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Archivo del Autor: Belen De Leon

“Airbnb mafia” fund Wave Capital makes it official, closing its debut fund with $55 million

A couple of weeks ago, Airbnb announced some major changes to the ways that it compensates employees before it goes public.

At least two former Airbnb employees and a longtime VC will be ready to fund those who leave when it does. They’ve been waiting on this moment since last summer, in fact. That’s when former Airbnb data scientist Riley Newman left the firm to start work on a venture firm, quickly enlisting the help of his colleague of several years, Sara Adler (Airbnb’s former head of corporate development), and former Madrona Venture Group principal David Rosenthal. What they set out to do with that fund, Wave Capital, is fund marketplace startups, including — especially, even — those founded by other former employees of the home-rental giant.

It’s an idea that has resonated with investors, plainly.  Wave just closed its debut fund with $55 million in capital commitments — slightly more than the three were targeting. They’ve already begun putting it to work, too. To find out more about those bets, and where the three expect to shop next, we asked them for a few more details. Our chat has been edited for length.

TC: How exactly did this firm come to pass?

DR: Riley is really the hub for all of us; his wife and mine grew up together in Marin and have remained best friends since early childhood. As Riley’s career at Airbnb progressed and my career in VC progressed, we talked about doing something together at some point in time.

RN: Meanwhile, Sara and I sat beside each other and together reported to the person who was effectively Airbnb’s CTO and we were part of a number of working groups together. David and I started talking about doing something together and we quickly drew Sara into our plans.

TC: ‘Marketplaces’ is both a huge mission for a venture fund and a narrow one. Why pursue it?

DR: For me, when I was at Madrona, we incubated the [dog services company] Rover.com and I saw the power of marketplaces and the importance of helping them get off the ground. Watching Greg McAdoo [formerly of Sequoia Capital and now of the venture firm Bolt] work with Rover helped me realize the role of a true lead board member. And we thought that between our three collective experiences, we could play that role.

SA: As a member of the corp dev team at Airbnb and at Dropbox and Facebook before that, I could also see the impact of investors even on the final stages of companies’ journeys.

TC: You’ve now fully closed the fund from institutional investors, including the fund-of-funds Cendana Capital. How many companies do you expect to support with it?

DR: We think roughly 18 to 20 companies. We intend to lead every round and to take board seats. We want to play the same role as Greg did at Rover.

SA: We expect for each partner to do one to two deals per year.

TC: You haven’t invested together in the past, and establishing an investing history together is usually really important to institutions that invest in venture funds. How did you persuade them that this wasn’t an issue?

RN: It was definitely a process. [Laughs.] We were told no multiple times. We had not invested together and it did come up quite a bit and was a disqualifying thing for people who care a lot about that. We underwent a monster due diligence process with [the investment consulting company] Cambridge Associates that thankfully put us on [institutional investors’] buy list. But we dealt with every flavor of [no] before that. I think what won everybody over were the skill sets that each of us have, and how well-rounded they are in combination with one other.

SA: I think our approach [appealed to investors], too. It’s kind of like what venture used to be 20 years ago, both in terms of the size of of the investments we plan to make and the time and energy we intend to spend with the companies we fund.

TC: How many investments have you made so far, and how dependent on Airbnb are you for your deal flow? I know Nate Blecharczyk, Airbnb’s co-founder and chief strategy officer, is an advisor to Wave.

RN: Alma was our first investment. We spent months with [cofounder] Dan Hill [who was formerly a director of product and performance marketing at Airbnb and whose startup connect prospective donors with local philanthropies]. We helped them firm up their marketplace design and design a long-term strategy and our [check] was built around a financial model that we built for them to get them from seed to a Series A round.  We’ll have to go out and execute on that, but that process determined what they needed.

We have another investment at the finish line.

SA: Airbnb will be a big part of our network, especially with our first fund, because we know exactly who the great people are at the company, which you only know by working with them. But across my time at Airbnb and Dropbox and Facebook, I’ve been a part of acquiring 30 companies and I’ve interacted with thousands more during the evaluation process, so there’s a deep network of founders for us to draw from.

