Curabitur et lectus vitae purus tincidunt laoreet sit amet ac ipsum. Proin tincidunt mattis nisi a scelerisque. Aliquam placerat dapibus eros non ullamcorper. Integer interdum ullamcorper venenatis. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas.
Curabitur et lectus vitae purus tincidunt laoreet sit amet ac ipsum. Proin tincidunt mattis nisi a scelerisque. Aliquam placerat dapibus eros non ullamcorper. Integer interdum ullamcorper venenatis. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas.
Curabitur et lectus vitae purus tincidunt laoreet sit amet ac ipsum. Proin tincidunt mattis nisi a scelerisque. Aliquam placerat dapibus eros non ullamcorper. Integer interdum ullamcorper venenatis. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas.
Curabitur et lectus vitae purus tincidunt laoreet sit amet ac ipsum. Proin tincidunt mattis nisi a scelerisque. Aliquam placerat dapibus eros non ullamcorper. Integer interdum ullamcorper venenatis. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas.
Curabitur et lectus vitae purus tincidunt laoreet sit amet ac ipsum. Proin tincidunt mattis nisi a scelerisque. Aliquam placerat dapibus eros non ullamcorper. Integer interdum ullamcorper venenatis. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas.
After a limited rollout, Go-Jek said today that it will extend its ride-hailing service to all of Singapore tomorrow while continuing its beta phase. The Indonesian-based company began offering rides in Singapore at the end of November, but only for passengers riding to and from certain areas. It http://bit.ly/2Roif56 dynamic pricing there, which increases prices during peak times, a few days ago.
“We continue to welcome feedback from driver-partners and riders during this enhanced beta phase, as we work to fine-tune the app and create the best experience for our users,” the company said in a statement.
After Uber exited from Southeast Asia earlier this year by selling its local business to Grab, Go-Jek became Grab’s main rival. Uber still maintains a presence in the region, however, thanks to its 27.5 percent stake in Grab.
There is currently a waiting list for Go-Jek in Singapore, with customers of DBS/POSB being given priority.
When asked about how long new users need to wait, a Go-Jek spokesperson said in a statement that the time depends on supply and demand. “The response from the driver community since we opened pre-registration has been overwhelming with tens of thousands of drivers signing up via the pre-registration portal. While we can’t disclose figure at this moment, we are confident we can meet consumer expectations during the beta service period.”
https://ift.tt/eA8V8J Go-Jek extends ride-hailing service to the rest of Singapore https://tcrn.ch/2GRNQIb
{rss:content:encoded} Citi slashes sales outlook for iPhone XS Max by nearly half https://tcrn.ch/2Alpfpm http://bit.ly/2R08Np2 December 29, 2018 at 11:31PM
Citi Research has joined a growing list of analysts to lower first-quarter production estimates for Apple’s iPhones amid weakening demand for the smartphones.
Citi Research analyst William Yang cut the overall iPhone shipment forecast by 5 million, to 45 million for the quarter, reported Reuters. That’s a sting that falls in line with others such as influential TF International Securities Apple analyst Ming-Chi Kuo, who delivered a less than stellar iPhone forecast earlier this month.
It’s Yang’s outlook for the 6.5-inch iPhone XS Max that is particularly gloomy. In a research note to clients, Yang slashed the shipment forecast for the iPhone XS Max by 48 percent for the first quarter of 2019.
The cut in Citi’s forecasts is driven by the firm’s view that “2018 iPhone is entering a destocking phase, which does not bode well for the supply chain,” Yang wrote.
Two weeks ago, Kuo predicted that 2019 iPhone shipments will likely between 5 to 10 percent lower than 2018. He also lowered first-quarter shipment forecasts by 20 percent.
My parents are approaching 60. When they were young, they hung out at diners, or drove around in their cars. My generation hung out in the parking lot after school, or at the mall. My colleague John Biggs often talks of hanging out with his nerd buddies in his basement, playing games and making crank calls.
Today, young people are hanging out on a virtual island plagued by an ever-closing fatal storm. It’s called Fortnite.
They hang out in Fortnite the way we used to hang out in basements or back yards. We played games or kicked a ball around, but it was all a pretense for the social aspect.
The thread above describes exactly what I’m talking about. Yes, people most certainly log on and play the game. Some play it very seriously. But many, especially young folks, hop on to Fortnite to socialize.
The phenomenon of ‘hanging out’ on a game is not new.
I was in a 50 person clan in World of Warcraft in 2004 and we all hung out on a Ventrilo for hours every day for years and years. I saw real romantic relationships begin, grow and die on there. So “x is a place” is a fine observation, but it’s not a new phenomenon.
Almost any popular game results in a community of players who connect not only through the common interest of the game itself, but as real friends who discuss their lives, thoughts, dreams, etc. But something else is afoot on Fortnite that may be far more effectual.
Gaming culture has long had a reputation for being highly toxic. To be clear, there is a difference between talking about someone’s skills in the game and making a personal attack:
“You are bad at this game.” = Fine by me
“You should kill yourself.” = Not fine at all
But many streamers and pro gamers make offensive jokes, talk shit about each other, and rage when they lose. It’s not shocking, then, that the broader gaming community that tries to emulate them, especially the young men growing up in a world where esports are real, tend to do many of the same things.
A new type of community
But Fortnite doesn’t have the same type of community. Sure, as with any game, there are bad apples. But on the whole, there isn’t the same toxicity permeating every single part of the game.
