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If you didn’t make $1B this week, you are not doing VC right

The only thing more rare than a unicorn is an exited unicorn. At TechCrunch, we cover a lot of startup financings, but we rarely get the opportunity to cover exits. This week was an exception though, as it was exitpalooza as Affirm, Roblox, Airbnb, and Wish all filed to go public. With DoorDash’s IPO filing last week, this is upwards of $100 billion in potential float heading to the public markets as we make our way to the end of a tumultuous 2020. All those exits raise a simple question – who m...
Tags: Ipo, Singapore, Tech, SEC, Airbnb, Max Levchin, Cto, GIC, Levchin, Tony Xu, Sheng, Joe Gebbia, Peter Szulczewski, Szulczewski, Roblox, Evan Moore


Affirm revealed its IPO paperwork. Here's a look inside the buy now, pay later frenzy, the new twist on financing that is a must have for everyone.

Klarna markets itself as a 'smoooth shopping' experience. Thomas Concordia/Getty Images Point-of-sale financing isn't new, but it's gotten renewed attention as a wave of startups like Affirm, Afterpay, and Klarna acquired millions of new users during the coronavirus pandemic. On Wednesday, Affim published its S-1, the paper detailing its planned initial public offering.  These fintechs offer consumers the ability to buy now, pay later, both online and in-store. And now, incumbents ...
Tags: Apple, Google, Amazon, Japan, UK, Etsy, Australia, France, Finance, China, US, Trends, Paypal, David, Canada, Tencent


Former WeWork China exec launches a ‘startup studio’ for real estate

The real estate industry has been slow to adopt technology compared to many other sectors. So when Dominic Penaloza left his job at WeWork China as the head of innovation and technology this spring, he decided to focus on proptech in Asia. Instead of building a startup himself or investing in one, Penaloza combines both objectives by launching a “startup studio” called REinvent (“RE” short for “real estate”). The industry jargon refers to an organization that builds startups with an in-house tea...
Tags: Asia, Japan, Real Estate, China, Southeast Asia, Singapore, Tech, Asia Pacific, Starbucks, WeWork, GIC, Lazada, Jumia, Penaloza, WeWork China, Shanghai Taipei


The VC and founder winners of DoorDash’s IPO

After years of rumors and high-flying headlines, we finally have the S-1 for DoorDash. Alex has covered the primary details, but I figured it would be good to dive in so we can see who is raking in the returns on the country’s delivery startup champion. DoorDash’s filing indicates that the company raised a combined $2.485 billion in capital across a seed round and eight rounds Series A-H. The three VC firms with the largest holdings noted in the filing were the SoftBank Vision Fund, Sequoia a...
Tags: Finance, Singapore, Tech, Venture Capital, Alex, Khosla, Cto, Sequoia, Doordash, GIC, Tony Xu, Vision Fund, Evan Moore, Stanley Tang, Andy Fang, SoftBank Vision Fund Sequoia


Vimeo raises $150M, while IAC is ‘contemplating’ a spin-off

Vimeo has raised $150 million in new equity funding, announced in conjunction with the third quarter earnings of its parent company IAC. In a letter to shareholders, IAC CEO Joey Levin said the company has “begun contemplating spinning Vimeo off to our shareholders.” “Given Vimeo’s success, and investor adulation for the Software-as-a-Service (SaaS) category generally, we expect Vimeo’s access to capital inside of IAC will be much more expensive than access to capital outside of IAC, and t...
Tags: TC, Enterprise, Media, Tech, Vimeo, IAC, Siemens, Thrive Capital, Match Group, Levin, EBITDA, GIC, SVOD, Joey Levin, Anjali Sud, Given Vimeo


Saudi sovereign fund PIF to invest ₹9,555 crore in Reliance Retail

Reliance Industries announced on Thursday that the Public Investment Fund (PIF) of Saudi Arabia will invest ₹ 9,555 crore (approximately $1.3 billion) for an equity stake of 2.04% into Reliance Retail Ventures (RRVL). With this investment RRVL is valued at ₹4.587 lakh crore (~US$62.4 billion). The investment in RRVL follows PIF’s earlier acquisition of a 2.32% stake in Jio Platforms for ₹11,367 crore. Other global funds like General Atlantic, Silver Lake, TPG Capital, Mubadala, the Abu Dhabi Inv...
Tags: Travel, Amazon, News, Saudi Arabia, Singapore, Pif, Reliance, Reliance Industries, GIC, Jio, Big Bazaar, Reliance Retail, Future Group, Ambani, Abu Dhabi Investment Authority, Public Investment Fund