TC: There’s so much late-stage capital sloshing around. Do you think about how it will impact what you’re doing at the earliest stages of these companies’ lives?

DR: The tail is really wagging the dog in a lot of cases right now. I don’t necessarily see so much capital as good or bad; what’s important to us is that founders use their capital as a tool to accomplish their aims. When you let capital start driving your decisions, there are very real unforeseen circumstances.

TC:  Are there any sectors about which you’re particularly excited?

DR: We’re sector agnostic. We believe in the business model, whether it’s consumer of b2b or healthcare. Crypto, we’re a little scared by, but I suppose those are marketplaces, too.


Source: TechCrunch

Broadcom agrees to buy CA Technologies for $19 billion – CNET

Deal comes four months after Trump blocked chipmaker’s mega-bid for Quaclomm.
Source: CNET

Airbus shows off rebranded A220 airliners – CNET

Ahead of the 2018 Farnborough Airshow, Airbus assigns new names to the Bombardier CS100 and CS300 airliners.
Source: CNET

England crashes out of World Cup, and it's not coming home – CNET

Instead of Blighty, football’s going to wander over to Paris or Zagreb.
Source: CNET

How Logitech continues to thrive in the post-PC world

The PC is in decline, yet a company like Logitech continues to find ways to stay relevant. From its high-end audio to emphasis on gaming, the company is more determined than ever to not go down with the desktop.

The post How Logitech continues to thrive in the post-PC world appeared first on Digital Trends.


Source: Digital trends

Ex-Tesla worker makes it official and blows the whistle to SEC

The former Tesla employee who was fired and then sued by the electric vehicle automaker has filed a formal whistleblower tip to the U.S. Securities and Exchange Commission alleging the company has misled investors and put its customers at risk.

Martin Tripp has retained Meissner Associates, a whistleblower, securities, investment  fraud and employment law firm to represent him before the SEC. Tesla did not respond to questions about the whistleblower tip.

The filing is the latest blow in a bout between Tesla, its CEO Elon Musk and Tripp.

Tesla filed a lawsuit on June 20 against Tripp for $1 million, alleging the man, who worked as a process technician at the massive battery factory near Reno, hacked the company’s confidential and trade secret information and transferred that information to third parties, according to court documents. The lawsuit also claims the employee leaked false information to the media.

A mere 24 hours later a combative email exchange between Musk and Tripp emerged. Tesla also notified police based on a tip to its customer service line that Tripp had allegedly told a friend he was going to attack the company’s Gigafactory in Sparks, NevadaTripp has denied this and the Storey County Sheriff’s department, which investigated, told TechCrunch they found no credible threat.

Tripp is turning to an attorney with a successful whistleblower track record. The firm obtained a more than $22 million judgment from the SEC on behalf of a Monsanto whistleblower in 2016.

Tripp’s whistleblower tip, which was filed July 6, alleges that Tesla knowingly manufactured batteries with punctured holes possibly impacting hundreds of cars on the road; misled the investing public as to the numbers of Model 3s actually being produced each week by as much as 44 percent; and lowered vehicle specifications and systemically used scrap and waste material in vehicles, all so as to meet production quotas, according to a statement from Meissner Associates.

Tesla has said in the past that Tripp’s allegations are false and contend that he is not a whistleblower, but someone who hacked and stole confidential information.

Tripp says he has been threatened and harassed in the days since he revealed information about Tesla to the media.

“Getting the truth out has become a nightmare. While we have had to relocate due to threats and harassment, both online and offline, making it difficult to press on, my family and I have also received a ton of support, which keeps us going,” Tripp said in a statement. “I hope that, in the end, my fight will make it easier for future whistleblowers to come forward without fear of repercussions like those I have endured.”

Meissner will not handle the federal lawsuit that Tesla filed against Tripp. He is currently looking for an attorney to represent him in the case, the firm’s managing member Stuart Meissner told TechCrunch.

