Author: Josh Constine

Slack off. Send videos instead with $11M-funded Loom

If a picture is worth a thousand words, how many emails can you replace with a video? As offices fragment into remote teams, work becomes more visual, and social media makes us more comfortable on camera, it’s time for collaboration to go beyond text. That’s the idea behind Loom, a fast-rising startup that equips enterprises with instant video messaging tools. In a click, you can film yourself or narrate a screenshare to get an idea across in a more vivid, personal way. Instead of scheduling a video call, employees can asynchronously discuss projects or give ‘stand-up’ updates without massive disruptions to their workflow.

In the 2.5 years since launch, Loom has signed up 1.1 million users from 18,000 companies. And that was just as a Chrome extension. Today Loom launches its PC and Mac apps that give it a dedicated presence in your digital workspace. Whether you’re communicating across the room or across the globe, “Loom is the next best thing to being there” co-founder Shahed Khan tells me.

Now Loom is ready to spin up bigger sales and product teams thanks to an $11 million Series A led by Kleiner Perkins . The firm’s partner Ilya Fushman, formally Dropbox’s head of business and corporate development, will join Loom’s board. He’ll shepherd Loom through today’s launch of its $10 per month per user Pro version that offers HD recording, calls-to-action at the end of videos, clip editing, live annotation drawings, and analytics to see who actually watched like they’re supposed to.

“We’re ditching the suits and ties and bringing our whole selves to work. We’re emailing and messaging like never before. but though we may be more connected, we’re further apart” Khan tells me. “We want to make it very easy to bring the humanity back in.”

Loom co-founder Shahed Khan

But back in 2016, Loom was just trying to survive. Khan had worked at Upfront Ventures after a stint as a product designer at website builder Weebly. Him and two close friends, Joe Thomas and Vinay Hiremath, started Opentest to let app makers get usabilty feedback from experts via video. But after six months and going through the NFX accelerator, they were running out of bootstrapped money. That’s when they realized it was the video messaging that could be a business as teams sought to keep in touch with members working from home or remotely.

Together they launched Loom in mid-2016, raising a pre-seed and seed round amounting to $4 million. Part of its secret sauce is that Loom immediately starts uploading bytes of your video while you’re still recording so it’s ready to send the moment you’re finished. That makes sharing your face, voice and screen feel as seamless as firing off a Slack message, but with more emotion and nuance.

“Sales teams use it to close more deals by sending personalized messages to leads. Marketing teams use Loom to walk through internal presentations and social posts. Product teams use Loom to capture bugs, stand ups, etc” Khan explains.

Loom has grown to a 16-person team that will expand thanks to the new $11 million Series A from Kleiner, Slack, Cue founder Daniel Gross, and actor Jared Leto that brings it to $15 million in funding. They predict the new desktop apps that open Loom to a larger market will see it spread from team to team for both internal collaboration and external discussions from focus groups to customer service.

Loom will have to hope that after becoming popular at a company, managers will pay for the Pro version that shows exactly how long each viewer watched for. That could clue them in that they need to be more concise, or that someone is cutting corners on training and cooperation. It’s also a great way to onboard new employees. ‘Just watch this collection of videos and let us know what you don’t understand.’

Next Loom will have to figure out a mobile strategy — something that’s surprisingly absent. Khan imagines users being able to record quick clips from their phones to relay updates from travel and client meetings. Loom also plans to build out voice transcription to add automatic subtitles to videos and even divide clips into thematic sections you can fast-forward between. Loom will have to stay ahead of competitors like Vidyard’s GoVideo and Wistia’s Soapbox that have cropped up since its launch. But Khan says Loom looms largest in the space thanks to customers at Uber, Dropbox, Airbnb, Red Bull, and 1100 employees at Hubspot.

“The overall space of collaboration tools is becoming deeper than just email + docs” says Fushman, citing Slack, Zoom, Dropbox Paper, Coda, Notion, Intercom, Productboard, and Figma. To get things done the fastest, businesses are cobbling together B2B software so they can skip building it in-house and focus on their own product.

