Verizon is buying Jason Kilar's video startup Vessel and shutting it down
Verizon said Wednesday it is buying the technology behind Vessel, the short-form video firm started by former Hulu CEO Jason Kilar. The telecom giant is acquiring Vessel’s product and technology, but plans to shut down the Vessel service. Kilar won’t be joining Verizon long-term, but his co-founder, Vessel CTO Richard Tom, will become the CTO for Verizon’s digital entertainment efforts, including its Go90 mobile video service. [ Recode ]
The Websites Of 39 Unicorn Startups Before They Became Billion-Dollar Companies
We took a look at our real-time unicorn company tracker and found the early websites of some of the most valuable private companies before they became the juggernauts that people are talking about today. We’ve added 27 new companies to our list, since first running this brief in July 2015. We also updated all companies with their current valuations. As you look at these websites, think about whether you’d have predicted they’d be worth $1B, $10B, or $40B today. [ CB Insights ]
LivingSocial was once worth $6 billion — now its main competitor is buying it for a 'non-material' amount
Oh, how times change. Daily-deals site LivingSocial is being purchased by its chief competitor, Groupon, for a "non-material" amount. Groupon announced the purchase during its quarterly earnings report on Wednesday. The deal is expected to close in the next month, and Groupon looks to increase its customer base significantly and shake its fiercest competitor in one fell swoop. [ Business Insider ]
Snapchat wants a $4B IPO in 2017
The hot Los Angeles video messaging app company has already chosen Morgan Stanley and Goldman Sachs Group to lead the offering, Bloomberg reports. Snapchat has gradually opened its platform to advertisers, who have lined up, and paid high dollar, to advertise to app's young audience. [ Fast Company ]
How Chris Sacca Hustled His Way out of a $4 Million Debt
Investor Chris Sacca explains to Inc.editor Jim Ledbetter how he invented 'The Salinger Group' as a way to launch his career. [ Inc. ]
LATEST FUNDING
Augmented Reality Startup Daqri Said to Seek Up to $200 Million
Daqri, a Los Angeles-based maker of augmented reality systems for workplaces, is seeking to raise as much as $200 million in private funding, according to people familiar with the matter. The company plans to use the money to develop its augmented reality helmets, said the people, who asked not to be identified because the information is private. Daqri sells an astronaut-like safety helmet packed with sensors and display technology that retails for $15,000, including customer service. It’s marketed for industrial workers as a tool to improve productivity and safety by allowing wearers to see and manipulate digital images, such as guided work instructions. Those images are superimposed on top of their real-life surroundings. [ Bloomberg ]
The Hyperloop will take a lot more money to build than Elon Musk anticipated
When Elon Musk conceived of the Hyperloop high-speed transport system in 2013, he estimated that a route from Los Angeles to the Bay Area would cost about $6 billion, or $11.5 million per mile. But leaked documents obtained by Forbes show that Hyperloop One — one of two companies attempting to make Musk’s idea a reality — is estimating the cost of a potential 107-mile Bay Area project to be somewhere between $9 billion and $13 billion, or $84 million to $121 million per mile. [ Recode ]
Sequoia-Backed Wavefront Raises $52M in ‘Down’ Round
Silicon Valley startup Wavefront Inc., a cloud analytics company, has raised $52.3 million in Series B financing at a “down” round. In exchange for the cash in the new equity round, investors priced its shares lower than its Series A round, according to an estimate from industry tracker PitchBook Data Inc. Venture-capital investors pushed valuations of startups up to historic levels the past few years in a chase for deals. Markets have since cooled and valuations have faced increased investor scrutiny.
