Adfin, a UK-based fintech startup, aims to improve payment processing for sole traders and small businesses by streamlining bill payments. Founded by two experts in fintech, Adfin targets professionals like lawyers, accountants, consultants, and tradespeople who face challenges with outdated payment methods such as bank transfers and card payments. The platform allows users to upload invoices and send payment requests via email, WhatsApp, or SMS, determining the best payment method based on returning customers or invoice size. Supported payment options include pay-by-bank, card payments, Apple Pay, and Google Pay. Adfin charges a flat 1% fee per transaction, offering an efficient and cost-effective billing solution. The startup has raised $4.9 million in seed funding from Index Ventures, Visionaries Club, and several angel investors.

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Costco has raised its hourly wages by one dollar for service assistants, service clerks, and meat cutters in the U.S., Puerto Rico, and Canada, setting the lowest hourly wage for these positions at $19.50, effective July 22. This wage hike follows a $0.50 increase earlier in March 2024. As of the end of 2023, the median annual income for a Costco employee was $50,202, with the current average hourly pay at $22.20 according to ZipRecruiter. In fiscal Q3 2024, Costco reported a 9.1% increase in net sales, reaching $57.39 billion. CEO Ron Vachris acknowledged the employees' dedication during a recent investor call.

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North American startup funding increased significantly in Q2, driven by early-stage investments in artificial intelligence (AI). Investors contributed $45.3 billion to U.S. and Canadian startups, a 30% rise from the previous quarter and a 35% increase year-over-year. AI-focused startups attracted $16.8 billion, with Elon Musk's xAI securing over a quarter of early-stage funding. In contrast, enterprise software, consumer products, and fintech sectors saw reduced investment activity, and the number of deals hit record lows. Late-stage investments totaled $19.4 billion, up 11% from the previous quarter, with notable deals from CoreWeave, Scale AI, and Wiz. Early-stage investments reached $22 billion, boosted by xAI's $6 billion Series B round. Seed-stage investments remained stable at $3.9 billion. The quarter featured notable acquisitions by Merck and Hg and modest IPO activity with public offerings from Rubrik and Tempus. Overall, investment totals are rising, especially in AI, but other sectors are lagging. Learn more on this news visit us at: https://greyjournal.net/news/

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Meta is nearing the public release of its holographic glasses, which transform the user’s full field of vision into a 3D space, allowing for immersive interactions like playing cards as holograms or collaborating on projects as digital avatars. These glasses will cost significantly more than the current $300 Ray-Ban Meta glasses, with plans to eventually develop a full consumer version. Additionally, Meta is developing neural wristbands that detect brain signals for tasks like typing or controlling a computer mouse without wires or implants. Meta holds 37.2% of the AR/VR market share as of Q1 2024, leading the virtual reality industry ahead of Apple’s 17%.

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Recent research reveals that European hardware deep tech teams now have a new resource called the Deep Tech Hardware Napkin, developed by First Momentum, a pre-seed fund focusing on technical B2B and deep tech startups. This tool helps democratize knowledge regarding funding, team dynamics, product development, and commercialization, particularly aiding first-time founders. The resource resulted from a survey of 30 deep tech VCs from eight countries, providing objective insights into what constitutes good decisions in deep tech startups. Findings indicate that teams led by technical CEOs without business backgrounds raise more funding at Seed and Series A stages compared to those led by business-oriented CEOs. However, this could be due to sample bias. The sector has seen larger pre-seed and Series A rounds in 2023 compared to 2022, showing increasing investor interest. Deep tech now accounts for 20% of global venture capital funding, reflecting its growing significance. Most startups at Series A haven't achieved meaningful revenue, which is typical due to the high upfront investments and longer timelines needed. Founders are encouraged to identify key milestones for securing further financing and to understand their costs and potential gross margins. Engaging global investors early is also suggested to help startups achieve market fit and secure necessary funding.