No piece of enterprise software has to solve everything. But Loom is dependent on apps like Slack, Google Docs, Convo, and Asana. Since it lacks a social or identity layer, you’ll need to send the links to your videos through another service. Loom should really build its own video messaging system into its desktop app. But at least Slack is an investor, and Khan says “they’re trying to be the hub of text-based communication” and the soon-to-be-public unicorn tells him anything it does in video will focus on real-time interaction.

Still, the biggest threat to Loom is apathy. People already feel overwhelmed with Slack and email, and if recording videos comes off as more of a chore than an efficiency, workers will stick to text. But Khan thinks the ubiquity of Instagram Stories is making it seem natural to jump on camera briefly. And the advantage is that you don’t need a bunch of time-wasting pleasantries to ensure no one misinterprets your message as sarcastic or pissed off.

Khan concludes “We believe instantly sharable video can foster more authentic communication between people at work, and convey complex scenarios and ideas with empathy.”

Instagram’s fundraiser stickers could lure credit card numbers

Mark Zuckerberg recently revealed that commerce is a huge part of the 2019 roadmap for Facebook’s family of apps. But before people can easily buy things from Instagram etc, Facebook needs their credit card info on file. That’s a potentially lucrative side effect of Instagram’s plan to launch a Fundraiser sticker in 2019. Facebook’s own Donate buttons have raised $1 billion, and bringing them to Instagram’s 1 billion users could do a lot of good while furthering Facebook’s commerce strategy.

New code and imagery dug out of Instagram’s Android app reveals how the Fundraiser stickers will allow you to search for non-profits and add a Donate button for them to your Instagram Story. After you’ve donated to something once, Instagram could offer instant checkout on stuff you want to buy using the same payment details.

Back in 2013 when Facebook launched its Donate button, I suggested that it could add a “remove credit card after checkout” option to its fundraisers if it wanted to make it clear that the feature was purely altruistic. Facebook never did that. You still need to go into your payment settings or click through the See Receipt option after donating and then edit your account settings to remove your credit card. We’ll see if Instagram is any different. We’ve also asked whether Instagrammers will be able to raise money for personal causes, which would make it more of a competitor to GoFundMe — which has sadly become the social safety net for many facing healthcare crises.

Facebook mentioned at its Communities Summit earlier this month that it’d be building Instagram Fundraiser stickers, but the announcement was largely overshadowed by the company’s reveal of new Groups features. This week, TechCrunch tipster Ishan Agarwal found code in the Instagram Android app detailing how users will be able search for non-profits or browse collections of Suggested charities and ones they follow. They can then overlay a Donate button sticker on their Instagram Story that their followers can click through to contribute.

We then asked reverse engineering specialist Jane Manchun Wong to take a look, and she was able to generate the screenshots seen above that show a green heart icon for the Fundraiser sticker plus the non-profit search engine. A Facebook’s spokespeople tell me that “We are in early stages and working hard to bring this experience to our community . . . Instagram is all about bringing you closer to the people and things you love, and a big part of that is showing support for and bringing awareness to meaningful communities and causes. Later this year, people will be able to raise money and help support nonprofits that are important to them through a donation sticker in Instagram Stories. We’re excited to bring this experience to our community and will share more updates in the coming months.”

Zuckerbeg said during the Q4 2018 earnings call last month that “In Instagram, one of the areas I’m most excited about this year is commerce and shopping . . . there’s also a very big opportunity in basically enabling the transactions and making it so that the buying experience is good”. Streamlining those transactions through saved payment details means more people will complete their purchase rather than abandoning their cart. Facebook CFO David Wehner noted on the call that “Continuing to build good advertising products for our e-commerce clients on the advertising side will be a more important contributor to revenue in the foreseeable future”. Even though Facebook isn’t charging a fee on transactions, powering higher commerce conversion rates convinces merchants to buy more ads on the platform.

