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Daily Crunch: PSG, Battery Ventures invest $100M in open source password manager Bitwarden

·4-min read

To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here.

Hey, hey, hey! It’s going to be a busy week for the TC crew this week. We’re excited about the Apple event, and Y Combinator has its demo day. Alex welcomes you to YC and Apple week on the Equity podcast, and your trusty Daily Crunch team is poised at our laptops to share the cream of the news-crop with you!

Stay tuned, it’s going to be a wild one!  — Christine and Haje

The TechCrunch Top 3

  • 2Dh1?..Spth!Lmng: Bitwarden’s ability to generate hard-to-guess passwords has made it attractive to investors who just pumped $100 million of new funding into the company, which aims to rid the world of people using the same passwords across their personal and business lives, Paul writes.

  • Wild West’ of climate tech: Mike has a story about Ceezer closing on €4.2 million to figure out a better way for businesses to carbon-offset.

  • DAO makes us proud: Gaming guild Metaverse Magna is now valued at $30 million after raising $3.2 million in a recent round. Tage writes the company plans to build “Africa’s largest gaming DAO.”

Startups and VC

The EU — those guys who ensured we ended up with cookie banners on every damn website you’ve ever visited — are back at it with a new initiative that could have some major-league unintended consequences on open source software, Kyle reports. The EU’s AI Act could have a chilling effect — “if a company were to deploy an open source AI system that led to some disastrous outcome (...) it could sue the open source developers.”

Our brains are melting in the heat, so here’s some truly god-awful puns to match our current mental age:

10 onboarding improvements that cut our customer churn by nearly 3x

Vacuum standing on the red carpet
Vacuum standing on the red carpet

Image Credits: Hill Street Studios (opens in a new window) / Getty Images

Managers who run businesses that rely on recurring revenue are often distracted by the never-ending sprint to maintain favorable KPIs. But one metric may rule them all: customer churn.

If new users can't quickly figure out how to use (or benefit from) your products, it won't matter how many new customers you onboard each month. But to reduce churn, marketing and product teams need onboarding goals, says Sam DeBrule, co-founder and head of marketing of Heyday.

In a TC+ guest post, he explains the tactics he and his co-founder used to insert themselves into the customer journey, and how the changes helped them reduce turnover by almost 3x.

"If you’re working on onboarding and saw something you liked here, feel free to steal it."

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

Big Tech Inc.

Manish was behind two of our big stories over the weekend, including crypto exchange Binance announcing it would stop supporting USDC, USDP and TUSD and begin converting the three rival stablecoins into its own stablecoin, BUSD, on September 29. He also writes about India’s information technology junior minister sending a summons to Wikipedia after edits were made to the page of cricketer Arshdeep Singh, “suggesting that some people from Pakistan were behind the act and were attempting to disrupt peace in the South Asian market.”