For what it’s worth, I’ve played hundreds of hours of both Fortnite and Call of Duty over the past few years. The difference between the way I’m treated on Fortnite and Call of Duty, particularly once my game-matched teammates discover I’m a woman, is truly staggering. I’ve actually been legitimately scared by my interactions with people on Call of Duty. I’ve met some of my closest friends on Fortnite.
One such relationship is with a young man named Luke, who is set to graduate from college this spring.
During the course of our now year-long friendship, Luke revealed to me that he is gay and was having trouble coming out to his parents and peers at school. As an older gay, I tried to provide him with as much guidance and advice as possible. Being there for him, answering his phone calls when he was struggling and reminding him that he’s a unique, strong individual has perhaps been one of the most rewarding parts of my life this past year.
I’ve also made friends with young men who, once they realize that I’m older and a woman and have a perspective that they might not, casually ask me for advice. They’ve asked me why the girl they like doesn’t seem to like them back — “don’t try to make her jealous, just treat her with kindness,” I advised, and then added “ok, make her a little jealous” — or vented to me about how their parents “are idiots” — “they don’t understand you, and you don’t understand them, but they’re doing their best for you and no one loves you like they do” — or expressed insecurity about who they are — “you’re great at Fortnite, why wouldn’t you be great at a bunch of other things?” and “have more confidence in yourself.”
(Though paraphrased, these are real conversations I’ve had with random players on Fortnite.)
There is perhaps no other setting where I might meet these young people, nor one where they might meet me. And even if we did meet, out in the real world, would we open up and discuss our lives? No. But we have this place in common, and as we multitask playing the game and having a conversation, suddenly our little hearts open up to one another in the safety of the island.
But that’s just me. I see this mentorship all the time in Fortnite, in both small and big ways.
Gaming culture is often seen as a vile thing, and there are a wide array of examples to support that conclusion. Though this perception is slowly changing, and not always fair, gamers are usually either perceived as lonely people bathed in the blue glow of the monitor light, or toxic brats who cuss, and throw out slurs, and degrade women.
So why is Fortnite any different from other games? Why does it seem to foster a community that, at the very least, doesn’t actively hate on one another?
One map, a million colors
First, it’s the game itself. Even though Fortnite includes weapons, it’s not a ‘violent’ game. There is no blood or gore. When someone is eliminated, their character simply evaporates into a pile of brightly colored loot. The game feels whimsical and cartoonish and fun, full of dances and fun outfits. This musical, colorful world most certainly affects the mood of its players.
Logging on to Fortnite feels good, like hearing the opening music to the Harry Potter movies. Logging on to a game like, say, Call of Duty: WWII feels sad and scary, like watching the opening sequence to Saving Private Ryan.
Moreover, Fortnite Battle Royale takes place on a single large map. That map may change and evolve from time to time, but it’s even more “common ground” between players. Veterans of the game show noobs new spots to find loot or ways to get around. As my colleague Greg Kumparak said to me, “every time you go in, you’re going to the same place. Maybe it’s skinned a little different or there’s suddenly a viking ship, but it’s home.”
Of course, there are other colorful, bubbly games that still have a huge toxicity problem. Overwatch is a great example. So what’s the difference?
Managing expectations
Battle Royale has introduced a brand new dynamic to the world of gaming. Instead of facing off in a one-vs-one or a five-vs-five scenario as with Starcraft or Overwatch respectively, Battle Royale is either 1-vs-99, 2-vs-98 or 4-vs-96.
“It isn’t as binary as winning or losing,” said Rod “Slasher” Breslau, longtime gaming and esports journalist formerly of ESPN and CBS Interactive’s GameSpot. “You could place fifth and still feel satisfied about how you played.”
Breslau played Overwatch at the highest levels for a few seasons and said that it was the most frustrating game he’s ever played in 20 years of gaming. It may be colorful and bubbly, but it is built in a way that gives an individual player a very limited ability to sway the outcome of the game.
“You have all the normal problems of playing in a team, relying on your teammates to play their best and communicate and to simply have the skill to compete, but multiply that because of the way the game works,” said Breslau. “It’s very reliant on heroes, the meta is pretty stale because it’s a relatively new game, and the meta has been figured out.”
All that, combined with the fact that success in Overwatch is based on teamwork, make it easy to get frustrated and unleash on teammates.
With Fortnite, a number of factors relieve that stress. In an ideal scenario, you match up with three other players in a Squads match and they are all cooperative. Everyone lands together, they share shield potions and weapons, communicate about nearby enemies, and literally pick each other up when one gets knocked down. This type of teamwork, even among randos, fosters kindness.
In a worst case scenario, you are matched up with players who aren’t cooperative, who use toxic language, who steal your loot or simply run off and die, leaving you alone to fight off teams of four. Even in the latter scenario, there are ways to play more cautiously — play passive and hide, or third-party fights that are underway and pick players off, or lure teams intro trapped up houses.
Sure, it’s helpful to have skilled, communicative teammates, but being matched with not-so-great teammates doesn’t send most people into a blind rage.
And because the odds are against you — 1 vs 99 in Solos or 4 vs 96 in Squads — the high of winning is nearly euphoric.
“The lows are the problem,” says Breslau. “Winning a close game of Overwatch, when the team is working together and communicating, feels great. But when you’re depending on your team to win, the lows are so low. The lows aren’t like that in Fortnite.”
