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Startups Weekly: What education do you need to build a great tech company?


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An ongoing global outage at sport and fitness tech giant Garmin was caused by a ransomware attack, according to two sources with direct knowledge of the incident. The incident began late Wednesday and continued through the weekend, causing disruption to the company’s online services for millions of users, including Garmin Connect, which syncs user activity […]n”,”protected”:false,”author”:133574210,”featured_media”:2022093,”comment_status”:”open”,”ping_status”:”closed”,”sticky”:false,”template”:””,”format”:”standard”,”meta”:”outcome”:””,”status”:””,”crunchbase_tag”:0,”amp_status”:””,”relegenceEntities”:[],”relegenceSubjects”:[],”carmot_uuid”:”43cea75c-c185-3a12-abe4-6cfda273d4a0″,”categories”:[449557102,449557086,449223024,337,21587494],”tags”:[3898,141615,51751,865614,315486,6828,15593,192933,801,449556042,115666,449557049],”crunchbase_tag”:[],”tc_stories_tax”:[],”tc_event”:[],”jetpack_featured_media_url”:”https://techcrunch.com/wp-content/uploads/2020/07/garmin-outage.jpg”,”shortlink”:”https://tcrn.ch/2WQbCtN”,”rapidData”:”pt”:””,”pct”:””,”featured”:false,”subtitle”:””,”fundingRound”:false,”seoTitle”:”Garmin global outage caused by ransomware attack, sources say”,”seoDescription”:”The WastedLocker ransomware, used by a notorious Russian hacking group, is said to be to blame.”,”premiumContent”:false,”premiumCutoffPercent”:1,”tc_cb_mapping”:[“slug”:”garmin”,”cb_name”:”Garmin”,”cb_slug”:”garmin-organization”,”cb_link”:”https://crunchbase.com/organization/garmin”],”associatedEvent”:null,”event”:null,”authors”:[133574210],”hideFeaturedImage”:false,”_links”:”self”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts/2022092″],”collection”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts”],”about”:[“href”:”https://techcrunch.com/wp-json/wp/v2/types/post”],”replies”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/comments?post=2022092″],”version-history”:[“count”:4,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/2022092/revisions”],”predecessor-version”:[“id”:2022098,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/2022092/revisions/2022098″],”authors”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/133574210″],”https://techcrunch.com/edit”:[“href”:”https://techcrunch.com/wp-admin/post.php?post=2022092&action=edit”],”author”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/133574210″],”wp:featuredmedia”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/media/2022093″],”wp:attachment”:[“href”:”https://techcrunch.com/wp-json/wp/v2/media?parent=2022092″],”wp:term”:[“taxonomy”:”category”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/categories?post=2022092″,”taxonomy”:”post_tag”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tags?post=2022092″,”taxonomy”:”_tc_cb_tag_taxonomy”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/crunchbase_tag?post=2022092″,”taxonomy”:”tc_stories_tax”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_stories_tax?post=2022092″,”taxonomy”:”tc_event”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_event?post=2022092″],”curies”:[“name”:”wp”,”href”:”https://api.w.org/rel”,”templated”:true],”_embedded”:{“authors”:[“id”:133574210,”name”:”Zack Whittaker”,”url”:””,”description”:”Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. He can also be reached by email at zack.whittaker@techcrunch.com and zack.whittaker@protonmail.com”,”link”:”https://techcrunch.com/author/zack-whittaker/”,”slug”:”zack-whittaker”,”avatar_urls”:”24″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=24&d=identicon&r=g”,”48″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=48&d=identicon&r=g”,”96″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=96&d=identicon&r=g”,”links”:”homepage”:”https://techcrunch.com/author/zack-whittaker/”,”twitter”:”https://twitter.com/zackwhittaker”,”linkedin”:”https://www.linkedin.com/in/zackwhittaker/”,”crunchbase”:”https://www.crunchbase.com/person/zack-whittaker”,”position”:”Security Editor”,”cbDescription”:”

Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. He can also be reached by email at zack.whittaker@techcrunch.com and zack.whittaker@protonmail.com”,”cbAvatar”:”https://crunchbase-production-res.cloudinary.com/image/upload/arqrabrudwyofg3sb2pl”,”twitter”:”zackwhittaker”,”_links”:”self”:[“href”:”https://techcrunch.com/wp-json/tc/v1/users/133574210″],”collection”:[“href”:”https://techcrunch.com/wp-json/tc/v1/users”]],”author”:[“id”:133574210,”name”:”Zack Whittaker”,”url”:””,”description”:”Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. He can also be reached by email at zack.whittaker@techcrunch.com and zack.whittaker@protonmail.com”,”link”:”https://techcrunch.com/author/zack-whittaker/”,”slug”:”zack-whittaker”,”avatar_urls”:”24″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=24&d=identicon&r=g”,”48″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=48&d=identicon&r=g”,”96″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=96&d=identicon&r=g”,”links”:”homepage”:”https://techcrunch.com/author/zack-whittaker/”,”twitter”:”https://twitter.com/zackwhittaker”,”linkedin”:”https://www.linkedin.com/in/zackwhittaker/”,”crunchbase”:”https://www.crunchbase.com/person/zack-whittaker”,”position”:”Security Editor”,”cbDescription”:”

Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. 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insurtech startups undervalued?”,”content”:{“rendered”:”

On the heels of Hippo’s funding roundu00a0and our exploration of how the private markets appear to be more conservative than public investors at the moment, we’re asking a new question: are a bunch of insurtech startups undervalued?n

Hippo — an insurtech startup focused on home insurance — put together a $150 million round at a $1.5 billion post-money valuation after growing its gross written premium to $270 million “in the past 12 months.” At that valuation, and at pre-adjustment premium scale, Hippo is super-cheap compared to Lemonade, another venture-backed insurtech startup that just went public.n


n

The Exchange explores startups, markets and money. You can read it every morning on Extra Crunch, or receive it for free in your inbox. Sign up for The Exchange newsletter, which drops Saturdays starting July 25.n


n

There’s no need to relitigate Hippo’s valuation and how the private markets have valued the firm. But our work yesterday does give us the chance to do some fun math on other players in the neo-insurance space, namely, Rootu00a0and MetroMile. Using data accrued from financial filings and valuation data from Pitchbook and Crunchbase, we can grok how much the two firms are worth using Hippo’s and Lemonade’s current premium multiples.n

""If you aren’t familiar, the cohort of startups we’re looking at have raised well over $1 billion as a group; VCs really believe in them. How they are priced then, and how they exit, will help determine the results of many a venture fund.n

So, are other players in the startup insurance market cheap at their last private price when compared to Lemonade and Hippo? Did their venture backers overpay? Let’s find out.n

Cheap? Expensive?



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