BREAKING:
Andrew Cuomo is leaning on tech billionaires to help New York rebuild
Gov. Andrew Cuomo is leaning on tech billionaires to rebuild New York after the coronavirus — a reminder of how the mega-rich are consolidating their power and expanding their influence even as they offer to help respond to the pandemic. Cuomo has tapped Bill Gates’s foundation and former Google CEO Eric Schmidt to “reimagine” New
York’s economy, health care system, and school system, the governor said in back-to-back briefings on Tuesday and Wednesday. The Bill and Melinda Gates Foundation has been chosen to “revolutionize” online learning for the fall and was asked by Cuomo on Tuesday to develop a “blueprint” for how to do so. [ Vox ]
Checkout 15K+ Venture Capital Data on our platform.
1.
SME lender Judo Bank just became a unicorn with another massive $230 million raise
Judo Bank’s existing backers have stumped up $230 million in a third round capital raise that raises the neobank’s post-money valuation to more than AU$1 billion. The challenger bank targets lending to small to medium-sized enterprises (SMEs) and has now raised more than $770 million in capital since its launch in March 2018, including a record $400 million second-round equity raise in July last year. Co-founder and co-CEO, David Hornery, said the global economic uncertainty caused by covid-19 meant that only existing shareholders took part in the latest capital raise. [ Startup Daily ]
Checkout 15K+ Venture Capital Data on our platform.
2.
Report: VC Funding In Latin America More Than Doubled To A Record $4.6B In 2019
I’ve been tracking venture funding in Latin America since 2017. Overall, it has not only been increasing–it has exploded. And with a growing number of global investors putting money into the region, it seems to have turned yet another corner in terms of its maturity. Today, the Latin America Private Equity and Venture Capital Association (LAVCA) released its annual report on how much venture money went to the region, detailing which sectors and which countries got the most. The New York-based organization found that VC funding in the region more than doubled to a record $4.6 billion in 2019 compared to nearly $2 billion in 2018. Last year’s number was over 900 percent higher than the $500 million invested in 2016. Take a look below. [ Crunchbase ]
Checkout 15K+ Venture Capital Data on our platform.
3.
Extra Crunch Live: Join Roelof Botha for a Q&A right now
Sequoia’s Roelof Botha, who runs the firm’s US business, has a portfolio that’s rather impressive. It includes 23andMe, MongoDB, Eventbrite, Evernote, Bird, Square, Tumblr, Unity, YouTube, and Xoom to name just a few. And his perspective on the startup ecosystem as a whole is unique in that Sequoia invests in companies at the very early stage and then follows on with later stage investments as they grow, taking part in the full life cycle of a business. We’re thrilled to have Botha join an absolutely stacked agenda of speakers — including upcoming investors Hunter Walk and Kirsten Green, as well as past speakers Mark Cuban, Aileen Lee and Ted Wang, Charles Hudson and Mitch and Freada Kapor — for our Extra Crunch Live series, which brings together the top minds in tech with our Extra Crunch audience. [ Tech Crunch ]
Checkout 15K+ Venture Capital Data on our platform.
4.
KKR still hunting for deals despite $1.3B loss during Q1
KKR became the latest publicly traded private equity shop to reveal the negative impact of the coronavirus outbreak on its portfolio Wednesday. But with $58 billion in dry powder, the famed investor known for opportunistic buying doesn't expect to stay sidelined.
KKR reported a net loss of $1.3 billion in the first quarter, a stark contrast to the $701 million in net income from last year's Q1. Much of that decline was due to markdowns of existing investments because of pandemic-fueled market turmoil. KKR's losses were of a similar scope to those of its publicly traded peers during the first three months of 2020: Blackstone lost roughly $1.1 billion, Apollo Global
Management shed $2.3 billion and The Carlyle Group lost $612 million. [ Pitchbook ] Checkout 15K+ Venture Capital Data on our platform.
5.
Back Market raises $120M in funding round
The global refurbished electronics marketplace Back Market, which is headquartered in Paris with its U.S. operations based in New York, has announced a funding round of $120 million from investors Goldman Sachs, Aglaé Ventures and Eurazeo Growth. These companies join Daphni in backing the company. On Back Market, consumers purchase electronics directly from certified sellers (now numbering 1,000, according to the company) that refurbish, verify and offer a minimum 12-month warranty for all
products. This emphasis on quality, as well as its use of technology to present the best value for each SKU, has allowed the company to differentiate itself from other marketplaces, Back Market says. [ recycling today ]
Checkout 15K+ Venture Capital Data on our platform.
6.
