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Startups Weekly: Will the real unicorns please stand up?

Posted by on Jun 1, 2019 in Aileen Lee, alex wilhelm, bluevoyant, Co-founder, CRM, crowdstrike, cybersecurity startup, dashlane, economy, editor-in-chief, entrepreneurship, eric lefkofsky, Finance, garry tan, Indonesia, initialized capital, money, neologisms, Pegasus, Private Equity, records, SoFi, Softbank, Southeast Asia, starbucks, Startup company, Startups, startups weekly, stewart butterfield, tiny speck, unicorn, valuation, Venture Capital, virtual reality | 0 comments

Hello and welcome back to Startups Weekly, a newsletter published every Saturday that dives into the week’s noteworthy venture capital deals, funds and trends. Before I dive into this week’s topic, let’s catch up a bit. Last week, I wrote about the sudden uptick in beverage startup rounds. Before that, I noted an alternative to venture capital fundraising called revenue-based financing. Remember, you can send me tips, suggestions and feedback to kate.clark@techcrunch.com or on Twitter @KateClarkTweets.

Here’s what I’ve been thinking about this week: Unicorn scarcity, or lack thereof. I’ve written about this concept before, as has my Equity co-host, Crunchbase News editor-in-chief Alex Wilhelm. I apologize if the two of us are broken records, but I think we’re equally perplexed by the pace at which companies are garnering $1 billion valuations.

Here’s the latest data, according to Crunchbase: “2018 outstripped all previous years in terms of the number of unicorns created and venture dollars invested. Indeed, 151 new unicorns joined the list in 2018 (compared to 96 in 2017), and investors poured more than $135 billion into those companies, a 52% increase year-over-year and the biggest sum invested in unicorns in any one year since unicorns became a thing.”

2019 has already coined 42 new unicorns, like Glossier, Calm and Hims, a number that grows each and every week. For context, a total of 19 companies joined the unicorn club in 2013 when Aileen Lee, an established investor, coined the term. Today, there are some 450 companies around the globe that qualify as unicorns, representing a cumulative valuation of $1.6 trillion. 😲

We’ve clung to this fantastical terminology for so many years because it helps us classify startups, singling out those that boast valuations so high, they’ve gained entry to a special, elite club. In 2019, however, $100 million-plus rounds are the norm and billion-dollar-plus funds are standard. Unicorns aren’t rare anymore; it’s time to rethink the unicorn framework.

Last week, I suggested we only refer to profitable companies with a valuation larger than $1 billion as unicorns. Understandably, not everyone was too keen on that idea. Why? Because startups in different sectors face barriers of varying proportions. A SaaS company, for example, is likely to achieve profitability a lot quicker than a moonshot bet on autonomous vehicles or virtual reality. Refusing startups that aren’t yet profitable access to the unicorn club would unfairly favor certain industries.

So what can we do? Perhaps we increase the valuation minimum necessary to be called a unicorn to $10 billion? Initialized Capital’s Garry Tan’s idea was to require a startup have 50% annual growth to be considered a unicorn, though that would be near-impossible to get them to disclose…

While I’m here, let me share a few of the other eclectic responses I received following the above tweet. Joseph Flaherty said we should call profitable billion-dollar companies Pegasus “since [they’ve] taken flight.” Reagan Pollack thinks profitable startups oughta be referred to as leprechauns. Hmmmm.

The suggestions didn’t stop there. Though I’m not so sure adopting monikers like Pegasus and leprechaun will really solve the unicorn overpopulation problem. Let me know what you think. Onto other news.

Image by Rafael Henrique/SOPA Images/LightRocket via Getty Images

IPO corner

CrowdStrike has set its IPO terms. The company has inked plans to sell 18 million shares at between $19 and $23 apiece. At a midpoint price, CrowdStrike will raise $378 million at a valuation north of $4 billion.

Slack inches closer to direct listing. The company released updated first-quarter financials on Friday, posting revenues of $134.8 million on losses of $31.8 million. That represents a 67% increase in revenues from the same period last year when the company lost $24.8 million on $80.9 million in revenue.

