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Wunderlist co-founder Christian Reber raises funding for Superlist

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Wunderlist co-founder Christian Reber

Pitch

German entrepreneur Christian Reber sold his to-do list app Wunderlist to Microsoft in 2015 for a sum that was reported to be between $100 million and $200 million only to watch the U.S. tech giant shut it down four years later.

Now he’s just raised funding for a follow-on app called Superlist, which he’s set up with four other entrepreneurs including two of the other Wunderlist co-founders.

Reber told CNBC earlier this year that the Wunderlist acquisition left him feeling “really unhappy” and annoyed. One of the main reasons Reber was so frustrated when Microsoft shut down Wunderlist is because he felt that the app never became the product he wanted to build.

He didn’t give up there though. In 2021, he launched Superlist, which he describes as the “unofficial successor to Wunderlist” and a “passion project.”

Superlist is a task and project management app that aims to help people collaborate in a hybrid-working world. It’s currently still in the second phase of its release life cycle.

“What we wanted to do was build the de facto standard application to collaborate on personal projects and in business,” Reber told CNBC earlier this year, adding that there are either enterprise products like Asana and Trello or personal to-do list apps like Things or To Do.

“I feel like nothing really nailed the bridge between both,” he said. “You either get like very cluttered software that is basically optimized for project managers, or you get like these very personal to-do apps that make it impossible to collaborate.”

Superlist is designed to help users scale a project from one person to 100 or 200 people.

The Berlin-headquartered company announced Monday that it has secured 10 million euros ($11 million) in a seed funding round led by venture capital firm EQT Ventures. Total investment in the company now stands at 13.5 million euros.

“The global productivity management software market is projected to reach $102.98 billion by 2027, so there is real opportunity for a tool that harnesses team members’ individuality and focuses specifically on the challenges of the modern workplace,” said EQT Ventures partner Ted Persson in a statement.

Superlist said it will use the new funding to double the size of its team from 20 to 40 by the end of 2022, with a focus on hiring developers, designers and product leads.

In addition to Superlist, Reber has also co-founded a Microsoft PowerPoint competitor called Pitch. The four-year-old business, which employs around 160 people, has raised a little over $130 million and it was most recently valued at $600 million.

“I think it’s incredibly easy to raise funding for technology companies right now because it’s like there’s more money than companies on the market,” Reber said. “As a founder who is starting companies more frequently, I feel like it’s never been better to raise.”



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IMF hikes global growth forecast as inflation cools

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The IMF has revised its global economic outlook upwards.

Norberto Duarte | Afp | Getty Images

The International Monetary Fund on Monday revised upward its global growth projections for the year, but warned that higher interest rates and Russia’s invasion of Ukraine would likely still weigh on activity.

In its latest economic update, the institution said the global economy will grow 2.9% this year — which represents a 0.2 percentage point improvement from its previous forecast in October. However, it said that number would still mean a fall from an expansion of 3.4% in 2022.

It also revised its projection for 2024 down to 3.1%.

“Growth will remain weak by historical standards, as the fight against inflation and Russia’s war in Ukraine weigh on activity,” Pierre-Olivier Gourinchas, director of the research department at the IMF, said in a blog post.

The Fund turned more positive on the global economy due to better-than-expected domestic factors in several countries, such as the United States.

“Economic growth proved surprisingly resilient in the third quarter of last year, with strong labor markets, robust household consumption and business investment, and better-than-expected adaptation to the energy crisis in Europe,” Gourinchas said, also noting that inflationary pressures have come down.

Global outlook is better but don't get too optimistic, IMF chief warns at Davos

In addition, China announced the reopening of its economy after strict Covid-19 lockdowns, which is expected to contribute to higher global growth. A weaker U.S. dollar has also brightened the prospects for emerging countries that hold debt in foreign currency.

However, the picture isn’t totally positive. IMF Managing Director Kristalina Georgieva warned earlier this month that the economy was not as bad as some feared, “but less bad doesn’t quite yet mean good.”

“We have to be cautious,” she said during a CNBC-moderated panel at the World Economic Forum in Davos, Switzerland.

The IMF on Monday warned of several factors that could deteriorate the outlook in the coming months. These included the fact that China’s Covid reopening could stall; inflation could remain high; Russia’s invasion of Ukraine could shake energy and food costs even further; and markets could turn sour on worse-than-expected inflation prints.

IMF calculations say that about 84% of nations will face lower headline inflation this year compared to 2022, but they still forecast an annual average rate of 6.6% in 2023 and of 4.3% in 2024.

As such, the Washington, D.C.-based institution said one of the main policy priorities is that central banks keep addressing the surge in consumer prices.

“Clear central bank communication and appropriate reactions to shifts in the data will help keep inflation expectations anchored and lessen wage and price pressures,” the IMF said in its latest report.

“Central banks’ balance sheets will need to be unwound carefully, amid market liquidity risks,” it added.



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Credit Suisse see Apple beating the Street this week for a few reasons

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Most Adani shares continue losses; founder loses $28 billion in month

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Gautam Adani, chairperson of Indian conglomerate Adani Group, at the World Congress of Accountants in Mumbai on Nov. 19, 2022. Founder Gautam Adani, the richest man in Asia and once second only to Elon Musk, fell out of the world’s top five richest to rank seventh on the Bloomberg’s Billionaire Index.

Indranil Mukherjee | Afp | Getty Images

Shares of most of Adani Group companies continued to see sharp losses for a third consecutive trading session as the company attempted to rebut short seller firm Hindenburg’s report, which accused the conglomerate of stock manipulation and an “accounting fraud scheme.”

Adani Enterprises erased earlier gains of up to 10% and last traded flat in Mumbai’s afternoon trade after the group published a lengthy response of over 400 pages to Hindenburg’s report over the weekend, saying that it will exercise its rights to “pursue remedies” to protect its investors “before all appropriate authorities.”

Adani Enterprises’ stock price remains more than 25% lower in the month to date, Refinitiv data showed. It proceeded with a secondary share sale worth $2.5 billion, which were overshadowed by a rout that wiped out a total of $48 billion as of last week’s close.

Founder Gautam Adani, the richest man in Asia and once second only to Elon Musk, fell out of the world’s top five richest to seventh place on the Bloomberg’s Billionaire Index.

His net worth fell $27.9 billion year to date, the index showed. It peaked at $150 billion on Sept. 20, 2022, before falling to to $92.7 billion as of last week’s close, according to the index.

Despite small gains seen in Adani Enterprises, other affiliates of the Adani Group continued to plunge.

‘Attack on India’

Adani Group said Hindenburg’s allegations were a “calculated attack on India, independence, integrity and quality of Indian institutions, and growth story and ambition of India,” in the response it released over the weekend.

The group’s chief financial officer Jugeshinder Singh said in an interview with CNBC-TV18, an affiliate of CNBC, that the value of Adani Enterprises has not changed “simply because” of share price volatility, adding it instead lies in its “ability to incubate new businesses.”

He added that he is confident Adani Enterprises‘ follow-on public offering will be fully subscribed, calling Hindenburg’s report “simply a lie” and the timing of the report “malicious.”

Hindenburg on Monday morning described the group’s response “bloated” and claimed it “ignores every key allegation” against the conglomerate that it raised.

“Fraud cannot be obfuscated by nationalism of a bloated response that ignores every key allegation we raised,” the short seller titled its response to Adani Group.



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