The more the merrier
The popularity of Fortnite as a cultural phenomenon, not just a game, means that plenty of non-gamers have found their way onto the island. Young people, a brand new generation of gamers, are obsessed with the game. But folks who might have fallen away from gaming as they got older are still downloading it on their phone, or installing it on the Nintendo Switch, and giving Battle Royale a try. Outsiders, who haven’t been steeped in the all-too-common hatred found in the usual gaming community, are bringing a sense of perspective to Fortnite. There is simply more diversity that comes with a larger pool of players, and diversity fosters understanding.
Plus, Fortnite has solid age distribution among players. The majority (63 percent) of players on Fortnite are between the ages of 18 and 24, according to Verto Analytics. Twenty-three percent of players are ages 24 to 35, and thirteen percent are 35 to 44 years old. However, this data doesn’t take into account players under the age of 18, which represent 28 percent of overall gamers, according to Verto. One way Fortnite is like other games is that 70 percent of players are male.
There aren’t many scenarios where four people, from different backgrounds and age groups, join up under a common goal in the type of mood-lifting setting that Fortnite provides. More often than not, the youngest little guy tries to make some sort of offensive joke to find his social place in the group. But surprisingly, for a shoot and loot game played by a lot of people, that’s rarely tolerated by the older members of a Fortnite squad.
All eyes on Fortnite
The popularity of the game also means that more eyes are on Fortnite than any other game. Super popular streamer Ninja’s live stream with Drake had more than 600,000 concurrent viewers, setting a record. The more people watching, the more streamers are forced to watch their behavior.
Fortnite streamers are setting a new example for gamers everywhere.
One such streamer is Nick “NickMercs” Kolcheff. Nick has been streaming Fortnite since it first came out and has a huge community of mostly male viewers. I consider myself a part of, albeit a minority in, that community — I’ve subscribed to his channel and cheered for him with bits and participated in the chat. In short, I’ve spent plenty of time watching Nick and have seen him offer a place of support and friendship for his viewers.
I’ve seen Nick’s audience ask him, in so many words, how to lose weight (Nick’s a big fitness guy), or share that they’re dealing with an illness in the family, or share that they’re heartbroken because their girlfriend cheated on them.
In large part, Nick says he learned how to be a mentor from his own dad.
“I remember being in those kinds of positions, but I have a great father that always sat me down and let me vent and then shared his opinion, and reminded me that it isn’t supposed to be easy,” said Kolcheff. “It feels good to bounce things off other people and hard things always feel much easier when you know you’re not alone, and I can relate to my chat the way my dad relates to me.”
Nick always has something positive to say. He reminds his audience that even if they feel alone IRL, they have a community right there in his Twitch channel to talk to. He sets an example in the way he talks about his girlfriend Emu, and the way he treats her on screen. When Nick loses a game and his chat explodes with anger, he reminds them to be cool and to not talk shit about other players.
And it’s easy to see his example followed in the chat, where young people are treating each other with respect and answering each other’s questions.
Nick wasn’t always like this. In fact, the first time that NickMercs and Ninja played together on stream, they brought up the time that Nick challenged Ninja to a fight at a LAN tournament years ago. But both Nick and Ninja have matured into something that you rarely find in online gaming: a role model — and it’s had an effect.
Tyler “Ninja” Blevins, far and away the most successful Twitch streamer ever, decided to stop swearing and using degrading language as his influence in the community and his viewership grew. When his audience said they missed the old Ninja, he had this to say:
I’m the same person, you guys. 2018 can’t handle old Ninja and… guess what, I can’t handle old Ninja because the words that I used to say and the gaming terms I used to say… they weren’t ok, alright? I’ve matured.
Jack “Courage” Dunlop is another Fortnite streamer who uses his influence in the community to mentor young people. He has befriended a young fellow named Connor. Courage helped Connor get his first win and has since continued playing with him and talking to him.
Not only is he being kind to Connor, but he’s setting an example for his viewers.
“In comparison to games like Call of Duty and Gears of War and Halo, the top content creators like Ninja, Sypher PK, Timthetatman, are a little older now,” said Kolcheff. “They’ve come from other games where they already had a following. If you look at me five or six years ago, or any of us, we’ve all chilled out. We were more combative and crazy and had a lot more words to say, but I think we just grew up, and it bleeds through to the community.”
These guys are the exception in the wider world of gaming and streaming. But they represent the future of gaming in general. As esports explode with growth, pro players will undoubtedly be held to the same behavioral standards as pro players in traditional sports. That’s not to say that pro athletes are angels, and that’s not to say that bad actors won’t have a following. Just look at PewDiePie.
A matter of time
The esports world is realizing that they can’t let their professionals run their mouth without consequences. As the industry grows, highly dependent on advertisers and brand endorsements, with a young audience hanging on every word, it will become increasingly important for leagues, esports organizations and game makers to start paying closer attention to the behavior of their top players.
We’re already seeing this type of policing happening on Overwatch, both for pro players and amateurs alike.
There is plenty more work to do. But the problem of removing toxicity from any platform is incredibly difficult. Just ask Facebook and Twitter. Still, it’s only a matter of time before esports decision-makers raise the stakes on what they’ll allow from their representatives, which are pro players and streamers.
Toxic behavior is being rejected in most polite society anywhere (except Twitter, because Twitter), and it surely can’t be tolerated much longer in the gaming world. But Fortnite maker Epic Games hasn’t had to put too much effort forth to steer clear of toxic behavior. The community seems to be doing a pretty good job holding itself accountable.
Winning where it counts
Believe you me, Fortnite is not some magical place filled with unicorns and rainbows. There are still players on the game who behave badly, cheat, use toxic language and are downright mean. But compared to other shooters, Fortnite is a breath of fresh air.