ADNOC pipeline investor Galaxy starts marketing three-part bonds - document | Reuters

ADNOC pipeline investor Galaxy starts marketing three-part bonds - document | Reuters Galaxy Pipeline Assets, owned by a consortium of investors that took a stake in Abu Dhabi ADNOC’s gas pipeline assets, started marketing a three-part dollar bond on Tuesday, a document showed.The amortizing bonds are split into three tranches ranging from seven and a half to 20 years, according to the document issued by one of the banks leading the deal and seen by Reuters. They are being marketed with initial ...
Tags: Travel, Reuters, GIC, ADNOC, Rupert Neil Bumfrey, SNAM, Abu Dhabi Adnoc, Brookfield Singapore, Reuters Galaxy Pipeline Assets


Reliance says its $3.4B deal with Future Group ‘fully enforceable under Indian law’ despite Amazon winning an arbitration order

Reliance Retail, India’s largest retail chain, said on Sunday evening that its proposed deal to acquire Future Group’s assets for a whopping $3.4 billion — against which Amazon has filed a legal proceeding — is fully enforceable under the Indian law and it intends to complete the deal “without any delay.” Mukesh Ambani’s firm issued the statement after Amazon won an emergency order from a Singapore arbitration court earlier on Sunday to temporarily halt the proposed sale between the two I...
Tags: Google, Amazon, Facebook, Ecommerce, Asia, Singapore, India, Tech, Walmart, Bloomberg, Atlantic, Flipkart, Reliance, Reliance Industries, GIC, Myntra


Reliance says its $3.4 billion deal with Future Group ‘fully enforceable under Indian law’ despite Amazon winning an arbitration order

Reliance Retail, India’s largest retail chain, said on Sunday evening that its proposed deal to acquire Future Group’s assets for $3.4 billion — against which Amazon has filed a legal proceeding — is fully enforceable under the Indian law and it intends to complete the deal “without any delay.” Mukesh Ambani’s firm issued the statement after Amazon won an emergency order from a Singapore arbitration panel to temporarily halt the proposed sale between the two Indian retail giants. The Am...
Tags: Google, Amazon, Facebook, Ecommerce, Asia, Singapore, India, Tech, Walmart, Bloomberg, Atlantic, Flipkart, Reliance, Reliance Industries, GIC, Myntra


Reliance, Future Group ignore Amazon protest on $3.4B deal

Reliance Retail, India’s largest retail chain, said on Sunday evening that its proposed deal to acquire Future Group’s assets for a whopping $3.4 billion — against which Amazon has filed a legal proceeding — is fully enforceable under the Indian law and it intends to complete the deal “without any delay.” Mukesh Ambani’s firm issued the statement after Amazon won an emergency order from a Singapore arbitration court earlier on Sunday to temporarily halt the proposed sale between the two I...
Tags: Google, Amazon, Facebook, Ecommerce, Asia, Singapore, India, Tech, Walmart, Bloomberg, Atlantic, Flipkart, Reliance Industries, GIC, Myntra, Reliance Retail


ADNOC pipeline investor Galaxy mandates banks for planned bond sales - document | Reuters

ADNOC pipeline investor Galaxy mandates banks for planned bond sales - document | ReutersGalaxy Pipeline Assets, which is owned by a consortium of investors that took a stake in ADNOC’s gas pipeline assets, has mandated banks for sale of triple-tranche dollar bonds, a document showed.Galaxy has mandated Citigroup and HSBC as global coordinators, while BNP Paribas, First Abu Dhabi Bank, Mizuho, MUFG and Standard Chartered Bank will be joint bookrunners to organise fixed-income investor calls acro...
Tags: Travel, Hsbc, Middle East, Citigroup, Reuters, Standard Chartered Bank, GIC, ADNOC, Rupert Neil Bumfrey, United States Europe Asia, SNAM, ReutersGalaxy Pipeline Assets, BNP Paribas First Abu Dhabi Bank Mizuho MUFG, Brookfield Singapore


Razorpay raises US$100 million funding from existing investors, GIC

Razorpay has raised US$100 million in Series D funding from existing investors and Singaporean sovereign fund GIC. The company announced the investment in a blog post on Monday. Razorpay is a payment gateway company that also operates RazorpayX, a banking product suite for automating finance-related aspects of businesses. Entrackr had reported in September that the company was in talks for getting up to US$150 million in funding. “The funding also comes with a major milestone of Razorpay becomin...
Tags: Travel, Google, News, Investments, India, US, Payments, UPI, GIC, Bajaj Finance, RazorPay, Bandhan Bank, Shashank Kumar, Jio Hotstar Wikipedia Facebook, Reliance Retail Razorpay