Startup Capital

Online lender SoFi has quietly raised $500M led by Qatar
Groupon co-founder Eric Lefkofsky just-raised another $200M for his new company Tempus
Less than 1 year after launching, Brex eyes $2B valuation
Password manager Dashlane raises $110M Series D
Enterprise cybersecurity startup BlueVoyant raises $82.5M at a $430M valuation
Talkspace picks up $50M Series D
TaniGroup raises $10M to help Indonesia’s farmers grow
Stripe and Precursor lead $4.5M seed into media CRM startup Pico

Funds

Maveron, a venture capital fund co-founded by Starbucks mastermind Howard Schultz, has closed on another $180 million to invest in early-stage consumer startups. The capital represents the firm’s seventh fundraise and largest since 2000. To keep the fund from reaching mammoth proportions, the firm’s general partners said they turned away more than $70 million amid high demand for the effort. There’s more where that came from, here’s a quick look at the other VCs to announce funds this week:

~Extra Crunch~

This week, I penned a deep dive on Slack, formerly known as Tiny Speck, for our premium subscription service Extra Crunch. The story kicks off in 2009 when Stewart Butterfield began building a startup called Tiny Speck that would later come out with Glitch, an online game that was neither fun nor successful. The story ends in 2019, weeks before Slack is set to begin trading on the NYSE. Come for the history lesson, stay for the investor drama. Here are the other standout EC pieces of the week.

Equity

If you enjoy this newsletter, be sure to check out TechCrunch’s venture-focused podcast, Equity. In this week’s episode, available here, Crunchbase News editor-in-chief Alex Wilhelm and I debate whether the tech press is too negative or too positive in its coverage of tech startups. Plus, we dive into Brex’s upcoming round, SoFi’s massive raise and CrowdStrike’s imminent IPO.


Source: The Tech Crunch

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Slack narrows losses, displays healthy revenue growth

Posted by on May 31, 2019 in Accel, Airbnb, Andreessen Horowitz, Earnings, economy, Finance, initial public offering, Kleiner Perkins, operating systems, slack, Softbank, SoftBank Group, Spotify, t.rowe price, TC, U.S. Securities and Exchange Commission | 0 comments

Workplace messaging powerhouse Slack filed an amended S-1 with the U.S. Securities and Exchange Commission on Friday weeks ahead of a direct listing expected June 20.

In the document, Slack included an updated look at its path to profitability, posting first-quarter revenues of $134.8 million on losses of $31.8 million. Slack’s Q1 revenues represent a 67% increase from the same period last year when the company lost $24.8 million on $80.9 million in revenue.

For the fiscal year ending January 31, 2019, the company reported losses of $138.9 million on revenue of $400.6 million. That’s compared to a loss of $140.1 million on revenue of $220.5 million the year prior.

Slack is in the process of completing the final steps necessary for its direct listing on The New York Stock Exchange, where it will trade under the ticker symbol “WORK.” A direct listing is an alternative approach to the stock market that allows well-known businesses to sell directly to the market existing shares held by insiders, employees and investors, instead of issuing new shares. The method lets companies bypass the traditional roadshow process and avoid a good chunk of Wall Street’s IPO fees.

Spotify completed a direct listing in 2018; Airbnb, another highly valued venture capital-backed business, is rumored to be considering a direct listing in 2020.

Slack is currently valued at $7 billion after raising $1.22 billion in VC funding from investors, including Accel, which owns a 24% pre-IPO stake, Andreessen Horowitz (13.3%), Social Capital (10.2%), SoftBank, T. Rowe Price, IVP, Kleiner Perkins and many others.


Source: The Tech Crunch

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Uber reportedly raising $1B in deal that values self-driving car unit at up to $10B

Posted by on Mar 13, 2019 in AV, economy, funding, General Motors, Google, Lyft, Softbank, Softbank Vision Fund, t.rowe price, TC, the wall street journal, Toyota, TPG Growth, transport, Transportation, Uber, United States, Venture Capital, waymo | 0 comments

Uber is in negotiations with investors, including the SoftBank Vision Fund, to secure an investment as large as $1 billion for its autonomous vehicles unit. The deal would value the business at between $5 billion and $10 billion, according to a Tuesday report from The Wall Street Journal.

Uber declined to comment.

The news comes shortly after TechCrunch’s Mark Harris revealed the ridehailing firm was burning through $20 million a month on developing self-driving technologies, which means, according to our calculations, that Uber could have spent more than $900 million on automated vehicle research since early 2015.

