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Daily Crunch: Amazon Web Services stumble

An Amazon Web Services outage has a wide effect, Salesforce might be buying Slack and Pinterest tests new support for virtual events. This is your Daily Crunch for November 25, 2020. And for those of you who celebrate Thanksgiving: Enjoy! There will be no newsletter tomorrow, and then Darrell Etherington will be filling in for me on Friday. The big story: Amazon Web Services stumble Amazon Web Services began experiencing issues earlier today, which caused issues for sites and services th...
Tags: Amazon, TC, MetroMile, Adobe, France, India, Tech, Roku, Salesforce, North America, Tiger Global, Amazon Web Services, Sapphire, SPAC, Darrell Etherington, Zack Whittaker


Enterprise investor Jason Green on SPAC hopefuls versus startups bound for traditional IPOs

Jason Green has a pretty solid reputation as venture capitalists go. The enterprise-focused firm the cofounded 17 years ago, Emergence Capital, has backed Saleforce, Box, and Zoom, among many other companies, and even while every firm is now investing in software-as-a-service startups, his remains a go-to for many top founders selling business products and services. To learn more about the trends impacting Green’s slice of the investing universe, we talked with him late last week about everythin...
Tags: Startups, TC, Tech, Green, Venture Capital, Rob, Salesforce, Emergence Capital, SPAC, Coupa, Drishti, Jason Green, Rob Bernshteyn


Insurtech’s big year gets bigger as Metromile looks to go public

In the wake of insurtech unicorn Root’s IPO, it felt safe to say that the big transactions for the insurance technology startup space were done for the year. After all, 2020 had been a big one for the broad category, with insurtech marketplaces raising lots, rental insurance startup Lemonade going public, Root itself debuting even more recently on the back of its automotive insurance business, a big round to help Hippo keep building its homeowners company, and more. The Exchange explores sta...
Tags: Fundings & Exits, Startups, TC, MetroMile, Root, Tech, Exchange, Lemonade, SPAC, Hippo, Insurtech, The Exchange, Lemonade IPO, Metromiles


Pay-per-mile auto insurer Metromile is heading to public markets via SPAC

Metromile, the pay-per-mile auto insurer that earlier this year laid off a third of its staff due to economic uncertainties caused by COVID-19, is taking the SPAC path to the public markets. The company, which was founded in 2011 and is led by CEO Dan Preston, said it has reached a merger agreement with special purpose acquisition company INSU Acquisition Corp. II, with an equity valuation of $1.3 billion. Metromile said it was able to raise $160 million in private investment in public equity...
Tags: Fundings & Exits, Startups, TC, MetroMile, Tech, Mark Cuban, Nasdaq, Chamath Palihapitiya, Buffett, Social + Capital, SPAC, GEICO, Dan Preston, Palihapitiya, Clearbridge, Metromile Inc


The Station: Lime scoots towards profitability, a framework for AVs, and another electric vehicle SPAC

The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive it every Saturday in your inbox. Hi folks, welcome back to The Station, a newsletter dedicated to all the present and future ways people and packages move from Point A to Point B. Let’s get right to it. Companies tried to pack in the news before the Thanksgiving holiday, which means we have a lot to um, digest. Email me anytime at [email protected] to share...
Tags: Transportation, Uber, Europe, UK, Milan, Colorado, Indonesia, Washington, Israel, San Francisco, Tech, General Motors, Atlanta, Barcelona, Indiana, Intel


AvePoint to go public via SPAC valued at $2B

AvePoint, a company that gives enterprises using Microsoft Office 365, SharePoint and Teams a control layer on top of these tools, announced today that it would be going public via a SPAC merger with Apex Technology Acquisition Corporation in a deal that values AvePoint at around $2 billion. The acquisition brings together some powerful technology executives with Apex run by former Oracle CFO Jeff Epstein and former Goldman Sachs head of technology investment banking Brad Koenig, who will now be...
Tags: Fundings & Exits, Startups, Enterprise, Microsoft, Tech, SaaS, Goldman Sachs, Oracle, Exit, SPAC, ARR, Koenig, Jiang, Apex, Jeff Epstein, Brad Koenig


