But now, additional eyes are on these startups as federal protections for the right to an abortion were struck down this summer in a Supreme Court ruling. 

The court’s decision in June reversed the 1973 Roe v. Wade ruling, which gave pregnant women the right to an abortion until fetal viability, or when the fetus could survive outside the womb. By overturning Roe v. Wade, the Supreme Court made it so that states could ban or restrict abortions. 

How this will or won’t impact abortion pill providers continues to be muddy regulatory waters. In the meantime, existing digital health companies could expand their offerings to include abortion pills.

Medication-based abortion

Medication-based abortion provides an option for women early in their pregnancy. The combination of the pills mifepristone and misoprostol was approved by the U.S. Food and Drug Administration in 2000 to terminate a pregnancy up to 11 weeks, according to the Guttmacher Institute, a research and policy organization focused on sexual and reproductive rights. 

Because of the COVID-19 pandemic, the requirement that women needed to visit a provider at a hospital or clinic to be prescribed mifepristone and misoprostol was eliminated in July 2020.

The change in rules led to an uptick in medication-based abortions, which now account for half the abortions in the United States, per the Guttmacher Institute. That’s up from more than one-third in 2017. 

Since the change in rules, at least two startups focused on providing medication abortions received funding, according to Crunchbase data. Those include New York-based Hey Jane and San Rafael, California-based Choix. 

Hey Jane serves patients in California, Colorado, Illinois, New Jersey, New Mexico, New York and Washington, while Choix serves women in California, Illinois, New Mexico and Colorado.

Choix has raised $1 million in funding from Elevate Capital, while Hey Jane has raised $3.6 million from investors including Gaingels and 10X Capital, per Crunchbase.

Both companies provide virtual or text-based consults with patients who are early in their pregnancy and located in eligible states before shipping abortion pills, all for a flat fee. 

Choix saw a 600% increase in web traffic on the day the decision to overturn Roe v. Wade was announced, according to CEO Cindy Adam. The company also experienced a 50% increase in the number of patients seeking care since the ruling, and it anticipates that increase to continue as people turn to medication abortion.

“Telemedicine clinics like Choix can also alleviate capacity issues, helping local clinics to reserve in-person visits for patients who require or prefer in-person care or are traveling from out of state,” Adam wrote in an email.

The company’s goal is to expand to every state where it can legally provide abortion medication by the end of next year, given how in flux the current situation is.

Medication abortion is currently in a bit of a gray legal area. While states now can ban abortions, mifepristone is approved by the FDA. On June 24, Attorney General Merrick Garland said in a statement that, ​​”states may not ban Mifepristone based on disagreement with the FDA’s expert judgment about its safety and efficacy.”

Will more startups offer abortion pills?

While there are only two venture-backed startups in the Crunchbase database focused on providing the abortion pill, that doesn’t mean other health care startups aren’t looking to expand their services in light of the Roe v. Wade ruling.

Deena Shakir, a partner at venture capital firm Lux Capital, who invests in the future of health, noted that the number of companies focused solely on providing abortion pills doesn’t provide the full picture of how startups are responding. 

Some existing digital health companies are working toward offering the abortion pill and expanding their women’s health services as well, said Shakir.

Lux portfolio company Carbon Health, for example, said in November that it would begin offering medical abortion in California, Shakir noted.

And Adam of Choix said she is aware of other online pharmacies working to become certified to dispense mifepristone. 

Online pharmacies grew more popular during the pandemic, as more people looked to have their medications shipped directly to them. But currently, there are only two online pharmacies licensed to distribute the abortion pill, according to Time, including venture-backed Honeybee Health. 

Shakir noted that it’s important for existing health care companies to expand services, given how difficult it is to start and roll out a company in a field as highly regulated as health care.

“I do think that it’s critical, because, especially if you’re starting a new company, it’s not easy to start and scale across states,” Shakir said. “So is making sure existing companies and companies focusing on other aspects of health care are stepping up to the plate.”

