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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


Asia's richest man to take on Amazon boss Jeff Bezos in India's booming e-commerce sector

Mukesh Ambani, Asia’s richest man, is set to take on Amazon's Jeff Bezos in India as the billionaire magnate launches his own rival e-commerce venture in the world's second most populous country. Reliance Industries, the Mumbai-headquartered conglomerate owned by Mr Ambani, is drawing up plans to roll out its online shopping services to 1.2m retail businesses in western India as competition to grab a share of India’s fast-developing e-commerce industry intensifies. Mr Ambani, who control...
Tags: Amazon, Asia, Japan, News, India, Softbank, Narendra Modi, US, Jeff Bezos, Seattle, Mumbai, New Delhi, Flipkart, Hyderabad, Bangalore, Gujarat


How Softbank's Massive Vision Fund Shares Profits—and Losses

SoftBank has set up an unusual compensation structure for the fund that includes a $5 billion loan to employees. The compensation scheme is more extreme than the typical venture capital or private equity fund because of the downside risk, as well as the record size of the investment pool. Vision Fund employees, including high-profile bankers and investors, receive base salaries and bonuses, but only get payouts when profits are booked.
Tags: Science, Softbank, Vision Fund


Indonesian e-commerce unicorn Bukalapak raises $50M

The chances are you may be familiar with Tokopedia, especially after it commanded a $7 billion valuation last November when it raised $1.1 billion from investors like Alibaba and SoftBank’s Vision Fund, but fewer people outside of Indonesia are aware of another sizable local online retail unicorn: Bukalapak. Smaller than Tokopedia in size, the company is valued at $1 billion — it became Indonesia’s fourth unicorn one year ago. The country, which is Southeast Asia’s largest economy and has a popu...
Tags: Fundings & Exits, Ecommerce, Asia, Indonesia, Southeast Asia, Softbank, Funding, Insurance, Tech, E-commerce, Economy, Alibaba, Alibaba Group, Ant Financial, Sequoia, Online Marketplaces


2 dealmakers named David: Uber and Lyft's expected IPOs will trigger competition at Google's in-house VC firms (GOOGL, GOOG)

Uber and Lyft have both confidentially filed for IPOs with the Securities and Exchange Commission, and are expected to go public in 2019. While the ride-hailing competitors have dueling IPOs, Google's parent company Alphabet stands to gain no matter who fares better. Alphabet has substantial investments in both Uber and Lyft through its two venture capital arms, GV and CapitalG. The 2019 tech IPO line up has promised plenty of side-choosing as ride hailing rivals Lyft and Uber prep for duelin...
Tags: Apple, Google, Lyft, Uber, Ipo, Singapore, Softbank, Trends, David, Google Ventures, Wall Street Journal, Securities And Exchange Commission, Alphabet, Axel Springer, Comcast Ventures, Lee


In dueling Uber and Lyft IPOs, two Google dealmakers named David share competing interests (GOOGL, GOOG)

Uber and Lyft have both confidentially filed for IPOs with the Securities and Exchange Commission, and are expected to go public in 2019. While the ride-hailing competitors have dueling IPOs, Google's parent company Alphabet stands to gain no matter who fares better. Alphabet has substantial investments in both Uber and Lyft through its two venture capital arms, GV and CapitalG. The 2019 tech IPO line up has promised plenty of side-choosing as ride hailing rivals Lyft and Uber prep for duelin...
Tags: Google, Lyft, Uber, Ipo, Singapore, Softbank, Trends, David, Jeff Bezos, Google Ventures, Wall Street Journal, Securities And Exchange Commission, Alphabet, Axel Springer, Comcast Ventures, Lee


Snap and WeWork have done an outstanding job showing the problems with making CEOs all-powerful (FB, GOOGL, DBX, SNAP, ROKU)

