Category: Goldman Sachs

May 20, 2019 Off

Ikea invests in Livspace, a one-stop platform for interior design based in India

By Jill T Frey

Fresh from raising $70 million last year via big names including Goldman Sachs and TPG Growth, Livspace, an India-based startup that offers a one-stop-shop for interior design, has lured yet another marquee investor: Ikea.

The startup said today it has taken an undisclosed investment from Ingka Investments, the VC arm of Ikea parent Ingka Group, which operates 90 percent of Ikea’s retail footprint. Livspace CEO and co-founder Anuj Srivastava declined to provide a figure for the deal, but he told TechCrunch that the stake involved is a minor one while there is no plan to bolt a larger round on to this investment. Deal Street Asia first reported news of the deal.

“There is strong strategic and commercial potential,” Srivastava, a former Googler who started Livspace in 2015, said of the new investor. “This is an opportunity to create the best possible omnichannel experience for consumers.”

India is a … Read the rest

May 17, 2019 Off

Zipline’s new $190 million funding means it’s the newest billion dollar contender in the game of drones

By Jill T Frey

With a valuation of over $1 billion and $190 million in new financing, Zipline has become the latest contender to be the leader in the game of drones.

The competition to be a leading vendor of delivery drone services is fierce, but Zipline has already built its billion-dollar business selling its hardware and services as a supplier of medical supplies across emerging markets. It may be among the most tested drone delivery services in the world.

Zipline said it will use the new funds to expand its medical supply delivery services across Africa, the Americas, South Asia, and Southeast Asia. The company said it aims to serve 700 million people with its drones within the next five years.

“There is a growing feeling around the world that technology is not benefitting the vast majority of people, said Zipline chief executive Keller Rinaudo in a statement. “The old conventional wisdom has … Read the rest

May 6, 2019 Off

Carta was just valued at $1.7 billion by Andreessen Horowitz, in a deal some see as rich

By Jill T Frey

Carta, a seven-year-old, San Francisco-based startup, is the newest unicorn in tech. The company, which helps private and public companies, investors and employees manage their equity and ownership, tells TechCrunch it has raised $300 million in a Series E round at a $1.7 billion valuation, led by Andreessen Horowitz. Firm co-founder Marc Andreessen is also joining the board.

The round has been a poorly kept secret. The outlet The Information reported more than a month ago the details that Carta is sharing today. In fact, that leak has given people in the industry who understand Carta’s business time to quietly ask of its valuation whether it isn’t high for a company that does what it does.

Unsurprisingly, Carta argues that it is not, that it has evolved considerably from the outset — which is true. Though it launched as a way for venture capitalists to more easily manage their … Read the rest

May 3, 2019 Off

Tesla bumps up its capital raise by $400 million, with Elon Musk taking an additional $15 million

By Jill T Frey

Tesla is going to raise an additional $400 million in its latest sale of stock, with co-founder and chief executive Elon Musk committing to buy an additional $15 million in shares, according to a filing with the Securities and Exchange Commission.

The electric vehicle, energy storage and solar panel manufacturer said it will sell 3.1 million shares at $243 per share. The underwriters are jointly underwritten by Goldman Sachs and Citigroup . At the same time, the company said it would boost its convertible note offering by another $100 million.

Initially, Tesla was going to sell $2.3 billion in stock and warrants, but the new totals boost that number to $2.7 billion, with Elon Musk upping the ante of his own purchase as part of the revised deal.

The company said that Musk would boost his purchase from $10 million to $25 million as part of the sale of stock.… Read the rest

May 2, 2019 Off

Africa Roundup: Jumia’s IPO, DHL launches Africa e-Shop, Cathay’s $168M VC fund, ConnectMed acquired

By Jill T Frey

The biggest news in a month of weighty African headlines was Jumia listing on the New York Stock Exchange.

After filing SEC IPO docs in March, the Pan-African e-commerce company’s shares began trading on the NYSE April 12, opening at $14.50 under ticker symbol JMIA. Jumia stock rose north of 70 percent on its first day of trading and started this week at $46.

With the public listing, Jumia became the first startup from Africa to list on a major global exchange. The IPO raised over $200 million for the internet venture.

The listing created another milestone for Jumia.  In 2016 the company became the first African startup unicorn, achieving a $1 billion valuation after a funding round that included Goldman Sachs and MTN.

Founded in Lagos in 2012 with Rocket Internet backing, Jumia now operates multiple online verticals in 14 African countries—from consumer retail to travel bookings.… Read the rest

April 23, 2019 Off

Luxury consignment e-tailer The RealReal to enter the unicorn club with new funding

By Jill T Frey

The RealReal, an online retailer for authenticated luxury consignment, has authorized the sale of up to $70 million in new shares, per a Delaware stock authorization filing discovered by the Prime Unicorn Index. If the company raises the entire amount, it would reach a valuation of $1.06 billion, cementing its status as the newest e-commerce unicorn.

The filing doesn’t guarantee The RealReal will sell the full amount of authorized shares. The company declined to comment on its fundraising plans.

The RealReal is led by founder and chief executive officer Julie Wainwright (pictured), the former CEO of Pets.com, a company now synonymous with the dot-com bust. It has raised quite a bit of capital to date — a total of $288 million from venture capital and private equity backers, including Great Hill Partners, Sandbridge Capital, PWP Growth Equity, Industry Ventures, Greycroft Partners and Canaan Partners. Most recently, The RealReal … Read the rest