Women’s health has historically been dismissed as niche—something that Shakir said doesn’t make sense, considering women consist of half the population and make up around 80% of the dollars and decisions in health care.

Digital health is a relatively nascent space, though it’s gaining interest from investors as it matures, Shakir said.

“Human health is ‘recession proof’ in that we will continue to get sick and give birth and die and have significant health care needs,” Shakir said. “And the major stakeholders in this industry, going beyond patients, the pharma companies, the providers, the payers … are under pressure to propel pandemic digital progress and make it permanent.”

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The e-commerce giant will pay $61 per share for the company in the all-cash deal. iRobot CEO Colin Angle will stay on as the company’s CEO following completion of the acquisition, according to a statement from the companies.

iRobot, which was founded in 1990 and is based in Massachusetts, went public in 2005, according to Crunchbase. The company makes consumer robots, and is perhaps best known for making the Roomba, an autonomous vacuum cleaner.

“We know that saving time matters, and chores take precious time that can be better spent doing something that customers love,” Dave Limp, senior vice president of Amazon Devices, said in a statement. “Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive—from cleaning when and where customers want while avoiding common obstacles in the home, to automatically emptying the collection bin. Customers love iRobot products—and I’m excited to work with the iRobot team to invent in ways that make customers’ lives easier and more enjoyable.”

iRobot is one of a few public companies to be acquired in recent weeks, including Thoma Bravo’s acquisition of Ping Identity, and the Unity and IronSource merger. Tech stocks in particular have been hit hard by the economic downturn, and some companies have seen that as an opportunity to make acquisitions at discounted prices. iRobot’s stock price is down around 12% since the beginning of the year.

This is Amazon’s second acquisition of a public company in less than a month. The e-commerce giant also acquired One Medical, which went public in 2020, in July for $3.9 billion.

Related reading:

• Thoma Bravo To Acquire Ping Identity For $2.8B
• Amazon To Acquire One Medical For $3.9B

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Walmart is laying off hundreds of corporate employees amid a company restructuring, The Wall Street Journal reported.

The layoffs will affect departments spanning from merchandising to real estate and global technology, WSJ reported. One source told the publication that around 200 jobs at the retailer are being cut.

It hasn’t been an easy year for Walmart and other retail companies. Retailers have been facing a surplus in inventory, leading to markdowns and sales. Both Walmart and Target have recently said they expected their profit to decline, given their excess inventory.

Shoppers aren’t shopping like they did in the early days of the pandemic, and inflation has reduced the incentive to spend discretionary dollars. That, combined with supply chain issues, has created a pileup in inventory that retailers are now trying to get rid of through sales.

More than 32,000 employees of U.S.-based tech companies have been laid off so far in 2022, according to a Crunchbase News tally. So far this year, it’s seemed like growth stocks, which tend to be tech-focused, were the ones being hit. High-profile companies like Shopify and Coinbase have laid off employees, and some companies such as Netflix and Robinhood have recently gone in for a second round of layoffs after cutting staff earlier this year.

Walmart’s layoff news shows that other sectors of the economy might not be shielded from the macroeconomic fallout. Founded in 1962, Arkansas-based Walmart is the largest private employer in the United States, and one of the largest retailers. When it cut its profit outlook last month, other retailers such as Macy’s and Amazon also saw their stock prices fall, according to CNBC.

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The private equity firm will pay $28.50 per share for the company in the all-cash purchase. The purchase price is a premium–about 63% higher than Ping’s closing price on Tuesday.

“Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions,” Ping Identity CEO Andre Durand said in a statement. “We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets.”

Denver-based Ping Identity went public in 2019, raising $187 million through its IPO. At the time, the company had a valuation of $1.2 billion, according to Crunchbase, and its shares were priced at $15 apiece for the IPO.

Other acquisitions

Ping Identity is among a handful of other tech and tech-adjacent companies that went public in recent years and are now being acquired. One Medical, which went public in 2020, was acquired by Amazon last month. Also last month, Unity and IronSource announced they would merge.