Recent news out of WeWork and Snap illustrates the shortcomings of their corporate structures.  At Snap, CEO Evan Spiegel's imperial management style seems to be driving away numerous top managers, including its chief financial officer, who announced his departure Tuesday. At WeWork, CEO Adam Neumann is reportedly engaged in what has the appearance of self-dealing — directing the company to lease buildings that he himself owns, despite the objections of the company's investors. Both companies ...
Tags: Google, Facebook, Mark Zuckerberg, New York, Congress, Softbank, Trends, Bloomberg, Larry Page, Chicago, Silicon Valley, San Jose, Evan Spiegel, WeWork, New York Stock Exchange, Wall Street Journal


Slack’s product chief is out ahead of direct listing

Slack is losing its chief product officer April Underwood ahead of a direct listing expected in 2019. Tamar Yehoshua, a long-time Google vice president, has been tapped to fill Underwood’s shoes as Slack’s new product chief. Underwood joined Slack, the provider of workplace communication tools, in 2015 as its head of platform after a five-year stint as Twitter’s director of product. She was promoted to the chief product role about 10 months ago. Underwood is also a founding partner of #...
Tags: Google, Startups, Twitter, Softbank, Angels, Tech, Andreessen Horowitz, Stewart Butterfield, Slack, Kleiner Perkins, Index Ventures, Spark Capital, April Underwood, Underwood, GV, Tamar Yehoshua


WeWork's CEO Makes Millions as Landlord To WeWork (slashdot)

An anonymous reader shares a report: For more than two months after employees at IBM moved into a Manhattan building managed by office space giant WeWork, frequent elevator problems forced workers to climb the stairs of the 11-story building and prompted complaints to the company. One of the landlords behind the building was no ordinary owner: It was Adam Neumann, WeWork's chief executive, who leased the property to WeWork after buying it [Editor's note: the link may be paywalled; alternative so...
Tags: News, Softbank, Manhattan, Ibm, WeWork, Neumann, Msmash, Adam Neumann WeWork


India’s Ola is adding a monthly billing option for its ride-hailing customers

Ola, the ride-hailing service battling Uber in India, is introducing credit services to its users as it moves closer to a major new funding round. Today the company took the wraps off Ola Money Postpaid, a service that builds on Ola’s existing payment service — which can be used to pay rides and also third-party services — but offering a credit facility without additional charges. Essentially, the postpaid service lets passengers accumulate rides on Ola and then pay for 15-days of charges ...
Tags: Google, Food, TC, Uber, Asia, Australia, Collaborative Consumption, India, Softbank, Tech, Ceo, United Kingdom, Transport, New Zealand, Electricity, Online Payments


8 cloud computing startups to bet your career on in 2019

If you're looking to take your career to the next level, it might be time to bet on cloud computing. Startups in the cloud market are garnering massive funding and massive interest.  That's not surprising. Cloud computing is expected to become a $300 billion market by 2021, according to analyst firm Gartner. The cloud computing market consolidates around Amazon Web Services , Microsoft Azure and Google Cloud.  Over the last three years, job postings with key words on cloud have skyrocke...
Tags: Google, Softbank, San Francisco, Trends, New York Times, Gartner, San Jose, Nutanix, San Francisco Bay Area, PitchBook, Zapier, Mohit Aron, Cohesity, Amazon Web Services Microsoft, UnknownTotal, Deutsche Telekom Cohesity


WeWork CEO Adam Neumann has reportedly made millions of dollars by leasing office space to his own company

WeWork CEO Adam Neumann reportedly made millions of dollars by renting office space in buildings that he partially owns back to the company, according to a Wall Street Journal report on Wednesday.  In a filing for prospective investors last year, WeWork reportedly disclosed that it paid $12 million in rent between 2016 and 2017 to buildings “partially owned by officers" of WeWork. Investors tell the Journal that they're concerned that the situation creates a conflict of interest — if those ...
Tags: Apple, Softbank, New York City, Trends, Xiaomi, WeWork, Wall Street Journal, Journal, San Jose CA, Neumann, Adam Neumann, WeWork Investors


Goldman Sachs just revealed it made a nice profit off Uber ahead of an IPO it hopes to help run

