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TechCrunch Conversations: Direct listings

Last April, Spotify surprised Wall Street bankers by choosing to go public through a direct listing process rather than through a traditional IPO. Instead of issuing new shares, the company simply sold existing shares held by insiders, employees and investors directly to the market – bypassing the roadshow process and avoiding at least some of Wall Street’s fees. That pattens is set to continue in 2019 as Silicon Valley darlings Slack and Airbnb take the direct listing approach. Have we reach...
Tags: Amazon, TC, Spotify, NYC, Finance, Government, Ipo, Funding, US, Tech, Banking, Policy, Netflix, Pandora, Zynga, Credit Suisse


Following a record year, Illinois startups kick off 2019 on a strong foot

Jason Rowley Contributor Jason Rowley is a venture capital and technology reporter for Crunchbase News. More posts by this contributor Global VC market sees highest-ever concentration of supergiant dollar volume in Q4 2018 SoftBank’s Vision Fund inches closer to $100B Illinois’s startup market in 2018 was very strong, and it’s not slowing down as we settle into 2019. There’s already almost $100 million in new VC funding announced,...
Tags: Startups, TC, Column, Boston, Softbank, Tech, Walmart, Chicago, Venture Capital, SEC, Lincoln, North America, Illinois, Crunchbase, Bringg, Bay Area


Outdoorsy’s Big Haul & Other Startup Fundraising in TX Tech News

Let’s catch up with the latest innovation news in Texas.—TeVido, an Austin biotech, has raised $1.2 million to help fund a new facility in which the company can use a patient’s own cells to create personalized pigment cell grafts to treat vitiligo, a loss of skin color that affects about 1 percent of the world’s population. Investors included the Texas Halo Fund, the Central Texas Angel Network, and Life Science Angels. TeVido, which is commercializing technology from the University of Texas at...
Tags: Texas, Breast Cancer, Funding, Trends, Tech, Investment, E-commerce, App, Online, Vc, Commercialization, Austin, Venture Capital, Dallas, SEC, Houston


Tesla to cut 3,100 jobs as Musk sees ‘difficult’ road ahead

Elon Musk is cutting Tesla Inc.’s workforce by 7 percent — or more than 3,000 jobs — warning that the “road ahead is very difficult” in making electric cars more affordable for the mass market. Tesla shares fell as much as 7.7 percent shortly after the start of regular trading. Musk wrote in a blog post that the Palo Alto-based company managed to eke out a profit in the final three months of 2018, though narrower than the hard-won third-quarter earnings it reported in October. Tesla is under pre...
Tags: Europe, Business, Elon Musk, Mississippi, China, Tesla, Sport, Palo Alto, Frankfurt, Soccer, Ford, SEC, Jaguar Land Rover, Audi, Nissan, Morgan Stanley


ShapeShift forced to ‘help’ police with 60 cryptocurrency inquiries last year

Prominent cryptocurrency exchange service ShapeShift has disclosed the number of times it been forced to give up information about its users to international authorities. In a blog post, ShapeShift revealed it has “assisted” law enforcement agencies with 60 different inquires last year, 30 percent of which came from the United States. A significant number of enquiries made by authorities from Germany, the UK, and France were also recorded. The FBI and the SEC were noted as the most common US age...
Tags: Startups, UK, France, Germany, US, Fbi, United States, SEC, Cryptocurrency, Blockchain, ShapeShift, Hard Fork


WI Watchlist: Fiserv, Promega, Arrowhead, Basic-code, EnSync & More

The biggest news of the week from Wisconsin’s high-tech sectors was by far Brookfield-based Fiserv’s (NASDAQ: FISV) massive $22 billion deal to acquire First Data (NYSE: FDC). Meanwhile, here are some headlines and happenings you might’ve missed:—Basic-code raised nearly $250,000 in equity funding, according to an SEC filing. The Brookfield, WI-based startup, which offers sales analysis and forecasting software, pulled in more than $736,000 in equity financing last February. Founder and preside...
Tags: Deals, Energy, Startups, Trends, Tech, Vc, Software, Wisconsin, Brookfield, SEC, Cleantech, Life Sciences, Resmed, Fiserv, Exabyte, Wisconsin Economic Development Corp


Ditech Risks Default, Avoids Second Bankruptcy and Terminates COO

Ditech Holding Corporation (NYSE: DHCP), parent company of Reverse Mortgage Solutions (RMS), elected not to make an approximately $9 million cash interest payment to its creditors that was due on December 17, 2018. With Thursday marking the end of a 30-day grace period related to that payment, that decision has put the beleaguered corporation at risk of default in the midst of an attempted strategic reorganization, according to a new company filing. “The Company’s failure to make the Interest...
Tags: Featured, Finance, SEC, New York Stock Exchange, DHCP, Nyse, Walter, Board, Company, The Company, Lenders, Ditech, RMS, Reverse Mortgage Solutions, Ditech Holding Corporation, Ditech Holding Corporation NYSE