No one thing makes Fortnite less toxic. A beautiful, mood-lifting game can’t make much of a difference on its own. A huge, relatively diverse player base certainly makes a dent. And yes, the game limits frustration by simply managing expectations. But with leaders that have prioritized their position as role models, and all the other factors above working in harmony, Fortnite is not only the most popular game in the world, but perhaps one of the most polite.
We reached out to Epic Games, Courage, and Ninja for this story, but didn’t hear back at the time of publication.
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The Intercontinental Exchange’s (ICE) cryptocurrency project Bakkt celebrated New Year’s Eve with the announcement of a $182.5 million equity round from a slew of notable institutional investors. ICE, the operator of several global exchanges, including the New York Stock Exchange, established Bakkt to build a trading platform that enables consumers and institutions to buy, sell, store and spend digital assets.
This is Bakkt’s first institutional funding round; it was not a token sale. Participating in the round are Horizons Ventures, Microsoft’s venture capital arm (M12), Pantera Capital,Naspers’ fintech arm (PayU), Protocol Ventures, Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners and more.
Bakkt is currently seeking regulatory approval to launch a one-day physically delivered Bitcoin futures contract along with physical warehousing. The startup initially planned for a November 2018 launch, but confirmed this morning an earlier CoinDesk report that it was delaying the launch to “early 2019” as it awaits permission from the Commodity Futures Trading Commission. Along with the funding, crypto news blog The Block Crypto also reports Bakkt has hired Balaji Devarasetty, a former vice president at Vantiv, as its head technology.
ICE’s crypto project was first announced in August and is led by chief executive officer Kelly Loeffler, ICE’s long-time chief communications and marketing officer. Bakkt quickly inked partnerships with Microsoft, which provides cloud infrastructure to the service, and Starbucks, to develop “practical, trusted and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks,” Starbucks vice president of payments Maria Smith said in a statement at the time.
Many Bitcoin startups floundered in 2018, despite record amounts of venture capital invested in the industry. This was as a result of failed initial coin offerings, an inability to scale following periods of rapid growth and the falling price of Bitcoin. Still, VCs remained bullish on Bitcoin and blockchain technology in 2018, funneling a total of $2.2 billion in U.S.-based crypto projects — a nearly 4x increase year-over-year. Around the globe, investment hit a high of $4.6 billion — a more than 4x increase from last year, according to PitchBook.
“Notably, 2018 was the most active year for crypto in its brief ten-year history,” Loeffler wrote. “This was evidenced by rising investment in distributed ledger technology and digital assets, as well as by blockchain network metrics such as daily bitcoin transaction value and active addresses. Yet, these milestones tend to be overshadowed by the more narrow focus on bitcoin’s price, which has been seen by some, as a proxy for the potential of the technology.”
Today, the price of Bitcoin is hovering around $3,700 one year after a historic run valued the cryptocurrency at roughly $20,000. The crash caused many to dismiss Bitcoin and its underlying technology, while others remained committed to the tech and its potential for complete financial disruption. A project like Bakkt, created in-house at a respected financial institution with support from noteworthy businesses, is a logical bet for crypto and traditional private investors alike.
“The path to developing new markets is rarely linear: progress tends to modulate between innovation, dismissal, reinvention, and, finally, acceptance,” Loeffler added. “Each step, whether part of discovery or adversity, ultimately strengthens the product. Twenty years ago, it was controversial to suggest that commodities or bonds could trade electronically on a screen, and many steps were required for that evolution to play out.”
Sensor data platform Samsaraconfirmed this morning that it had closed a new round of funding from existing investors Andreessen Horowitz and General Catalyst that values the startup at $3.6 billion.
The news was first reported by Cheddar, which spotted a filing with the state of Delaware on December 21 disclosing Samsara’s intent to raise a $100 million round at more than double the valuation it garnered upon its $50 million Series D this March.
“Our growth comes from bringing transformational new technologies to solve the problems of operational businesses, a massive segment of the economy that has long been underserved by the technology industry,” wrote Kiren Sekar, Samsara’s vice president of marketing and products, in the funding announcement. “Today, the advent of inexpensive sensors, high-bandwidth wireless connectivity, smartphones, and cloud computing enable these businesses to fully reap the benefits of 21st century technology.”
Founded in 2015, Samsara supports the transportation, logistics, construction, food production, energy and manufacturing industries with its internet-connected sensor systems, which helps businesses collect data and derive insights to improve the efficiency of physical operations.
The company’s co-founders are Sanjit Biswas and John Bicket, who previously launched Meraki, an enterprise Wi-Fi startup acquired by Cisco in an all-cash $1.2 billion deal in 2012.
Samsara’s latest financing brings the company’s total raised to $230 million. According to PitchBook, Andreessen Howoritz and General Catalyst are the only two private investors in the company, with Marc Andreessen and Hemant Taneja of General Catalyst representing the venture capital firms as lead investors on several Samsara deals.
San Francisco-based Samsara says revenue grew 250 percent in 2018 as its customer base swelled to 5,000. As for how it will deploy the new capital, the company plans to hire 1,000 employees, double down on AI and computer vision technology and open its first East Coast office in Atlanta.
The startup has yet to spend a dime of its last financing round, evidence it, like many other venture-funded startups, is probably pulling in capital before a market downturn strikes the industry and makes it increasingly difficult to raise hefty sums at impressive valuations.