According to the WSJ, the deal could close as soon as next month, shortly before Uber is expected to complete a highly-anticipated initial public offering. Uber, in December, filed the necessary paperwork with the US Securities and Exchange Commission to go public in 2019. The documents were submitted only hours after its competitor Lyft did the same; Lyft, for its part, unveiled its S-1 earlier this month and will debut on the Nasdaq shortly.

Uber, to date, has raised nearly $20 billion in a combination of debt and equity funding, reaching a valuation north of $70 billion. The business is said to be seeking funding for its self-driving business in order to tout the unit’s growth and valuation. After all, a $10 billion sticker price on its AV efforts may bandage its reputation, damaged by continued reports questioning its progress.

Alphabet-owned Waymo, meanwhile, is reportedly looking to raise capital, too. This would be the first infusion of outside funding for the autonomous vehicle business, rolled out of Alphabet’s Google X. According to The Information, which broke this news on Monday, Waymo would raise capital at a valuation “several times” that of Cruise, the AV company owned by General Motors.

Raising capital from outside investors would help limit costs and would allow Alphabet the opportunity to display Waymo’s valuation for the first time in several years. Alphabet, however, does not want to relinquish too much equity in the business, justifiably. Waymo, years ago, was valued at $4.5 billion, though analysts claim it could surpass a valuation as high as $175 billion based on future revenue estimates.

Waymo didn’t respond to a request for comment.

Other investors in Uber’s purported round include an “unnamed automaker,” per the WSJ. Uber’s existing backers include Toyota, SoftBank, T. Rowe Price, Fidelity and TPG Growth.

Uber’s net losses were up 32 percent quarter-over-quarter as of late last year to $939 million on a pro forma basis. On an EBITDA basis, Uber’s losses were $527 million, up about 21 percent. The company said revenue was up five percent QoQ sitting at $2.95 billion and up 38 percent year-over-year.

GM Cruise snags Dropbox HR head to hire at least 1,000 engineers by end of year

Posted by on Mar 11, 2019 in Arden Hoffman, Artificial Intelligence, Automotive, autonomous vehicles, chief technology officer, cloud storage, computing, cruise, Cruise Automation, Dan Ammann, Dropbox, executive, General Motors, Google, honda, Kyle Vogt, Lidar, Personnel, San Francisco, Seattle, Softbank, Software, software engineering, strobe, Transportation | 0 comments

GM Cruise plans to hire hundreds of employees over the next nine months, doubling its engineering staff, TechCrunch has learned. It’s an aggressive move by the autonomous vehicle technology company to double its size as it pushes to deploy a robotaxi service by the end of the year. Arden Hoffman, who helped scale Dropbox, will leave the file-sharing and storage company to head up human resources at Cruise.

The GM subsidiary, which has more than 1,000 employees, is expanding its office space in San Francisco to accommodate the growth. GM Cruise will keep its headquarters at 1201 Bryant Street in San Francisco. The company will also take over Dropbox headquarters at 333 Brannan Street some time this year, a move that will triple Cruise’s office space in San Francisco.

“Arden has made a huge impact on Dropbox over the last four years. She helped build and scale our team and culture to the over 2300 person company we are today, and we‘ll miss her leadership, determination, and sense of humor. While we’re sorry to see her go, we’re excited for her and wish her all the best in this new opportunity to grow the team at Cruise,” a Dropbox spokesperson said in an emailed statement. 

Prior to joining Dropbox, Hoffman was human resources director at Google for three years.

The planned expansion and hiring of Hoffman follows a recent executive reshuffling. GM president Dan Ammann left the automaker in December and became CEO of Cruise. Ammann had been president of GM since 2014, and he was a central figure in the automaker’s 2016 acquisition of Cruise and its integration with GM.

Kyle Vogt,  a Cruise co-founder who was CEO and also unofficially handled the chief technology officer position, is now president and CTO.

Cruise has grown from a small startup with 40 employees to more than 1,000 today at its San Francisco headquarters. It has expanded to Seattle, as well, in pursuit of talent. Cruise announced plans in November to open an office in Seattle and staff it with up to 200 engineers. And with the recent investments by SoftBank and Honda, which has pushed Cruise’s valuation to $14.6 billion, it has the runway to double its staff.