India’s Razorpay becomes unicorn after new $100 million funding round

Bangalore-headquartered Razorpay, one of the handful of Indian fintech startups that has demonstrated accelerated growth in recent years, has joined the coveted unicorn club after raising $100 million in a new financing round, the payments processing startup said on Monday. The new financing round, a Series D, was co-led by Singapore’s sovereign wealth fund GIC, and Sequoia India, the six-year-old Indian startup said. The new round valued the startup at “a little more than $1 billion,” co-...
Tags: Asia, Finance, Singapore, India, Funding, Tech, Zomato, Sequoia Capital, Mathur, Airtel, UPI, Bangalore, Truecaller, Swiggy, GIC, Oyo


Amazon sends legal notice to India’s Future Group over deal with Ambani’s Reliance Retail

Amazon has sent a legal notice to Future Retail, India’s second largest retail chain, for breaching the terms of its contract by selling a significant portion of the business to Ambani’s Reliance Retail. Future Group announced in late August that it was selling its retail and wholesale business, as well as its logistics and warehousing business to Reliance Retail for $3.4 billion. But before Reliance Retail came into the picture, Future Group and Amazon also had a deal. Last year, Ama...
Tags: Google, Amazon, Asia, India, Tech, Bloomberg, Atlantic, Amazon India, GIC, Flipkart Amazon, Reliance Retail, Mukesh Ambani, Future Group, Ambani, Jio Platforms, Reliance Retail India


Reliance Retail gets investments worth ₹19,110 crore from private equity firm, sovereign funds

Over the first week of October, TPG Capital, Mubadala, the Abu Dhabi Investment Authority and GIC invested ₹19,110 crore (~US$2.6 billion) into Reliance Retail. TPG is a San Francisco-based private equity investment firm; Mubadala and ADIA are sovereign funds owned by the United Arab Emirates government; and GIC is a sovereign fund owned by the government of Singapore. TPG invested ₹1,837.5 crore (US$250 million) for a 0.41% stake, GIC invested ₹5,512.5 crore (US$752.4 million) for a 1.22% stake...
Tags: Travel, News, US, San Francisco, United Arab Emirates, KKR, Tpg Capital, Reliance, GIC, Jio, Reliance Retail, ADIA, Future Group, Abu Dhabi Investment Authority, Mubadala, Jio Platforms


Ambani sells over $750 million Reliance Retail stake to Abu Dhabi Investment Authority

Abu Dhabi Investment Authority, which invested $750 million in Indian telecom giant Jio Platforms in June this year, has returned to invest just as much capital in Mukesh Ambani’s other venture. Reliance Retail, India’s largest retail chain, said on Tuesday that it is selling a 1.2% stake in the business to Abu Dhabi Investment Authority for about $752 million. Abu Dhabi Investment Authority is the seventh investor to secure a stake in Reliance Retail — at a pre-money valuation of $58.5 billi...
Tags: TC, Facebook, Asia, India, Funding, Tech, Atlantic, Reliance, Reliance Industries, GIC, TPG, Reliance Retail, ADIA, Mukesh Ambani, Ambani, Abu Dhabi Investment Authority


Reliance Retail gets investments worth ₹13,597.5 crore from private equity firm, sovereign funds

Over the weekend, TPG Capital, Mubadala and GIC invested ₹13,597.5 crore (US$1.85 billion) into Reliance Retail. TPG is a San Francisco-based private equity investment firm, whereas Mubadala and GIC are sovereign funds owned by the United Arab Emirates and Singapore governments, respectively. TPG invested ₹1,837.5 crore (US$250 million) for a 0.41% stake, GIC invested ₹5,512.5 crore (US$752.4 million) for a 1.22% stake, and Mubadala invested ₹6,247.5 crore (US$852.9 million) for a 1.4% stake. Mu...
Tags: Travel, News, Singapore, US, San Francisco, United Arab Emirates, KKR, Tpg Capital, Reliance, GIC, Jio, TPG, Reliance Retail, Future Group, Mubadala, Jio Platforms


