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Archivo del Autor: Belen De Leon

As a top manager leaves amid fundraising woes, SoftBank’s vision looks dimmer — and schadenfreude abounds

Every once in a while, an organization implodes so fantastically that it’s hard in retrospect to understand why another outcome once seemed possible. With every passing day, SoftBank — which shook up the investing world with the largest investment fund ever pooled, then seemed to use its capital as a weapon — looks to become one such spectacular failure.

The very newest development centers on the departure of Michael Ronen, a former Goldman Sachs banker who joined SoftBank in 2017 and became the managing partner of U.S. investments at SoftBank’s $100 billion Vision Fund, where he led the firm’s transportation investments, including in Getaround, GM Cruise, Nuro, and Park Jockey.

Ronen tells the Financial Times that he has been “negotiating the terms of my anticipated departureâ€� in recent weeks. Meanwhile, sources tell the FT that his departure is tied directly to the failure of SoftBank to raise any outside investment for the company’s second Vision Fund.

The FT further reports that other top lieutenants may also be on their way out, including SoftBank vice chairman Ron Fisher, who has been a part of SoftBank and a close advisor to SoftBank CEO Masayoshi Son since 1995.

SoftBank is denying that Fisher is “going anywhere.” We’ve meanwhile reached out to Ronen for further information, as well as to the Vision Fund’s press relations office.

It was in mid-summer last year that the first hints of trouble began to surface publicly. Son himself began raising questions when he announced in July that the Japanese conglomerate’s second Vision Fund had reached $108 billion in capital commitments based on a series of memoranda of understandings, as said Son.

It didn’t take long for industry observers to start wondering whether the money was real. When we asked SoftBank why it was counting unrealized gains as profits in its first fund, for example, or whether investors in its first fund would accept SoftBank’s plans to use proceeds from its first fund to invest capital in a second vehicle (mixing money from different funds is not kosher in the world of VC), two spokespersons declined to answer our specific questions. Instead, we were pointed  to an online presentation by Son on SoftBank’s investor relations page that answered none of our queries.

Soon after, the WSJ reported that SoftBank planned to loan employees up to $20 billion so that they could buy stakes in its second fund. Again, the news raised eyebrows. Yet it was only when the Financial Times reported that some executives were being encouraged to borrow more than 10 times their base salary — and that some employees worried that opting out might hurt their career —  that the degree to which SoftBank was struggling became clearer.

Even still, few could have anticipated the speed with which the crown jewel of SoftBank’s first Vision Fund — WeWork — would fall apart as investment. Though the co-working giant was thought wildly overvalued by many in both the real estate and tech industries, it was difficult to imagine a scenario in which SoftBank — to rescue its more than $18 billion investment in WeWork — would pay so richly to get rid of its founding CEO, scuttle its IPO plans, then try to run the company itself.

As it happens, those who’ve worked with Son in the past seem least surprised by what’s happening now. Last fall, a former associate didn’t mince words when it came to Son, telling us, not for attribution, “If you are dumb enough to hand your wallet to him, he’s a genius at making money on his own terms for him and by extension, I guess, a small circle of shareholders and advisers. But if you [disagree with him in way], you are chum.”

Another source described the first Vision Fund, which relied heavily on debt and promised its providers an annual coupon of 7%, as “akin to a check-kiting scheme, where you hope someone isn’t cashing that check at the bank before you’ve spent the money and earned more and can put it back.”

Son has “parasitized Japanese banks,” added this person. (In November, the Nikkei Asian Review reported that while SoftBank was in talks to raise billions of dollars more from Japanese banks, having lent so much money to SoftBank already, they were nervous about taking on more risk.)

Meanwhile, the first Vision Fund’s biggest backers — Saudi Arabia and Abu Dhabi — which represented $45 billion and $15 billion of its capital commitments, respectively — have become concerned about the perception of pouring any more money into SoftBank funds following “flops from the first Vision Fund,” reports the FT.

It’s a very different picture than one drawn by Vision Fund investor Caroline Brochada, who we interviewed on stage in December, and who was asked whether WeWork and other challenges would change either the scope of the mandate of the Vision Fund in 2020.

