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Archivo del Autor: Belen De Leon

Crypto firm Pantera Capital is looking to raise up to $175 million for a new venture fund

Pantera Capital, which has made its mark in recent years by investing early and often in a wide variety of digital assets, is looking to raise up to $175 million for its third venture fund — an enormous jump from the $25 million it deployed for its second venture fund and its $13 million debut venture fund, which it closed in 2013.

Firm partner Paul Veradittakit says the target amount is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

Whether the firm closes with $175 million or another number is an open question. A newly processed SEC filing shows it has so far rounded up more than $71 million in capital commitments from 90 investors, an amount that Veradittakit calls a “first close.”

Certainly, Pantera is accustomed to managing meaningful sums of money. In addition to its venture funds, which are structured like most traditional venture funds — they feature a 10-year investing period, similar economics, and involve good old-fashioned checks to startups in exchange for some amount of equity — the firm is also juggling three other strategies.

As we reported last year, one of its newest funds is a hedge fund that’s focused exclusively on initial coin offerings. As firm founder Dan Morehead told us at the time, Pantera buys pre-sale ICOs, “basically getting a discount to the ICO price by getting in early, when it’s just a team and a white paper.” Meanwhile, Morehead had added, “We help provide the right connections, whether in terms of marketing or recruiting or business development.

The vehicle is evergreen, says Veradittakit, meaning it has an indefinite fund life that lets investors come and go.

The other two other funds that Pantera currently oversees are also structured like hedge funds. One is a Bitcoin fund that has attracted plenty of investors over the years, and returned a lot to them, too, according to the calculations of Morehead. In fact, he wrote two weeks ago that the fund, launched five years ago, has enjoyed a lifetime return of 10,136.15 percent net of fees and expenses.

The very last fund invests in cryptocurrencies that are already trading on exchanges — an approach that includes machine learning to algorithmically invest in crypotcurrencies, as well as allows for some discretionary input by Pantera’s top brass, which includes Morehead, Veradittakit, and Joey Krug, who joined Pantera last year after cofounding the market forecasting startup Augur. (It went on to orchestrate the first ICO on the ethereum network.)

Explains Veradittakit of this last pool, it’s for “if you are’t sure that Bitcoin will remain the dominant cryptocurrency, or you’re interested in other use cases that may arise, or you just want to build a diversified portfolio of assets that have asymmetrical returns as bitcoin, or maybe return even more because they feature lower valuations.”

In some ways, the venture efforts of Pantera —   which employs 38 people altogether in San Francisco and Menlo Park, Ca. —  may be its most challenging given the nature of VC. Investors in the asset class are typically willing to wait a handful of years for a firm to produce returns; in Pantera’s case, because it is betting exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets, some of those returns could potentially take even longer.

Veradittakit doesn’t sound concerned. Rattling off some of Pantera’s venture investments to date, including in BitStamp, Xapo, Ripple, and Circle, not to mention more recent investments in Chain, Abra, Veem Polychain, and Z Cash, he sounds more like a proud parent. Pantera has invested in “lots of wallets and exchanges focused around the world, in Coinbases of different geographies, in enterprise-related blockchain companies. More recently, we’ve funded everything from big data to decentralized application platforms.”

It’s still very early days, he acknowledges. But “in terms of returns, there will be companies that create something completely disruptive. There will be M&A [opportunities] more often and that [come together] more quickly than other companies.”

If everything goes as planned, Pantera will be there when they do, and it will have more resources to deploy than ever.


Source: TechCrunch

Messaging firm Line launches a dedicated crypto fund

Messaging company Line is continuing to burrow deep into the crypto space after it announced the launch of a $10 million investment fund.

The fund will be operated by Line’s Korea-based blockchain subsidiary Unblock Corporation, which is tasked with research, education and other blockchain-related services. The fund will be called Unblock Ventures and it’ll initially have a capital pool of $10 million but Line said that is likely to increase over time.

The company said the fund will be focused on early-stage startup investments, but it didn’t provide further details.

Line is listed in Tokyo and on the NYSE. This fund makes it one of the first publicly traded companies to create a dedicated crypto investment vehicle. The objective, it said, is “to boost the development and adoption of cryptocurrencies and blockchain technology.”