[ WSJ ]
Genomics Medicine Ireland Raises $40M in Series A
Life sciences startup Genomics Medicine Ireland said today that it has raised $40 million in Series A funding which it intends to use to establish a genomic research and development program in Dublin. Participants in the Series A included ARCH Venture Partners, Polaris Partners, the Ireland Strategic Investment Fund, and GV (formerly Google Ventures). [ genome web ]
Campbell's Soup invests $32M in personalized nutrition startup Habit
Data-driven personalized nutrition service Habit has raised $32 million in an investment from Campbell's Soup, according to a report in the Philadelphia Business Journal. Campbell's CEO Denise Morrison told the Journal the investment was "part of our broader efforts to define the future of food, which requires fresh thinking, new models of innovation, smart external development and venture investing to create an ecosystem of innovative partners." [ mobi health news ]
Fast fashion estore Pomelo closes series A round at $11 million
Pomelo – an online retail brand targeting Southeast Asian customers, today announced closing its series A at a total amount of US$11 million. Jungle Ventures led the follow-on round after previously leading Pomelo’s pre-series A financing. Existing investors also participated, along with new names such as Andre Hoffmann, 500 Startups with its 500 Tuk Tuks fund, and Jonathan Price. [ Tech in Asia ]
Imzy raises $8 million Series A round, opens communities platform to everyone
We all want to feel like we belong somewhere. In today’s connected world, one-fifth of adults in the U.S. are online “almost constantly,” according to Pew Research Center. But the internet can be a lonely place. Although “social” media sites like Facebook, Snapchat, Instagram and Twitter exist, it can be hard to have genuine interactions with people. That’s where Imzy comes in. Imzy, which aims to be a platform for genuine conversations with like-minded people, is launching out of private beta today. It also recently closed an $8 million Series A round led by Index Ventures. [ Tech Crunch ]
Lendio Raises $20 Million in Growth Capital Led by Comcast Ventures and Stereo Capital
Lendio, the nation’s leading marketplace for small business loans, announced Tuesday at Money20/20 that it has secured $20 million in funding from Comcast Ventures and Stereo Capital with participation from existing investors Napier Park, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures. This round of capital will be used to accelerate Lendio’s growth through marketing, sales and brand awareness for millions of small business owners across the U.S. [ Utah Business ]
Culture Trip secures $20M Series A to serve up content for the “culturally curious”
Culture Trip, a London-based media startup with a heavy tech bent (or is that the other way round?) has raised $20 million in Series A funding. The round is being led by PPF Group, the fund managed by entrepreneur Petr Kellner. Culture Trip had previously raised $2 million in seed funding from various investors, including U.S.-based media investor Gordy Crawford. [ Tech Crunch ]
KredX Raises $6.25M in Series A Round Led by Sequoia Capital India & Prime Venture Partners
Short-term working capital provider KredX, which helps small businesses get short-term working capital by discounting their unpaid invoices, has raised $6.25 Million in Series A round of funding. The funding round was led by Sequoia Capital India and the company’s existing investor, Prime Venture Partners. The fresh funds will be utilized to strengthen the technology, data and sales functions within the company. Founded in 2015 by IIT & Stanford alumni Manish Kumar, Anurag Jain & Puneet Agarwal, KredX was formerly known as Mandii. [ crowd fund insider ]
LATEST EXITS
Permira acquires German fashion retailer Schustermann & Borenstein
European private equity group Permira [PERM.UL] has acquired German fashion retailer and exporter Schustermann & Borenstein, the companies said on Tuesday without disclosing financial details. The sale of Schustermann & Borenstein, a Munich-based family business acquired by French buyout firm Ardian in 2012, is expected to fetch between 700 million and 800 million euros ($869 million), sources had previously told Reuters. [ Reuters ]
Hollywood Research Firm MarketCast Sold To Kohlberg & Co.
Hollywood research company MarketCast has just been bought by private equity firm Kohlberg & Company LLC, which is taking over the ownership interest that was held by RLJ Equity Partners and State Street Global Advisors. Terms of the deal were not disclosed, but it is expected to close next month. The company was said to be worth in the neighborhood $150 million-$180 million. This comes after MarketCast was put on the block over the summer. [ deadline ]
FUND RAISED
Javelin Venture Partners just closed its fourth fund with $125 million
Javelin Venture Partners, a San Francisco-based, early-stage venture firm founded in 2008, has closed its fourth fund with $125 million, which is the same size as its third fund, closed exactly three years ago. The firm has also promoted principal-turned-partner Alex Gurevich to managing director. To date, Javelin has invested $350 million across 65 companies. That it hasn’t enjoyed a home run “exit” yet underscores how times have changed, with fund investors — known as limited partners — willing to wait for their cash returns because, frankly, they don’t have much choice; the game has changed. [ Tech Crunch ]
ADFG launches $200 mln fund on Abu Dhabi's financial free zone
Abu Dhabi Financial Group (ADFG), on Tuesday launched a $200 million fund to invest in Gulf equities, the first fund on the Abu Dhabi Global Market (ADGM). ADGM, the emirate's financial free zone, allows fund managers to set up funds for all types of investors. Some 170 local and international companies have been licensed to operate at ADGM since it opened in October last year. [ Reuters ]