At the time, just two months ago, she suggested it would not. “The mission of investing in great teams, in mission-driven companies that are changing the way people live, will not change . . . SoftBank and Masa himself are very long-term thinkers, and hopefully, the message that founders took away from WeWork and the way SoftBank behaved after the IPO didn’t go forward is that we really will work with founders for a long time, and we will hold stock in the public markets, because we believe that this is a 10-, 20-, 100-year vision.”

Brochado, who joined SoftBank a year ago from Atomico, added at the time: “[T]he Vision Fund is two years old. And people sometimes forget that. So I think there’s a lot of learnings. There is definitely going to be a way forward. And the mission will remain the same.”

And yet the mission may be too challenged in the short term to be a viable one. In addition to WeWork, SoftBank hasn’t seen the return it was expecting from Uber, whose market cap is currently $65 billion. (It invested in the company when it was still privately held at a $49 billion valuation, buying up a little more than 16 percent of the company’s shares.) SoftBank parted ways in December with the dog-walking company Wag, into which it had poured $300 million just two years earlier.

Oyo, a SoftBank-backed, India-based startup with ambitions to become the world’s largest hotel chain, is also part of a “bubble that will burst,” according to a former operations manager at the company who talked earlier this month with the New York Times.

Yet another problem for Son: his high-profile wager on Sprint, the nation’s fourth-largest wireless provider, which he needs desperately to merge with T-Mobile, but which is stuck in a kind of limbo, sued by 13 state attorneys general and the District of Columbia over concerns that the merger would hurt competition and raise prices for users’ cell service.

In the meantime, layoffs at companies that raised huge amounts from the Vision Fund have become routine, including at Oyo, Rappi, Getaround, Zume, and Fair, to name just a handful.

All have led to a growing number of questions over Son’s deal-making prowess, and those questions look to grow louder with Ronen’s departure. In fact, they might deafening if not for SoftBank’s 25% stake in Alibaba, whose market cap has reached $600 billion. Instead, the legend of Son as a visionary investor starts with his prescient, $20 million bet in 2000 on the Chinese conglomerate.

For now, at least, that’s also where it appears to stop.


Source: TechCrunch

The Iowa Caucus Meltdown, a Coronavirus Mask Shortage, and More News

Catch up on the most important news from today in two minutes or less.
Source: Wired

How to Watch the 2020 State of the Union

President Trump will deliver his third address before Congress Tuesday, on the eve of the Senate’s scheduled vote on impeachment.
Source: Wired

Here’s why so many fintech startups are loaning to small businesses

Everyone wants to lend to small businesses, as the fintech boom continues to bring constituent players closer together in feature-terms. Thinking broadly, the rising focus on small-business lending amongst B2B fintech and finservices companies feels directionally similar to the rise of consumer-oriented fintech startups adding banking-like features last year.

This week, several stories underscored the growing appetite for lending to small companies, including news that Goldman Sachs is “close to a deal with Amazon to offer loans to the e-commerce giant’s merchants,” according to CNBC. Amazon has a host of data concerning its merchant-partners and Goldman has a pile of money; by combining their powers, they can probably make some money loaning out capital.

The Goldman news is merely an amuse-bouche, however. What we care about are the startups working to loan out money to other concerns. This week, Divvy announced a neat program that brings it into the space, while Kabbage, a Vision Fund-backed venture, made its small business loans even more flexible.

So many loans


Source: TechCrunch

Disney+ already has 26.5M subscribers

The Walt Disney Company just announced that its streaming service Disney+ has 26.5 million paying subscribers — ahead of the already impressive 25 million predicted by Wall Street analysts.

Disney+ launched on November 12 and is not yet available globally. The day after the launch, the company said the service already had more than 10 million subscribers.

Disney also released subscriber numbers for ESPN+ (6.6 million) and Hulu, where it owns a controlling stake (27.2 million for subscription video on-demand only, 3.2 million for SVOD and live TV, 30.4 million total).

In comparison, Netflix said last month that it has 167 million paid subscribers worldwide.

