Startups Scramble in Wake of Ukraine Invasion

Startups Scramble in Wake of Ukraine Invasion

This week’s email will be short because I want to focus most of my efforts on elevating the courageous journalists on the ground reporting on this terrifying period. The invasion of Ukraine, as many others have stated far more eloquently than I, is a tale that affects all of us, whether we are on the ground there or not. And it’s difficult to rejoice about financing round when things are bleak. My amazing colleagues put together a piece on how the IT sector is reacting to Russia’s invasion of Ukraine, which I strongly recommend you read. Despite the fact that the scenario is still unfolding, it is evident that it is already a tech story.

Startups funded by some of the world’s greatest VCs, such as Grammarly, Ajax, People AI, and Preply, are rushing to sustain staff and operations despite the invasion. According to my sources, startup owners are mostly providing financial aid to staff based in Ukraine or adjacent countries. The money is designed to aid in the escape from the nation. Founders are also forming WhatsApp groups to figure out the best course of action; anticipate hubs with information on sanctuary or resources to spread far and wide.

Then there are the businesses that might make a difference in how customers obtain and share information in the midst of a new fight. As a response to the current fighting, Cloudflare CEO Matthew Prince announced the business has “removed all Cloudflare customer cryptographic material from servers in Ukraine.” The move is intended to secure client data in the event that the company’s data center in Kyiv, which opened in 2016, is hacked. “Honest question, if US technology firms worked together right now – what could they do to halt Putin’s invasion?” questioned Michael Seibel, the president of Y Combinator. There is no ideal answer, as seen by the answers.

Our objective at TechCrunch remains the same, as my colleague Zack Whittaker phrased it. “We’re still a tech news pub with a concentration on business, finance, and startups,” says the publisher. We continue to do so on a daily basis, and the invasion will have a significant impact. So, just like any other significant event, we change our tone and do our best to serve our audience by teaching them what they need to know.” Keep in mind that you can always take a break, shut this tab, and forgive yourself. You can also help me by spreading the word about this email, following me on Twitter, or subscribing to my personal blog.

Gloria Lin, the creator of ApplePay, has launched a new company called Siteline. Mary Ann Azevedo, a senior writer who is launching a fintech weekly, provided readers an inside peek at a startup that hopes to blend construction and fintech. Here’s why it’s crucial: It’s not a new phenomenon for old sectors to catch the fintech bug, but it’s always a sign when someone with a proven track record takes the reins. The issue is whether Lin can apply her knowledge of consumer financial habits to a sector with intricacies that no one firm has yet cracked.