Meissner, a former assistant district attorney in Manhattan and assistant New York state attorney general, said Tesla filed its lawsuit against Tripp and engaged in a PR campaign to defame him in a calculated effort to ruin his reputation and silence him and other potential Tesla whistleblowers from coming forward.


Source: TechCrunch

Live on ESPN: Will the Overwatch League Usher in Esports’ Crossover Moment?

Thanks to a new agreement, ESPN will be broadcasting esports live in primetime for the first time.
Source: Wired

FCC reportedly plans comment system overhaul after net neutrality debacle – CNET

Proposal comes after 22 million fake comments were submitted for commission’s consideration.
Source: CNET

Nurx raises $36 million and adds Chelsea Clinton to its board of directors

Telemedicine startup Nurx recently closed a $36 million funding round led by Kleiner Perkins. As part of the investment, Kleiner Perkins General Partner Noah Knauf is joining the startup’s board of directors, along with Chelsea Clinton .

With this new funding, CEO and co-founder Hans Gangeskar told TechCrunch that the startup plans to scale its clinical teams, pharmacies and geographic reach in the coming year.

“We have a new site in Miami where we have a team of nurses being on-boarded, [we’re] building out our engineering and design teams and really just [working to] increase the pace of everything that we’re doing,” Gangeskar said.

The startup launched in 2014 with the goal to make reliable access to contraceptives as easy as opening your web browser. After plugging your information into its online app, users are connected with physicians, given a prescription and Nurx prepares their product for delivery.

Since its launch, this California-based startup now operates in 17 states, and has expanded its products to include not only contraceptives (such as pills, patches, injectables and products like Nuva Ring) but the anti-HIV medication PrEP as well. Gangeskar says the company is also preparing to launch an at-home lab kit soon for HIV testing.

For Gangeskar, creating affordable access to contraceptives is a first step to changing how patients interact and receive medication from their physicians.

“Birth control is one of the fundamental functions of any health care system [so] for us its a natural place to start,” said Gangeskar.

To help advance its plans to redefine this space, Gangeskar says Nurx is excited to welcome public health veteran Chelsea Clinton to its board.

“Her experience in public health and global health from the Clinton Global Initiative has been really valuable, [particularly learning about] rolling out preventative services in large scales, because really that’s the potential of our platform — [to reach] populations that can’t be reached by the conventional medical system.”

While Washington looks to make cuts to American’s healthcare access, startups like Nurx offer a fresh perspective on this critical space.


Source: TechCrunch

Enterprise software investments may be tepid now, but they’re poised to engage

Have we reached “peak software”?

Just like the idea of “peak oil”—the hypothetical point at which global oil production could max out—you could say we’re approaching a saturation point for venture-capital investments in software companies.

Recent data from Pitchbook shows that venture investing in software companies has plateaued: The amount of VC money invested in these companies–$32 billion last year—remained roughly constant over the last four years. The actual number of venture-backed software investments, mostly for business-focused companies, has actually declined, from 4,068 in 2014 to 2,980 last year.

But software is not, in fact, a declining industry. As I explore with my colleague Neeraj Agrawal in a recent report called Software 2018, released last month, a closer look at the Pitchbook data shows that the falloff in software deal volumes is primarily in the Bay Area, where an overheated market has boosted valuations and caused some investors to temporarily pull back. Investment in other U.S. regions, and globally, is actually going up. Investment in software companies based in Europe, Canada and Australia/New Zealand, for example, was $5.4 billion in 2017, up nearly 69% from the previous year.

Perhaps more important, a number of broader, global mega trends continue to fuel software innovation today, promising more new companies and more new jobs. These trends include everything from the rise of artificial intelligence, which is pushing software into new fields like autonomous driving, to the recent corporate tax cuts in the U.S., which could free up hundreds of billions of dollars for big corporations to buy up software startups.

In Mary Meeker’s annual, consumer-focused Internet Trends report in late May. But some of the key trends we see shaping the global, mostly business-focused (or enterprise) software market may signal a rebirth.