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Federal Reserve Chair Jerome Powell testified before Congress, indicating a potential shift towards cutting interest rates due to a slowing job market and persistent inflation above the Fed's 2% target. From March 2022 to July 2023, the Fed raised its benchmark interest rate 11 times to 5.3% to combat peak inflation of 9.1%. Although inflation reports for early 2024 hadn't boosted confidence significantly, recent data showed modest progress. The unemployment rate rose to 4.1%, and though hiring remained solid, the job market wasn't causing widespread inflationary pressures. Powell mentioned a possible timeline for rate cuts, possibly in September, and plans to revise a capital requirements proposal for banks. Democratic senators have urged Powell to start reducing rates, reflecting a push for monetary easing.

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Boeing will plead guilty to fraud in connection to the approval of its 737 Max aircraft, which crashed twice, resulting in 346 fatalities. The plea deal includes a felony conviction, a $243.6 million fine, an additional $243.6 million fine from 2021, a requirement to invest at least $455 million in safety improvements, and three years of court-supervised probation with an independent monitor. Relatives of the victims plan to request a federal judge to reject the agreement, citing it as too lenient. The plea also mandates Boeing's board of directors to meet with families of the victims. Boeing faces ongoing investigations and increased regulatory oversight due to these crashes and other incidents. Government contractors can be suspended for criminal convictions, but the Defense Department will review Boeing's remediation plans. If the plea deal is rejected, it could lead to new negotiations.

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Startups are seeing a rebound in valuations, reaching all-time highs, suggesting the slump may be over. For the past couple of years, venture-backed companies have struggled to raise funds at previous high valuations. However, optimism among investors suggests the downturn is behind us, and startups should now focus on growth instead of just preserving cash. According to recent PitchBook data, valuations for all but seed-stage companies dropped in 2023, but in the first six months of 2024, investor prices for new deals with U.S.-based companies hit all-time highs for early- and late-stage deals. Fintech companies are also raising capital at higher valuations, as demonstrated by U.K. bank Monzo's valuation rise to over $5 billion in March 2024. Despite this, deal volume remains low, with the market favoring strong companies that have grown into their valuations. Factors driving this improvement include optimism about inflation control, potential rate cuts by the U.S. Fed, a strong stock market, and high valuations of AI companies.

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Paramount and Skydance will merge, ending the Redstone family's long hold on Hollywood and creating a new industry power player. This merger gives Paramount a financial boost amid its struggle to adapt to the evolving entertainment landscape. David Ellison, Skydance's founder, will lead the newly formed entity, New Paramount, as chairman and CEO. The combined company is valued at $28 billion, with an $8 billion investment from the Ellison family and RedBird Capital. Skydance, established in 2010, has successful partnerships with Paramount, producing major hits like "Top Gun: Maverick" and the "Mission Impossible" series. Regulatory approval is expected by September 2025, and Ellison plans to prioritize a "creative first" approach and transition into a "tech hybrid" model. The restructuring aims for $2 billion in cost efficiencies and addresses declining linear TV growth. Paramount, despite its historical significance, faced recent challenges, including leadership changes and reduced theatrical output. The merger's impact on theatrical releases remains a topic of industry interest, with the National Association of Theatre Owners expressing cautious optimism.

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Global startup funding rose to $79 billion in Q2, a 16% increase from the previous quarter and a 12% rise from Q2 2023. AI investments played a significant role, contributing $24 billion or 30% of the total. Larger M&A deals also increased, enhancing liquidity in venture capital markets. Despite fluctuations, funding trends for pre-IPO companies and AI sectors remained strong, with major rounds going to companies like Elon Musk’s xAI and CoreWeave. Healthcare and biotech raised $17 billion, with hardware companies securing $11 billion due to AI infrastructure needs. Seed funding remained stable at $8 billion per quarter over the last five quarters. Notable M&A deals included CyberArk’s $1.5 billion bid for Venafi and Nvidia’s $700 million acquisition of Run:AI. Nonetheless, the market outlook remains cautious with ongoing concerns about revenue growth, challenging funding environments, and a slower exit environment.

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