Goldman Sachs on Wednesday disclosed its sale last year of a stake in Uber. It was part of CFO Stephen Scherr's extended explanation of the Wall Street firm's investing and lending segment.  Goldman's fourth quarter results got a boost from the segment, which makes equity and debt investments in hundreds of companies and has historically been considered a "black box." Uber is considering an initial public offering this year, and may choose Goldman Sachs to help with the deal. It's already sele...
Tags: Ipo, Softbank, Trends, Bloomberg, Silicon Valley, Goldman Sachs, Morgan Stanley, Goldman, Wall Street Journal, Republic of China, Uber Technologies, Scherr, Stephen Scherr


WeWork CEO made millions leasing buildings to WeWork

WeWork CEO Adam Neumann allegedly made millions by leasing buildings he owns a stake in, to the very company he serves as chief executive officer.
Tags: New York, Softbank, Radio, Ibm, San Jose, Conflict Of Interest, WeWork, Industry News, Adam Neumann, Select, News Brief


We Company CEO in hot water over being both a tenant and a landlord

The company formerly known as WeWork has come under scrutiny for potential conflict of interest issues regarding CEO Adam Neumann’s partial ownership of three properties where WeWork is (or will be) a tenant. TechCrunch has seen excerpts of the company’s prospectus for investors that details upwards of $100 million in total future rents WeWork will pay to properties owned, in part, by Adam Neumann. In March 2018, The Real Deal reported that Neumann had purchased a 50 percent stake in 88 Unive...
Tags: Startups, TC, Enterprise, Softbank, Tech, University, Chelsea, Ibm, San Jose, WeWork, WSJ, Neumann, Adam, Adam Neumann, Tahari, University Place


SoftBank Ventures Asia recruits Lee as CFO

SoftBank Ventures Asia, SoftBank Group‘s early-stage investment vehicle, has hired Seung Lee as chief financial officer. Lee’s background includes working for more than 15 years at Morgan Stanley‘s Hong Kong and Seoul office. PRESS RELEASE SEOUL, South Korea, Jan. 15, 2019 /PRNewswire/ — SoftBank Ventures Asia, the early-stage investment vehicle of the SoftBank Group, has hired a chief financial officer. Seung Lee, the new CFO, will be responsible for the management of the global funds and the l...
Tags: Asia, Hong Kong, Softbank, Trends, People, Silicon Valley, Morgan Stanley, Seoul, Stanford University, Yale University, Lee, Seoul South Korea, SoftBank Group, BEIJING SINGAPORE, Seung Lee, JP Lee


DoorDash is officially live in all 50 states

Hot off the heels of a $250 million funding round and a lofty $4 billion valuation, DoorDash is launching in an additional six markets. As of today, the service is live in Anchorage, Alaska; Billings, Bozeman and Missoula, Montana; Sioux Falls, South Dakota; Fargo, North Dakota; Morgantown and Huntington, West Virginia; and Cheyenne, Wyoming, making it the first on-demand food delivery startup to operate in all 50 U.S. states. “In the past year alone we’ve more than quintupled our geographic fo...
Tags: Travel, Food, TC, Softbank, San Francisco, North America, DST Global, Khosla Ventures, Kleiner Perkins, Doordash, Morgantown, Anchorage Alaska, Cheyenne Wyoming, Tony Xu, Fargo North Dakota, Huntington West Virginia


WeWork's CEO Makes Millions as Landlord To WeWork

An anonymous reader shares a report: For more than two months after employees at IBM moved into a Manhattan building managed by office space giant WeWork, frequent elevator problems forced workers to climb the stairs of the 11-story building and prompted complaints to the company. One of the landlords behind the building was no ordinary owner: It was Adam Neumann, WeWork's chief executive, who leased the property to WeWork after buying it [Editor's note: the link may be paywalled; alternative so...
Tags: Softbank, Tech, Manhattan, Ibm, WeWork, Neumann, Adam Neumann WeWork