With all the talk of envy spiraling, phone addiction, bullying, and political propaganda, enabling donations is at least one way Instagram can prove it’s beneficial to the world. Snapchat lacks formal charity features, and Twitter appears to have ended its experiment allowing non-profits to tweet donate buttons. Despite all the flack Facebook rightfully takes, the company has shown a strong track record with philanthropy that mirrors Zuckerberg’s own $47 billion commitment through the Chan Zuckerberg Initiative. And if having some relatively benign secondary business benefit speeds companies towards assisting non-profits, that’s a trade-off we should be willing to embrace.

First look at Twitter’s Snapchatty new Camera feature

Twitter has been secretly developing an enhanced camera feature that’s accessible with a swipe from the home screen and allows you to overlay captions on photos, videos, and Live broadcasts before sharing them to the timeline. Twitter is already used by people to post pictures and videos, but as it builds up its profile as a media company, and in the age of Snapchat and Instagram, it is working on the feature in hopes it will get people doing that even more.

Described in Twitter’s code as the “News Camera”, the Snapchat-style visual sharing option could turn more people into citizen journalists… or just get them sharing more selfies, reaction shots, and the world around them. Getting more original visual content into Twitter spices up the feed and could also help photo and video ads blend in.

Prototypes of the new Twitter camera were first spotted by social media consultant Matt Navarra a week ago, and he produced a video of the feature today.

He describes the ability to swipe left from the homescreen to bring up the new unified capture screen. After you shoot some media, overlays appear prompting you to add a location and a caption to describe “what’s happening”. Users can choose from six colored backgrounds for the caption and location overlay card before posting, which lets you unite words and imagery on Twitter for the first time to make a splash with your tweets.

Meanwhile, code digger and frequent TechCrunch tipster Jane Manchun Wong has found Twitter code describing how users should “Try the updated Twitter camera” to “capture photos, videos, and go live”. Bloomberg and CNBC had previously reported that Twitter was building an improved camera, but without feature details or screenshots.

Twitter confirmed to TechCrunch that it’s currently developing the new camera feature. A Twitter spokesperson told us “I can confirm that we’re working on an easier way to share thing like images and videos on Twitter. What you’re seeing is in mid-development so it’s tough to comment on what things will look like in the final stage. The team is still actively working on what we’ll actually end up shipping.” When asked when it would launch, the spokesperson told us “Unfortunately we don’t have a timeline right now. You could expect the first half of this year.”

Twitter has largely sat by as visual sharing overtook the rest of the social media landscape. It’s yet to launch a Snapchat Stories feature like almost every other app — although you could argue that Moments was an effort to do that — and it seems to have neglected Persicope as the Live broadcasting trend waned. But the information density of all the words on Twitter might make it daunting to mainstream users compared to something easy and visual like Instagram.

This month, as it turns away from reporting monthly active users, Twitter reported daily active users for the first time, revealing it has 126 million that are monetizable compared to Snapchat’s 186 million while Instagram has over 500 million.

The new Twitter camera could make the service more appealing for people who see something worth sharing, but don’t always know what to say,

Instagram is now testing a web version of Direct messages

Insta-chat addicts, rejoice. You could soon be trading memes and emojis from your computer. Instagram is internally testing a web version of Instagram Direct messaging that lets people chat without the app. If, or more likely, when this rolls out publicly, users on a desktop or laptop PC or Mac, a non-Android or iPhone, or that access Instagram via a mobile web browser will be able to privately message other Instagrammers.

Instagram web DMs was one of the features I called for in a product wishlist I published in December alongside a See More Like This button for the feed and an upload quality indicator so your Stories don’t look crappy if you’re on a slow connection.

A web version could make Instagram Direct a more full-fledged SMS alternative rather than just a tacked-on feature for discussing the photo and video app’s content. Messages are a massive driver of engagement that frequently draws people back to an app, and knowing friends can receive them anywhere could get users sending more. While Facebook doesn’t monetize Instagram Direct itself, it could get users browsing through more ads while they wait for replies.

