Daily Crunch: Brex says DoorDash is ‘first of many’ new enterprise customers to come

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Welcome to the Daily Crunch for Wednesday, April 13, 2022! Tomorrow, we are giddy with excitement to be attending Early Stage (if you’re coming, don’t forget to submit your pitch deck!). If you didn’t get your tix yet, it’s still possible to snag a last-minute ticket to join the fun in San Francisco.

On Equity today, the podcast crew argues that VC needs crypto a lot more than the other way around, so give that a listen as well!

¡Hasta mañana! – Christine and Haje

The TechCrunch Top 3

  • Duking it out over corporate spend management: The competition to help large enterprises be more efficient with their spending just gained another fighter. Brex, which initially focused on startups with its corporate card, is now getting into software. It’s already secured DoorDash as a customer, so the leap into the corporate spend pool was more of a cannonball than a dipping a toe. Ironically, on the same day, Mary Ann wrote about Emburse, a spend management company that started in enterprise that’s now going after Brex’s small business territory. Ding ding!
  • Today’s TechCrunch+ action: Alex opined about whether the SaaS selloff is over now that the public markets are leveling out, saying, “Ironically, interest rates may be the best reason to expect that most of the selloff in software stocks is behind us.” Meanwhile, Anna dove into investment in Latin America, where numbers show a slowdown, but it might just be “a correction after some overheating,” Anna reported. Don’t get out the tissues yet — with all of the seed investment still flowing into the region and some new funds focusing their sights on LatAm, there’s “lots of dry powder still to be deployed” apparently.
  • Former Xinjiang prisoner describes experience in Chinese detention camps: At this point, it is hard to not have heard about the Chinese detention camps that are accused of incarcerating people of certain ethnic backgrounds. Zack interviewed one individual who arrived in Washington, D.C., with his family after being granted temporary immigration status by the U.S. government. What’s the tech angle? In the camp and after his release to house arrest, Ovalbek Turdakun said Hikvision-branded cameras were “always on and watching.”

Startups and VC

There’s been a ton of EV companies that made their way to the public markets by being “aquired” by an already-listed company, rather than going the regular IPO route. Jaclyn argues that the EV companies should have pumped the brakes a little before jumping on the SPAC bandwagon.

Meanwhile, fresh from our keeping-an-eye-on-the-propaganda-machine department, TikTok was doing what it could to shed some Russian state media propaganda from its platform, but a study reveals that it’s not particularly successful: The platform continues to be dominated by pro-war content.

It’s simply the best; better than all the rest:

Dear Sophie: I didn’t win the H-1B lottery. What are my next steps?

Image Credits: Bryce Durbin/TechCrunch

Dear Sophie,

I earned my master’s degree in business analytics last year, and have been working for a company while on OPT since then.

My employer entered me in the H-1B lottery last month, but I haven’t been selected. I heard that my degree now qualifies as a STEM field, making me eligible to continue working under OPT.

How can I stay in the States?

— Astute Analyst

(TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

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