Inside BuzzFeed and HuffPost's tie-up

Hi! Welcome to the Insider Advertising daily for November 23. I'm Lauren Johnson, a senior advertising reporter at Business Insider. Subscribe here to get this newsletter in your inbox every weekday. Send me feedback or tips at [email protected]'s news: Inside BuzzFeed and HuffPost's tie-up, Bain & Co.'s bet on marketing, and Sports Illustrated-branded CBD cream. UK Independence Party leader Nigel Farage takes part in a BuzzFeed News and Facebook live EU referendum debate o...
Tags: Google, Facebook, Nordstrom, Hbo, UK, Media, Buzzfeed, Advertising, Marketing, Trends, Eu, Larry Page, Digital Media, Nigel Farage, New York Times, Sergey Brin


How the pandemic drove the IPO wave we see today

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here. I had a neat look into the world of mental health startup fundraising planned for this week, but after being slow-motion carpet-bombed by S-1s, that is now shoved off to Monday and we have to pause and talk about COVID-19. The pandemic has been the most animating force for startups and venture capital in 2020, discounting the slow movement of glob...
Tags: Google, Fundings & Exits, Startups, Ipo, Virginia, United States, Bird, Airbnb, Exchange, Sapphire Ventures, Byron Deeter, Doordash, Bessemer, Klarna, SPAC, Peloton


A top Goldman dealmaker is jumping ship — Affirm gears up for an IPO — Hedge fund pay

  Happy Saturday!Bankers have been plenty busy as they work on big tie-ups and look to get IPOs across the line before the end of the year.Here's a recap of some of the big news this week:PNC announced its planned purchase of BBVA US, the US-based arm of the Spanish lending giant BBVA, for $11.6 billion. Reed Alexander talked with insiders to learn more about how one of the biggest bank deals since the financial crisis came together. You can read the full story here. The buy now, pay later lende...
Tags: Google, Europe, Microsoft, US, Trends, Paypal, Getty Images, Michael Dell, Goldman Sachs, Seattle, Morgan Stanley, Max Levchin, Goldman, Fintech, ADP, Bbva


Weekend reading: Terror of Tesla

What caught my eye this week. A las my co-blogger The Accumulator is too recumbent passive to bother with anything so energetic as sorting through the several hundred spam emails we get to Monevator each week in order to dig out reader messages. That means the readers who asked for our thoughts on the upcoming inclusion of $470bn electric car maker Tesla into the S&P 500 don’t get his comfy and sanguine words. Instead they get my snark. Let me first stress then that we’re flattered when anyone...
Tags: Google, Amazon, Facebook, Elon Musk, UK, New York, Putin, Russia, Marketing, US, Tesla, Bloomberg, Cnn, Netflix, Fca, Warren Buffett


Big Law career guide: here's the latest news on pay, hiring, and hot practice areas

The latest news on Big Law hiring, pay, layoffs, and legal tech. Ohio State University Moritz School of Law The business of law is going through some major changes. Some Big Law firms have made layoffs, others have rolled back compensation cuts that they imposed earlier in the year, and a select few are giving surprises bonuses to overworked first years. Meanwhile, firms are increasingly turning to tech to help boost productivity and cut costs. And aspiring lawyers are facing a lot of uncer...
Tags: Google, New York, Microsoft, Trends, Silicon Valley, Doj, Trump, SPAC, Paul Weiss, Sullivan Cromwell, Latham Watkins, Proskauer, Baker McKenzie, Mayer Brown, Ropes Gray, Davis Polk


A Tesla rival is going public at a $5.4 billion valuation via a SPAC set up by Marvel Comics' ex-CEO

Arrival A Tesla-like British startup is set to go public at a $5.4 billion valuation via a special-acquistion company formed by former Marvel Comics CEO Peter Cuneo.London-based Arrival will combine with US firm CIIG Merger. The combined company expects to list on the NASDAQ under the ticker symbol "ARVL."Arrival competes with EV-maker Tesla and the creator of Amazon's first custom-electric delivery vehicle, Rivian.The startup's signed contracts currently amount to as much as $1.2 billion....
Tags: Amazon, Europe, Elon Musk, UK, Time, Marvel, US, Trends, Tech, Markets, Tesla, UPS, Michigan, Marvel Comics, Nasdaq, Jpmorgan