The hunt for qualified people with backgrounds in software engineering, robotics and AI has heated up as companies race to develop and deploy autonomous vehicles. There are more than 60 companies that have permits from the California Department of Motor Vehicles to test autonomous vehicles in the state.

Competition over talent has led to generous, even outrageous, compensation packages and poaching of people with specific skills.

Cruise’s announcement puts more pressure on that ever-tightening pool of talent. Cruise has something that many other autonomous vehicle technology companies don’t — ready amounts of capital. In May, Cruise received a $2.25 billion investment by SoftBank’s vision fund. Honda also committed $2.75 billion as part of an exclusive agreement with GM and Cruise to develop and produce a new kind of autonomous vehicle.

As part of that agreement, Honda will invest $2 billion into the effort over the next 12 years. Honda also is making an immediate and direct equity investment of $750 million into Cruise.

Cruise will likely pursue a dual path of traditional recruitment and acquisitions to hit that 1,000-engineer mark. It’s a strategy Cruise is already pursuing. Last year, Cruise acquired Zippy.ai, which develops robots for last-mile grocery and package delivery, for an undisclosed amount of money. The deal was more of an acqui-hire and did not include any of Zippy’s product or intellectual property. Instead, it seems Cruise was more interested in the skill sets of the co-founders, Gabe Sibley, Alex Flint and Chris Broaddus, and their team.

In 2017, Cruise also acquired Strobe,  a LiDAR sensor maker. At the time, Cruise said Strobe would help it reduce by nearly 100 percent the cost of LiDAR on a per-vehicle basis.


Source: The Tech Crunch

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With these numbers, it’s no surprise SoftBank is investing in Latin America

Posted by on Mar 10, 2019 in Column, LATAM, Latin America, Softbank, TC, Venture Capital | 0 comments

After SoftBank announced its plans to launch a $5 billion innovation fund in Latin America, we reached out to the good folks at the Latin American Venture Capital Association (LAVCA) for some context, and what they told me only validates the reasoning behind SoftBank’s interest in the region. (In 2017, we reported on the growing interest in Latin America.)

Let’s start with some numbers. Venture funding in Latin American startups is up — way up — from previous years. Specifically, LAVCA’s data shows that VC funding more than doubled in 2017 to $1.14 billion compared to $500 million in 2016. While 2018 numbers haven’t been finalized, LAVCA is projecting another record year with venture investments topping $1.5 billion.

If you combine private equity and venture investing, the numbers are even more impressive. LAVCA estimates that PE and VC fundraising together in Latin America in 2017 totaled $4.3 billion, up from $2.3 billion in 2016.1

Julie Ruvolo, director of venture capital for LAVCA, said all this “fits squarely in this larger momentum that’s been building over the last year or two.”

“We’ve been seeing the continued, and increased, entry of significant global players in the market,” she told Crunchbase News. “Plus, we’ve been seeing an uptick in $100 million-plus rounds, which was a relatively rare thing in Latin America.”

Also unsurprising is the breakdown of where the majority of venture dollars have gone in Latin America. Brazil led the region across all stages of VC investment, capturing 73 percent of VC investment dollars in 2017 and the first half of 2018 (201 startup investments totaling $1.4 billion). Mexico was the second most active market by number of deals (82 startup investments totaling $154 million), but Colombia saw more money invested ($188 million over 23 deals).

Here’s a quick rundown of just some of the bigger deals that took place during that same time frame:

It’s worth noting that fintech is the top sector of VC investment by dollars and number of deals in Latin America. The region also hosts a number of unicorns, including Brazilian ride-hailing startup 99; Colombian last-mile delivery service Rappi; Brazilian learning systems provider Arco Educação; and Brazilian fintech startup Stone Pagamentos.

With all this innovation and investing going on in Latin America, there is clearly large potential. And SoftBank is now poised to capitalize on that.

  1. The fundraising and investment data LAVCA collects is specific to fund managers that have raised capital from third-party institutional investors/limited partners and doesn’t account for other types of private capital investors, like a SoftBank fund or sovereign wealth fund, corporate, etc.


