The IPO market is sending us mixed messages

If you only stayed up to date with the Coinbase direct listing this week, you’re forgiven. It was, after all, one heck of a flotation.

But underneath the cryptocurrency exchange’s public debut, other IPO news that matters did happen this week. And the news adds up to a somewhat muddled picture of the current IPO market.

To cap off the week, let’s run through IPO news from UiPath, Coinbase, Grab, AppLovin and Zenvia. The aggregate dataset should help you form your own perspective about where today’s IPO markets really are in terms of warmth for the often-unprofitable unicorns of the world.

Recall that we’re in the midst of a slightly more turbulent IPO window than we saw during the last quarter. After seemingly watching every company’s IPO price above-range and then charge higher on opening day, several companies pulled their offerings as the second quarter started. It was a surprise.

Since then we’ve seen Compass go public, but not at quite the level of performance it might have anticipated, and, then, this week, much has happened.

What follows is a mini-digest of IPO news from the week, tagged with our best read of just how bullish (or not) the happening really was:

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Do you need a SPAC therapist?

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

Natasha and Danny and Alex and Grace were all here to chat through the week’s biggest tech happenings. It was yet another busy week, but that just means we had a great time putting the show together and recording it. Honestly we have a lot of fun this week, and we hope that you crack a smile while we dig through the latest as a team.

Ready? Here’s the rundown:

  • The Coinbase direct listing! Here’s our notes on its S-1, its direct listing reference price, and its results. And we even wrote about the impact that it might have on other startup verticals!
  • Grab’s impending SPAC! As it turns out Natasha loves SPACs now, and even Danny and Alex had very little to say that was rude about this one.
  • Degreed became a unicorn, proving yet again that education for the enterprise is a booming sub-sector.
  • Outschool also became an edtech unicorn, thanks to a new round led by Coatue and everyone’s rich cousin, Tiger Global. The conversation soon devolved into how Tiger Global is impacting the broader VC ecosystem, thanks to a fantastic analysis piece that you have to read here. 
  • Papa raised $60 million, also from Tiger Global. What do you call tech aimed at old folks? Don’t call it elder tech, we have a brand new phrase in store. Let’s see if it catches on.
  • AI chips! Danny talks the team through grokking Groq, so that we can talk about TPUs without losing our minds. He’s a good egg.
  • And, finally, Slice raised more money. Not from Tiger Global. We have good things to say about it.

And that is our show! We are back on Monday morning!

Equity drops every Monday at 7:00 a.m. PST, Wednesday, and Friday at 6:00 AM PST, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts!

#ai, #chips, #coinbase, #crypto, #degreed, #edtech, #equity, #equity-podcast, #fintech, #fundings-exits, #grab, #groq, #ipo, #outschool, #slice, #smb, #spac, #startups, #tc, #unicorn

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#DealMonitor – Lingoda bekommt 68 Millionen – Seven Senders sammelt 32 Millionen ein – solarisBank plant SPAC-IPO


Im aktuellen #DealMonitor für den 15. April werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

INVESTMENTS

Lingoda
+++ Der amerikanische Kapitalgeber Summit Partners investiert gemeinsam mit Conny Boersch, Gründer von Mountain Partners, 68 Millionen US-Dollar in die Online-Sprachschule Lingoda. Das Unternehmen, das 2013 von den Brüdern Fabian und Felix Wunderlich gegründet wurde, sammelte zuvor rund 15 Millionen Dollar ein – unter anderem von Grazia Equity, Mountain Partners, PDV Inter-Media Ventures und Global Founders Capital (GFC). Insgesamt flossen somit bisher rund 83 Millionen Dollar in Lingoda. Das Unternehmen bietet seinen Sprachkurse (Kleingruppen- oder Einzelunterricht) derzeit in Englisch, Deutsch, Spanisch und Französisch an. Über 150 Mitarbeiter:innen wirken derzeit für Lingoda. Im Corona-Jahr 2020 konnte Lingoda seinen Kundenstamm nach eigenen Angaben “beinahe um 200 % vergrößern”. Das frische Kapital soll “Lingodas Erschließung neuer Märkte unterstützen, den Ausbau des Online-Unterrichts ermöglichen und das bereits stabile Wachstum der Firma noch weiter beschleunigen”. Mehr über Lingoda