Ashton Kutcher’s Sound Ventures targets $150M for third fund

Sound Ventures, a fund co-founded by Ashton Kutcher and Guy Oseary, has filed paperwork indicating plans to raise a third fund at $150 million. Notably, the firm filed paperwork for the same total in 2018 for its second fund. The firm did not immediately respond to a request for comment on its plans to raise a new fund. Sound Ventures was born to write bigger and later-stage checks, or at a minimum, be stage-agnostic. Despite Kutcher’s fame and high-profile stakes, the firm has operated so...
Tags: Tech, Ohio, Ashton Kutcher, Robinhood, SPAC, Guy Oseary, Katherine Keating, Kutcher, Sound Ventures, Effie Epstein, Susan Su, Notably Sound Ventures, COO Epstein


Arrival becomes latest electric vehicle startup to test the public markets with a SPAC

Arrival has gone from stealthy electric vehicle startup to prospective public company in a span of a year. The UK-based company, which operated in relative secrecy for several years until January when it announced a $110 million investment from Hyundai and Kia, said Wednesday it has agreed to merge with special purpose acquisition company CIIG Merger Corp. Arrival was already considered one of the UK’s most valuable startups before Wednesday’s SPAC merger announcement.  This deal, which when ...
Tags: TC, Transportation, UK, US, Tech, Automotive, Nasdaq, Hyundai, Kia, Faraday Future, Fisker, SPAC, Rock Hill South Carolina, Chargepoint, LUMINAR, Abelson


This fintech-focused VC firm just closed a $75 million debut fund; backers “came out of the woodwork”

It’s no secret that a massive digital transformation is happening within financial services companies and amid the growing number of non-financial outfits that are also adding financial products to their offerings. Still, Sheel Mohnot, who was formerly a general partner at the fintech fund of 500 Startups, and Jake Gibson, co-founder of personal finance startup NerdWallet, were a little taken aback by investor interest in their fintech-focused early-stage venture firm, Better Tomorrow Ventures, ...
Tags: TC, Tech, Kim, Doj, Invesco, SPAC, PitchBook, Cendana Capital, Michael Kim, Cendana, Jake Gibson, COVID, Better Tomorrow Ventures, BTV, Credit Karma Everybody, Chipper Cash Albert Clear Cover


Inside Silicon Valley’s SPAC psychology

Jim Cook Contributor Share on Twitter Jim Cook is the CFO Leadership Coach at Velocity Group, the current CFO at Orbital Insight and was on the founding teams and growth stages of Intuit, Mozilla (Firefox) and Netflix. The SPAC (special purpose acquisition company) hype is the latest financial engineering offering to quickly hit both mainstream media and the backrooms of Silicon Valley. Wall Street is now “printing” 15 new SPA...
Tags: Fundings & Exits, TC, Column, Entrepreneurship, Wall Street, Funding, Tech, Netflix, United States, Venture Capital, M&a, SEC, Private Equity, Silicon Valley, Aerospace, SPAC


Lidar startup Aeva to go public via $2.1 billion SPAC merger

Aeva, a Mountain View, Calif.-based lidar company started by two former Apple engineers and backed by Porsche SE, is merging with special purpose acquisition company InterPrivate Acquisition Corp., with a post-deal market valuation of $2.1 billion. The deal with InterPrivate, which is led by private equity investor Ahmed Fattouh, is expected to close by early 2021. Aeva is the latest company to eschew the traditional IPO path and go public via a SPAC merger. It’s also the third lidar company,...
Tags: Apple, TC, Tech, Vw, Porsche, Lockheed Martin, New York Stock Exchange, Lidar, SPAC, VW Group, Mountain View Calif, ADAS, LUMINAR, Aeva, Soroush Salehian, Mina Rezk


Is Wall Street losing its tech enthusiasm?