Line claims nearly 200 million users of its messaging app, which is particularly popular in Japan, Taiwan, Thailand and Indonesia. The company also offers a range of connected services that include payment, social games, ride-hailing, food delivery and more.

This marks Line’s second major crypto move this year following the launch of its BitBox exchange last month. It isn’t available in the U.S. or Japan right now but Line envisages closes ties with its messaging service and other features further down the line.

These moves into crypto come despite some serious downturn in the valuation of the space this year following record highs in January which saw the value of one Bitcoin touch nearly $20,000 and Ethereum, among others, surged. In the months since then, however, many cryptocurrencies have seen their valuations decline. This week, Ethereum dropped below $300 in what is its first major price crisis. Bitcoin has, for many years, risen and fallen although January’s valuations took the extremes to a new level.

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.


Source: TechCrunch

Amazon said to consider purchase of movie theater chain – CNET

The e-tailer is vying to buy Landmark Theatres, a chain owned by Mark Cuban, Bloomberg reports.
Source: CNET

Facebook says birthday fundraisers have raised more than $300 million over the past year

Facebook marked the first anniversary of its birthday fundraisers by revealing that more than $300 million in donations have been raised through the feature, which lets users mark their birthdays by creating a donation drive for an organization of their choice. About 750,000 non-profits currently have access to Facebook’s fundraising tools (but not every user, since they haven’t rolled out to all countries).

The company also said that it is adding several new features based on feedback. These include allowing Pages to create and donate to fundraisers, as well as the ability to add matching donations and co-organizers to fundraisers. Donors will also be able to choose if they want to set up a recurring monthly contribution.

For people who want to create a birthday fundraiser but don’t have an organization in mind already, Facebook plans to include more information about charities in the feature’s selection tool. The company said its fundraising feature’s top beneficiaries include St. Jude, the Alzheimer’s Association, the American Cancer Society, Share Our Strength—No Kid Hungry and the ASPCA.

Last November, Facebook removed its 5% fee on donations, which means all money goes to non-profits. For many charities, Facebook fundraisers are now the most frictionless way to raise donations, including from people who might otherwise never visit the charity’s own donation links. Facebook fundraisers are a notable example of how social media activism can actually translate into tangible results instead of yet more memes–but, of course, whenever Facebook releases any self-congratulatory announcements, it’s a good idea to take a step back and look at the potential downsides.

As with almost every other Facebook feature, its fundraising tools have prompted concerns about privacy, particularly donor privacy, which is considered sacrosanct by many organizations (Facebook lets users decide if they want to share their donation with friends). Some charities also have qualms about benefiting from Facebook fundraisers until the company does a better job of policing hate speech, especially if the purpose of their work is aiding marginalized or persecuted minority groups.

In an insightful blog post from last November, fundraising consultant Jeremy Hatch argued that fundraising on Facebook also eliminates the relationship between donors and organizations, “where there are established norms and ethical practices.” He added that non-profits should reconsider before they grow increasingly reliant on a company whose ultimate goal is to gather and monetize user data.

At the same time, Facebook’s reach leaves many organizations with little choice but to use the platform so they don’t miss out on much-needed funds. One notable example of how effective Facebook fundraisers can be is the more than $20 million raised by users on behalf of RAICES to help migrant families separated at the U.S.-Mexico border by the Trump administration.


Source: TechCrunch

India's taking another shot at making it to the moon – CNET

The country’s moon lander and rover was scheduled to leave this year, but has been delayed till January next year.
Source: CNET

Tweetbot loses several key features ahead of Twitter’s API change

Twitter’s API changes won’t come out until tomorrow, but its ramifications are already being felt. Tapbots released an update today to Tweetbot for iOS that loses many of the Twitter client’s most popular or essential features. It also removed its Apple Watch app. In Tweetbot’s App Store release notes, Tapbots explained “on August 16th Twitter will disable parts of their public interface that we use in Tweetbot. Because Twitter has chosen not to provide alternatives to these interfaces we have been forced to disable or degrade certain features. We are sorry about this, but unfortunately this is totally out of our control.”

The changes mean that Tweetbot’s timeline streaming is now disabled, so timelines will refresh every one to two minutes instead–a loss for people who want to see new tweets in real-time. Push notifications for Mentions and Direct Messages will also be delayed by a few minutes, while push notifications for Likes, Retweets, Follows and Quotes have been disabled altogether (Tapbots’ release notes say they are looking at how to reinstate some of those in the future). Tweetbot’s Activity and Stats tabs have been removed.