Investors bet big on an Afterpay China play after Tencent takes a $300 million stake
Shares in fintech Afterpay skyrocketed on Monday on news that Chinese tech giant Tencent Holdings, the company behind WeChat, had spent $300 million for a 5% stake in the buy now, pay later venture. In early trade following the announcement, Afterpay (ASX: APT) soared 35% to a near record high of $39.59 before finishing the day up 24% at $36.10. The meteoric rise is even more extraordinary because just six weeks ago as the coronavirus lockdown measures began to bite, Afterpay shares were worth just $8.90 on March 23. The company lodged its notice of initial substantial holder with the ASX on May 1. [ Startup Daily ] Checkout 15K+ Venture Capital Data on our platform.
7.
Ex-WeWork CEO Adam Neumann sues SoftBank
Adam Neumann, founder and former CEO of WeWork, yesterday filed suit against SoftBank, alleging breaches of contract and fiduciary duty related to SoftBank's decision to walk away from a $3 billion tender for WeWork shares. Why it matters: Because when a special committee of WeWork's board filed a similar lawsuit last month, SoftBank responded by questioning its standing to represent minority shareholders who could have participated in the tender offer. Neumann is unquestionably a minority shareholder. [ Axios ]
Checkout 15K+ Venture Capital Data on our platform.
8.
Pulmonx raises $66m to commercialize minimally-invasive emphysema treatment
Pulmonx announced today that it raised $66 million in a financing round led by global life science investor Ally Bridge Group. The Redwood City, Calif.-based company also received contributions from new investors Adage Capital Management, HealthQuest Capital, Partner Fund Management and Rock Springs Capital, along with existing investors. Pulmonx secured an additional $17 million in growth capital through CIBC Innovation Banking for refinancing an existing debt facility. Pulmonx said in a news release that the proceeds from the funding are
earmarked for the global commercial expansion efforts for the Zephyr Valve system for severe emphysema, a form of chronic obstructive pulmonary disease (COPD). [ mass device ] Checkout 15K+ Venture Capital Data on our platform.
9.
Database startup Cockroach Labs reels in $86.6M funding round
Database startup Cockroach Labs Inc. today announced that it has raised $86.6 million in funding from a roster of blue-chip investors, among them Alphabet Inc.’s GV venture capital arm and Sequoia Capital. Cockroach Labs said it plans to use the cash to support the continued development of its namesake CockroachDB platform. The platform, which is used
by the likes of Apple Inc. and Tesla Inc., is an open-source SQL database equipped with resilience features designed to make it resistant to outages. [ Silicon Angle ] Checkout 15K+ Venture Capital Data on our platform.
10.
The Next Great AI Company? Covariant Attracts $40M Series B
Within all industries, companies are under pressure to deliver goods efficiently, fast and reliably, and especially amid the COVID-19 pandemic, in a way that keeps workers safe.Covariant Co-founder and CEO Peter Chen said automation is the key to
meeting that challenge. The Berkeley, California-based artificial intelligence robotics company is building universal artificial intelligence that enables robots to see, reason and act autonomously in the real world. [ Crunchbase ] Checkout 15K+ Venture Capital Data on our platform.
11.
FTC blesses AbbVie's $63 billion takeover of Allergan
12.
China’s Venture Capital Sector Post Covid-19
Wei Zhou, founding managing partner at China Creation Ventures, discusses venture capital deal making in China, the hunt for bargains among startups and his investment strategy. He speaks on “Bloomberg Markets: China Open.” (Source: Bloomberg) [ Bloomberg ]
Checkout 15K+ Venture Capital Data on our platform.
13.
Fitz Gate Ventures Closes Second Flagship Venture Capital Fund, at $25M
Fitz Gate Ventures closed second flagship venture capital fund, at $25M. Fund II will invest primarily in startups from the Princeton University ecosystem. The vehicle will typically write initial checks of $500k reserving additional capital for future rounds. Fitz Gate will lead, co-invest with other VC funds or invest alone. In addition to investing capital, the firm seeks to add value by working closely with its portfolio company founders and connecting them with customers, later stage investors and industry experts. [
finsmes ] Checkout 15K+ Venture Capital Data on our platform.
14.
Apollo Plans to Raise $20 Billion, Shift to Distressed Strategies
Apollo Global Management Inc. plans to aggressively raise money to capitalize on demand for loans during the coronavirus pandemic, executives said Friday. New York-based Apollo expects to raise $20 billion over the coming year, emphasizing credit strategies designed to take advantage of economic dislocation from the virus. It is increasing the target size of some funds, accelerating its fundraising plans for others and launching new strategies. [ WSJ ]
Checkout 15K+ Venture Capital Data on our platform.
15.
Pet insurer Bought By Many snaps up £80m boost from share sale
A British pet insurer which is among the industry’s fastest-growing players has raised nearly £80m from the sale of shares to investors led by a prominent private equity firm. Sky News has learnt that Bought By Many, which is based in London and launched eight years ago, will announce on Tuesday that it has secured £78m from FTV Capital, which backs financial services companies, and a group of its existing shareholders. [ Sky News ]
Checkout 15K+ Venture Capital Data on our platform.
|