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here. Over the past few months the IPO market made it plain that some public investors were willing to pay more for growth-focused technology shares than private investors. We saw this in both — the value set on companies as they debut — and in resulting first-day valuations , which were often higher. One way to consider how far public valuations...
Tags: Fundings & Exits, Startups, Boston, Tech, Ohio, Cnbc, Databricks, Midwest, SPAC, Canaan, Zapier, Hippo, RPA, Maha Ibrahim, Rowan Trollope, Timm


Daimler invests in lidar company Luminar in push to bring autonomous trucks to highways

Daimler’s trucks division has invested in lidar developer Luminar as part of a broader partnership to produce autonomous trucks capable of navigating highways without a human driver behind the wheel. The deal, which comes just days after Daimler and Waymo announced plans to work together to build an autonomous version of the Freightliner Cascadia truck, is the latest action by the German manufacturer to move away from robotaxis and shared mobility and instead focus on how automated vehicle...
Tags: Startups, Transportation, Tech, Automotive, Volvo, Lidar, Daimler, SPAC, Daimler Trucks, Russell, Gores, Freightliner Cascadia, TORC, LUMINAR, Austin Russell, Autonomous Trucks


Zillow co-founder Spencer Rascoff dismisses IPO system as ‘broken’

Spencer Rascoff, who recently started his own SPAC, called Zillow's IPO a "facepalm moment" in a Twitter thread, earlier this week.
Tags: Technology, Ipo, Radio, Zillow, Industry News, SPAC, Spencer Rascoff, Select, Rich Barton


Greenlight Capital's David Einhorn just called the top in stocks and gave 10 reasons tech is in a bubble

Greenlight Capital President David Einhorn. REUTERS/Brendan McDermid September 2 was the top in the stock market, the hedge-fund investor David Einhorn argued in Greenlight Capital's third-quarter letter.Einhorn said that the market was in a bubble driven by technology stocks and that the bubble "has already popped."Einhorn said that what matters in a bubble is market psychology, not valuation. "Valuation is irrelevant; that's what makes it a bubble," he said.Here are 10 reasons technology ...
Tags: Apple, Trends, Tesla, Bank Of America, Ford, Warren Buffett, Hertz, Jack Ma, SPAC, David Einhorn, Einhorn, Greenlight Capital, Brendan Mcdermid, NDR, Matthew Fox, Elite Eight


Greenlight Capital's David Einhorn just called the top in stocks, and gave 10 reasons why tech is in a bubble

Greenlight Capital president David Einhorn. REUTERS/Brendan McDermid September 2 was the top in the stock market, hedge fund investor David Einhorn argued in Greenlight Capital's third quarter letter.According to Einhorn, the market is in the midst of a bubble driven by technology stocks, and that bubble "has already popped.""What matters in a bubble is market psychology, not valuation. Valuation is irrelevant; that'swhat makes it a bubble," Einhorn said.Here are 10 reasons why technology s...
Tags: Apple, Trends, Tesla, Ford, Hertz, Jack Ma, SPAC, David Einhorn, Einhorn, Greenlight Capital, Brendan Mcdermid, NDR, Matthew Fox, Elite Eight, Ned Davis Research, Ant Financial Group


Deep tech VC fund The Engine raises $230M for its second fund from MIT and new backer Harvard

Deep tech. Hard tech. Or, as The Engine dubs it, Tough Tech. Venture investing today is essentially identical to what happens on Wall Street, focused on data rooms, spreadsheets, SaaS churn models and cohort analysis. Yet, the history of venture capital firms is heavily interwoven with universities and their research. Some of the most famous VC funds like Kleiner Perkins got their start funding compelling research projects out of laboratories and financing their commercialization toward scale. T...
Tags: Startups, Hardware, Boston, Mit, Harvard, Venture Capital, GreenTech, Kleiner Perkins, SPAC, Kendall Square, Katie Rae, The Engine, Commonwealth Fusion Systems, Boston Metal, Tough Tech Venture, LP Harvard


We've been tracking big hires and exits across Wall Street. Here's a look at 2020's must-know people moves and recruiting trends.