Source: The Tech Crunch

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VCs have growing appetite for ‘AgriFood’

Posted by on Mar 7, 2019 in AgFunder, agriculture, agriculture tech, AgTech, Asia, Biotech, CrunchBase, economy, entrepreneurship, farming, Finance, Food, food delivery, food tech, funding, GreenTech, groceries, grocery, McKinsey, money, Naspers, Private Equity, restaurant tech, Restaurants, Softbank, Startup company, Startups, TC, Venture Capital, Zume Pizza | 0 comments

Venture investors are pouring billions of dollars into feeding their hunger for food and agriculture startups. Whether that trend line is due to enthusiasm for the sector or just broader heavy investing in the VC space is much less clear.

According to a recent report published by AgFunder – a VC and investing marketplace focused on the agriculture and food sectors – the “AgriFood” space is booming. Using data from Crunchbase and several other data partners, the organization published its “2018 AgriFood Tech Investing Report” this morning, finding that investment in AgriFood companies increased 43% year-over-year, reaching $16.9 billion in 2018.

AgFunder classifies AgriFood tech as “the small but growing segment of the startup and venture capital universe that’s aiming to improve or disrupt the global food and agriculture industry.” Their definition is intentionally broad, encompassing everything from crop and livestock biotech, property management systems, and payments, to biomaterials and meat alternatives, all the way up to tech platforms for restaurants, grocers, deliveries and at-home cooks.

While some of the AgriFood tech categories – such as delivery or restaurant software – have long been popular destinations for venture capital, we’re now seeing a more diverse array of startups innovating across the entire food supply chain. According to the report, expansion in AgriFood is fairly consistent across upstream (agricultural and farming) subsectors to downstream (more consumer-facing) subsectors, with each group growing roughly 44% and 42% year-over-year respectively.

The data also shows growth occurring across almost all deal stages. AgriFood saw huge increases in the average deal size and total investment for late-stage companies in particular, as venture-backed startups have grown to global scale. And penetrating and attracting capital from international markets seems more feasible than ever. AgriFood investing, which traditionally has been largely US-centric, is rapidly becoming a global phenomenon, with more than half of total funding – and some of the largest rounds – now coming from companies and investors outside the US.


Source: The Tech Crunch

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India’s Ola spins out a dedicated EV business — and it just raised $56M from investors

Posted by on Mar 1, 2019 in Ankit Jain, Asia, Automotive, Bhavish Aggarwal, carsharing, Co-founder, Collaborative Consumption, Companies, didi, Didi Chuxing, DST Global, electric vehicle, Flipkart, funding, Fundings & Exits, head, India, ola cabs, Sachin Bansal, Sequoia, Softbank, SoftBank Group, Steadview Capital, temasek, Tencent, tiger global, transport, Uber, United States | 0 comments

Ola, Uber’s key rival in India, is doubling down on electric vehicles after it span out a dedicated business, which has pulled in $56 million in early funding.

The unit is named Ola Electric Mobility and it is described as being an independent business that’s backed by Ola. TechCrunch understands Ola provided founding capital, and it has now been joined by a series of investors who have pumped Rs. 400 crore ($56 million) into Ola Electric. Notably, those backers include Tiger Global and Matrix India — two firms that were early investors in Ola itself.

While automotive companies and ride-hailing services in the U.S. are focused on bringing autonomous vehicles to the streets, India — like other parts of Asia — is more challenging thanks to diverse geographies, more sparse mapping and other factors. In India, companies have instead flocked to electric. The government had previously voiced its intention to make 30 percent of vehicles electric by 2030, but it has not formally introduced a policy to guide that initiative.

Ola has taken steps to electrify its fleet — it pledged last year to add 10,000 electric rickshaws to its fleet and has conducted other pilots with the goal of offering one million EVs by 2022 — but the challenge is such that it has spun out Ola Electric to go deeper into EVs.

That means that Ola Electric won’t just be concerned with vehicles, it has a far wider remit.

The new company has pledged to focus on areas that include charging solutions, EV batteries, and developing viable infrastructure that allows commercial EVs to operate at scale, according to an announcement. In other words, the challenge of developing electric vehicles goes beyond being a ‘ride-hailing problem’ and that is why Ola Electric has been formed and is being capitalized independently of Ola.

An electric rickshaw from Ola

Its leadership is also wholly separate.