Grab moves to offer digital insurance services in Southeast Asia

Grab is Southeast Asia’s top ride-hailing firm, thanks in no small part to its acquisition of Uber’s local business last year, but the company also houses an ambitious fintech arm, too. That just added another vertical to its business after Grab announced it is teaming up with China’s ZhongAn to introduce insurance. Grab and ZhongAn International, the international arm of the Chinese insurance giant, said today they will create a joint venture that will provide digital insurance services acro...
Tags: Google, Uber, Asia, Indonesia, China, Southeast Asia, Singapore, Collaborative Consumption, India, Softbank, Insurance, Tech, Thailand, Tencent, Vietnam, Meituan


Opendoor competitor Knock raises $400M

Home trade-in platform Knock has brought in a $400 million investment to accelerate a national expansion and double its 100-person headcount. Foundry Group has led the Series B funding round in New York-based Knock, with participation from Company Ventures and existing investors RRE Ventures, Corazon Capital, WTI and FJ Labs . Knock co-founder and chief executive officer Sean Black declined to disclose the startup’s valuation. Founded in 2015, Knock helps its customers find a new home, t...
Tags: Startups, Real Estate, New York, Softbank, Funding, Tech, Venture Capital, Black, Foundry Group, RRE Ventures, Trulia, PitchBook, Knock, Vision Fund, FJ Labs, Katerra


Japan’s SoftBank to lead $700 million funding in U.S. startup Katerra: The Information

Japan’s SoftBank Corp (9984.T) plans to lead another investment round in Katerra that would value the California-based construction company at more than $4 billion, the Information reported on Monday. The $700 million investment will be led by SoftBank’s Vision Fund and will pull Katerra’s total equity capital past $2 billion, the Information reported, citing people familiar with the matter. Katerra declined to comment on the matter, while SoftBank was not immediately available to comment. SoftB...
Tags: Japan, California, Softbank, Trends, Information, WeWork, Reuters, VC Deals, Vision Fund, Katerra, SoftBank Corp 9984 T


Maverick Ventures announces $382M evergreen fund

In an era when validation-seeking venture capitalists are lauded as much as high-flying founders, Maverick Ventures’ small team of investors have opted to stay quiet. Now, the years-old firm is ready to publicize its successes and shed some light on its global strategy. Today, Maverick is disclosing for the first time the size of its evergreen venture fund: a $382 million early-stage vehicle. Launched in 2015 as the venture arm of 25-year-old hedge fund Maverick Capital, San Francisco-based M...
Tags: Startups, Softbank, Tech, Oscar, Venture Capital, Tencent, Bessemer Venture Partners, Youku, Maverick, Affymetrix, One Medical, Freshdirect, Maverick Ventures, Ambar Bhattacharyya, David Singer, Devoted Health


Alibaba taps Kabbage to loan up to $150K to SMBs after it quietly acquired OpenSky to ramp in North America

Alibaba’s long-term ambition to grow its business in the US is taking another step forward. To increase sales to US small businesses, the company has partnered with Kabbage, the Softbank-backed unicorn that provides loans to SMBs using big data and machine learning to determine eligibility faster than a traditional bank lender, to provide up to $150,000 of financing at the point of sale on Alibaba.com as part of a new program called Pay Later. The move comes on the heels of an interesting, if sl...
Tags: Amazon, TC, Ecommerce, Asia, Finance, China, Softbank, US, Tech, E-commerce, Alibaba, Dallas, Alipay, North America, Detroit, Jack Ma


ACWA plans to make solar panels as part of SoftBank and Saudi fund's $200 billion project

ACWA Power plans to expand into solar panel manufacturing, its chief executive said, in a move which would put the power and water plants developer at the heart of Saudi Arabia's plans to develop its renewable power industry. Riyadh-based ACWA Power, partly owned by Saudi's Public Investment Fund (PIF), is in talks to become a manufacturer of solar panels, Paddy Padmanathan said in an interview, working with the sovereign wealth fund and Japan's SoftBank on their $200 billion solar-power gene...
Tags: Japan, Science, Saudi Arabia, Softbank, Riyadh, ACWA Power, ACWA, Paddy Padmanathan, Saudi s Public Investment Fund PIF


Global VC market sees highest-ever concentration of supergiant dollar volume in Q4 2018