Given Facebook’s own chat feature started on the web before going mobile and getting its own Messenger app, and WhatsApp launched a web portal in 2015 followed by desktop clients in 2016, it’s sensible for Instagram Direct to embrace the web too. It could also pave the way for Facebook’s upcoming unification of the backend infrastructure for Messenger, WhatsApp, and Instagram Direct that should expand encryption and allow cross-app chat, as reported by the New York Times’ Mike Isaac.

Mobile reverse-engineering specialist and frequent TechCrunch tipster Jane Manchun Wong alerted us to Instagram’s test. It’s not available to users yet, as it’s still being internally “dogfooded” — used heavily by employees to identify bugs or necessary product changes. But she was able to dig past security and access the feature from both a desktop computer and mobile web browser.

In the current design, Direct on the web is available from a Direct arrow icon in the top right of the screen. The feature looks like it will use an Instagram.com/direct/…. URL structure. If the feature becomes popular, perhaps Facebook will break it out with its own Direct destination website similar to https://www.messenger.com which launched in 2015. Instagram began testing a standalone Direct app last year, but it’s yet to be officially launched and doesn’t seem exceedingly popular.

Instagram did not respond to requests for comment before press time. The company rarely provides a statement on internal features in development until they’re being externally tested on the public, at which point it typically tells us “We’re always testing ways to improve the Instagram experience.”

After cloning Snapchat Stories to create Instagram Stories, the Facebook-owned app decimated Snap’s growth rate. That left Snapchat to focus on premium video and messaging. Last year Instagram built IGTV to compete with Snapchat Discover. And now with it testing a web version of Direct, it seems poised to challenge Snap for chat too.

Reddit confirms $300M Series D led by China’s Tencent at $3B value

Last week TechCrunch reported that Reddit was raising $150 million from Chinese tech giant Tencent and up to $150 million more in a Series D that would value the company at $2.7 billion pre-money or $3 billion post-money. After no-commenting on our scoop, today Reddit confirmed it’s raised $300 million at $3 billion post-money, with $150 million from Tencent.

The deal makes for an odd pairing between one of the architects of China’s Great Firewall of censorship and one of America’s most lawless free-speech forums. Some Redditors are already protesting the funding by trying to post content that would rile Chinese’s internet watchdogs, like imagery from Tiananmen Square and Winnie The Pooh memes mocking Chinese President Xi Jinping’s appearance.

The round brings the Conde Nast-majority owned Reddit to $550 million in total funding. Beyond Tencent, the rest of the round came from previous investors potentially including Andreessen Horowitz, Sequoia, and Fidelity. Apparently frustrated that we had disrupted its PR plan, Reddit today handed confirmation of the round to CNBC which re-reported our scoop without citation. [Update: CNBC eventually updated its article to credit TechCrunch.]

Reddit’s CEO Steve Huffman has had his own problems with attribution after the exec was caught editing users’ comments to mislead viewers into thinking they were insulting their Subreddit’s moderators. Huffman managed to get off with just an apology and vow not to do it again, though he seemed to laugh off and excuse the abuse of power by saying “I spent my formative years as a young troll on the Internet.”

Reddit will have to compete for ad dollars with the Google-Facebook duopoly despite having less information about its users, who are often anonymous. Reddit sees 330 million users per month across its Subreddit forums for discussing everything from news and entertainment to niche types of pornography, conspiracy theories, and other highly brand-unsafe content. Meanwhile, users may be concerned that Reddit’s policy views could be tightened as it cosies up to Tencent.

Reddit has struggled with staff departures and user revolts over the years as it tries to balance freedom of expression with civility. The hope is the cash could help it pay for experienced leaders and more moderation staff to maintain that balance. But without proper oversight, the cash could simply scale up Reddit and its problems along with it.