The parent company of MoviePass has filed to spin it off following hundreds of millions in losses (HMNY)

Helios and Matheson Analytics (HMNY), the parent company of MoviePass, announced on Thursday it had sent a registration statement to the Securities and Exchange Commission to make MoviePass a separate public company. The new company would take ownership shares of MoviePass and other film-related assets held by HMNY. It would be a wholly owned subsidiary of HMNY. HMNY is currently trading under $0.02 per share and is in imminent danger of being kicked off the Nasdaq.   On Thursday, Helios and ...
Tags: New York, Nbc, India, Trends, Netflix, SEC, Nasdaq, Moviepass, Securities And Exchange Commission, Helios, Matheson, Matheson Analytics, Ted Farnsworth, HMNY, Matheson Information Technology, Matheson Analytics HMNY


Martis Capital targets $450 mln for healthcare fund

Healthcare-focused Martis Capital is seeking to raise $450 million for its third private equity fund, according to an SEC filing. The firm has offices in Palo Alto, California and Washington, D.C.
Tags: Washington, Trends, Healthcare, SEC, Funds, Palo Alto California, Martis Capital


Amazon investors are cranking up the pressure on Jeff Bezos to stop selling facial recognition tech to government agencies

Amazon shareholders with shares worth $1.32 billion have filed a resolution aimed at stopping the company selling its controversial facial recognition technology to government agencies. The five investors want Amazon's board to investigate the technology and conclude it "does not cause or contribute to actual or potential violations of civil and human rights." It is the first time an investor proposal has been put forward on the Rekognition software, and could be the first of its kind at any U...
Tags: Apple, Google, Amazon, Florida, Microsoft, Oregon, US, America, Trends, Aclu, Xiaomi, Ice, SEC, Catholic, Jeff Bezos, Long Island


MUFG Union buys Intrepid Investment Bankers

MUFG Union Bank NA said Jan. 8 that it closed its buy of Intrepid Investment Bankers LLC. Financial terms weren’t announced. Intrepid, of Los Angeles, is a middle market investment bank out of Los Angeles. Intrepid will operate under its current name as a subsidiary of MUFG Union Bank. PRESS RELEASE MUFG Union Bank Completes the Acquisition of Intrepid Investment Bankers to Expand its Middle Market Banking Services LOS ANGELES, January 8, 2019 – MUFG Union Bank, N.A. today announced it has compl...
Tags: California, New York City, Los Angeles, Trends, Georgia, M&a, Bank, SEC, West Coast, San Francisco California, FDIC, FINRA, MUFG Americas, Union Bank, MUFG Union Bank, MUFG Union Bank N


KeyBank to buy Laurel Road’s digital lending business

KeyBank National Association, said Jan. 16 that it agreed to buy Laurel Road‘s digital lending business. Financial terms weren’t announced. Laurel Road’s three bank branches located in southeast Connecticut are not part of the transaction. Laurel Road, of New York City, provides student loan refinancing platform. KeyBank is part of KeyCorp. PRESS RELEASE CLEVELAND, Jan. 16, 2019 /PRNewswire/ — KeyBank National Association today announced that KeyBank and Laurel Road Bank have entered into a defi...
Tags: California, Washington, New York City, Trends, United States, Connecticut, M&a, SEC, Cleveland, Securities And Exchange Commission, Puerto Rico, Gary, FDIC, KeyBank, Gorman, KEY


Snap’s outgoing CFO reportedly went around Evan Spiegel’s back to ask for more money but failed

Snap's CFO Tim Stone is leaving the company after trying to ask for more money behind CEO Evan Spiegel's back, Bloomberg reports. People familiar with the matter told Bloomberg that Stone appealed directly to the board for a raise, which he was denied. Stone was only in the job for eight months, but will stay on until Snap's Q4 earnings call in February. Snap, the parent company behind Snapchat, revealed on Tuesday that it was losing its chief financial officer Tim Stone after just eight mont...
Tags: Apple, Instagram, Trends, Bloomberg, Snapchat, Imran Khan, SEC, Evan Spiegel, Khan, Snap, Stone, SPIEGEL, Bobby Murphy, Tim Stone, Jared Grusd, Jeremi Gorman