The acquisition shows that private equity firms are interested in companies that went public when the IPO market was hot. Ping Identity is among three public company acquisitions Chicago-based Thoma Bravo has made so far this year, including Anaplan for $10.7 billion and SailPoint for $6.9 billion.

The Ping Identity acquisition is expected to close in the fourth quarter. Ping Identity will stay headquartered in Denver once it’s taken private, according to a statement from the companies.

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This year has been the opposite of last year’s when it comes to the number of companies going public. But as the IPO summer drought drags on, we looked at some of the bountiful seasons for companies going public and more specifically those companies that made the most of their moment in the spotlight. 

Ringing that bell

Nasdaq Senior Vice President and Chief Commercial Officer Jeff Thomas spends his days helping companies go public.

He’s also had a front row seat to witness how the exchange has evolved the signature moment of an IPO—ringing the opening bell.

The bell-ringing ceremony is always a hot topic when Nasdaq works with a company for an IPO, Thomas said. It’s often the CEO or a co-founder who rings the bell, but not always.

Nasdaq tries to make the ceremony as inclusive as possible and include as many people as they can on the stage to make the moment not about one person, but the team that got the company there, Thomas said.

But the COVID-19 pandemic threw a wrench in how the exchange celebrated IPOs. Since then, there have been virtual bell-ringing ceremonies, IPOs on site at a company’s headquarters, and even a bell-ringing ceremony in the metaverse. 

Here is a countdown to my top favorites of recent years.

#5 Square

When Square (NYSE:SQ) went public in 2015, it actually held its IPO outside the New York Stock Exchange. CEO Jack Dorsey’s mother, Marcia, had the honor of ringing the opening bell by making a purchase from Square’s first vendor, Lilybelle Flowers owner Cheri Mims. While this IPO happened several years ago, it’s a favorite because Dorsey’s mom is a mom and that’s cute.

#4 Uber

Uber (NYSE:UBER) faced a dilemma when it went public in 2019. CEO Travis Kalanick, the face of the company for so long, had been ousted two years before the company went public. Former Expedia CEO Dara Khosrowshahi eventually took over, and there were questions swirling over whether Kalanick would have a role in the IPO or stand on the balcony with other executives. He hadn’t exactly left the company on friendly terms.

The company went another direction instead. Uber’s first intern, Austin Geidt, ended up ringing the bell for the IPO. Geidt started as an intern for Uber in 2010 and worked her way up the ranks, so it seemed fitting for her to have the honor, and it’s why it’s a favorite.

#3 Sportradar

When Sportradar (NASDAQ: SRAD) went public in 2021, its IPO was star-studded. Included in the New York opening bell ceremony was basketball superstar Michael Jordan—an investor in Sportradar. Nasdaq’s Thomas pointed out that it wasn’t the first time a celebrity’s been involved in an opening ceremony. Jessica Alba, for example, was on hand during The Honest Company’s IPO that same year.

#2 Journey

This isn’t an IPO, but I included it on this list because it’s one of the more memorable opening bell ceremonies. The executive team at Journey rang the opening bell at the Nasdaq, but in the metaverse. 

“It was important to us to be the first exchange to open markets in the metaverse,” Thomas said. “We always want to think of our exchange as the home for innovative technology.”

Thomas anticipated it wouldn’t be the last time the Nasdaq opens by ringing the bell in the metaverse as more companies pivot toward that frontier. The exchange tries to incorporate its companies’ technology when it can, such as when it had Sonos create a new sound for its bell during the company’s IPO.

#1 Airbnb

Airbnb’s IPO in December 2020 is definitely a standout. One of the most anticipated IPOs of 2020, Airbnb (NASDAQ: ABNB) spent 12 years as a private company. 

Nasdaq originally suggested hosts in every single timezone in the world ring a bell leading up to the IPO, Thomas said. The very first Airbnb guests would ring the final doorbell at the apartment on Rausch Street in San Francisco, the original Airbnb where the company’s co-founders once lived. The co-founders would open the door to greet their first guests who they hosted more than a decade ago. 

