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Archivo del Autor: Belen De Leon

Base10’s debut fund is the largest-ever for a Black-led VC firm

Adeyemi Ajao (above left), the co-founder and managing director of Base10 Partners, was surprised to hear his firm’s $137 million fund was the largest debut to date for a black-led venture capital firm.

He and his co-founder — managing director TJ Nahigian (above right) — found out from none other than their fund’s own limited partners, who told them they should seek out institutions looking to invest in diverse fund managers.

“Oh man, I was like, ‘yeah, I know I’m black but so what?’” Ajao told TechCrunch. “I can be a little bit naive about these things until they become extremely apparent.”

Ajao is African, European, Latin, and now, having spent a decade in San Francisco, American. Growing up in between Spain and Nigeria, it wasn’t until landing in the Bay Area that he was forced to confront a social dynamic absent in his international upbringing: racial inequality and being black in America.

“The U.S. is pretty different about those things,” he said. “I was surprised when at Stanford I got an invitation to a dinner of the Black Business Student Association. I’m like, ‘why would there be a Black Business Student Association? That’s so weird?’ It took me a while, a good, good while, to be like ok, here there’s actually a really entrenched history of a clash and people being treated differently day-to-day.”

In the business of venture capital, the gap in funding for black founders and other underrepresented entrepreneurs is jarring. There’s not a lot of good data out there to illustrate the gap, but one recent study by digitalundivided showed the median amount of funding raised by black women founders is $0, because most companies founded by black women receive no money.  

Ajao certainly hadn’t thought the color of his skin would impact his fundraising process, and, in retrospect, he doesn’t think it did. Still, he recognizes that pattern recognition and implicit bias continue to be barriers for diverse founders and investors.

Now, he plans to leverage his unique worldview to identify the next wave of unicorns others VCs are missing. Base10 doesn’t have a diversity thesis per say but it plans to invest in global companies fixing problems that affect 99 percent of the world, not the Silicon Valley 1 percent. 

I sat down with Ajao in Base10’s San Francisco office to discuss his background, the firm’s investment focus and the importance of looking beyond the Silicon Valley bubble.

Automation of the real economy

Base10 is writing seed and Series A checks between 500,000 and $5 million. It’s completed 10 investments so far, including in Brazilian mobility startups Grin and Yellow, which closed a $63 million Series A last week.

The firm is looking for entrepreneurs who have spent years in their industries, whether that be agriculture, logistics, waste management, construction, real estate or otherwise, and are trying to solve problems they’ve experienced first-hand.

“We are much more likely to fund someone that actually worked for eight years on a construction site and was like, ‘you know what, I think this could be done better and maybe I can make my life easier with automation,’ rather than a Ph.D. in AI out of the Stanford lab that says ‘I think construction is inefficient and it can be done without people,’” Ajao said. “[We are] kind of flipping the paradigm in that sense.”

The firm has also backed birth control delivery startup The Pill Club, on-demand staffing company Wonolo and Tokensoft, a platform for compliant token sales. 

Beyond the bubble

Ajao and Nahigian have a mix of operational and investing experience.

On the VC side, Nahigian, a Los Angeles native, spent seven years investing via Summit Partners, Accel, then Coatue Management. In 2014, he co-founded Jobr, a mobile job platform that was later acquired by Monster, where he became the VP of product and head of mobile.

Ajao was most recently a VP at Workday where he led the launch of Workday Ventures, a VC fund focused on AI for enterprise software. He joined Workday after the company acquired his startup, Identified, in what was his second successful exit to date. Before that, he co-founded Spanish social media company Tuenti, which Telefonica paid $100 million for in 2010

He also helped incubate and launch Cabify, a Spanish ride-hailing company based in Madrid. The Uber competitor raised $160 million at a $1.4 billion valuation earlier this year.

Ajao was Nahigian’s first investor in Jobr, which was also backed by Tim Draper, Redpoint Ventures, Eniac Ventures, Lowercase Capital and more. The pair stayed in touch, discussed startups and potential deals, ultimately deciding to go into business together. 

They agreed Base10 should support companies solving real problems and that as investors, they needed to be able to see beyond the Silicon Valley bubble.

Do we feel a little bit of a responsibility? Like … ‘hey, you should help Silicon Valley be more aware of global issues.’ Yes,” Ajao said. “I try to spend a lot of time meeting with founders that either look different or are trying to make it here and I try to be super open about my journey and my travels.”

His piece of advice to other VCs is one that countless diverse founders and investors have been shouting at the top of their lungs: Invest in underrepresented founders, it’s just good business.