Jason Rowley Contributor Jason Rowley is a venture capital and technology reporter for Crunchbase News. More posts by this contributor SoftBank’s Vision Fund inches closer to $100B The top 10 cities for $100M VC rounds in 2018 so far For the global VC industry, 2018 was a supergiant year. Crunchbase projects that 2018 deal and dollar volume surpassed even the high-water mark left by the dot-com deluge and the drought that followed...
Tags: TC, Column, Softbank, Tech, Venture Capital, Crunchbase, Jason Rowley, Crunchbase News, Crunchbase News More


Startups Weekly: Will Trump ruin the unicorn IPOs of our dreams?

The government shutdown entered its 21st day on Friday, upping concerns of potentially long-lasting impacts on the U.S. stock market. Private market investors around the country applauded when Uber finally filed documents with the SEC to go public. Others were giddy to hear Lyft, Pinterest, Postmates and Slack (via a direct listing, according to the latest reports) were likely to IPO in 2019, too. Unfortunately, floats that seemed imminent may not actually surface until the second half of 2019 —...
Tags: Startups, Facebook, Lyft, Uber, Money, Pinterest, Wall Street, Softbank, Funding, Tech, Venture Capital, SEC, WeWork, Magic Leap, Sequoia Capital, Donald Trump


SoftBank spent $900 million in investment banking fees in 2018. The only entity it lagged — the People's Republic of China.

SoftBank spent $900 million in investment banking fees in 2018, more than any company in at least a decade. The People's Republic of China is the only entity to outspend the Japanese tech conglomerate. SoftBank has primarily paid fees to investment bankers to raise capital, but it also executed many high profile investments in companies like WeWork and Cruise Automation. If you didn't have SoftBank as an investment banking client in 2018, you missed out on one of the most massive and lucrativ...
Tags: China, Softbank, Trends, Alibaba, Gm, Citigroup, Deutsche Bank, Silicon Valley, Goldman Sachs, WeWork, Goldman, Coupang, Bayer, Nomura, Republic of China, Masayoshi Son


A small number of banks profited from a SoftBank dealmaking bonanza in 2018 — one of the most lucrative fee opportunities in modern history

SoftBank spent $900 million in investment banking fees in 2018, more than any company in at least a decade. The People's Republic of China is the only entity to outspend the Japanese tech conglomerate. SoftBank has primarily paid fees to investment bankers to raise capital, but it also executed many high profile investments in companies like WeWork and Cruise Automation. If you didn't have SoftBank as an investment banking client in 2018, you missed out on one of the most massive and lucrativ...
Tags: China, Softbank, Trends, Alibaba, Gm, Citigroup, Deutsche Bank, Silicon Valley, Goldman Sachs, WeWork, Goldman, Coupang, Bayer, Nomura, Republic of China, Masayoshi Son


The US continues to hammer Chinese tech

It’s another week, and another bevy of hits on Chinese tech by the U.S. government. Let’s get up to speed, plus a request for startup lawyer recommendations. TechCrunch is experimenting with new content forms. This is a rough draft of something new — provide your feedback directly to the author (Danny at [email protected]) if you like or hate something here. Venture capital’s leading advocate NVCA pushes for narrower restrictions on foreign investment Let’s start with the most exciting subj...
Tags: Asia, New York, Congress, Washington Post, Government, China, Boston, Softbank, US, America, Tech, Policy, United States, House, Venture Capital, Tencent


The U.S. continues to hammer Chinese tech

It’s another week, and another bevy of hits on Chinese tech by the U.S. government. Let’s get up to speed, plus a request for startup lawyer recommendations. TechCrunch is experimenting with new content forms. This is a rough draft of something new — provide your feedback directly to the author (Danny at [email protected]) if you like or hate something here. Venture capital’s leading advocate NVCA pushes for narrower restrictions on foreign investment Let’s start with the most exciting subj...
Tags: Asia, New York, Congress, Washington Post, Government, China, Boston, Softbank, America, Tech, Policy, United States, House, Venture Capital, Tencent, Silicon Valley