As part of an effort to tighten control over how its services are used by third-party developers, Twitter announced in April 2017 that it will shut down User Streams, Site Streams and other APIs to prepare for the arrival of its new Account Activity API and other products.

Other third-party Twitter clients that will likely be affected by the API changes include Twitterific, Tweetings and Talon, which along with Tweetbot protested in April that they hadn’t been given enough time or information to prepare for the release, which was originally schedule for June 19. In response, Twitter extended the deadline to August 16. Other apps that have already been impacted include Favstar, which went offline in June as a result of the API changes.


Source: TechCrunch

Elon Musk's Boring Company Is Planning a Tunnel to Dodger Stadium

The proposed 3.6-mile route would take fans from the metro to the parking lot, saving them from hellish Los Angeles traffic.
Source: Wired

Twitter's Dorsey vows 'consistent' enforcement after Alex Jones, Infowars suspended – CNET

But still no full ban for the conspiracy theorist who’s used Twitter to attack children and families.
Source: CNET

Robot to star in new Tony Kaye movie 2nd Born – CNET

Watch out human actors. Robots could be competing for your roles.
Source: CNET

Powered by $25 million, Arcadia Power looks to expand its distributed renewable energy services

As renewable energy use surges in the U.S. and the effects of global climate change become more visible, companies like Arcadia Power are pitching a nationwide service to make renewable energy available to residential customers.

While states like New York, California and regions across the upper Midwest have access to renewable energy through their utilities and competitive marketplaces, not all states in the country have utilities that are building renewable power generation to offset coal and natural gas energy production.

Enter Arcadia Power and its new $25 million in financing, which will be used to redouble its marketing efforts and expand its array of services in the U.S.

Right now, renewable energy is the fastest growing component of the U.S. energy mix. It’s grown from 15 percent to 18 percent of all power generation in the country, according to a 2018 report from Business Council for Sustainable Energy and Bloomberg New Energy Finance.

And while Arcadia Power is only accounting for 120 megawatts of the 2.9 gigawatts of new renewable energy projects initiated since 2017, its new $25 million in financing will help power new projects.

When we first wrote about the company in 2016, it was just developing solar projects that would generate power for the grid to offset electricity usage from its customers.

Now the company is expanding its array of services. All customers are automatically enrolled in a 50 percent wind energy offset program, where half of their monthly usage is matched in investments in wind farms — and they can upgrade to fully offset their energy usage with wind power. Meanwhile, community solar projects are also available for free or customers can then purchase a panel and receive a guaranteed solar savings on each monthly power bill.

Reduced prices are given to customers through the consolidation of their buying power across multiple competitive energy markets.

Finally, Arcadia is offering new home efficiency upgrades like LED lighting and smart thermostats, along with smart metering and tracking services to improve customers’ payment options, the company said.

“The electricity industry hasn’t changed much in the last hundred years, and we believe that homeowners and renters want a new approach that puts them first. Our platform places clean energy, home efficiency and data insights front and center for residential energy customers in all 50 states,” said chief executive Kiran Bhatraju.

Kiran Bhatraju, chief executive officer Arcadia Power

Funding for the new Arcadia Power financing was led by G2VP, the investment firm that spun out from Kleiner Perkins cleantech investing, ValueAct Spring Fund, McKnight Foundation, Energy Impact Partners, Cendana Capital, Wonder Ventures, BoxGroup and existing investors, according to the company. As a result of the investment, Alex Laskey, Opower’s founder and president; Ben Kortlang, a partner at G2VP; and Dan Leff, a longtime investor in energy technology companies, will all join the Arcadia board of directors.

“We’re taking a piece of the savings that is a part of the power purchase agreement,” says Bhatraju. “Customers get a 5 percent guaranteed savings against the utility rate. In competitive markets like Ohio or Maryland, it’s a shared savings model.”

Beyond the savings, the offsets can do something to reduce the carbon emissions that are exacerbating the problems of global climate change.

“When you build community solar projects you are displacing former fossil fuel plants from being used because these of customers,” Bhatraju said. But the entrepreneur recognizes that they have a long way to go to make a difference. “120 MW is not nearly enough,” Bhatraju said. “We’ve got a long way to go.”


Source: TechCrunch

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