“While the company already had a healthy balance sheet – we hadn’t dipped into our previous round of funding – the new capital enables us to accelerate long-term product investments and expand into new markets while continuing to maintain a strong balance sheet over the long term,” wrote Sekar.
Ajay Chopra co-founded Pinnacle Systems in his living room and grew it to a multi-billion dollar public company before becoming a venture capitalist with Trinity Ventures.
About 13 years ago I faced an excruciating decision: whether to sell my company, Pinnacle Systems, to a private equity firm or to another large public company. I felt that both suitors would treat my employees well (and I negotiated hard to make sure that was the case), and both offered a good asking price well above our value on NASDAQ.
After raising what at the time felt like my first child, born in my living room and nurtured into a publicly traded entity, I was ready for it to take its next step and for me to take mine. I ultimately opted for the strategic sale, but I left the process intrigued by what was already an evolving dynamic between private equity firms and tech exits.
In years past, stigma often accompanied private equity sales. I know I felt that way, even under strong deal terms. Plus, private equity exits were only available to companies generating substantial annual revenues and often profits, making this exit option inaccessible for many startups. Today, private equity buyout firms can provide a solid (and on occasion excellent) exit route — as well as an increasingly common one, accounting for 18.5 percent of VC-backed exits in 2017.
Private equity firms are investing in a broad array of technology companies, including highly valued unicorns, but also early- to mid-stage profitable and unprofitable companies that a few years ago would have been unable to secure interest from these buyout firms.
In addition, the lines between venture capital and private equity are increasingly blurring, with more private equity investments in tech, and several-late stage VC firms creating large, billion-dollar plus late-stage growth funds. Further blurring the lines, some of the late-stage VC firms are taking controlling interests in startups, a strategy typically associated with private equity. Recently, one of our portfolio companies received an investment from a late-stage VC firm that acquired a majority stake by providing liquidity to some existing shareholders and investing in the company, utilizing a strategy typically associated with PE buyout firms.
The rise of private equity buyouts within the tech sector presents a viable exit option for founders, given the reality that most startups won’t ultimately IPO. (According to PitchBook, only 3 percent of venture-backed companies in the last decade eventually went public.)
If an IPO is not a realistic long-term option, the remaining primary exit option has typically been a sale to another company (a strategic buyer, in venture parlance). However, in the past few years, private equity firms have become aggressive buyers of private companies, sometimes bidding as high as or higher than strategic buyers. With one of my portfolio companies, a private equity buyer placed the second highest bid ahead of all but one strategic buyer and helped raise the final price from the strategic buyer just by being in the bidding process.
Years ago, when private equity buyouts were typically only large deals, new management teams were almost always brought in to tweak the edges of already successful companies. Today, each private equity firm has its own strategy — some only buy large profitable companies, others focus on mid-size acquisitions and some only buy early-stage (typically unprofitable) companies, which brings us to the next point.
Even early-stage startups can explore a PE exit, especially if things are not going well
While most readers are familiar with private equity buyers at later stages, what’s new is the emergence of PE activity at early stages. These firms acquire majority stakes in startups that have only raised early-stage investments but are having trouble scaling or raising the next round.
After a buyout, these private equity firms typically provide value by adding the missing elements, such as marketing or sales know-how, in order to kick-start the business and achieve scale. Their goal is to increase the value of the underlying asset by augmenting founder teams with the buyout firm’s own operational experts, sometimes combining newly acquired assets with already existing assets to create a stronger whole, or doubling-down on promising products (while shedding less promising offerings) to unlock potential.
Typically, these PE firms then sell the company to another company (usually a strategic buyer) for greater value. In some cases, these early-stage PE firms sell to another PE buyout firm further up market. In some of these acquisitions, founders can maintain minority ownership in the company (though not a controlling stake), which they can carry through to their “next exit.”
Unlike PE buyouts at later stages, PE buyouts at the earlier stages are not usually high-value exits; they are mostly an avenue to provide the founders some return for their hard work, rather than the disappointing returns they can expect from an acqui-hire or, even worse, a shutdown. If negotiated correctly, a private equity deal can give founders an opportunity to play another hand to the next exit.
Few founders create companies in order to flip them. Strong entrepreneurs create companies to transform their missions into reality and positively impact the world. Steve Jobs said, “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” An acquisition — particularly to private equity — may not have been the original goal, but it may fuel the continued pursuit of the founder’s mission. Or, perhaps it will enable the pursuit of a new and worthy mission.
https://tcrn.ch/2GGEQWg Private equity buyouts have become viable exit options — even for early-stage startups https://tcrn.ch/2LCv72a
{rss:content:encoded} 911 emergency services go down across the US after CenturyLink outage https://tcrn.ch/2LFlQ9k http://bit.ly/2So594R December 28, 2018 at 05:19PM
911 emergency services in several states across the U.S. remain down after a massive outage at a CenturyLink datacenter.
The outage began after 12pm ET on Thursday, according to CenturyLink’s status page, and continues to cause disruption across 911 call centers. Some states have seen their services restored. CenturyLink has not said what caused the outage beyond an issue with a “network element,” but said in its latest update — around 11am ET on Friday — that the company said that it was “seeing good progress, but our service restoration work is not complete.”
In a tweet, CenturyLink added that it was “working tirelessly” until it gets its affected systems back up and running.
CenturyLink, one of the largest telecommunications providers in the U.S., provides internet and phone backbone services to major cell carriers, including AT&T and Verizon. Datacenter or fiber issues can have a knock-on effect to other companies, cutting out service and causing cell site blackouts.
In this case, the outage affected only cellular calls to 911, and not landline calls.