Seven Senders
+++ Die Altinvestoren Digital+ Partners und btov Partners investieren weitere 32 Millionen Euro in Seven Senders. Das Berliner Startup, das 2015 von Johannes Plehn und Thomas Hagemann gegründet wurde, positioniert sich als “Delivery-Plattform für den Paketversand”. Seven Senders bietet seinen Kunden durch eine Tracking- und Monitoringlösung Transparenz im Versandprozess. Digital+ Partners und btov Partners investierten im Sommer 2019 bereits 16 Millionen Euro in die Jungfirma. “Den Kapitalzufluss wird Seven Senders für den weiteren technischen Ausbau sowie die Fortführung der Internationalisierungsstrategie nutzen. Unter anderem ist geplant, mit zentralen Service-Hubs das Europageschäft chinesischer und US-amerikanischer Online-Händler zu unterstützen”, teilt das Unternehmen mit. Mehr über Seven Senders

Anzeige
+++ In unserem Newsletter Startup-Radar berichten wir einmal in der Woche über neue Startups. Alle Startups stellen wir in unserem kostenpflichtigen Newsletter kurz und knapp vor und bringen sie so auf den Radar der Startup-Szene. Jetzt unseren Newsletter Startup-Radar abonnieren und 30 Tage kostenlos testen!

Virtonomy
+++ Dieter von Holtzbrinck Ventures (DvH Ventures), Initiative for Industrial Innovators, Bayern Kapital und Plug & Play Ventures investieren eine siebenstellige Summe in das Münchner Startup Virtonomy. Das SaaS-Unternehmen, das 2019 von Simon Sonntag und Wen-Yang Chu (CTO) gegründet wurde, “virtualisiert Entwicklungsprozesse in der Medizintechnik”. Die Bajuwaren teilen dazu mit: “Durch die Software werden entscheidende Schritte bei der Entwicklung und Zulassung von Medizingeräten und -produkten digital abgebildet. So werden Studien schneller durchführbar und erheblich günstiger”.

Demecan
+++ Futury Fonds und Altinvestor btov Private Investor Network investieren eine siebenstellige Summe in das Berliner Pharma-Unternehmen Demecan, das sich um medizinisches Cannabis kümmert. “Die Finanzierung dient dem weiteren Wachstum und dem Ausbau der Produktionsstätte bei Dresden zur europaweit modernsten Anlage für den Anbau und die Weiterverarbeitung von medizinischem Cannabis”, teilt das Unternehmen mit. Demecan wurde 2017 von Adrian Fischer, Cornelius Maurer und Constantin von der Groeben gegründet. Mehr über Demecan

Unicorn Workspaces
Das schwedische Private-Equity-Unternehmen Knutsson Holdings und Altinvestor WestTech Ventures sowie Jens Hilgers, Torsten Oelke, Alexander Kölpin und Florian Heinemann investieren 7 Millionen Euro in den jungen Co-Working- und Arbeitsplatzvermieter Unicorn Workspaces, früher als Unicorn.Berlin bekannt. “Das Kerngeschäft von Unicorn war im vergangenen Jahr stark von den Auswirkungen der Corona-Krise betroffen. Inzwischen nimmt die Nachfrage nach Büro-Lösungen wieder zu”, teilt das Unternehmen mit.

Dizzbo
+++ Die Altinvestoren investieren eine siebenstellige Summe in das Berliner Logistik-Startup Dizzbo. Der Marktplatz für LKW-Teilladungen wurde 2018 von Robert Köbrunner und Peter Baumgartlinger gegründet.  Ende 2020 investierten der Berliner Company-Builder Rain sowie die Business Angels Christian Fürstaller und Rodolphe Schoettel bereits 1,5 Millionen Euro in die Jungfirma.

Eloop 
+++ Ein Tochterunternehmen von Grazer C&P Immobilien investiert gemeinsam mit dem European Super Angels Club (ESAC),  der von Venionaire Capital betrieben wird, eine siebenstellige Summe in das Wiener Startup Eloop (vormals Caroo Mobility). Das Carsharing-Unternehmen, 2017 gegründet wurde, vermietet nur “reine Elektroautos”.

Speedinvest Heroes
+++ “Zwei internationale Strategen aus der Branche” und einige Altinvestoren investieren 1,5 Millionen Euro in den Wiener Startup-HR-Dienstleister Speedinvest Heroes – siehe Trending Topics. In der Investmentsumme sind auch Fördermittel von FFG enthalten. Das Unternehmen wurde von Maria Baumgartner und Lukas Rippitsch gegründet.

ImmoCheckout
+++ Bachmaier Invest investiert in das Tiroler Startup ImmoCheckout – siehe Der Brutkasten. Das 2018 gegründete Unternehmen aus Wattens positioniert sich als “Echtzeit-Software für Immobilienvertrieb”. Das Startup wurde von Benjamin Speckbacher und Stefan Schiessl gegründet.