“If you have the same company and one is run by a female and one is run by a male, and it’s the same stuff, you should probably invest in the female, because that person probably had a harder time getting there,” he said. “It’s actually good business. I believe that.”

“The more open and comfortable we get about talking about these things, the better it is for both parties.”


Source: TechCrunch

We shot, stabbed and crushed a new battery — and it didn't explode video – CNET

See batteries burst into billowing flame — and the new tech that could make ’em way safer.
Source: CNET

The lithium-ion battery that didn't explode – CNET

A new invention could solve battery fires. We test it out by blowing things up — for science, of course.
Source: CNET

At the Edge of the World, Facing the End of the World

Want to feel better about climate change? Last week’s climate summit showed that the most ambitious action isn’t happening on the national scale—it’s cities and states that are leading the way.
Source: Wired

Freeze frame! 17 gifts featuring Han Solo frozen in carbonite – CNET

So cool: One of Han Solo’s worst moments ever has inspired many of Star Wars’ weirdest products
Source: CNET

You'll melt for these gifts showing Han Solo in carbonite – CNET

Cold as ice: Poor frozen Han Solo makes a pretty good chocolate bar, phone case, ice-cube tray and… toilet seat?
Source: CNET

LendInvest raises $39.5M to grow its P2P property finance platform

A cloud hangs over the UK housing market as the UK government stumbles slowly through its negotiations to leave the European Union. But startups that are bringing innovative twists to housing finance seem to be singing a different tune.

Today, LendInvest, a peer-to-peer platform that connects property buyers in the UK with people willing to finance those purchases (bypassing traditional mortgage lending infrastructure in the process), announced that it has raised around $39.5 million (around £30.5 million) in a Series C round of funding led by existing investor Atomico, which participation also from GP Bullhound and Tiger Management (founded by hedge fund investor Julian Robertson).

The plan will be to use this funding to continue to develop its technology and grow business into more the traditional (and bigger) mortgage business. A spokesperson for the company says there are no plans to extend beyond the UK market for now.

LendInvest is currently profitable, albeit modestly, with Ebitda of about $2.8 million on gross group revenues of $70 million in the 12 months that ended in March of this year, and it says this round is likely to be the last before it lists publicly.

“Having recorded a fourth consecutive annual profit, raising capital wasn’t a necessity for LendInvest but by beefing up our balance sheet and bringing on some very experienced additional investors, we are well placed to capitalise on opportunities in the future,” said Christian Faes, cofounder and CEO of LendInvest, in a statement. “Using technology LendInvest is building a new kind of financial services business, and an extremely scalable platform, which is changing the way mortgages are funded and work in the UK.”

LendInvest is not disclosing its valuation with this round (we’ve asked) but for some context, back in 2015 it was valued at $103.25 million, according to data from Pitchbook. At the time it was generating only around one-quarter of the revenues it’s making now, although with a higher Ebitda margin — meaning that it’s valuation now is likely to be much higher.

LendInvest says that it has raised over £1 billion to date. But to be clear, LendInvest counts both the funding it has raised through its investment platform, and that from outside investors such as in this round, when it gives that figure. According to PitchBook, it has raised around $152 million from VCs and other firms.

The remainder, meanwhile, is one indicator of the platform’s success to date. 

LendInvest currently helps property buyers pick up bridging finance, development finance and also finance for buy-to-let properties, and it says it has lent nearly $2 billion (£1.5 billion) across 5,000 properties in the UK since it was founded in 2012.

It’s competing against the established route that property buyers take in the UK today when searching for finance. Today, this is primarily banked around established banks and mortgage lenders, along with brokers and others in the value chain that help match people with interest rates and institutions willing to give them money.

As with a number of other peer-to-peer lending platforms, LendInvest has worked out algorithms that can bypass some of the more laborious and expensive processes of established routes, with the promise of faster financing and an alternative way for investors to try to make more from the money that they have.

P2P has proven to be a compelling alternative route to borrowing money, whether it is for purchasing property or something else, sometimes to great success for the startup at the center of the transaction. Another UK startup, FundingCircle, which provides P2P lending for small businesses, is gearing up for an IPO in London where it could raise £300 million and be valued at £1.5 billion.

“We continue to be impressed with LendInvest’s progress in disrupting the established lending industry,” said Atomico partner Mattias Ljungman, about returning to lead this latest round. “Since our initial involvement the business has invested heavily in its proprietary technology, successfully moved into Buy-To-Let and launched the FinTech sector’s first LSE listed retail bond programme. We are excited to work with LendInvest as it continues with its high-growth trajectory and look forward to seeing what the future holds for the business.”