Trader moves have been happening left and right. And dealmakers are reshuffling to lean into hot coverage areas. REUTERS/ Brendan McDermid There's been a mad dash for talent as Wall Street firms quickly overhauled their 2020 playbooks.Equity and debt trading have surged as a result of the financial turmoil caused by the coronavirus outbreak. Hedge fund managers are responding to investors' expectations to outperform amid the chaos by aggressively hiring experts to fine-tune their strategies...
Tags: Google, Amazon, Cloud, Facebook, Microsoft, Finance, Banks, Wall Street, White House, New York City, America, Trends, CMO, Bank Of America, Barclays, Credit Suisse


Why you have to pay attention to the Indian startup scene

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here. Back in August during Y Combinator’s two-day demo extravaganza, TechCrunch noted a number of startups from India that stood out from the batch. Names like Bikayi (e-commerce tools), Decentro (consumer banking APIs), Farmako Healthcare (digital health records) and MedPiper Technologies (helping hire health professionals) joined our list of favorites f...
Tags: Fundings & Exits, Startups, California, India, Tech, Intel, Chicago, Netflix, United States, Silicon Valley, Kpmg, Alex, Datto, Flipkart, Bain, Accel


Morgan Stanley's WhatsApp woes – How to get hired at Blackstone — Private equity comp, revealed

Happy Saturday!It was a busy week for Wall Street news, with fines, exits, pay cuts, and more. Here's what you need to know: 2 top Morgan Stanley commodities execs have left after the bank discovered the group was improperly using WhatsApp to communicate. A source familiar with the matter told Business Insider the two had displayed a "failure to supervise use of the communications within the commodities business."Goldman Sachs is paying billions in fines over the 1MDB scandal and cutting exec pa...
Tags: Google, California, Israel, US, Trends, New Jersey, Ubs, Merrill Lynch, Deutsche Bank, Goldman Sachs, Deloitte, Morgan Stanley, Goldman, Doj, Blackstone, Bloomberg LP


What it'll take to get a vaccine to Americans

Hollis Johnson/Business Insider Hello,Happy Friday! We here on the healthcare team have had a big week of coronavirus vaccine and treatment developments and preparing for an election that's less than two weeks away.  Let's dive in.But first - want more updates from the healthcare team? Subscribe to this newsletter here — and tell your  friends! A clinical trial volunteer participates in Johnson & Johnson's study to test a coronavirus vaccine candidate Janssen What it'll take to...
Tags: Google, Amazon, New York, US, Trends, Vc, Healthcare, Oscar, Astrazeneca, Fda, Las Vegas, Vaccines, Madison, Alexa, Digital Health, Clover


Datto trades modestly higher after pricing IPO at top of range

After pricing at $27 per share, Datto’s stock rose during regular trading. By mid-afternoon the data and security software company was worth $28.10, up a hair over 4%. The company’s IPO comes on the back of a rapid-fire Q3 in which a host of technology companies, particularly software, made it to the public markets. While the number of un-exited unicorns in the United States still rose in the quarter, Q3 brought with it a wave of liquidity that felt long coming. Datto’s IPO is one among what ...
Tags: TC, Ipo, US, Tech, Vista, United States, Airbnb, Tim Weller, Datto, SPAC, Vista Equity Partners, Brian Sheth, Austin McChord, McChord


Zillow co-founder Spencer Rascoff’s new company starts trading today

Supernova Partners Acquisition Company, Inc., the former Zillow chief executive's special purpose acquisition company, upsized its initial public offering due to high demand.
Tags: Technology, Ipo, Radio, Zillow, Austin Allison, Industry News, SPAC, Spencer Rascoff, Select, Rich Barton, Opendoor, iBuyer, Pacaso, Supernova Partners Acquisition Company Inc


Facebook is working on Neighborhoods, a Nextdoor clone based on local groups

Using social networks to connect with neighbors and local services has surged during the Covid-19 pandemic, and Facebook — with 2.7 billion users globally — is now looking at how it can tap into that in a more direct way. In the same week that it was reported that Nextdoor is reportedly gearing up to go public, Facebook has started to test a Nextdoor clone, Neighborhoods, which suggests Facebook-generated Neighborhood groups (with a capital N, more on that below) local to you to join to conne...
Tags: Social, Facebook, Mark Zuckerberg, Social Networks, Tech, Communities, Groups, Facebook Groups, Calgary, Sarah, Zuckerberg, Nextdoor, SPAC, Calgary Canada, Grigg, TechCrunch Facebook



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