Some residents of affected areas were sent emergency warnings to their cell phones, warning of the outage.
Among the areas affected include Seattle, Washington and Salt Lake City, Utah. Several other states, including Idaho, Oregon, Arizona and Missouri, are also affected, local news has reported.
Many other police departments tweeted out alternative numbers for 911 in the event of an emergency.
Police in Boston, Massachusetts tweeted that their service was restored this morning.
UPDATE: Technical issues with the 911 system, and the resulting wireless capability outages, have been resolved. Massachusetts callers may resume using 911 from their cell phones for public safety emergencies. https://t.co/6AAeRdVxeN
Ajit Pai, chairman of the Federal Communications Commission, which regulates and monitors 911 services, said the commission is investigating the outage.
“When an emergency strikes, it’s critical that Americans are able to use 911 to reach those who can help,” said Pai in a statement. “The CenturyLink service outage is therefore completely unacceptable, and its breadth and duration are particularly troubling.”
“I’ve directed the Public Safety and Homeland Security Bureau to immediately launch an investigation into the cause and impact of this outage. This inquiry will include an examination of the effect that CenturyLink’s outage appears to have had on other providers’ 911 services,” he said.
Indonesia, the world’s fourth largest country by population, has unblocked Tumblr nine months after it blocked the social networking site over pornographic content.
The impact of this new policy has made its way to Indonesia, where KrAsia reports that the service was unblocked earlier this week. The service had been blocked in March after falling foul of the country’s anti-pornography laws.
“Tumblr sent an official statement regarding the commitment to clean the platform from pornographic content,” Ferdinandus Setu, acting head of the Ministry of Communication and Informatics Bureau, is reported to have said in a press statement.
Messaging apps WhatsApp and Line are among the other services that have been forced to comply with the government’s ban on “unsuitable” content in order to keep their services open in the country. Telegram, meanwhile, removed suspected terrorist content last year after its service was partially blocked.
In other words, Indonesia is a huge market for internet companies.
The country’s anti-porn laws have been used to block as many as 800,000 websites as of 2017 — so potentially over a million by now — but they have also been used to take aim at gay dating apps, some of which have been removed from the Google Play Store. As Vice notes, “while homosexuality is not illegal in Indonesia, it’s no secret that the country has become a hostile place for the LGBTQ community.”
from Social – TechCrunch https://ift.tt/eA8V8J Indonesia unblocks Tumblr following its ban on adult content Jon Russell https://tcrn.ch/2SnihqX
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2018 saw Africa’s tech sector become more dynamic and international. VC firms on the continent multiplied. There were numerous investment rounds. And startups pursued acquisitions and global expansion.Here’s a snapshot of the news that shaped African tech over the last year.
Surge in VC funds
A notable 2018 trend was Africa’s VC landscape becoming more African, with an increasing number of investment funds headquartered on the continent and run by locals, according to Crunchbase data released in thisTechCrunch exclusive.
Drawing on its database and primary source research, Crunchbase identified 51 viable Africa-focused VC funds globally with at least 7-10 investments in African startups from seed to series stage.
Of the 51 funds, 22 (or 43 percent) were headquartered in Africa and managed by Africans. Of those 22, nine (or 41 percent) were formed since 2016 and nine were Nigerian.
Four of the nine Nigeria-based funds were formed within the last year:Microtraction, Neon Ventures, Beta.Ventures and CcHub’s Growth Capital fund.
The Crunchbase study also tracked more Africans in top positions at outside funds and the rise of homegrown corporate venture arms.
One of those entities with a corporate venture arm, Naspers, announced a $100 million fund named Naspers Foundry to invest in South African tech startups. This was part of a $300 million (4.6 billion Rand) commitment by the South African media and investment company to support South Africa’s tech sector overall, as reportedhere at TechCrunch.
Another DFI came on the scene when France announced a $76 million African startup fund administered by the French Development Agency, AFD. TechCrunch got the skinny on how it will workhere.
Investment and expansion
If African VC investment headlines were scarce a decade ago, in 2018 we became overwhelmed with them. This was largely a result of several recently closed Africa funds — TLcom’s $40 million,Partech’s $70 million, TPG’s 2 billion — beginning to deploy that capital.
Investment startupPiggybank.ngclosed $1.1 million in seed funding and announced a new product — Smart Target, for traditional savings groups. Trucking Logistics companyKobo360 raised two rounds, for a total of $7.2 million. Kenya-based agtech supply chain startup Twiga Foods raised $10 million. B2B retail supply chainSokowatch closed a $2 million seed roundled by 4DX ventures.
In 2018, African tech demonstrated it can travel, as several digital companies expanded on the continent and abroad. In May,MallforAfricaand DHL launchedMarketPlaceAfrica.com, a global e-commerce site for select African artisans to sell wares to buyers in any of DHL’s 220 delivery countries.
On the acquisition front, Terragon bought Asian mobile marketing company Bizensein a cash and stock deal. The company is exploring greater growth opportunities in Latin America and Southeast Asia, CEOElo Umeh told TechCrunch.
TPG Growth acquireda majority stake (of an undisclosed value) in Africa entertainment content companyTRACE. After previous investments, Naspers acquired 96 percent of Southern African e-commerce ventureTakealot.
Collaboration between local tech firms and big global names continued in 2018.Liquid Telecom and Microsoft continued their partnership to offer connectivity cloud servicessuch as Microsoft’s Azure, Dynamics 365 and Office 365 to select startupsand hubs. This is part of Liquid Telecom’s strategy to go long on Africa’s startups as its future clients and the continent’s next big companies.
