Back to the grind


July 8, 2019

Today, Lance Armstrong’s new venture fund is creepin’ and other headlines while you were firework-peepin’…
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The Hustle Daily Email

Miss our Sunday story yesterday? You can read it here.

Time to dust off the ol’ laptops…

We don’t blame you if you got caught up watching fireworks (or the equally explosive World Cup win by the US women’s national soccer team) over the weekend.

But the news never sleeps. Here are a few stories you may have missed:

Abercrombie launches a ‘buy now, pay later program’

The apparel company hopes that installment plans — which let buyers pay in 4 interest-free payments over 2 months — will attract small-spending Gen Z and millennial shoppers. Competitors including Urban Outfitters have rolled out similar programs, which reportedly increase sales by 30%.

Lance Armstrong’s VC fund plans to raise $75m

Next Ventures has filed to raise $75m for its first venture capital fund. According to submitted paperwork, the firm has already attracted more than $24m from partners lookin’ to back startups in the fitness world — obviously.

Plane lands fully autonomously for the first time

A team of German researchers created an automatic landing system for small planes that allows them to land without a pilot and, for the first time ever, without traditional landing tech. (watch here)

Screen consultants are coming to save the day

The New York Times reports that a “screen-free parenting coach” economy has popped up in the US to teach parents how to pry smartphones from their tech-addicted childrens’ dirty little swipers.

Public transportation agencies are adding rewards programs

40 years after American Airlines invented frequent flyer miles, loyalty travel programs are making their way to some public transportation agencies around the US. Why? Because they’re losing fares to the ride-share and micro-mobility economy.

Deutsche Bank is cutting 18k jobs in a last-ditch bid to save itself

The German bank, which has struggled since the global financial crisis of 2008, will dramatically downsize its workforce and eliminate its global-equities sales and trading division in an attempt to cut costs.

WeWork, which is still unprofitable, will raise up to $4B before IPO

The workspace wunderkind announced plans to raise between $3B and $4B in debt in the next few months to keep the lights on pre-IPO. Some analysts believe this round of debt financing may bring in more cash than the company’s eventual IPO.

The market for fake fish is progressing swimmingly

A new report shows demand for fish — which already accounts for 16% of animal protein consumed across the world — is on the rise. But, as fish populations decline, startups like Wild Type (salmon), Shiok Meats (shellfish), and Finless Foods (tuna) are growing fish replacements in the lab.

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