Sean Parker’s govtech Brigade breaks up, Pinterest acqhires engineers

Facebook co-founder Sean Parker bankrolled Brigade to get out the vote and stimulate civic debate, but after five years and little progress the startup is splitting up, multiple sources confirm to TechCrunch. We’ve learned that Pinterest has acqhired roughly 20 members of the Brigade engineering team. The rest of Brigade is looking for a potential buyer or partner in the political space to take on the rest of the team plus its tech and product. Brigade CEO Matt Mahan confirmed the fate of the startup to TechCrunch.

While Brigade only formally raised $9.3 million in one round back in 2014, the company had quietly expanded that Series A round with more funding. A former employee said it had burned tens of millions of additional dollars over the years. Brigade had also acquired Causes, Sean Parker’s previous community action and charity organization tool.

After Brigade launched as an app for debating positions on heated political issues but failed to gain traction, it pivoted into what Causes had tried to be — a place for showing support for social movements. More recently, it’s focused on a Rep Tracker for following the stances and votes of elected officials. Yet the 2016 campaign and 2018 midterms seem to fly over Brigade’s head. It never managed to become a hub of activism, significantly impact voter turnout, or really even be part of the conversation.

After several election cycles, I hear the Brigade team felt like there had to be better ways to influence democracy or at least create a sustainable business. One former employee quipped that Brigade could have made a greater impact by just funneling its funding into voter turnout billboards instead of expensive San Francisco office space and talent.

The company’s mission to spark civic engagement was inadvertently accomplished by Donald Trump’s election polarizing the country and making many on both sides suddenly get involved. It did succeed in predicting Trump’s victory, after its polls of users found many democrats planned to vote against their party. But while Facebook and Twitter weren’t necessarily the most organized or rational places for discourse, it started to seem unnecessary to try to build a new hub for it from scratch.

Brigade accepted that its best bet was to refocus on govtech infrastructure like its voter identification and elected official accountability tools, rather than a being a consumer destination. Its expensive, high-class engineering team was too big to fit into a potential political technology acquirer or partner. Many of those staffers had joined to build consumer-facing products, not govtech scaffolding.

Mahan, Brigade’s co-founder and CEO as well as the former Causes CEO, confirms the breakup and Pinterest deal, telling us “We ended up organizing the acqhire with Pinterest first because we wanted to make sure we took care of as many people on the team as possible. We were incredibly happy to find that through the process, 19 members of our engineering team earned offers and ended up going over to Pinterest. That’s about two-thirds of our engineering team. They were really excited about staying in consumer product and saw career opportunities at Pinterest.” We’re still waiting on a comment from Pinterest.

Brigade had interest from multiple potential acqhirers and allowed the engineering team’s leadership to decide to go with Pinterest. Several of Brigade’s engineers and its former VP of Engineering Trish Gray already list on LinkedIn that they’ve moved to Pinterest in the past few months. “We had a bunch of employees that took a risk on a very ambitious plan to improve our democracy and we didn’t want to leave them out to dry” Mahan stresses. “We spent more time and more money and more effort in taking care of employees over the last few months than most companies do and I think that’s a testament to Sean and his values.”

Mahan is currently in talks with several potential hosts for the next phase of Brigade, and hopes to have a transition plan in place in the next month. “We’ve in parallel been exploring where we take the technology and the user base next. We want to be sure that it lives on and can further the mission the we set out to achieve even if it doesn’t look like the way it does today.” Though the company’s output is tough to measure, Mahan tells me that “Brigade built a lot of foundational technology such as high quality voter matching algorithms and an entire model for districting people to their elected representatives. My hope for our legacy is that we were able to solve some of these problems that other people can build on.” Given Parker’s previous work with Marijuana legalization campaign Prop 64 in California and his new Opportunity Zones tax break effort, Brigade’s end won’t be Parker’s exit from politics.