As crypto fever gripped many leading economies in 2018, Africa was shaping its own blockchain narrative — one more grounded in utility than speculation.500 Startups-backedSureRemit launched a crypto tokenproduct aimed at disrupting Africa’s multi-billion-dollar remittance market and raised $7 million in an ICO. South African payments ventureWalaand solar energy startupSun Exchangealso had ICOs.
For blockchain as a platform, agtech startupsTwiga FoodsandHello Tractorpartnered with IBM Research to use the digital ledger tech to advance small-scale farmers and agriculture on the continent.
Last year sawY Combinator-backed VOD startup Afrostream shutter. In February 2018, Nigerian e-commerce startup Konga — backed by VC — was sold in a distressed acquisition. There were high expectations for Konga and its much-liked founder Sim Shagaya. Imade the case that Konga’s acquisition was one of Africa’s first big startup fails that flew under the radar.
Drones
TechCrunchdid a deep dive into Africa’s drone scene, talking to several experts and looking at emerging use cases across delivery services, agtech and surveying. On the regulatory side, several countries — Rwanda, Tanzania, South Africa, Zambia and Malawi — are doing some interesting things around regulation and creating drone-testing corridors for global players.
TechCrunch and Africa
In 2018 TechCrunch did more with Africa than any previous year. In addition to more content, there wasa market engagement trip to Ghana and Nigeria, with meet-and-greets at Impact Hub, MEST Accra and Lagos, and CcHub.
Fifteen startups competed in Lagosin front of a Pan-African and global crowd. South African virtual banking startupBettrwas runner-up. Ultra-affordable ultrasound startup M-Scan from Uganda was the winner.
Earlier today, when Instagram suddenly transformed into a landscape oriented Tinder-esque nightmare, the app’s dedicated users extremely lost their minds and immediately took to Twitter to be vocal about it.
As we reported, the company admitted that the abrupt shift from Instagram’s well-established vertical scrolling was a mistake. The mea culpa came quickly enough, but Instagram’s accidental update was already solidified as one of the last meme-able moments of 2018.
That was supposed to be a very small test that went broad by accident. Should be fixed now. If you're still seeing it simply restart the app. Happy holidays!
Why learn about the thing itself and why it happened when you could watch the meta-story play out in frantic, quippy tweets, all vying for relevance as we slide toward 2019’s horrific gaping maw? If you missed it the first time around, here you go.
us: pls chronological timelines
insta: what? insta stories?
us: nonono chronological timelines
insta: did you mean IGTV
us: NO CHRONOLOGICAL TIMELINES
insta: ohhhh you want to scroll horizontally #instagramupdate
A handful of memes even managed to incorporate another late-2018 meme, Sandra Bullock in Bird Box — a Netflix original that is not a birds-on-demand service, we are told.
You know how in apocalypse movies where a part of the population starts freaking out because they’re infected by something unfamiliar and start rampaging? I felt like I was in one when I woke up to people losing their minds over the Instagram update. I’ve already locked my doors.
Due to a bug, some users saw a change to the way their feed appears today. We quickly fixed the issue and feed is back to normal. We apologize for any confusion.
But can we ever really go back? Can we unsee a fate so great, one still looming on some distant social influencer shore? Probably yeah, but that doesn’t mean we won’t all lose it if it happens again.
from Social – TechCrunch http://bit.ly/2AiBC5z People lost their damn minds when Instagram accidentally went horizontal Taylor Hatmaker https://tcrn.ch/2VciIGm
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The secondary luxury goods market has been growing wildly in recent years, with more shoppers opting to both sell their lightly used luxury goods like clothing and jewelry for cold, hard cash, as well as buying the pre-owned, authenticated luxury goods of others.
One of the biggest beneficiaries of the trend is The RealReal, a nearly eight-year-old shopping destination for the growing population of people who might not be willing or able to purchase a new Hermes Birkin bag but are willing to buy one in like-new condition for considerably less. The idea — which seems to be working — is to create a virtuous cycle, wherein the bag’s original purchaser receives the bulk of that re-sale price, then uses the money to buy another new handbag (or a used one) that can be resold at a later point in time.
Another beneficiary of the trend: TrueFacet, a five-year-old, New York-based marketplace that claims to have more than 40,000 watches and 55,000 pieces of pre-owned authenticated watches and jewelry for sale at its site, and that has more recently begun offering pre-owned timepieces directly through brands like Fendi Timepieces, Raymond Weil and Roberto Coin that now partner with TrueFacet to carry their pre-owned timepieces with a manufacture warranty.
Apparently, shoppers are buying what they’re collectively selling. The company, which had previously raised $14.7 million in funding from investors, looks to be closing in on another $10 million round, judging by freshly filed SEC paperwork that shows it has so far raised $7 million in funding and is targeting $9.8 million altogether.
TrueFacet has some tough competition in the space, including Crown & Caliber, a six-year-old, Atlanta, Ga.-based company that has never announced outside funding, and 15-year-old, Germany-based Chrono24, which has raised €21 million over the years. Both sell timepieces alone, however.
It also competes directly with The RealReal, which has raised nearly $300 million from investors and sells clothing and high-end home decor, as well as jewelry and watches. (The company doesn’t break out publicly which of these categories outpace the others in terms of sales.)
Interestingly, like The RealReal, which now operates permanent offline stores in both New York and L.A., TrueFacet is also crossing the chasm into the offline world, though it’s taking baby steps toward that end.