But then the second wave of COVID-19 hit, and those plans were scrapped. Instead, Nasdaq worked with Airbnb to develop a video of hosts around the world ringing bells, until the first Airbnb guest, Amol, rang the doorbell of the original apartment on Rausch Street. 

“It wasn’t about them, it  was about the hosts,” Thomas said. “It was about being inclusive, global. Of course, of all the unique places you can stay, but bringing it back to where it started.”

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Vetted, which was formerly known as Lustre, uses artificial intelligence to help online shoppers find the products they’re looking for that are the most highly-recommended by other users. The company, which was founded in 2019, uses reviews from platforms like YouTube, Reddit, and review websites to recommend products, according to a press release from the company.

“Shoppers shouldn’t have to spend hours sifting through indistinguishable products littered across thousands of ad-infested sites loaded with fake reviews and unreliable information,” Vetted co-founder Stuart Kearney said in a statement. 

“That’s why we’re building Vetted. Our users get a smart guide aligned with their best interests, transforming e-commerce into the simple and trustworthy experience everyone wants – especially today, when every dollar counts.”

Online shopping has seen a boom since the start of the COVID-19 pandemic, with more consumers buying everything from clothes to groceries online. But searching for items, like consumer electronics, often comes with having to read multiple buyer reviews, along with recommendations from review websites, such as Wirecutter. It’s not uncommon for buyers to have to do research on their own before settling on a product.

More than 330,000 online shoppers have used Vetted, and users buy the products recommended by Vetted 70% of the time, according to Hanna Jung, the company’s VP of Marketing. Jung added that users are also “asking for help beyond our initial focus on consumer electronics.”

The new Series A funding will help Vetted, which is based in San Francisco, expand its product and retailer coverage to other areas, Jung added in her statement.

Vetted last raised a seed round in August 2020, according to Crunchbase. The company is backed by investors including Index Ventures, Golden Ventures, and Bling Capital.

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Based in the Miami area, Boatsetter is something like an Airbnb, but for boats. Boat owners can rent out their boats to people who are looking to enjoy a day out on the water, just like Airbnb hosts rent out their homes.

Boat owners get to offset the cost of their boats, and people can go boating without the cost and commitment of buying a boat.

It’s no secret that owning a boat is expensive. Besides the initial cost of buying a boat—and they can get pricey—there’s also the annual costs associated with maintenance, storage and taxes, depending on where you live. Boatsetter’s goal is to help boat owners make some of that money back with its insured peer-to-peer marketplace. The annual earning potential on the platform is more than $20,000, according to the company, though obviously that varies.

What it offers

There are more than 50,000 boats available on the platform in over 700 locations, including Miami, Chicago, Seattle and San Francisco, according to Boatsetter’s website. Options include more than 20,000 makes and models of boats, per the company.

The company, which was founded about a decade ago, emerged as a leader in the peer-to-peer boat sharing marketplace, acquiring competitors like Boatbound, Cruzin and Fisher Guiding over the years, according to Crunchbase.

Boatsetter’s last venture round was a $10 million Series A in August 2019, according to Crunchbase. Some investors in the company include Great Oaks Venture Capital, Global Founders Capital and Endeavor Catalyst, according to Crunchbase.

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• The Week’s 10 Biggest Funding Rounds: Cleerly Pumps Up Large Round; Carmot Leads Biotech’s Big Week

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Lemonade said around 20% of Metromile’s team was affected. Lemonade is best known for providing homeowners, renters and pet insurance. Metromile focuses on car insurance.

Both companies are fairly new to the public markets. New York-based Lemonade went public in 2020, while San Francisco-based Metromile went public last year in a SPAC deal. Less than a year later, Lemonade announced it would acquire the car insurance provider.

