Dropbox Secures $600 Million Credit Line Ahead of Expected IPODropbox Inc. is opening a $600 million credit facility from six banks led by JPMorgan Chase & Co., said people familiar with the plans, as the cloud file-sharing startup pushes toward an initial public offering as soon as this year. The line of debt has commitments from the banks and is expected to close on Monday, said the people, who asked not to be identified because the deal isn't finalized. The financial security provides Dropbox with flexibility as it deliberates an IPO. [ Bloomberg ] Breakdown of Dropbox Funding : Uber investor Jason Calacanis doesn't want to hear your ideaAngel investor Jason Calacanis talks with Recode's Peter Kafka about his media company Inside, and why it plans to launch a new email newsletter every week in 2017, for a total of more than 60 by year's end. He also chats about his past companies, including Mahalo and Weblogs Inc., and how he became one of Uber's first investors. Calacanis explains his angel investing philosophy, which favors founders who have built something over those who just come to meetings with an unrealized idea. [ Re/code ] This Gilt Groupe and GlamSquad Co-Founder Has a New VentureThe woman behind Gilt Groupe and GlamSquad is already onto her next gig. In 2007, Alexandra Wilkis Wilson co-founded flash sale site Gilt Groupe. Seven years later, she became CEO of GlamSquad, an early stage mobile beauty service startup. Two years after that, the serial entrepreneur parted ways with that company to focus on a brand new venture, Fitz, which launched to the public Thursday. Part home organizer, part styling service, the idea behind Fitz, in a nutshell, is "to make getting dressed easier," Wilkis Wilson tells Fortune. Embattled Oculus co-founder Palmer Luckey leaves FacebookPalmer Luckey is out at Facebook. The Oculus co-founder, who helped kick start the recent VR with a prototype headset built in his parents garage, has left its parent company. Oculus has confirmed the report, first spotted by UploadVR, with TechCrunch in a fairly cookie cutter statement. “Palmer will be dearly missed,” it reads. “Palmer’s legacy extends far beyond Oculus. His inventive spirit helped kickstart the modern VR revolution and build an industry. We’re thankful for everything he did for Oculus and VR, and we wish him all the best.” [ Tech Crunch ] The Race For AI: Google, Twitter, Intel, Apple In A Rush To Grab Artificial Intelligence StartupsCorporate giants like Google, IBM, Yahoo, Intel, Apple and Salesforce are competing in the race to acquire private AI companies, with Ford, Samsung, GE, and Uber emerging as new entrants. How to Start a Cultural Revolution | Ben Horowitz (Andreessen Horowitz) @ Startup Grind GlobalIndia’s prized Silicon Valley hires keep burning outFor many years, India’s nascent startups have been turning to the West for experienced talent and mentors, offering eye-popping salaries to lure Silicon Valley professionals back home. But the allure of working in India’s burgeoning startup ecosystem has quickly evaporated for a number of senior executives. [ QZ ] How a surprise encounter with Evan Spiegel made a software billionaire invest early in SnapchatWhen Evan Spiegel asked Intuit cofounder Scott Cook to invest in Snapchat's series A round of funding, Cook was sure the app would be a flop. "I didn't believe in the product," he told Business Insider during a recent interview. "Who needs disappearing photos? I thought he was dead wrong on the business." In retrospect, Cook acknowledges that he was the one who was wrong. The Creators of Serial Are Back With a Binge-Ready New PodcastAT THE CENTER of S-Town, the new podcast from the team behind Serial, lies a maze. Well, two mazes. The first is an elaborate hedge maze on a plot of land in rural Woodstock, Alabama, meticulously maintained by a reclusive antique horologist named John B. McLemore. The second maze is S-Town itself—specifically, the labyrinth of lies and mystery that McLemore drew host Brian Reed into when he called the This American Life producer back in 2013. [ Wired ] |