Brigade’s breakup could still cast an ominous shadow over the govtech ecosystem, though. Alongside recent layoffs at grassroots campaign text message tool Hustle, it’s proven difficult for some startups in politics to become sustainable businesses. Exceptions like Palantir succeed by arming governments with data science that can be weaponized against citizens. Yet with the 2020 elections around the corner, fake news and election propaganda still a threat, and technology being applied for new nefarious political purposes, society could benefit from more tools built to amplify social justice and a fair democratic process.

Snapchat shares soar as it stops losing users, shrinks losses in Q4

Snapchat isn’t growing again, but at least it didn’t hemorrhage any more users in its Q4 earnings report. The company stayed flat at 186 million daily users after falling from 191 million in Q1 to 188 million in Q2 to 186 million in Q3. It exceeded an expected quarterly count of 184.2 million user, though 186 million is still down 0.3 percent year-over-year. It reached record revenue of $390 million in the holiday quarter, up 36 percent year-over-year to beat the $378 million Wall Street estimate, and Snapchat lost just $0.04 per share compared to Wall Street’s $0.08 loss estimate for a beat in Q4 earnings.

The highlight of the earnings report was that Snap has managed a 68 percent year-over-year improvement in its adjusted EBITDA losses, which came in at $50 million (though net loss was still $158 million). With 43 percent full-year revenue growth in 2018, “This limited our Q4 losses to just 13 percent of our revenue, compared to just one year ago when our Q4 losses totaled more than 50 percent of revenue” CEO Evan Spiegel wrote in his opening remarks. That means Snap might make it to profitability in the next year or two before running out of cash and having to take more from big investors or consider being acquired.

After closing at $7.04 today, Snap was up around 17 percent in after hours trading to hover around $8.27 — still way down from a peak of $20.75 a year ago.

Importantly, Snapchat grew its Europe user count from 59 million to 60 million and stayed flat at 79 million in North America. Since those are its two best monetizing markets, stopping the shrinkage there was critical. That helped spur a 37 percent year-over-year increase in global average revenue per user, and a 30 percent boost over Q3.

Looking forward, Snap expects between $285 million and $310 million in Q1 2019, which would be a 24 percent to 34 percent year-over-year increase, while its adjusted EBITDA losses are expected to be between $165 million and $140 million, down from $218 million in Q1. It ended the year with $1.3 billion in cash and securities.

On the content and engagement front, Snap is reaching 70 percent of total US 13 to 34 year olds with premium mobile video, which could be very lucrate if it can keep its user count stable or growing. 70 precent of users played with or viewed a lens each day, though Snap didn’t provide an update on its Snaps Created Per Day metric that’s useful for judging the health of its messaging feature. But it does say that users still average 30 minutes per day on the app.

30 percent more people are watching its Discover section’s Publisher Stories and Shows every day versus last year, with Snapchat’s new algorithmically personalized Bitmoji Stories seeing 40 million viewers in December. That’s powerful because since Snap makes the content in-house, it doesn’t have to share ad revenue with anyone.

Meanwhile, Snapchat announced it’s finally starting to roll out its Android rebuild to some users, and the initial test results were promising. App startup time was reduced 20 percent, and the improvements could reinvigorate Snapchat for Android’s growth after years of bugs and slow loading dragging down Snapchat’s user count.

Snapchat’s future hinges on its ability to get to profitability so it can keep financing R&D in augmented reality and hardware. Snap won’t be able to keep up with dedicated AR companies like Magic Leap or tech giants like Facebook and Apple if it’s constantly trying to cut costs. It could still be years before fashionable and useful AR eyewear is feasible and Snap must weather the storm until then. The fact that it’s no longer bleeding users and its losses are falling shows great progress in that direction. Most tech giants like Apple and Google end up sitting on their cash, unsure what to invest in. Snapchat seems to have plenty of options if it can just start stockpiling cash instead of spending it all.