Metromile struggled as a public company. Although it was valued at $1.3 billion at the time of its SPAC deal, it had a fully diluted value of around $500 million when Lemonade announced acquisition plans, according to Fortune.

The acquisition closed on Thursday, and Lemonade noted in a press release that “most” Metromile employees will transition to roles at Lemonade, including Metromile CEO Dan Preston, who is now Lemonade’s SVP of strategic initiatives.

“We’re thrilled that we’ve finalized our acquisition of Metromile, and that we’ve been able to offer a role at Lemonade to about 80% of the Metromile team,” a Lemonade spokesperson said in a statement to Crunchbase News. “The good-news, bad-news is that this acquisition is synergistic, in that the combined entity is better than the sum of its parts, and can operate with fewer people than were needed to staff the two standalones. This makes the deal compelling to shareholders, but clearly is painful to those who weren’t extended an offer to join Lemonade.”

Layoff numbers grow

More than 32,000 employees of U.S.-based tech companies have been laid off so far this year, according to a Crunchbase News tally. Those employees range from those at early-stage startups to large public companies like Microsoft and Lyft.

Additionally, some companies like Netflix have gone in for their second round of layoffs this summer, after laying off employees earlier this year.

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The layoffs amount to around 840 employees, and come less than a year after Rivian went public in the largest IPO of 2021. 

“Over the last six months, the world has dramatically changed with inflation reaching record highs, interest rates rapidly rising and commodity prices continuing to climb—all of which have contributed to the global capital markets tightening,” Rivian CEO RJ Scaringe wrote in an email to employees, according to the WSJ.

Rivian went public in November 2021, raising $11.9 billion through its IPO, Crunchbase data shows. The Plymouth, Michigan-based company was valued at $66.5 billion at the time of its IPO.

The company’s stock price is down around 68% since the beginning of the year, and had a market cap of about $29.6 billion on Thursday. The company warned employees earlier this month that layoffs were coming. 

Growth stocks have been hit hard by the turmoil in the public markets. More than 32,000 employees of U.S.-based tech companies have been laid off so far this year, according to a Crunchbase News tally. The tech industry and tech-adjacent companies like those in the electric vehicle and biotech spaces seem to be bearing the brunt of the layoffs.

Rivian has faced some production challenges since it’s been public as well. In March, the company cut its production forecast in half to 25,000 vehicles, pointing to a parts shortage, according to the WSJ.

Rivian is not the only electric vehicle company to conduct layoffs. Tesla also laid off some employees and closed an office in California after CEO Elon Musk said he had a “super bad feeling” about the economy. 

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Bryte, founded in 2016, is best known for its Restorative Bed, which measures how people sleep and can be adjusted for comfort. The company is based in Los Altos, California, and its mattresses can be found at luxury hotels including the Fairmont Scottsdale Princess and Four Seasons Hotel Los Angeles.

The funding gives mattress giant Tempur Sealy a stake in the connected mattress company. Tempur Sealy’s brands include Tempur-Pedic and Sealy mattresses.

“Our mission is to empower lives through restorative sleep, which starts by reaching as many people as possible, with the most technically advanced products and first-rate services at a complete range of price points,” Bryte CEO Luke Kelly said in a statement. “There is simply no company in the world with a more complete and desirable portfolio of brands than Tempur Sealy, and we couldn’t be more excited about their investment.”

Mattresses have become somewhat trendy in the past few years, and many new companies have adapted a direct-to-consumer model. Companies like Casper and Purple have sprung up and raised funds from both private and public investors.

They haven’t gone without their challenges though. Casper, for example, went public in 2020, only to struggle on the stock market before agreeing to be taken private by a private equity firm late last year. Utah-based Purple, which went public in 2018, has also seen its stock price decline nearly 78% since the beginning of this year.

Bryte last raised a $24.5 million Series A in January 2021, according to Crunchbase. Other investors in the company include Evolution VC Partners and Sand Hill Angels.

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• On The Heels Of An IPO: Startups And The ‘Sleep Economy’

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