Ola Electric is led by Ola executives Anand Shah and Ankit Jain — who led Ola’s connected car platform strategy — and the team includes former executives from carmakers such as BMW.

Already, it said it has partnered with “several” OEMs and battery makers and it “intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.” Indeed, that connected car play — Ola Play — likely already gives it warm leads to chase.

“At Ola Electric, our mission is to enable sustainable mobility for everyone. India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world,” Ola CEO and co-founder Bhavish Aggarwal said in a statement.

“The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump. By making electric easy for commercial vehicles that deliver a disproportionate share of kilometers traveled, we can jumpstart the electric vehicle revolution,” added Anand Shah, whose job title is listed as head of Ola Electric Mobility.

The new business spinout comes as Ola continues to raise new capital from investors.

Last month, Flipkart co-founder Sachin Bansal invested $92 million into the ongoing Series J round that is likely to exceed $1 billion and would value Ola at around $6 billion. Existing backer Steadview Capital earlier committed $75 million but there’s plenty more in development.

A filing — first noted by paper.vc — shows that India’s Competition Commission approved a request for a Temasek-affiliated investment vehicle’s proposed acquisition of seven percent of Ola. In addition, SoftBank offered a term sheet for a prospective $1 billion investment last month, TechCrunch understands from an industry source.

Ola is backed by the likes of SoftBank, Tencent, Sequoia India, Matrix, DST Global and Didi Chuxing. It has raised some $3.5 billion to date, according to data from Crunchbase.


Source: The Tech Crunch

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Go-Jek’s Get app officially launches in Thailand as Southeast Asia expansion continues

Posted by on Feb 28, 2019 in Asia, bangkok, carsharing, ceo, Collaborative Consumption, countries, Food, go-jek, grab, Indonesia, Philippines, Singapore, Softbank, Southeast Asia, Thailand, transport, Uber, vietnam | 0 comments

Go-Jek is extending its reach in Southeast Asia after its Thailand-based unit made its official launch, which included the addition of a new food delivery service.

Get, which is the name for Go-Jek business in Thailand, started out last year offering motorbike taxi on-demand services to a limited part of Thai capital city Bangkok, now the company said it has expanded the bikes across the city and added food and delivery options. Get’s management team is composed of former Uber staffers while CEO Pinya Nittayakasetwat was recruited from chat app Line’s food delivery business.

Over the last two months, Get claims to have completed two million trips in the past two months. There’s no word on when Get will add four-wheeled transport options, however. On the food side, Get is claiming to have 20,000 merchants on its platform but there are some issues. Rumming through the app, I found a number of listed restaurants that didn’t include menus. In those instances, customers have to input their dish and price which makes it pretty hard to use.

Go-Jek’s Get app in Thailand doesn’t include menus for a number of restaurants, making it nearly impossible to order

Grab is the dominant player in Thailand, where it offers taxis, private cars, motorbikes, delivery and food across eight markets in Southeast Asia. Go-Jek rose to success in its native Indonesia, where it began offering motorbikes on demand but has expanded to cover taxi, cars, food, general services on-demand and fintech. Its investors include Google, Tencent, Meituan and Sequoia India.

That’s the same playbook Grab is using, but Go-Jek is taking its time with its market expansions. Thailand represents its third new market beyond Indonesia, following launches in Vietnam and Singapore. The Philippines is another market where Go-Jek has voiced a desire to be present — it has even made an acquisition there — but regulatory issues are holding up a launch.

Regional expansion doesn’t come cheap and Go-Jek is in the midst of raising $2 billion to finance these moves. It recently closed $1 billion from existing investors, and Deal Street Asia reports that it could raise as much as $3 billion for the entire Series F round. That’s likely in response to Grab’s own fundraising plans. The Singapore-based company closed $2 billion last year, but it is looking to increase that total to $5 billion with a major injection from SoftBank’s Vision Fund a key piece of that puzzle.


Source: The Tech Crunch

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An insider’s peek at TC Sessions: Robotics & AI

Posted by on Feb 26, 2019 in Affectiva, anca dragan, Andy Wheeler, Artificial Intelligence, Canvas Technology, Events, Fetch Robotics, human robot interaction, Melonee Wise, peter barrett, playground global, Robotics, Softbank, TC, TechCrunch Sessions: Robotics + AI, TechCrunch Sessions: Robotics + AI 2019, uc-berkeley | 0 comments

We are not quite ready to announce the agenda for TechCunch’s April 18 robotics and AI show at UC Berkeley, but anyone who has been watching the speaker announcements is bound to be just a bit excited. Here’s a quick sneak peek at the soon-to-be-announced agenda.