EXITS

nona.care
+++ Das französische Unternehmen worklife übernimmt nona.care. Das Berliner Startup, das von Kirill Tifuanov gegründet wurde, positioniert sich als Dienst rund um das Thema “Kinderbetreuung für Unternehmen, die soziale Verantwortung zeigen”. Hinter worklife verbirgt sich eine Corporate-Benefit-Plattform. “Das Herz des Services war seit jeher die Kinderbetreuung, bei der worklife zudem auf das breite Netzwerk der von ihnen betriebenen Plattform für private Kinderbetreuung, Yoopies, zurückgreifen kann”, teilen die Unternehmen mit.

STOCK MARKET

solarisBank
+++ Das Berliner FinTech solarisBank denkt über einen Börsengang via SPAC (Special Purpose Acquisition Company) nach – siehe Finanz-Szene.de. “Übereinstimmenden Angaben von Insidern zufolge will die Solarisbank bereits in Kürze eine der großen Investmentbanken beauftragen, den entsprechenden Prozess einzuleiten”, heißt es im Artikel. Dabei solle auch die Option eines klassischen Börsengangs geprüft werden – wobei dem Vernehmen nach die Spac-Lösung favorisiert werde. Die solarisBank, die von Marko Wenthin, Andreas Bittner und Peter Grosskopf gegründet wurde, verfügt über eine Vollbanklizenz und ist deswegen ein wichtiger Partner zahlreicher Unternehmen. HV Capital, yabeo, Vulcan Capital, Samsung Catalyst Fund und Storm Ventures investierten zuletzt 60 Millionen Euro in die solarisBank. Insgesamt flossen schon mehr als 160 Millionen in das FinTech. Mehr über die solarisBank 

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#aktuell, #bayern-kapital, #berlin, #btov-partners, #demecan, #digital-partners, #dizzbo, #dvh-ventures, #eloop, #fintech, #hr, #immocheckout, #initiative-for-industrial-innovators, #ipo, #lingoda, #logistik, #mobility, #munchen, #nona-care, #plug-play-ventures, #seven-senders, #solarisbank, #spac, #speedinvest-heroes, #summit-partners, #unicorn-workspaces, #venture-capital, #virtonomy, #wattens, #wien, #worklife, #yoopies

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#DealMonitor – tado plant IPO – Tier übernimmt Makery – Tio Tech A (SPAC) geht an die Börse


Im aktuellen #DealMonitor für den 9. April werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

EXITS

Makery
+++ Das millionenschwere Berliner Mobility-Startup Tier übernimmt die Softwareschmiede Makery (Ungarn). “Budapest will be Tier’s largest tech-focused office outside of its headquarters in Berlin and London. Budapest will also be one of many new cities in Central and Eastern Europe where Tier will launch its service in 2021”, teilt das Unternehmen mit. Tier wurde 2018 von Lawrence Leuschner, Matthias Laug und Julian Blessin gegründet. Das Unternehmen aus Berlin beschäftigt derzeit 900 Mitarbeiter. Derzeit ist Tier in rund 100 Städten in 11 Ländern unterwegs.

STOCK MARKETS

tado
+++ Das Münchner Grownup tado denkt über einen Börsengang nach – siehe Handelsblatt. “Mit einem möglichen Gang an die US-Technologiebörse Nasdaq habe Tado die Chance, das Geschäft auf dem Weg zu Milliardenumsätzen in einigen Jahren weiter breit auszurollen”, heißt es im Artikel. Die Bajuwaren machen mit ihrer Technologie sowohl alte, als auch neue Heizungssysteme fit für das Internet-Zeitalter. Insgesamt flossen in den vergangenen Jahren über 100 Millionen Dollar in tado, das 2011 von Christian Deilmann, Johannes Schwarz und Valentin Sawadski gegründet wurde. Zu den Investoren zählen unter anderem amazon, E.ON,  Total Energy Ventures, Target Partners und Shortcut Ventures.

Anzeige
+++ In unserem Newsletter Startup-Radar berichten wir einmal in der Woche über neue Startups. Alle Startups stellen wir in unserem kostenpflichtigen Newsletter kurz und knapp vor und bringen sie so auf den Radar der Startup-Szene. Jetzt unseren Newsletter Startup-Radar abonnieren und 30 Tage kostenlos testen!

