Nubank sees a 104% increase in hirings

Nubank sees a 104% increase in hirings

Discover the shocking story of how a once-promising startup went from a $6B valuation to almost zero in value.

Rafaella Vieira
4 min
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Overview for this edition:

⏩ From $6B to almost zero: get to know 23andMe

⏩ Nubank is the Brazilian unicorn that has been hiring the most

Have a good read 🫶

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⏩ Did you see that?

Check out the highlights of the week's funding rounds

🇧🇷 Brazil

Skyone, a cloud computing startup, raises USD$12M with Bewater

Housi, a PropTech in the real estate sector, secures USD$10M with Redpoint eventures and TM3 Capital

Bem Agro, a startup using AI and computer vision to turn data into actionable insights for decision-making in agriculture, raises USD$2M with CNH Industrial

🇨🇱 🇨🇴 LatAm

Splight, a Chilean startup developing artificial intelligence and data science technologies, raises USD$2M with EDP Ventures

Simetrik, a Colombian startup offering solutions for account reconciliation, raises USD$55M in a Series B round led by Goldman Sachs

⏩ TechDrop

From $6B to almost zero: get to know 23andMe

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One of the most talked-about technology startups in the world, which raised over $850M, went public, reached a $6B valuation, now is worth almost $0 - and faces the risk of being delisted from Nasdaq if it doesn't turn things around.

This is the story of 23andMe, a DNA testing company founded by Anne Wojcicki, who, after leaking the genetic data of +7M customers, faced over 30 lawsuits.

The biggest asset of a genetic data company is - surprisingly - its data. However, the startup has two other challenging issues to deal with:

⏩ its customers typically undergo genetic testing only once.

⏩ and most of them have unremarkable results.

In other words, almost zero recurrence. The CEO, who once appeared on Forbes' "Self Made Billionaires" list, remains optimistic. Her vision is for 23andMe to be a complete provider of personalized health - from ancestry data to medications and telemedicine.

However, the current status is a 98% drop in stock value, a series of layoffs and the fact that it has yet to generate real revenue.

This is the kind of story you'll find in the TechDrop newsletter. Drops with news and analysis that matter most in the tech market. Straight to the point and directly in your inbox. Subscribe here. It's free.

⏩ Follow The Money

59% of Brazilian unicorns increased their workforce. Nubank hired the most

The years 2021 and 2022 marked the startup ecosystem in Brazil. We witnessed an investment boom in 2021 and a historic dry spell in the following year, affecting thousands of businesses.

Given this scenario of constant uncertainties and frequent layoffs, many questioned how unicorns were managing to survive.

The surprise is that the situation wasn't so bad for companies worth over $1 billion. Data from Sling Hub shows that out of the 24 Brazilian unicorns in 2022, 14 experienced an increase in hires between January 2022 and January 2024.

For João Ventura, CEO of Sling Hub and Startup Copilot, the news is surprisingly positive.

"This increase is recorded in an extremely delicate moment, the so-called startup winter, which saw a considerable drop in investments. Keeping this in mind, it's clear that some unicorns, despite the investment crisis, are financially stable," says João.

Among the unicorns that increased their workforce are Nubank, iFood and Hotmart.

On the other side is Loft, which laid off over 1,000 people in 2023 alone.

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⏩ Event

BrazilLAB and Oracle launch GovTech Map

BrazilLAB, the first GovTech innovation hub in Brazil and Latin America, in partnership with Oracle Brazil, will launch the GovTech Map on March 12th.

The launch event will bring together renowned figures from the ecosystem for a roundtable discussion on the current state of GovTech startups, the latest government initiatives and, of course, the highlights of the GovTech Map.

With live streaming, the launch will be geared towards startups, public officials, investors and anyone interested in the topic! Check out the details and sign up here!

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To not miss any details, keep an eye on BrazilLAB's social media!

⏩ See you soon

For today, that's all!

Thank you for reading this far! I hope you enjoyed another edition of Copilot News!

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