Singapore’s GIC and TPG to invest over $1 billion in Reliance Retail

GIC, Singapore’s sovereign wealth fund, will invest $752 million in Mukesh Ambani’s Reliance Retail, and TPG will invest $250 million in the Indian firm, they all said Saturday midnight (local time). The Government of Singapore Investment Corp and TPG are the latest high-profile investors to back Reliance Retail, India’s largest retail chain, in the past four weeks. Reliance Retail — like its sister sibling Jio Platforms — is a subsidiary of Reliance Industries, India’s most valuable fi...
Tags: Amazon, Facebook, Asia, Singapore, India, Funding, Narendra Modi, Tech, KKR, General Atlantic, Silver Lake, Reliance, Reliance Industries, GIC, TPG, Reliance Retail


Singapore’s GIC to invest $752 million in Reliance Retail

GIC, Singapore’s sovereign wealth fund, will invest $752 million in Mukesh Ambani’s Reliance Retail, the Indian firm said Saturday midnight. The Government of Singapore Investment Corp is the fifth high-profile investor to back Reliance Retail, India’s largest retail chain, in the past four weeks. Reliance Retail — like its sister sibling Jio Platforms — is a subsidiary of Reliance Industries, India’s most valuable firm. GIC’s investment gives Reliance Retail a pre-money valuation of $58.5...
Tags: Amazon, Facebook, Asia, Singapore, India, Funding, Narendra Modi, Tech, KKR, General Atlantic, Silver Lake, Reliance, Reliance Industries, GIC, Reliance Retail, Mukesh Ambani


Rolls-Royce in talks with sovereign wealth funds to raise £2.5bn | Financial Times

Rolls-Royce in talks with sovereign wealth funds to raise £2.5bn | Financial Times:Rolls-Royce is in talks with sovereign wealth funds, including Singapore’s GIC, as part of a plan to raise around £2.5bn from investors next month, according to three people with direct knowledge of the matter.  The UK aero-engine group is working with bankers at Goldman Sachs on the planned equity raise as it looks to become the latest company to tap stock market investors to repair a balance sheet badly damaged ...
Tags: Travel, UK, Singapore, Goldman Sachs, Financial Times, Royce, GIC, Rupert Neil Bumfrey


Credit Suisse Teams Up With #Qatar for Direct Lending Venture - Bloomberg

Credit Suisse Teams Up With Qatar for Direct Lending Venture - Bloomberg:Credit Suisse Group AG and Qatar Investment Authority are joining forces to set up a multi-billion dollar platform to invest in direct lending.The partnership will make loans to upper middle-market and large-cap companies in the U.S. and Europe, the Swiss bank and QIA said in a joint statement Thursday. The financing will mainly consist of first or second ranked loans which are secured against the business.Sovereign wealth ...
Tags: Travel, Europe, Singapore, Qatar, Bloomberg, Qatar Investment Authority, Abu Dhabi, Qia, Lopez, GIC, Credit Suisse Group AG, Diego Lopez, Rupert Neil Bumfrey, Mubadala Investment Co, Global SWF, Global Management


Singapore’s GIC reports lowest returns since global financial crisis | Financial Times

Singapore’s GIC reports lowest returns since global financial crisis | Financial Times:GIC has posted its lowest rate of return since the global financial crisis as the Singapore sovereign wealth fund braces for deeper geopolitical and market uncertainties due to the coronavirus pandemic.“Coming into this year we already had concerns about high valuation, indebtedness, policy room and geopolitics,” said Lim Chow Kiat, chief executive of GIC. “Covid just made every one of them worse and more unce...
Tags: Travel, Singapore, Financial Times, GIC, Rupert Neil Bumfrey, Lim Chow Kiat


6 Former Ebay Employees Targeted Publishers Critical of Company, Charged with Cyberstalking

Six former eBay employees face charges they cyberstalked a husband and wife publishing team that publicly criticized the company on their website. According to information from U.S. Attorney Andrew Lelling, those eBay employees led a harassment campaign against the publishers of an online ecommerce newsletter. That couple routinely wrote articles about eBay. Former eBay Employees Charged with Cyber Stalking However, an article published in August 2019 specifically drew the ire of eBay executi...
Tags: Ebay, Boston, Massachusetts, US, Sales, San Jose, GIC, Natick Massachusetts, Natick, Redwood City Calif, Small Business News, Baugh, eBay In, Andrew Lelling, Lelling, Harville


Six members of eBay’s global security team charged with sending bloody pig mask to critic