Tio Tech A
+++ Tio Tech A, die leere Firmenhülle (SPAC) von Seriengründer – und investor Roman Kirsch, Hellofresh-Gründer Dominik Richter sowie Spyro Korsanos, volllzog am 8. April seinen IPO. “Tio Tech A announced the pricing on April 7, 2021, of its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Capital Market and to trade under the ticker symbol TIOAU, teilt das Unternehmen zuvor mit. Bei einem SPAC-Prozess geht es darum, eine Firmenhülle an die Börse zu bringen und dann Unternehmen aufzukaufen und mit dieser Firmenhülle zu verschmelzen. Neben Lakestar brachte auch Rocket Internet zuletzt einen SPAC an die Börse.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#aktuell, #ipo, #makery, #munchen, #spac, #tado, #tier-mobility, #tio-tech-a, #venture-capital

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#Hintergrund – Hier das 53-seitige SPAC-IPO-Deck von Lilium


Wie im aktuellen Insider-Podcast versprochen: Hier das 53-seitige SPAC-IPO-Deck von Lilium. Der Münchner Flugtaxi-Entwickler Lilium ging Ende März über die SPAC-Hintertür an die Börse. Dabei wurde das Unternehmen mit dem US-Börsenmantel Qell Acquisition Corp. verschmolzen. Das junge Flugtaxiunternehmen wurde durch diesen Sprung aufs Parkett mit 3,3 Milliarden US-Dollar bewertet. Durch den Zusammenschluss mit Qell Acquisition Corp fließen nach eigenen Angaben insgesamt rund 830 Millionen Dollar in Lilium.

Das SPAC-IPO-Deck von Lilium

Insider-Podcast #99 – Lilium und der SPAC-Boom

Abonnieren: Die Podcasts von deutsche-startups.de könnt ihr bei Amazon Music – Apple Podcasts – Castbox – Deezer – Google Podcasts – iHeartRadio – Overcast – PlayerFM – Podimo – Spotify – SoundCloud oder per RSS-Feed abonnieren.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): ds

#aktuell, #ipo, #lilium, #spac

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Nonobvious acquisitions are on my 2021 bingo board

At the end of 2020, I argued that edtech needs to think bigger in order to stay relevant after the pandemic. I urged founders to think less about how to bundle and unbundle lecture experience, and more about how to replace outdated systems and methods with new, tech-powered solutions. In other words, don’t simply put engaging content on a screen, but innovate on what that screen looks like, tracks and offers.

A few months into 2021, the exit environment in edtech…feels like it’s doing exactly that. The same startups that hit billion and multi-billion valuations during the pandemic are scooping up new talent to broaden their service offerings.

Ruben Harris, the founder of Career Karma, a platform that matches aspiring coding professionals to bootcamps, put together a massive report recently with his team to talk about the pandemic’s impact on the bootcamp market.

James Gallagher, the author of the report, tells me:

It is important to note that the full potential of bootcamps has not yet been realised. We are now seeing more exploration of niches like technology sales which provide gateways into new careers in tech for people who otherwise may not have been able to acquire training. To scale such models, new businesses will need venture capital.

He went on to explain how a notable acquisition from 2020 was K12 scooping up Galvanize, “which would give K12 exposure into corporate training and the coding bootcamp space, a market outside of K12’s focus at the moment.”

To me this report signal two things: the financial interest in boot camps isn’t simply stemming from other bootcamps (although that is happening), but it’s surprising partnerships. Leaving this subsector, we see creative acquisitions such as a Roblox for edtech buying a language learning tool, and a startup known for flashcards scooping up a tech tutoring service.

Readers should know by this point that I love a nonobvious acquisition (except when this almost happened), so if you have any more tips on coming deals in edtech, please Signal me or direct message me on Twitter.

I’ll end with this: Successful startup founders are innately ambitious, finding opportunity in moonshots and convincing others that the odds are in their favor. However, the ceiling for what defines ambition heightens almost everyday. What used to be a win is now a nonnegotiable, and a feat is only a feat until your competitor hits the exact same milestone.

Acquisitions are one way to scoop up competition and synergistic talent, but it’s what happens next that matters the most.

In the rest of this newsletter, we will talk about Clubhouse competitors, how a homegrown experiment became one of the fastest growing companies in fitness tech and a cool-down in public markets (?!). As always, you can get this newsletter in your inbox each Saturday morning, so subscribe here to join the cool kids.

Clubhouse might create billions in value, but could capture none of it

Remember when everyone was buzzing around about building Stories? That’s so pre-pandemic. A number of companies recently announced plans to build their own versions of Clubhouse, after the buzzy app unearthed the consumer love for audio.

Here’s what to know: It might be easier to start guessing who isn’t building a Clubhouse clone at this point. Our predictions are already starting, but jokes aside, the rise in clones could mean that Clubhouse might have to make a run for its pre-monetized money (cough, cough, Twitter spaces). It doesn’t matter if a startup is first in unlocking a key insight, all that matters is who executes that key insight the best.

Image Credits: Getty Images

A strong unicorn, literally

Tonal, a fitness tech startup, became a unicorn this week after raising a new tranche of capital.

Here’s what to know: The new status underscores market growth for at-home fitness solutions. And while we don’t have a Tonal S-1 yet, we do have a Tonal EC-1. EC-1’s are TechCrunch’s riff on an S-1, and are essentially a deep dive into a company.