Robotics & AI investor panel

For founders eager to know what’s on investors’ minds, there is an all-star robotics and AI investor panel that includes Peter Barrett from Playground Global, Helen Liang from FoundersX Ventures, Andy Wheeler from GV and Hidetaka Aoki from Global Brain. Not only will a TechCrunch editor grill these investors onstage, but there will be a separate and longer Q&A session where attendees can ask questions to figure out where VCs are focusing their funds.

AI – Understanding the unfathomable world

For anyone trying to fathom the nearly unfathomable world of AI, there is a remarkable session featuring, respectively, Dartmouth and UC Berkeley professors Hany Farid and Alexei Efros, who are two of the world’s leading authorities on the use of AI and computer vision to create live video of things that, well, never happened. Their work was featured in a remarkable New Yorker piece (“In the Age of A.I., Is Seeing Still Believing?”)

The future of human & robot interaction

In the robotics field, one of the toughest frontiers is human-robot interaction, which brings together just about every aspect of AI and robotics. UC Berkeley’s Interact Lab leader Anca Dragan, Affectiva co-founder Rana el Kaliouby and SoftBank Robotics HRI lead Matt Willis will convene for a panel discussion focused on the state of HRI today and where breakthroughs will come tomorrow.

Building a robotics startup

Building a startup is always a big theme at every TechCrunch event, and no less so when the subject is robotics, a notoriously unforgiving category for founders. Melonee Wise is CEO of five-year-old Fetch Robotics, which has raised $48 million. Manish Kothari is president of SRI Ventures and former director of SRI’s robotics program. Nima Keivan is the CTO and co-founder of four-year-old Canvas Technology, which has raised $15 million. Wise and Keivan will discuss how they got this far, and Kothari will share lessons he learned guiding many robotics founders forward. They will be available for audience questions in a separate Q&A after their session on the main stage.

These sessions should get us about halfway through… the morning! There is so much more we have yet to announce, including speakers, demos, workshops and more. And for the first time, we’ll also unfold CrunchMatch at this show, our highly successful app-based system to help attendees network and set up meetings. No one will have trouble finding interesting, like-minded folks to meet.

Early-bird tickets will stay on sale for only two more weeks. Book your $249 ticket today and save $100 before prices go up. Students, get a major discount with student tickets going for only $45 — book here.


Source: The Tech Crunch

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Logistics startup Flexport just raised a SoftBank-led round at a whopping $3.2 billion valuation

Posted by on Feb 21, 2019 in Flexport, founders fund, Freight Forwarding, Logistics, Recent Funding, Softbank, Startups, TC | 0 comments

Flexport, a 5.5-year-old, San Francisco-based full-service air and ocean freight forwarder, says it has raised $1 billion in fresh funding led by the SoftBank Vision Fund.

Earlier backers of the company, including Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express, all participated in the round, which reportedly pegs the company’s post-money valuation at $3.2 billion.

According to Forbes, which broke the news, Flexport generated revenue of $471 last year, up from $224.8 million in 2017, thanks in part to some customers who the company says spend more than $10 million a year at Flexport for its help in managing their supply chains.

The company is apparently moving so fast, it hasn’t had a chance to update its marketing materials. CEO Ryan Petersen tells Forbes the company now employs 1,066 people across 11 offices and four warehouses around the world. Its site states it has 600 employees.

Axios reported last week that Flexport was in talks to raise money in a deal led by SoftBank that would value the company in the $3 billion range.

It had previously raised $305 million across five rounds, including, most recently, in April 2018, according to Crunchbase.

Flexport competes with numerous other freight forwarding online marketplaces that are focused on price comparison, as well as helping their clients book and track shipments. But its goal, seemingly, is to compete more directly with heavyweights like DHL, FedEx and UPS. In late 2017, it said it was beginning to charter its own aircraft. Petersen tells Forbes that Flexport now has four warehouses around the world, too.


Source: The Tech Crunch

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