Snapchat’s Android usage keeps falling but rebuild tests well

Snap has finally begun publicly testing the engineering overhaul of its slow and buggy Android app that for years has cost Snapchat users. Promising early results and reduction in app startup time could help Snapchat fix its growth problem after daily active users sank in Q2 and Q3 before staying put at 186 million in Q4, Snap announced today in its earnings report today.

“We ended the year with user engagement stabilizing and have started rolling out the new version of our Android application to a small percentage of our community” CEO Evan Spiegel wrote. “Early tests show promising results especially on less performant devices, including a 20 percent reduction in the average time it takes to open Snapchat.” The problem is that because “Our engineering team remains focused on rebuilding our Android application”, they haven’t been dedicated to fixing the existing version. That means that despite iOS daily active users and average time spent growing faster than last year, Android dragged Snapchat again to see no total daily user growth.

Interim Chief Financial Officer Lara Sweet noted that “While we are not going to give specific guidance on daily active users, we are cautiously optimistic and we do not foresee a sequential decline in daily active users in Q1 2019.” It seems Snap believes the new year is going well and the Android rollout could stem losses so it might finally grow its user count again, or at least stop shrinking.

Reddit is raising a huge round near a $3 billion valuation

Reddit is raising $150 million to $300 million to keep the front page of the Internet running, multiple sources tell TechCrunch. The forthcoming Series D round is said to be led by Chinese tech giant Tencent at a $2.7 billion pre-money valuation. Depending on how much follow-on cash Reddit drums up from Silicon Valley investors and beyond, its post-money valuation could reach an epic $3 billion.

As more people seek esoteric community and off-kilter entertainment online, Reddit continues to grow its link sharing forums. 330 million monthly active users now frequent its 150,000 Subreddits. That warrants the boost to its valuation, which previously reached $1.8 billion when raised $200 million in July 2017. As of then, Reddit’s majority stake was still held by publisher Conde Nast that bought in back in 2006 just a year after the site launched. Reddit had raised $250 million previously, so the new round will push it to $400 million to $550 million in total funding.

It should have been clear that Reddit was on the prowl after a month of pitching its growth to the press and beating its own drum. In December Reddit announced it had reached 1.4 billion video views per month, up a staggering 40 percent from just two months earlier after first launching a native video player in August 2017. And it made a big deal out of starting to sell cost per click ads in addition to promoted posts, cost per impression, and video ads. A 22 percent increase in engagement and 30 percent rise in total view in 2018 pushed it past $100 million in revenue for the year, CNBC reported.

The exact details of the Series D could fluctuate before it’s formally announced, and Reddit and Tencent declined to comment. But supporting and moderating all that content isn’t cheap. The company had 350 employees just under a year ago, and is headquartered in pricey San Francisco — though in one if it’s cheaper but troubled neighborhood. Until Reddit’s newer ad products rev up, it’s still relying on venture capital.

Tencent’s money will give Reddit time to hit its stride. It’s said to be kicking in the first $150 million of the round. The Chinese conglomerate owns all-in-on messaging app WeChat and is the biggest gaming company in the world thanks to ownership of League Of Legends and stakes in Clash Of Clans-maker Supercell and Fortnite developer Epic. But China’s crackdown on gaming addiction has been rough for Tencent’s valuation and Chinese competitor Bytedance’s news reader app Toutiao has grown enormous. Both of those facts make investing in American news board Reddit a savvy diversification, even if Reddit isn’t accessible in China.

Reddit could seek to fill out its round with up to $150 million in additional cash from previous investors like Sequoia, Andreessen Horowitz, Y Combinator, or YC’s president Sam Altman. They could see potential in one of the web’s most unique and internet-native content communities. Reddit is where the real world is hashed out and laughed about by a tech savvy audience that often produces memes that cross over into mainstream culture. And with all those amateur curators toiling away for Internet points, casual users are flocking in for an edgier look at what will be the center of attention tomorrow.