Reporter JP Mangalindan wrote thousands and thousands of words about Tonal, from its origin story to business model, its focus on communities and its biggest hurdles ahead.

Image Credits: Nigel Sussman

Initial public o….no

You’ve probably had a better week than Compass, Deliveroo and Kaltura. The three companies all had different events that illustrate a potential damper on the part that has been the public markets.

Here’s what to know: Compass cut its shares and lowered pricing of said shares, Deliveroo had a rough debut as a delivery company on the public markets, and Kaltura postponed its IPO after valuation demand didn’t hit expectations.

In other news, though:

Photo Taken In Arizona, United States. Image Credits: Jure Batagelj / 500px / Getty Images

Around TechCrunch

Thanks to everyone who tuned in to TechCrunch Early Stage! If you enjoyed the event (or missed it), don’t worry: Disrupt is almost here.

Across the week

Seen on TechCrunch

How startups can go passwordless, thanks to zero trust

Tips for founders thinking about doing a remote accelerator

US iPhone users spent an average of $138 on apps in 2020, will grow to $180 in 2021

Niantic CEO shares teaser image of AR glasses device

The Weeknd will sell an unreleased song and visual art via NFT auction

Seen on Extra Crunch

Embedded procurement will make every company its own marketplace

5 mistakes creators make building new games on Roblox

E-commerce roll-ups are the next wave of disruption in consumer packaged goods

How our SaaS startup improved net revenue retention by more than 30 points in two quarters

#clubhouse, #compass, #coursera, #deliveroo, #discord, #edtech, #education, #ipo, #linkedin, #spotify, #startups, #startups-weekly, #swell, #tc

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Compass CEO hails IPO as a fundraising event amid ‘challenging’ market

While several tech companies are opting to delay their IPOs in the face of less-than-enthusiastic market demand for their shares, real estate tech company Compass forged ahead and went public today. After pricing its shares at $18 apiece last night, the low end of a lowered IPO price range, Compass shares closed the day up just under 12% at $20.15 apiece.

TechCrunch caught up with Compass CEO and founder Robert Reffkin to chat about his company’s debut in the market’s suddenly choppy waters for tech and tech-enabled debuts.

Regarding whether Compass is a tech company or a real estate brokerage, Reffkin — who raised the comparison himself — used the opportunity to note that companies like Amazon or Tesla aren’t only one thing. Amazon is a logistics company, an e-commerce company, a cloud-computing business and a media concern all at the same time. Price that.

The argument was good enough for Compass to sell 25 million shares — a lowered amount — at its IPO price for a gross worth $450 million. That, the CEO said, was his company’s goal for its public offering.

Sparing TechCrunch the usual CEO line about an IPO not being a destination but merely one stop on a longer journey at that juncture, Reffkin instead argued that putting nine figures of capital into his company was his objective, not a particular price or resulting valuation.

That might sound simple, but as Kaltura and Intermedia Cloud Communications have pushed their IPOs back, it’s a bit gutsy. Still, if financing was the key objective, Compass did succeed in its debut. And it was even rewarded with a neat little bump in value during its first day’s trading.

Reffkin did confirm to TechCrunch what we’ve been reporting lately, namely that the IPO market has changed for the worse in recent weeks. He described it as “challenging.”

So why go public now when there is so much capital available for private companies?

Reffkin cited a few numbers, but centered his view around having what he construes as the “right team” and the “right results.” We’ll get a bit more on the latter when Compass reports its first set of public earnings.

For now, it’s a company that braved stormier seas than we might have expected to see so soon after a blistering first few months of the year for IPOs.

And because I would also bring her along if I ever took a company public, here’s the company’s founder and CEO with his mother:

Via the company.

 

#compass, #fundings-exits, #ipo, #kaltura, #real-estate, #startups

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As Compass downsizes its IPO, signs of weakness appear for high-growth companies

On the same day that Deliveroo’s IPO fizzled at the start of trading, Compass announced via a fresh S-1 filing that it will reduce the number of shares in its impending flotation and sell them at a lower price.

Taken together, the various market signs could point to a modest to moderate cooling in the tech IPO market.

The move by Compass, a venture-backed residential brokerage, to lower its implied public-market valuation and sell fewer shares is a rebuke of the company’s earlier optimism regarding its valuation and ability to raise capital. The company’s IPO is still slated to generate as much as a half-billion dollars, so it can hardly be called a failure if it executes at its rejiggered price range, but the cuts matter.

Especially when we consider several other factors. The Deliveroo IPO, as discussed this morning, was impacted by more than mere economics. And there are questions regarding how interested seemingly more conservative countries’ stock exchanges will prove in growth-oriented, unprofitable companies.