Source: TechCrunch

Logistics startup Freightos raises $44.4M Series C led by Singapore Exchange

Freightos, a marketplace for logistics providers, announced today that it has raised a $44.4 million Series C led by Singapore Exchange. Returning investors including General Electric Ventures (the lead investor of Freightos’ Series B extension last year), ICV and Aleph also participated in the round, which brings Freightos’ total funding so far to $94.4 million.

Launched in 2016 as a price comparison service for freight forwarders—the agents that organize shipments from a supplier or manufacturer to their final destination—Freightos now also lets users book, manage and track shipments with more than 1,200 logistics providers.

In an email, founder and CEO Zvi Schreiber said its online freight marketplace will continue to be Freightos’ flagship product, but the company also wants to find ways to make the industry more efficient by building a global digital infrastructure.

The company claims to process more than one million instant freight quote requests each month using its patent-pending routing and pricing engines. Its database of global shipping rates also underpins the Freightos Baltic Index (FBX), an industry-specific index created to provide more pricing transparency.

Developed in partnership with the Baltic Exchange, a market information provider for the maritime transportation industry, the FBX tracks freight pricing from 12 major routes around the world and also combines them into one index to serve as the freight industry’s equivalent of the S&P 500.

“Nearly every major global industry, from jet fuel to livestock, leverages dynamic pricing based on real-time metrics to make smarter, automated decisions. We’re excited to explore how our global freight index, the Freightos Baltic Index, can reduce pricing risks and improve stability, and are already exploring implementation with major multinational corporations,” Schreiber said.

He added that Freightos is also looking at more ways to connect airlines with logistics providers to sell cargo space on passenger flights.

Freightos will partner with the Singapore Exchange, which owns the Baltic Exchange, to develop new financial instruments. It will start by launching daily reporting on the FBX, which is currently updated weekly.

In a press statement, SGX head of derivatives Michael Syn said, “Freightos is at the forefront of a new wave of solutions for price discovery and digital marketplaces in global freight – an industry at the heart of the global economy. SGX is excited by the potential to develop risk management tools and services and build on Singapore’s unique position in the trade ecosystem, to bridge the physical and financial markets.”


Source: TechCrunch

The Latest Course Catalog Trend? Blockchain 101

A growing number of colleges and universities are offering courses in blockchain technology or establishing blockchain research institutes.
Source: Wired

Buy your ticket to TechCrunch Startup Battlefield MENA 2018 today

We’re less than one month away from hosting our first Startup Battlefield pitch competition in the Middle East and North Africa. Holy smokes, we’re so excited to showcase the region’s most promising early-stage startups at TechCrunch Startup Battlefield MENA 2018 on October 3 in Beirut, Lebanon.

We’ve selected the participating startups, and their founders are hard at work honing their pitches for the big day. There’s just one thing missing — you! Come to Beirut Digital District in Lebanon for an action-packed day of competition, networking and celebration. A spectator pass costs $29, and you can buy your tickets right here.

If you’ve never attended our premier startup pitch competition, here’s how Startup Battlefield works. The participating teams will compete in three preliminary rounds — up to five startups per round. They’ll have just six minutes to wow the judges with a live product demo and pitch. The judges, distinguished technologists and investors, follow each pitch with a six-minute, no-holds-barred Q&A.

At most, five teams will be chosen to move into the final round where they will pitch a second time to new judges, who follow up with more probing questions. All the judges confer, and they will choose one outstanding startup to lay claim to the Startup Battlefield MENA 2018 championship, a US$25,000 no-equity cash prize and a trip for two to Disrupt San Francisco in 2019 — where they get to compete in that Startup Battlefield (assuming the company still qualifies to compete at the time).

And that’s not all: TechCrunch has just announced its first batch of speakers who will be joining us in Beirut. It is a regular who’s who of the MENA startup and technology scene, so you don’t want to miss what they have to say.

It’s fast-paced, think-on-your-feet action, and it all takes place in front of a live audience (we’re looking right at you) of startup fans, tech enthusiasts, investors and media. It’s a great opportunity to see the future of tech unfold — who knows, these startups may grow into tomorrow’s tech titans. It’s also the perfect event for serious networking with like-minded entrepreneurs.

TechCrunch Startup Battlefield MENA 2018 takes place in the Beirut Digital District in Lebanon on October 3. Don’t miss out on the fun, the excitement and the business opportunities. Buy your ticket today.


Source: TechCrunch

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