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Uber reports Q2 losses of $404 million, up 32 percent from Q1

While Uber isn’t required to disclose its financial results, Uber has done so for the past few quarters as it gears up to go public next year. In Q2 2018, Uber’s net revenue was up 8 percent quarter-over-quarter, at $2.7 billion. Year-over-year, that’s a 51 percent increase. Uber recorded gross bookings — the total taken for all of Uber’s transportation services — of $12 billion, a six percent quarter-over-quarter increase and a 41 percent year-over-year increase. But while Uber’s gross bookings increased, so did its losses. In Q2, Uber had adjusted EBITDA losses of $404 million compared to $304 million in losses in Q1. Uber’s losses added up, given its investments in Eats, India, the Middle East, bikes and scooters. This quarter, Uber expanded Eats into a number of new cities in Europe, the Middle East and Africa, acquired food delivery startup Ando ,  announced its expansion of JUMP bikes into Europe and made its scooter ambitions official . Other key stats for Uber’s Q2 2018: Adjusted EBITDA margin: 3.4 percent of gross bookings (in Q2 ’17, that was 6.3 percent) Gross cash: $7.3 billion (+1 billion quarter-over-quarter) “We had another great quarter, continuing to grow at an impressive rate for a business of our scale,” Uber CEO Dara Khosrowshahi said in a statement. “Going forward, we’re deliberately investing in the future of our platform: big bets like Uber Eats; congestion and environmentally friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like Freight; and high-potential markets in the Middle East and India where we are cementing our leadership position.” While Uber technically had a good quarter, it doesn’t mean that all is well.

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Tickets now on sale for TechCrunch Startup Battlefield MENA 2018

TechCrunch Startup Battlefield MENA 2018 represents our first foray into the rapidly developing startup scene in the Middle East and North Africa, and we couldn’t be more thrilled to help identify and showcase the top tech startups in the region. Our premiere startup pitch competition takes place on October 3 in the Beirut, Lebanon. Tickets to this inaugural event cost $29 and are on sale now, and we invite you to witness greatness in the making as the founders of 15 incredible startups go head-to-head for the title of Middle East and North Africa’s best startup. Buy your ticket today . If you’ve never experienced a Startup Battlefield , here’s what you can expect. It all goes down in front of a live audience filled with entrepreneurs, distinguished technologists and eager investors. In three preliminary rounds — five startups per round — teams have only six minutes to pitch and present a live demo to a panel of tech and VC experts. The judges have six minutes after each pitch to ask tough questions. Only five teams move on to the finals for one more round of brilliant pitches and more tough questions from a fresh set of judges. From that impressive cohort, the judges will select one startup as the winner of  TechCrunch Startup Battlefield MENA 2018 . The winners receive a US$25,000 no-equity cash prize, plus a trip for two to compete in the Startup Battlefield at TechCrunch Disrupt in 2019 (assuming the company still qualifies to compete at the time). Every TechCrunch Battlefield is an exhilarating, nerve-wracking experience and a joy to behold. TechCrunch Startup Battlefield MENA 2018  takes place in the Beirut Digital District in Lebanon on October 3. This is your chance to see the best the Middle East and North Africa startups launch to the world. And it’ll cost you only $29 to say you knew them when.

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Only 24 hours left to apply for Startup Battlefield MENA 2018

Time is running out for the best entrepreneurial tech minds and makers across the Middle East and North Africa to compete in  TechCrunch Startup Battlefield MENA 2018 , which takes place in Beirut, Lebanon on October 3 at the Beirut Digital District. Applications to our premier startup-pitch competition close in just 24 hours. We’ve been traveling around the Middle East and North Africa meeting incredible entrepreneurs in the regional ecosystem and are excited to shine a light on the brilliant innovation happening there. If you think your pre-Series A startup has what it takes to be named “the Middle East and North Africa’s Most Promising Startup,” don’t waste another minute. Apply right here, right now before the 24-hour clock runs out. Why should you apply? Well, for starters, the winning team receives US$25,000 in no-equity cash and a trip for two to compete in the Startup Battlefield at TechCrunch Disrupt in 2019 (assuming the company still qualifies to compete at the time). Then there’s the priceless exposure that comes from placing your startup smack dab in front of influential technologists, VCs and media. The life-changing potential is very real. Plus, all participating founders — not just the ultimate winners — become part of the Startup Battlefield alumni network. This community consists of almost 750 companies that have collectively raised more than $8 billion in funding and produced more than 100 exits. Names like Mint, Dropbox, Yammer, TripIt, Getaround and Cloudflare. That’s some prime networking territory