But added to the mix are recent declines in the valuation of public software companies, effectively repricing the value of high-margin, recurring revenue. The reasons behind that particular change are several, but may include a rotation by public investors into other asset categories, or an air-letting from a sector that may have enjoyed some valuation inflation in the last year.

In that vein, SMB cloud provider DigitalOcean’s own post-IPO declines from its offering price are a bit more understandable, as is a lack of a higher price interval from Kaltura, a video-focused software company, as it looks to list.

Taken together, the various market signs could point to a modest to moderate cooling in the tech IPO market. For a host of companies looking to debut via a SPAC, that could prove to be bad news.

#alex-wilhelm, #compass, #deliveroo, #ec-fintech, #ec-news-analysis, #fintech, #ipo, #spac, #tc

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Coursera prices IPO at top end of its range in boon to edtech valuations

Coursera, an edtech unicorn, will begin its life today as a public company after pricing its IPO at $33 per share yesterday evening. Using a simple share count, the company’s valuation comes to $4.30 billion, or $4.38 billion if its underwriters exercise their option to purchase shares at its offering price.

A more diluted share count pushes the valuation of Coursera over the $5 billion mark.

Coursera was last valued at $2.57 billion after raising $130 million in mid-2020, per PitchBook data. The company’s simple valuation is around a 67% gain on that final private figure; that gain rises to just over 70% if its underwriters purchase their available shares.

Using a diluted valuation, Coursera has roughly doubled its final private price. In under a year. For edtech investors looking to Coursera to help determine public market sentiment regarding the exit-value of their investments, TechCrunch reckons it’s a pretty good day.

The amount of private capital at play in edtech startups is staggering; billions and billions of potential returns could get a further shot in the arm if Coursera trades well this morning. And the very same billions of invested capital could lose the smile that Coursera’s seemingly-strong IPO pricing brought them.

There are other edtech debuts in the wings. TechCrunch has covered Nerdy’s plans to go public, via a SPAC, for example.

Private investors, who put well north of $10 billion into edtech companies globally in 2020, are modestly bullish on edtech exit volume this year. In a prior TechCrunch venture capitalist survey, GSV managing partner Deborah Quazzo said the following:

Exit volume is rising already with a wide range of strategic and financial buyers of edtech companies — something that didn’t exist before. You will see numerous high-value exits in the first half of 2021. It’s the public market “exits” that have really lagged and that I hope turns around in 2021 and 2022. There are numerous global companies that could go public and the addition of SPAC IPOs creates another positive dynamic.

The Coursera IPO pricing at least, meets the mark for a high-value exit. Which could lead where? Extending Quazzo’s thinking a single step, perhaps a strong Coursera first-day trading session will bolster SPAC interest in taking more edtech startups and unicorns public.

Such a move could lock-in valuations for a number of currently illiquid edtech startups, and perhaps begin to return chunks of invested capital in the historically out-of-fashion technology sector.

Adding to that sentiment is Owl Ventures’ managing director Ian Chiu, who told TechCrunch in the same survey that “the pipeline for potential IPO candidates coming from the edtech sector continues to grow larger.” Let’s hope — parsing the Coursera S-1 filing was good fun and we’d like another at-bat with an edtech IPO document.

More when Coursera trades.

#coursera, #deborah-quazzo, #edtech, #education, #ipo, #owl-ventures, #tc

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#DealMonitor – Productsup sammelt 20 Millionen ein – Parkdepot bekommt 4,2 Millionen – Lilium wagt Spac-IPO


Im aktuellen #DealMonitor für den 31. März werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

INVESTMENTS

Productsup
+++ Nordwind Capital und die Deutsche Handelsbank investieren 20 Millionen US-Dollar in Productsup – wobei es sich bei 10 Millionen um Venture Debt handelt. Zudem investieren Moritz Zimmermann, Mitgründer von Hybris und Partner bei 42Cap, sowie die Mitgründer von Contorion, Richard Schwenke und Tobias Tschötsch, in Productsup. Insgesamt flossen nun schon 45 Millionen US-Dollar in das Berliner Unternehmen, das sich um “Datenintegration im E-Commerce” kümmert. “Mit der Investition wird das Unternehmen Innovationen in der Produktentwicklung vorantreiben, Marketing- und Vertriebsinitiativen skalieren und seine E-Commerce-Datenintegrationslösungen auf neue globale Märkte, insbesondere in Nordamerika, auszuweiten”, teilt Productsup mit. Das Startup wurde 2010 von Kai Seefeldt und Johannis Hatt gegründet.