Light Street Capital seeks $270 mln

The hedge fund Light Street Capital Management has started raising $25o million for a venture fund called Light Street Beacon I, and $20 million for a principals fund, according to a pair of regulatory filings. No first close was reported. The Palo Alto, California-based firm invests in late-stage venture and public technology companies with a focus on social media, cloud computing, ecommerce and sharing economy companies. It was founded in 2010 by Glen Kacher, The SEC filings are available here...
Tags: Trends, SEC, Funds, Palo Alto California, Emerging Managers, Glen Kacher, Light Street Capital, Light Street Capital Management, Light Street Beacon


Pappas Capital raises $85.8 mln for venture-capital fund

Pappas Capital has raised $85.8 million toward a venture-capital fund, according to a filing with the SEC. A. M. Pappas Life Science Ventures V attracted capital from 29 LPs. The filing is available here.  
Tags: Trends, SEC, Funds, Pappas Capital, Pappas Life Science Ventures


Pico Venture Partners collects over $62.5 mln for sophomore fund

Pico Venture Partners has raised over $62.5 million for its second fund, according to an SEC filing. No target was listed in the document. Pico invests in Israeli entrepreneurs.
Tags: Trends, SEC, Funds, PICO Venture Partners


Sun Capital amasses almost $1.8 bln for seventh fund

Boca Raton, Florida-based Sun Capital Partners, a private equity firm, has raised almost $1.8 billion for its seventh fund, according to an SEC filing. The target is $2.2 billion.
Tags: Trends, SEC, Funds, Boca Raton Florida, Sun Capital Partners


2019 was supposed to be a banner year for IPOs, but now it's turning into a 's---show'

This year was supposed to be the year of the unicorn initial public offering, with massively funded private startups like Uber, Lyft, and Slack all preparing to go public. Now, just two weeks into the year, bankers say it's turning into a "s---show." The federal-government shutdown has left the Securities and Exchange Commission closed, which means most companies cannot move forward with going public. Market volatility is also creating an unstable environment for soon-to-be-public companies. ...
Tags: China, Ipo, Trends, SEC, Cloudflare, Donald Trump, King, Securities And Exchange Commission, Holden, Don, Skadden Arps Slate Meagher Flom, Kenton King, Tom Holden, Ropes Gray Longer, Business Insider After February, Holden Once


Fiserv to buy First Data in $22 bln stock deal

Fiserv and First Data said Jan. 16 that their boards have approved an agreement where Fiserv is buying First Data in a $22 billion stock deal. Once the deal closes, Fiserv shareholders will own 57.5 percent of the combined company, while First Data shareholders will have 42.5 percent. Fiserv said it plans to refinance the roughly $17 billion of debt that First Data is expected to have at the time of closing. The deal is expected to generate about $500 million in savings. KKR, which owns 39 perce...
Tags: Trends, United States, M&a, SEC, KKR, Securities And Exchange Commission, Clover, First Data, Frank, EBITDA, Moody, Holdings Inc, Fiserv, Fiserv Inc, Frank Bisignano, First Data Corporation


10 things in tech you need to know today

Good morning! This is the tech news you need to know this Wednesday. 1. Huawei's CEO and founder Ren Zhengfei broke a years-long silence to deny that his company spies for the Chinese government, and to say he misses his daughter, arrested Huawei CFO Meng Wanzhou, 'very much.' Ren hasn't spoken to the international press for three years. 2. Ren Zhengfei tried to dispel the narrative that Huawei is a victim of the US-China trade war, calling President Donald Trump a great president. Ren called f...
Tags: Google, Facebook, Ipo, US, Trends, Netflix, Tencent, SEC, Airbnb, Donald Trump, Huawei, Costco, Pewdiepie, Alexa, Cto, Deliveroo


Andreessen Horowitz-backed startup PagerDuty has confidentially filed for an IPO but because of the shutdown no one can review its prospectus

PagerDuty, an IT incident response startup, has reportedly filed confidentially for an IPO. PagerDuty was last valued at $1.3 billion in funding round backed by Silicon Valley VCs like Andreessen Horowitz and Accel. Despite filing the paperwork, PagerDuty isn't likely to get comments from the SEC anytime soon since the Securities and Exchange Commission is closed with the rest of the federal government. The hot developer-focused startup PagerDuty has confidentially filed for an IPO, Bloomberg...
Tags: Microsoft, China, Trends, Bloomberg, SEC, Silicon Valley, Andreessen Horowitz, Accel, Securities And Exchange Commission, IPO Bloomberg, Andreessen Horowitz Accel, Jennifer Tejada, Bessemer Venture Partners Morgan Stanley


Defendants Charged in Alleged Scheme to Hack SEC Filing System, Steal Financial Info

U.S. authorities have charged “a suspected Ukrainian computer hacker and several traders” with attempting to cash in on “market-moving corporate earnings news” stolen from Securities and Exchange Commission systems, Reuters reported on Tuesday.Read more...
Tags: Science, Technology, Finance, Cybersecurity, Hacking, Hackers, SEC, Securities And Exchange Commission, Reuters, Insider Trading, Edgar