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The Morning After: VAR and Roborace

Hey, good morning! You look fabulous. You've made it to the middle of the week. We have just enough time to discuss the future of Nest and how VAR impacted the World Cup, along with a significant promise for the future of AI.

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Scale Venture Partners has a new $400 million fund to invest in enterprise companies

Scale Venture Partners, an 18-year-old, early-stage venture firm that focuses on software companies, has closed its sixth fund with $400 million, up slightly from the $335 million the firm raised in early 2016. Among its biggest hits: the e-signature company DocuSign, which went public in April; the online data storage company Box, which went public in 2015; and the marketing software company HubSpot, which went public in 2014. We talked late last week with firm co-founder Rory O’Driscoll, who runs the firm with a handful of longtime colleagues, to learn where the team plans to invest their newest dollars. Our conversation has been lightly edited here for length. TC: Congrats on your new fund. The size isn’t so afield from your last fund. Are there any dramatic changes from a staffing standpoint? RO: No dramatic changes. The investing partners are myself, Stacey Bishop, Andy Vitus and Arial Tseitlin, all of whom were partners in fund five. Alex Niehenke was a principal and now he’s a partner in fund six. Firm co-founder Kate Mitchell stepped back in the middle of the last fund; she’s now a partner emeritus and advisor. TC: You’ve had a fair number of IPOs.

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“Everyone is talking to everyone” — rideshare investor bypasses Uber-Careem rumor

Ride-hailing giant Uber is in talks over a possible merger with Middle East rival Careem , according to  Bloomberg  — citing three people familiar with the matter. The report suggests various deal structures have been discussed, although it also says that no deal has been reached — nor may ever be reached, as discussions are ongoing and may not come to anything. Bloomberg’s sources told it that Uber has said it would need to own more than half of the combined company, if not buy Careem outright. Among the possible arrangements that have been discussed are for Careem’s current leaders to manage a new combined business, day to day, with potentially both brands being retained in local markets. Another proposal would have Uber outright acquire Careem. Bloomberg also reports that Dubai-based Careem is in talks with investors to raise $500 million, which it says could value the ride-hailing company at  about $1.5BN . Careem is said to have held early talks with banks about a potential IPO in January. Neither company has publicly confirmed any talks. An Uber spokesman declined to comment when asked to confirm or deny talks with Careem. While a Careem spokeswoman, Maha Abouelenein, told us: “We do not comment on rumors. Our focus remains to build the leading internet platform for the region, from the region. That means expanding to new markets and doubling down on our existing markets by adding new products and services to the platform.

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Review: The V-Moda Crossfade II Wireless headphones look and sound beautiful

Damn. These are good looking headphones. The V-Moda Crossfade II Wireless could be the best looking headphones available. Better yet, they sound good, too. As the name suggests, this is the second generation of this series of headphones from V-Moda. The drivers are different and the company improved on the build quality. The originals were already one of my favorite headphones and the followup is even better. gallery ids="1667954,1667951,1667952,1667950,1667953,1667955,1667956" Here’s what I like: The build quality of these headphones is superb. The V-Moda Crossfade II Wireless headphones feel like they’ll last a lifetime. I have headphones from Bose, Definitive, Denon, Shinola, Audeze and more and none look or feel as good as these. They’re comfortable. Even on my large head, they fit nicely and I’m able to wear them for hours at a time without issue. The headphones sound great, too.

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