Anzeige
+++ In unserem Newsletter Startup-Radar berichten wir einmal in der Woche über neue Startups. Alle Startups stellen wir in unserem kostenpflichtigen Newsletter kurz und knapp vor und bringen sie so auf den Radar der Startup-Szene. Jetzt unseren Newsletter Startup-Radar abonnieren und 30 Tage kostenlos testen!

Parkdepot
+++ Der  Amsterdamer Risikokapitalfonds henQ investiert gemeinsam miz Altinvestoren 4,2 Millionen Euro in Parkdepot. Das Münchner Unternehmen, das 2019 von den Brüdern Jakob und Moritz Bodenmüller, Bastian Pieper sowie Yukio Iwamoto gegründet wurde, hilft Unternehmen wie Edeka, McDonald’s oder Rewe dabei, ihre freien Parkplätze zu vermieten. Die Bajuwaren verwalten nach eigenen Angaben Parkplätze in 150 deutschen Städten. Über 50 Mitarbeiter:innen arbeiten für das junge Unternehmen.

Exakt Health
+++ Der Münchner Business-Angel-Verbund Inventures investiert gemeinsam mit Angel-Investoren wie Maximilian Tayenthal (N26-Gründer), Gloria Bauerlein und Kelly Ford 500.000 Euro in die Physio-App Exakt Health. Das Startup, das 2021 von den beiden ehemaligen N26-Mitarbeitern Lucia Payo und Philip Billaudelle gegründet wurde, bietet Nutzer:innen eine Selbst-Diagnose für Sportverletzungen an und erstellt zudem einen individualisierten Rehabilitationsplan.

sustainabill
+++ Die Bochumer GLS Bank investiert erneut in das Kölner Startup Sustainabill. Das Unternehmen, eine Ausgründung aus dem Wuppertal Institut, entwickeltet eine Software, die die Transparenz in Unternehmen erhöhen und die komplette Lieferkette verbessern soll. Sustainabill wurde 2017 von Klaus Wiesen, Christoph Wiesen und Thorsten Merten gegründet. Mit dem frischen Kapital möchte “das Startup den Mittelstand stärker ansprechen”.

EXITS

Flyhjælp
+++ Das Berliner Fluggastrechte-Startup Flightright übernimmt seinen Kopenhagener Wettbewerber Flyhjælp, der 2015 gegründet wurde. “Durch den Zusammenschluss beider Unternehmen steigert sich die Gesamtzahl der Fälle immens und davon profitiert die technologie- und datengestützte Fallbewertung und -bearbeitung”, teilt das LegalTech mit. Die Flyhjælp-Gründer, Gustav und Johan Thybo leiten ihr Unternehmen auch nach der Übernahme.

evan
+++ Das amerikanische Blockchain-Technologieunternehmen Blockchains übernimmt das Dresdener Unternehmen evan, das sich um sich um “Blockchain-basierte Lösungen für mehr Datensouveränität in der digitalen Wirtschaft” kümmert. “Gemeinsam wollen evan und Blockchains ein neues Kapitel in der Evolution des Internets schreiben, indem sie Abhängigkeiten von zentralen Plattformanbietern aufbrechen – und den Menschen ihre Selbstbestimmtheit im digitalen Raum wieder zurückgeben” teilt das Unternehmen mit.

STOCK MARKET

Lilium
+++ Der Münchner Flugtaxi-Entwickler Lilium geht über die Spac-Hintertür an die Börse. Dabei wird das Unternehmen mit dem US-Börsenmantel Qell Acquisition Corp. verschmelzen, der von Barry Engle, dem ehemaligen Präsidenten von General Motors North America, geführt wird. Das junge Flugtaxiunternehmen wird durch Schritt mit 3,3 Milliarden US-Dollar bewertet. Durch den Zusammenschluss mit Qell Acquisition Corp fließen nach eigenen Angaben insgesamt rund 830 Millionen Dollar in Lilium. Der Lufttaxi-Hersteller Lilium wurde 2015 von den vier Ingenieuren Daniel Wiegand, Sebastian Born, Patrick Nathen und Matthias Meiner gegründet. In der letzten Investmentrunde sammelte Lilium rund 275 Millionen Dollar. Zu den Geldgebern gehören Baillie Gifford, Tencent, Atomico, Freigeist und LGT. Auch Wettbewerber Volocopter denkt bereits über einen Spac-IPO nach.

PODCAST

Insider #98
+++ Schon die neue Insider-Ausgabe mit Sven Schmidt gehört? In der aktuellen Folge geht es um: Amazd, Pitch, Planet A Ventures, Dance, Blok, likeminded, GraphCMS, Klaus Hommels, Fit Analytics, Patient 21, Enpal, Babbel, Volocopter, Lampenwelt, About You und Mister Spex.