Reddit has recently avoid much of the backlash hitting fellow social site Facebook, despite having to remove 1000 Russian trolls pushing political propaganda. But in the past, the anonymous site has had plenty of problems with racist, mysoginistic, and homophobic content. In 2015 it finally implemented quarantines and shut down some of the most offensive Subreddits. But harassment by users contributed to the departure of CEO Ellen Pao, who was replaced by Steve Huffman, Reddit’s co-founder. Huffman went on to abuse that power, secretly editing some user comments on Reddit to frame them for insulting the heads of their own Subreddits. He escaped the debacle with a slap on the wrist and an apology, claiming “I spent my formative years as a young troll on the Internet.”

Investors will have to hope Huffman has the composure to lead Reddit as it inevitably encounters more scrutiny as its valuation scales up. Its policy choice about what constitutes hate speech and harassment, its own company culture, and its influence on public opinion will all come under the microscope. Reddit has the potential to give a voice to great ideas at a time when flashy visuals rule the web. And as local journalism wanes, the site’s breed of vigilante web sleuths could be more in demand, for better or worse. But that all hinges on Reddit defining clear, consistent, empathetic policy that will help it surf atop the sewage swirling around the internet.

Facebook now lets everyone unsend messages for up to 10 minutes

Facebook has finally made good on its promise to let users unsend chats after TechCrunch discovered Mark Zuckerberg had secretly retracted some of his Facebook Messages from recipients. Today Facebook Messenger globally rolls out “Remove for everyone” to help you pull back typos, poor choices, embarrassing thoughts, or any other message.

For up to 10 minutes after sending a Facebook Message, the sender can tap on it and they’ll find the delete button has been replaced by “Remove for you”, but there’s now also a “Remove for everyone” option that pulls the message from recipients’ inboxes. They’ll see an alert that you removed a message in its place, and can still flag the message to Facebook who’ll retain the content briefly to see if its reported. The feature could make people more comfortable having honest conversations or using Messenger for flirting since they can second guess what they send, but it won’t let people change ancient history.

The company abused its power by altering the history of Zuckerberg’s Facebook’s messages in a way that email or other communication mediums wouldn’t allow. Yet Facebook refused to say if it will now resume removing executives’ messages from recipients even long after they’re delivered after telling TechCrunch in April that “until this feature is ready, we will no longer be deleting any executives’ messages.”

For a quick recap, here’s how Facebook got to Unsend:

-Facebook Messenger never had an Unsend option, except in its encrypted Secret messaging product where you can set an expiration timer on chats, or in Instagram Direct.

-In April 2018, TechCrunch reported that some of Mark Zuckerberg’s messages had been removed from the inboxes of recipients, including non-employees. There was no trace of the chats in the message thread, leaving his conversation partners looking like they were talking to themselves, but email receipts proved the messages had been sent but later disappeared.

-Facebook claimed this was partly because it was “limiting the retention period for Mark’s messages” for security purposes in the wake of the Sony Pictures hack, yet it never explained why only some messages to some people had been removed.

-The next morning, Facebook changed its tune and announced it’d build an Unsned button for everyone, providing this statement: “We have discussed this feature several times . . . We will now be making a broader delete message feature available. This may take some time. And until this feature is ready, we will no longer be deleting any executives’ messages. We should have done this sooner — and we’re sorry that we did not.”

-Six months later in October 2018, Facebook still hadn’t launched Unesned, but then TechCrunch found Facebook had been prototyping the feature.

-In November, Facebook started to roll out the feature with the current “Remove for everyone” design and 10 minute limit

-Now every iOS and Messenger user globally will get the Unsend feature

So will Facebook start retracting executives’ messages again? It’d only say that the new feature would be available to both users and employees. But in Zuckerberg’s case, messages from years ago were removed in a way users still aren’t allowed to. Remove for everyone could make messaging on Facebook a little less anxiety-inducing. But it shouldn’t have taken Facebook being caught stealing from the inboxes of its users to get it built.