 (Photo by Tomohiro Ohsumi/Getty Images)

Softbank: Not just for consumer companies anymore

Softbank’s new, $100 billion Vision Fund has had a huge impact on the technology industry already, given the Japanese firm’s ability to essentially play kingmaker in a given technology market by making a huge investment of hundreds of millions of dollars in one company. This, obviously, makes it extremely difficult for competitors to keep up in terms of building market share. And if a company declines Softbank’s money, there’s the potentially lethal possibility that Softbank could fund a competitor, essentially snuffing out the first company.

What’s less noticed, however, is that Softbank is investing in many business-focused software companies, not just big consumer names like Uber, FlipKart and SoFi. In the last two weeks, Softbank put $2.25 billion into GM’s Cruise business unit for autonomous driving and $250 million into secondary storage vendor Cohesity*, for example and has backed other B2B players such as construction/building-software outfit Katerra; real-estate software company Compass; and workplace chat app Slack.

With these investments and others, Softbank is accelerating the pace of growth in many key software markets and likely also dampening these companies’ IPO prospects, since companies receiving several hundred million dollars from the Japanese company face less of a financial need to go public. Softbank is essentially taking the place of an IPO.

Image: Bryce Durbin/TechCrunch

More software means less hardware, more robots

The continuing march of software innovation isn’t great for everyone—losers in this picture could include hardware vendors and people with jobs that can be automated by smart, software-powered robots. (Yes, even lawyers and doctors could be affected—it’s not just truck drivers.)

The implications of artificial intelligence on the job market, and the auto industry, have been widely discussed. Less noticed, though, are the shifting growth rates in cloud-based IT gear versus traditional IT hardware, the technology that powers large corporations and other organizations. IDC predicts that by 2020, corporate spending on cloud-infrastructure software will finally exceed spending on non-cloud IT infrastructure—meaning all those boxes inside corporate data centers from vendors like Dell, IBM, Cisco, H-P etc. Many of those companies are trying to figure out their cloud services approach to stay relevant. 

Lower taxes = more software M&A

Not everyone loves the Trump administration’s policies, but if you’re a software CEO, you might be a fan of the administration’s new tax bill. That’s because the 2017 bill could be a boon for software-industry M&A. Two key components of the new law—the reduced rate charged to companies to repatriate cash from overseas, and the lowering of the corporate tax rate to 21% from 35%–could leave many big tech acquirers with new war chests, analysts believe.

According to investment bank Qatalyst Partners, both changes could leave a group of the largest traditional tech-company acquirers with an additional $400 billion to spend, if they repatriate money from overseas. This would be enough to buy 50 leading software companies today, according to Qatalyst. We have already seen some this with the recent acquisitions of GitHub by Microsoft ($7.5B) and Adaptive Insight by Workday ($1.55B) and Q1 deals like MuleSoft by Salesforce ($6.5B) and CallidusCloud by SAP ($2.4B).

The traditional tech acquirers could be more receptive to acquisitions than ever these days, given that the easy, low-cost cloud business model has allowed a range of young tech upstarts to attack many parts of their businesses from all angles. Often, the easiest solution is for the big tech companies to buy the upstarts.

Niche is nice for software

As software transforms big, well-known corporate markets—like datacenter software, and technology for functions like human resources, sales and marketing—it is also making inroads into much more narrow industries and corporate functions. The low cost of the cloud makes it easy for every industry, from physical therapy to prison management to mortgage lending, to grow its own, customized software, usually deployed for tasks like operations and customer management. Often there are multiple firms vying for customers (and investor dollars) today in these specialized fields.

Similarly, software is fueling extremely specialized companies to serve business needs inside companies today. These include companies as varied as DocuSign, which has built a multi-billion dollar public company focusing exclusively on document signing, and Carta, which sells technology to help companies manage their financial cap tables.

Mary Meeker is right that consumer Internet trends like the rise of online wallets, subscription services for certain goods and increasing oversight of social media by regulators will have big economic implications in the years to come. But we humbly offer that business software is a pretty big economic driver too—you just have to work a little harder to figure out the implications for businesses and the markets.


Source: TechCrunch

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