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Meta, Microsoft, and Amazon team up on maps project

Plus: The little search engine that couldn’t

Author

Cash Nut
July 27, 2023

In Today’s Edition

  • Jio BlackRock Readies $300 Mn War Chest To Capture Asset Management Space

  • Bloom Money raises £1M to digitize finance for ethnic communities

  • Facebook surpasses 3 billion monthly active users

  • The little search engine that couldn’t

  • WordPress Playground lets you run WordPress entirely in your browser

  • World’s heaviest commercial communications satellite will launch tonight

🚀Startups Nuts

Jio Financial Services and BlackRock will put an initial investment of $150 Mn each in the JV. Called Jio BlackRock, the two companies will own a 50% stake each in the newly formed digital-first entity. Jio BlackRock will have its own management team and will commence operations after receiving necessary regulatory and statutory approvals.

Bloom Money raised £1 million to digitize an informal financial management system called "rotating savings and credit association" (ROSCA) employed by ethnic communities. "Bloom circles" let people save and share money with those they trust. Funds are safeguarded by an electronic money institution. Bloom Money helps migrant communities build ties with the U.K., grow wealth, and access products they usually cannot.

Read Here - Link

🏭Business Nuts

Meta, Microsoft, Amazon, and TomTom have formed a group that will release data that could enable companies to build their own maps. The Overture Maps Foundation has captured 59 million points of interest, including restaurants, landmarks, streets, and regional borders. The data can be used for free as the base layer for a new map application. The data was collected and donated to the foundation by Meta and Microsoft.

Read Here - Link

Facebook has more than 3 billion monthly active users, despite its declining popularity among younger people. There are 3.88 billion monthly active users across Meta's entire family of apps, almost half of the world's population. The growth was driven in part by Reels, which gets 200 billion plays per day across Meta’s family of apps. Threads is doing quite well according to Mark Zuckerberg, with 10s of millions of daily active users.

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📱Tech Nuts

This article tells the story of how startup Neeva attempted to create a search engine powered by AI. Google dominates the search market, but this means that it is unlikely to ever explore huge changes to its results page or business model. This leaves room for others to create something that Google simply can't or won't make. After 15 years at Google, Sridhar Ramaswamy left the company to co-found Neeva to build the search engine of the future. Despite its hard work, Neeva ultimately closed down its search engine as it couldn't create a sustainable business in consumer search.

WordPress Playground is a sandboxed environment that lets developers try new things. It runs a WordPress instance directly in the browser without having to mess around with a server. WordPress Playground creates a brand-new WordPress site with a full admin panel and the ability to create posts and pages in just a few seconds. Developers can mess around with the site as much as they want as the changes are gone when the page is refreshed. There are options to store and save data.

🔥Newsletter Spotlight

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🎁Miscellaneous

EchoStar's 9.2-metric-ton communications satellite launched on top of a SpaceX Falcon Heavy rocket on Wednesday night from NASA's Kennedy Space Center in Florida. The satellite will provide Internet services across the Americas. It can provide up to 500 gigabits per second of total capacity. This was the seventh Falcon Heavy launch and the third of five planned this year. A link to the live-streamed webcast is available.

💡What else are we reading and seeing?

  • Santander hires about 150 bankers to grow investment banking

  • Musk gives the middle finger in Twitter’s X rebrand

  • How the partnership between Apple and Goldman soured

  • Private equity backers of Plan B morning-after pill weigh $4 billion sale

  • Best business books of all time

  • Superconductor breakthrough could represent ‘biggest physics discovery of a lifetime’

  • 20 essential time-saving tech tools for entrepreneur

  • How the Grasshopper rule can help you stop forgetting names

😎Fun Fact

Sea otters hold hands while sleeping to prevent drifting apart from their group in the water

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