and type out a message asking a friend for help. The Women’s Safety XPRIZE just awarded its $1 million prize to one of dozens of companies attempting to make a safety wearable that’s simple and affordable.
The official challenge was to create a device costing less than $40 that can “autonomously and inconspicuously trigger an emergency alert while transmitting information to a network of community responders, all within 90 seconds.”
Anu and Naveen Jain, the entrepreneurs who funded the competition, emphasized the international and very present danger of sexual assault in particular.
“Women’s safety is not just a third world problem; we face it every day in our own country and on our college campuses,” said Naveen Jain in the press release announcing the winner. “It’s not a red state problem or a blue state problem but a national problem.”
“Safety is a fundamental human right and shouldn’t be considered a luxury for women. It is the foundation in achieving gender equality,” added Anu Jain.
Out of dozens of teams that entered, five finalists were chosen in April: Artemis, Leaf Wearables, Nimb & SafeTrek, Saffron and Soterra. All had some variation on a device that either detected or was manually activated during an attack or stressful situation, alerting friends to one’s location.
The winner was Leaf, which had the advantage of having already shipped a product along these lines, the Safer pendant. Like any other Bluetooth accessory, it keeps in touch with your smartphone wirelessly and when you press the button twice your emergency contacts are alerted to your location and need for help. It also records audio, possibly providing evidence later or a deterrent to harassers who might fear being identified.
“These devices were tested in many conditions by the judges to ensure that they will work in real-life cases where women face dangers today. They were tested in no-connectivity areas, on public transit, in basements of buildings, among other environments,” explained Anu Jain to TechCrunch. “Having the capability to record audio after sending the alert was one of the main differentiators for Leaf Wearables. Their chip design and software was also easy to be integrated into other accessories.”
Hopefully the million dollars and the visibility from winning the prize will help Leaf get its product out to people who need it. The runners-up don’t seem likely to give up on the problem, either. And it seems like the devices will only get better and cheaper — not that this will change the world on its own.
“Prices will come down as the sensor prices drop. In many countries it will require community support to be built,” continued Jain. “These technologies can act as a deterrent but in the long term culture of violence again women must change.”
CEO David Mandelbrot is in Shenzhen, China this week to announce the program, which is designed to help Chinese entrepreneurs reach a global audience. In an email, he told me:
The China Pilot Program is officially out of pilot phase — today, we are officially launching the Indiegogo Global Fast Track. During the pilot phase, the team experimented with different ways to help service Chinese brands and manufacturers who were looking to launch products overseas. After helping companies raise over $100 million and launch over 3,000 China-based projects over two years time, the team has finalized its new suite of services.
Those services include guidance around crowdfunding and marketing in the United States and other countries, access to a network of more than 65 service providers (including retailers and marketing firms, as well as Indiegogo’s manufacturing partner Arrow Electronics and shipping partner Ingram Micro) and Chinese-to-English consultation with bilingual staff.
Even while in the pilot phase, Indiegogo has had some success stories in helping Chinese companies launch globally. For example, Bluetooth headphone company crazybaby raised more than $4 million across three campaigns.
The Europas Unconference & Awards is back on 3 July in London and we’re excited to announce more speakers and panel sessions as the event takes shape. Crypto and Blockchain will be a major theme this year, and we’re bringing together many of the key players. TechCrunch is once again the key media partner, and if you attend The Europas you’ll be first in the queue to get offers for TC events and Disrupt Europe later in the year.
You can also potentially get your ticket for free just by sharing your own ticket link with friends and followers. See below for the details and instructions.
To recap, we’re jumping straight into our popular breakout sessions where you’ll get up close and personal with some of Europe’s leading investors, founders and thought leaders.
The Unconference is focused into zones including AI, Fintech, Mobility, Startups, Society, and Enterprise and Crypto / Blockchain.
Our Crypto HQ will feature two tracks of panels, one focused on investing and the other on how blockchain is disrupting everything from financial services, to gaming, to social impact to art.
We’ve lined up some of the leading blockchain VCs to talk about what trends and projects excite them most, including Outlier Ventures’ Jamie Burke, KR1’s George McDonaugh, blockchain angel Nancy Fenchay, Fabric Ventures’ Richard Muirhead and Michael Jackson of Mangrove Capital Partners.
Thinking of an ICO vs crowdfunding? Join Michael Jackson on how ICOs are disrupting venture capital and Ali Ganjavian, co-founder of Studio Banana, the creators of longtime Kickstarter darling OstrichPillow to understand the ins and outs of both.
We’ve also lined up a panel to discuss the process of an ICO – what do you need to consider, the highs, the lows, the timing and the importance of community. Linda Wang, founder and CEO of Lending Block, which recently raised $10 million in an April ICO, joins us.
We are thrilled to announce that Civil, the decentralised marketplace for sustainable journalism, will be joining to talk about the rise of fake news and Verisart’s Robert Norton will share his views on stamping out fraud in the art world with blockchain. Min Teo of ConsenSys will discuss blockchain and social impact and Jeremy Millar, head of Consensys UK, will speak on Smart Contracts.
Our Pathfounders Startup Zone is focused purely on startups. Our popular Meet the Press panel is back where some of tech’s finest reporters will tell you what makes a great tech story, and how to pitch (and NOT pitch them). For a start, TechCrunch’s Steve O’Hear and Quartz’s Joon Ian Wong are joining.
You’ll also hear from angels and investors including Seedcamp’s Carlos Eduardo Espinal; Eileen Burbidge of Passion Capital; Accel Partners’ Andrei Brasoveanu; Jeremy Yap; Candice Lo of Blossom Capital; Scott Sage of Crane Venture Partners; Tugce Ergul of Angel Labs; Stéphanie Hospital of OneRagtime; Connect Ventures’ Sitar Teli and Jason Ball of Qualcomm Ventures.
Sound great? You can grab your ticket here:
Early bird ticket sales end on Friday! Remember, you can end up getting your ticket for free.
All you need to do is share your personal ticket link. Your friends get 15% off, and you get 15% off again when they buy.
The more your friends buy, the more your ticket cost goes down, all the way to free!
The Public Voting in the awards ends 11 June 2018 11:59: https://theeuropas.polldaddy.com/s/theeuropas2018
We’re still looking for sponsor partners to support these editorially curated panels.
Please get in touch with Petra@theeuropas.com for more details.
SPEAKERS SO FAR:
Jamie Burke, Outlier Ventures
Jeremy Millar, ConsenSys
Linda Wang, Lending Block
Robert Norton, Verisart
George McDonaugh, KR1
Eileen Burbidge, Passion Capital
Carlos Eduardo Espinal, Seedcamp
Sitar Teli, Connect Ventures
Michael Jackson, Mangrove Capital Partners
Min Teo, ConsenSys
Steve O’Hear, TechCrunch
Joon Ian Wong, Quartz
Richard Muirhead, Fabric Ventures
Nancy Fechnay, Blockchain Technologist + Angel
Candice Lo, Blossom Capital
Scott Sage, Crane Venture Partners
Andrei Brasoveanu, Accel
Tina Baker, Jag Shaw Baker
Candice Lo, Blossom Capital
Tugce Ergul, Angel Labs
Stéphanie Hospital, OneRagtime
Jason Ball, Qualcomm Ventures
The Europas Awards
The Europas Awards are based on voting by expert judges and the industry itself. But key to the daytime is all the speakers and invited guests. There’s no “off-limits speaker room” at The Europas, so attendees can mingle easily with VIPs and speakers.