Specifically, earlier this month, it announced a partnership with Stephen Silver Fine Jewelry, which sells timepieces to many monied Bay Area VCs and other Silicon Valley bigs at stores in Redwood City and Menlo Park, Calif. For the time being at least, the jeweler will also sell pieces from TrueFacet’s collection.
https://ift.tt/eA8V8J TrueFacet, which sells pre-owned, authenticated watches and jewelry, is raising a $10 million round of funding https://tcrn.ch/2ENtCwF
Grove Collaborative, a four-year-old, San Francisco-based startup that sells household, personal care, baby, children’s and pet products, has been busy raising money in 2018, shows two new SEC filings that lists representatives from the company’s earlier investors, including Mayfield, Norwest Venture Partners and MHS Capital, as well as apparent new investor General Atlantic, represented by partner Catherine Beaudoin.
One of the filings shows that Grove Collaborative, which had already raised roughly $62 million as of the start of 2018, subsequently raised $27.4 million more this year. A separate, second filing shows another $76.4 million has been secured in what looks to be a newer round that’s targeting $125 million. It’s a lot of money for such a young company, which suggests it has found traction with a growing customer base.
We’ve reached out to Grove Collaborative and are waiting to learn more.
As we reported back in January, co-founder Stuart Landesberg started the company after working with retail brands during two years as an associate with TPG Capital, which focuses on growth equity and middle-market private equity transactions. With shelf space limited for brands in brick-and-mortar stores, he saw an opportunity for a startup that prompts consumers to buy the kinds of items they buy over and over again just as they are running out of them: think dish soap, pet food, deodorant, vitamins and sunscreen.
Amazon, of course, similarly prompts its customers to buy such items, but Grove Collaborative is marketing to a slightly narrower demographic, that of people who want only all-natural products. In fact, along with the brands that it make it easier for its customers to find — think Method and Mrs. Meyers — the company began selling its own all-natural products this year. Among the many dozens of offerings it now retails under the Grove Collaborative label: a coconut body lotion, a foaming hand soap, coffee filters, soy candles and lip balm.
The move puts the startup in more direct competition with other e-commerce companies, like the consumer goods company Honest Company, which similarly sells natural products for the home and personal care, though many of its products are now sold on shelves in big retail stores like Target.
Grove Collaborative also looks to be competing more directly now with well-funded Brandless, which raised $240 million from SoftBank’s Vision Fund in summer at a valuation of slightly more than $500 million. Brandless also sells its own all-natural household and personal care products, though, unlike Grove Collaborative, it also focuses on food and, unlike Grove, it offers a subscription service, yet does not revolve around one. Grove is exclusively selling an auto-shipment service.
Grove had previously raised two separate rounds of funding in quick succession: a $15 million Series B round it closed in March of 2017, following by a $35 million Series C round it announced in January of this year.
Given that Landesberg was formerly an investor himself, he may well have realized — as have many founders — that raising money next year may be far harder in 2019 than it has been this year. As the CEO of Zymergen, whose giant funding round we recently featured, told Bloomberg last week: “We wanted to have some fat on our bones for sure . . . The time to raise money is when people are giving it to you.”
https://ift.tt/eA8V8J Grove Collaborative, a subscription startup selling ‘household essentials,’ has been quietly raising a lot of moolah https://tcrn.ch/2QPNYwx
Startups supporting startups are blazing a new trail with support from venture capitalists.
Co-working spaces like The Wing and The Riveter raked in funding rounds this year, as did Brex, the provider of a corporate card built specifically for startups. Now Carta, which helps companies manage their cap tables, valuations, portfolio investments and equity plans, has announced an $80 million Series D at a valuation of $800 million. The company, formerly known as eShares, raised the capital from lead investors Meritech and Tribe Capital, with support from existing investors.
The round brings Carta’s total funding to $147.8 million. Its existing investors include Spark Capital, Menlo Ventures, Union Square Ventures and Social Capital, though the latter didn’t participate in the Series D funding. Tribe Capital, however, is a new venture capital firm launched by Arjun Sethi, who previously led Social Capital’s investment in Carta, Jonathan Hsu and Ted Maidenberg, a trio of former Social Capital partners who exited the VC firm amid its transition from a traditional VC fund to a technology holding company. Tribe is said to be in the process of raising its own $200 million debut fund.
Founded in 2012 by Henry Ward (pictured), the Palo Alto-based company plans to use the latest investment to develop their transfer agent and equity administration products and services to better support startups transitioning into public companies. It also will launch additional products for investors to collect data from their portfolio companies and to manage their back office.
“We’ve come this far by changing how ownership management works for private companies—popularizing electronic securities and cap table software, combined with audit-ready 409As,” Ward wrote in an announcement. “But our ambitions go far beyond supporting privately-held, venture-backed companies.”
Carta, which counts Robinhood, Slack, Wealthfront, Squarespace, Coinbase and more as customers, currently manages $500 billion in equity. This year, Carta expanded its headcount from 310 employees to 450 employees, launched board management and portfolio insights products and completed a study in partnership with #Angels that highlighted the major equity gap female startup employees are victim to.
The study, released in September, revealed that women own just 9 percent of founder and employee startup equity, despite making up 35 percent of startup equity-holding employees. On top of that, women account for 13 percent of startup founders, but just 6 percent of founder equity — or $0.39 on the dollar.
𝔏𝔲𝔫𝔞 
: Marble hand holding a scroll, Roman, 1st or 2nd century A.D. 
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