This was all part of the company’s earnings for the first quarter of its 2020 fiscal year — its first earnings report since Disney+ launched. So these numbers reflect subscriber counts as of December 28, 2019.

Also worth noting: Someone can be a “paid subscriber” from Disney’s perspective without actually paying Disney, thanks to TechCrunch’s parent company Verizon providing certain customers with 12 months of Disney+ service for free.

“We had a strong first quarter, highlighted by the launch of Disney+, which has exceeded even our greatest expectations,â€� said Disney Chairman and CEO Robert Iger in a statement. “Thanks to our incredible collection of brands, outstanding content from our creative engines and state-of-the-art technology, we believe our direct-to-consumer services, including Disney+, ESPN+ and Hulu, position us well for continued growth in today’s dynamic media environment.â€�

During the quarter, Disney says its direct to consumer and international business (which includes streaming) saw revenue increase from $0.9 billion to $4.0 billion year-over-year, while the unit’s operating loss increased from $136 million to $693 million. Disney attributed these growing losses to “costs associated with the launch of Disney+, the consolidation of Hulu and a higher loss at ESPN+.”

Update: On the earnings call, Iger said the Disney+ subscriber number has grown to 28.6 million subscribers as of February 3.


Source: TechCrunch

After closing its $2.2 billion latest tech fund, KKR adds top Cisco exec to its leadership team

KKR, the multibillion-dollar multistrategy investment firm, is beefing up its technology practice with the appointment of Rob Salvagno as a co-head of its technology growth equity business in the U.S. 

It’s a sign that KKR is taking the tech industry seriously as it looks for new acquisition and investment opportunities.

Salvagno, the former vice president of corporate development and head of Cisco Investments, was responsible for all mergers and acquisitions and venture capital investments at the company.

Over a 20-year career, Salvagno helped form and launch Decibel, the networking giant’s early-stage, several hundred-million-dollar investment fund.

“Our business has evolved significantly since we first launched our technology growth equity strategy over five years ago with a small team of five. Since that time, the growth of our business and the number of compelling investments we’re seeing around the globe have allowed us to not only expand our team, but also our technology experience, network and geographic reach,� said Dave Welsh, KKR partner and head of Technology Growth Equity, in a statement. “With the addition of a tech industry veteran like Rob to our team, we’re excited to continue to build for the future and position ourselves well to capture the many investment opportunities we see ahead.� 

To date, KKR has invested $2.7 billion in tech companies since 2014 and established itself as a player in late-stage tech investment with a team of 19 investment professionals. Earlier this month, the firm closed its $2.2 billion fund dedicated to growth technology investment in North America, Europe and Israel.

“Rob has an extensive background in security, [infrastructure] software and app dev and dev ops, a background which we believe will complement the existing teams’ skillset very well,” said Welsh in an email. “[And] our focus areas for our second firm will be similar to the prior fund, namely a heavy focus on software with some additional focus on consumer internet, fintech/insurtech and tech enabled services.”

Application development software and security technologies will also remain a core focus for the firm, according to Welsh.

“Additionally, we will be ramping up our time spent on infrastructure software (i.e. software used to run modern data center / cloud environments), application dev and development operations (i.e. app dev and dev ops solutions) as well as software solutions focused on certain vertical industries (such as real estate, legal, construction, hospitality),” the KKR co-head wrote in an email.


Source: TechCrunch

The Coronavirus Outbreak Is a Petri Dish for Conspiracy Theories

In times of crisis, a combination of heightened emotions and lack of information combine to create the one thing nearly every conspiracy needs: fearful minds.
Source: Wired

Iowa Misinformation Spreads Online, Despite New Policies

In the wake of 2016, Facebook and Twitter said they’d ban inaccuracies about elections and voting. That didn’t stop lies and distortions on Monday.
Source: Wired

The best small business routers in 2020

Our top picks are future-proofed, extra fast, can handle many connections, and provide extra data control.
Source: Digital trends

The Iowa Caucus Tech Meltdown Is a Warning

The Iowa results will come in eventually, thanks to a paper trail. But it underscores just how much can go wrong when you lean on unnecessary, untested tech.
Source: Wired

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