Snap CFO Tim Stone is resigning

Snap CFO Tim Stone is leaving the company, according to documents Snap filed with the SEC today. “Tim has made a big impact in his short time on our team and we are very grateful for all of his hard work,” Snap CEO Evan Spiegel wrote in a memo, obtained by TechCrunch, to employees. “I know we have all benefitted from his customer focus and the way he has encouraged all of us to operate as owners.” This marks Snap’s second CFO departure in the last twelve months. “Mr. Stone has confirmed that ...
Tags: Amazon, TC, Finance, Tech, SEC, Evan Spiegel, Cfo, Snap, Tim, EBITDA, Stone, SPIEGEL, Tim Stone, Michael O Sullivan, Snap Tim, Drew Vollero Vollero


Snap is losing its CFO after less than a year, and the stock is plummeting (SNAP)

Tim Stone, the CFO of Snapchat parent company Snap Inc., is quitting. Stone, who came to Snap from Amazon, only took the job in May 2018. He is walking away from most of a $20 million pay package. Snap has said that Stone will be sticking with the company through at least its quarterly earnings call on February 5th.  The company's stock has cratered around 8.5% on the news. Snap says that it's Q4 2018 financial results are likely to be "slightly favourable to the top end of our previously repo...
Tags: Amazon, Facebook, Instagram, Trends, Snapchat, SEC, Evan Spiegel, Snap, Tim, Stone, Tom Conrad, Tim Stone, Snap Inc, Andrew Vollero, Jeff Lucas, Russ Caditz Peck


Snapchat's parent company is losing its CFO after less than a year, and the stock is plummeting (SNAP)

Tim Stone, the CFO of Snapchat parent company Snap Inc., is quitting. Stone, who came to Snap from Amazon, only took the job in May 2018. He is walking away from most of a $20 million pay package. Snap has said that Stone will be sticking with the company through at least its quarterly earnings call on February 5th.  The company's stock has cratered around 8.5% on the news. Snap says that it's Q4 2018 financial results are likely to be "slightly favourable to the top end of our previously repo...
Tags: Amazon, Facebook, Instagram, Trends, Snapchat, SEC, Evan Spiegel, Snap, Tim, Stone, Google Pixel, Tom Conrad, Tim Stone, Snap Inc, Andrew Vollero, Jeff Lucas


Valar Ventures to raise $350 mln for VC, opportunity funds

Valar Ventures has set out to raise $350 million for venture-capital and opportunity funds, according to filings with the SEC. Valar Fund V will target $150 million, according to one filing. No first close was reported. Valar Opportunity Fund I is to target $200 million. The filings are available here and here.  
Tags: Trends, SEC, Funds, Valar Ventures


U.S. charges suspected hacker, traders over SEC database hack

U.S. authorities on Tuesday charged a suspected Ukrainian computer hacker and several traders with involvement in a scheme to trade on market-moving corporate earnings news stolen from a U.S. Securities and Exchange Commission database.
Tags: Money, businessNews, SEC, U S Securities and Exchange Commission


Apple's $24 million chip executive is reportedly on Intel's short list for new CEO, but it's not clear if he'd be willing to make that jump (INTC)

It's been six months and Intel still hasn't found a new CEO. Intel has reportedly put Apple senior VP of hardware technologies, Johny Srouji, on its wish list. If Intel could convince Srouji to become its new CEO, it would be a big win for the company. But that's a big if. If there's one sure-fire way for Intel to turn the fiasco of its six-month vacant CEO slot into a big win for the company, it's this: lure Apple senior vice president of hardware technologies, Johny Srouji, into becoming th...
Tags: Apple, Motorola, Microsoft, Satya Nadella, Israel, Trends, Bloomberg, Intel, Chicago, Tim Cook, SEC, Qualcomm, James, Johny Srouji, Brian Krzanich, Angela Ahrendts


SmartInvest Ventures amasses over $11.5 mln for maiden fund

Wilmington, Delaware-based SmartInvest Ventures has raised over $11.5 million for its debut fund, according to an SEC filing. The target is $20 million.
Tags: Trends, SEC, Funds, Wilmington Delaware, SmartInvest Ventures


Atlantic Street Capital collects $150 mln for fourth fund

Atlantic Street Capital has raised $150 million for its fourth fund, according to an SEC filing. The target is $500 million. The Stamford, Connecticut and West Palm Beach, Florida-based private equity firm invests in lower-middle market companies.
Tags: Trends, SEC, Funds, West Palm Beach Florida, Stamford Connecticut, Atlantic Street Capital



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