On today’s Friday news roundup, we just had to talk about AI hardware taking on a new shape with Friend’s $99 necklace. The pendant gives you an AI friend to talk to and…that’s about it. Friend’s pitch is that its wearable can help combat loneliness, but other AI hardware products that have come to market lately – like Humane’s Ai Pin and Rabbit’s r1 – have fallen short of expectations.
For our deals of the week, Kirsten kicked things off with FranShares, a Chicago-based startup that lets people invest in franchise businesses starting with as little as $500 with a goal of providing passive income and portfolio diversification. Apparently, a lot of Gen Z and Millennials are investing in franchises through this platform, which just raised a $4.2 million seed round led by Chicago Ventures with participation from The Pitch Fund and Litquidity Ventures.
Finally, the team discussed VC movings and shakings. Specifically, Alex Cook, a former partner at Tiger Global who oversaw some of its largest fintech investments and India deals, has left the firm after nearly seven years. Cook is the latest VC to leave a firm before the fund closed and he could see a return on investment. There must be something in the water.
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