Weekly Roundup: November 29, 2019

Scribd has announced they have secured $58 million in funding invested by Spectrum Equity. The online subscription library will utilize the money to revolutionize the products they offer, better services already available and enhance the future growth of the business. Scribd has made huge progress since 2017, with now over one million paying subscribers. In the press release Trip Adler, Founder and Chief Executive Officer of Scribd said in a statement, “By partnering with the world’s best publishers of all types of content, Scribd has introduced a first-of-its-kind experience for readers, while unlocking a new revenue stream for the publishing community. This funding will enable us to continue to operate sustainably and efficiently while accelerating our growth, product innovations, content acquisition and continued investment in our employees.” 

Transport for London (TfL) announced they will not approve the Uber London Limited (Uber) license following the company’s latest application. The TfL is the local government body responsible for the safety of transport systems in London. Despite Uber having made numerous changes since receiving its last license in June 2018, the TfL has still identified a number of issues and breaches which they feel placed passenger safety at risk. One of the major problems found was that Uber allowed unauthorized drivers to upload their details onto the company’s site. TfL did commend Uber for making adjustments and cooperating with them; however, the department still felt the company’s systems could be easily manipulated. Uber now has 21 days to appeal the decision and will remain in operation during this time. 

The Swedish cybersecurity startup, Detectify which was created by a group of ethical hackers, (professional hackers that use their skills to identify flaws and weaknesses in websites by duplicating actions of a malicious hacker) has secured over $21 million in investment capital lead by VC firm Balderton Capital, along with original investors Inventure, Paua Ventures and Insight Partners. The company’s web tool automatically scans sites to assist the developers with cybersecurity threats, and as cybercriminals advance, so too does the software, due to the continually updated “ethical hacker network.” The funds will be used to bring on board “world-class” personnel, to continue to grow the company and help keep the internet safe. Within the last year Detectify has added Spotify, King, and Trello to their client base.