CNBC reports that the FBI and federal prosecutors in Boston charged six former members of eBay’s global security team with cyberstalking the publisher of an email newsletter that said critical things about the company. “Among other things, several of the defendants ordered anonymous and disturbing deliveries to the victims’ home, including a preserved fetal pig, a bloody pig Halloween mask, a funeral wreath, a book on surviving the loss of a spouse, and pornography – the last of these addressed ...
Tags: Post, News, Ebay, Boston, Fbi, San Jose, Department Of Justice, Cyberstalking, Justice Department, Cnbc, GIC, Redwood City Calif, Global Intelligence, James Baugh eBay, David Harville eBay, Stephanie Popp


Benetton family, sovereign funds break up Cellnex shareholders pact - Reuters

:Italy’s Benetton family and sovereign wealth funds from Singapore and Abu Dhabi have broken up a shareholders pact that controlled 29.9% of Spanish mobile phone towers operator Cellnex (CLNX.MC).After the operation, expected to be finalised in June, the Benetton family, through its financial holding firm Sintonia SpA, will own 16.45% in Cellnex, while the Abu Dhabi Investment Authority and Singapore’s sovereign wealth fund GIC will own 6.73% each, according to a filing to the Spanish stock mark...
Tags: Travel, Singapore, Italy, Abu Dhabi, Reuters, GIC, Benetton, Rupert Neil Bumfrey, Abu Dhabi Investment Authority, Cellnex, Sintonia SpA


GIP Consortium Is Said to Seek $8 Billion Loan for Adnoc Deal - Bloomberg

GIP Consortium Is Said to Seek $8 Billion Loan for Adnoc Deal - Bloomberg: An ADNOC employee performs maintenance duties at the Borouge 3 petrochemical plant, at the company's Ruwais refinery.   Photographer: Christophe Viseux/Bloomberg An investor group backed by Global Infrastructure Partners and Brookfield Asset Management Inc. is seeking a loan of about $8 billion to finance the potential purchase of a stake in Abu Dhabi National Oil Co.’s natural gas pipelines, according to ...
Tags: Travel, Singapore, GIC, Brookfield Asset Management Inc, ADNOC, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, Global Infrastructure Partners, SNAM, GIC Pte, Adnoc Deal Bloomberg, Borouge, Christophe Viseux Bloomberg An, Snam SpA Ontario Teachers Pension Plan


Edtech notches a win as Teachable is acquired by Hotmart

Edtech has been a hot category for investors for some time. Surging demand for better classes globally from new entrants to the knowledge economy has pushed revenues to new highs. Now, coupled with the rapid propagation of coronavirus forcing dozens of colleges and universities to shut down and move entirely online, the sector is even further in the limelight. New York-based Teachable rode that wave since its founding in 2013 as Fedora, creating a marketplace for teachers to sell their online co...
Tags: Startups, TC, New York, Education, Singapore, Tech, Amsterdam, Brazil, Edtech, General Atlantic, Crunchbase, Exit, Udemy, Pluralsight, Durham North Carolina, GIC


Can Solar Power Compete With Coal? In India, It's Gaining Ground

Electricity from sunlight costs less, a hopeful sign for developing nations building out their power grids. From a report: In a dusty northwest India desert dotted with cows and the occasional camel, a solar-power plant is producing some of the world's cheapest energy. Built in 2018 by India's Acme Solar Holdings, it can generate 200 megawatts of electricity, enough to power all the homes in a middle-size U.S. town. Acme sells the electricity to distributors for 2.44 rupees (3.4 cents) a kilowat...
Tags: China, India, Tech, Goldman Sachs Group, GIC, Acme Solar Holdings, Sandeep Kashyap Acme


How five of our biggest shopping centres performed: Westfields results out

Retailers in New Zealand's biggest group of shopping centres got nearly 40 million customer visits in the year December 31, 2019.Scentre Group, which owns 51 per cent of five New Zealand malls in a venture with Singapore's GIC,... [Author: [email protected]]
Tags: Business, Singapore, New Zealand, GIC, Scentre Group


Private equity is finally warming up to data-science hiring. Here's how 6 firms like Blackstone and Cerberus are building teams — and what's holding some back from going all in.

Insiders say that private-equity firms have been slow to adopt data analytics because the added value for the amount of time and investment needed to build a decent data set is yet to be proven. But PE firms have started to take steps to built out their data capabilities with new hires. We interviewed more than a dozen insiders including PE execs, recruiters and consultants to better understand the firms, like KKR, Blackstone, and Neuberger Berman, that are entering the race. Using quant ...
Tags: Google, Amazon, Asia, South Korea, London, Microsoft, Singapore, Trends, Silicon Valley, East Coast, KKR, Blackstone, Stanford University, Sigma, Business Insider, Jpmorgan