Abonnieren: Die Podcasts von deutsche-startups.de könnt ihr bei Amazon Music – Apple Podcasts – Castbox – Deezer – Google Podcasts – iHeartRadio – Overcast – PlayerFM – Podimo – Spotify – SoundCloud oder per RSS-Feed abonnieren.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#aktuell, #berlin, #dresden, #e-health, #evan, #exakt-health, #flightright, #flyhjaelp, #gls-bank, #henq, #inventures, #ipo, #koln, #kopenhagen, #legaltech, #lilium, #munchen, #parkdepot, #productsup, #qell-acquisition-corp, #spac, #sustainabill, #venture-capital

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Sequoia Capital India on its early investment in Appier, the fund’s latest exit

Chih-Han Yu, chief executive officer and co-founder of Appier Group Inc., right, holds a hammer next to a bell during an event marking the listing of the company on the Tokyo Stock Exchange, at the company's office in Taipei, Taiwan on Tuesday, March 30, 2021. Photographer: Billy H.C. Kwok/Bloomberg via Getty Images

Chih-Han Yu, chief executive officer and co-founder of Appier Group Inc., right, holds a hammer next to a bell during an event marking the listing of the company on the Tokyo Stock Exchange, at the company’s office in Taipei, Taiwan on Tuesday, March 30, 2021. Photographer: Billy H.C. Kwok/Bloomberg via Getty Images

Appier’s initial public offering on the Tokyo Stock Exchange yesterday was a milestone not only for the company, but also Sequoia Capital India, one of its earliest investors. Founded in Taiwan, Appier was the fund’s first investment outside of India, and is now also the first company in its portfolio outside of India to go public. In an interview with TechCrunch, Sequoia Capital managing director Abheek Anand talked about what drew the firm to Appier, which develops AI-based marketing software.

Before shifting its focus to marketing, Appier’s founders—chief executive officer Chih-Han Yu, chief operating officer Winnie Lee and chief technology officer Joe Su—worked on a startup called Plaxie to develop AI-powered gaming engines. Yu and Su came up with the idea when they were both graduate students at Harvard, but found there was little demand at the time. Anand met them in 2013, soon after their pivot to big data and marketing, and Sequoia Capital India invested in Appier’s Series A a few months later.

“It’s easy to say in retrospect what worked and what didn’t work. What really stands out without trying to write revisionist history is that this was just an incredibly smart team,” said Anand. “They had probably the most technical core DNA of any Series A company that we’ve met in years, I would argue.” Yu holds a PhD in computer science from Harvard, Wu earned a PhD in immunology at Washington University in St. Louis and Su has a M.S. in computer science from Harvard. The company also filled its team with AI and machine learning researchers from top universities in Taiwan and the United States.

At the time, Sequoia Capital “had a broad thesis that there would be adoption of AI in enterprises,” Anand said. “What we believed was there were a bunch of people going after that problem, but they were trying to solve business problems without necessarily having the technical depth to do it.” Appier stood out because they “were swinging at it from the other end, where they had an enormous amount of technical expertise.”

Since Appier’s launch in 2012, more companies have emerged that use machine learning and big data to help companies automate marketing decisions and create online campaigns. Anand said one of the reasons Appier, which now operates in 14 markets across the Asia-Pacific region, remains competitive is its strategy of cross-selling new products and focusing on specific use cases instead of building a general purpose platform.

Appier’s core product is a cross-platform advertising engine called CrossX that focuses on user acquisition. Then it has products that address other parts of their customers’ value chain: AiDeal to help companies send coupons to the customers who are most likely to use them; user engagement platform AIQUA; and AIXON, a data science platform that uses AI models to predict customer actions, including the likelihood of repeat purchases.

“I think the number one thing that the company has spent a lot of time on is focusing on efficiency,” said Anand. “Customers have tons of data, both external and first-party, that they’re processing to drive business outcomes. It’s a very hard technical problem. Appier starts with a solution that is relatively easy to break into a customer, and then builds deeper and deeper solutions for those customers.”

Appier’s listing is also noteworthy because it marks the first time a company from Taiwan has listed in Japan since Trend Micro’s IPO in 1998. Japan is one of Appier’s biggest markets (customers there include Rakuten, Toyota and Shiseido), making the Tokyo Stock Exchange a natural fit, Anand said, even though most of Sequoia Capital India’s portfolio companies list in India or the United States.

The Tokyo Stock Exchange also stood out because of its retail investor participation, liquidity and total volume. Some of Appier’s other core investors, including JAFCO Asia and SoftBank Group Corp., are also based in Japan. But though it has almost $30 billion in average trading volume, the vast majority of listings are domestic companies. In a recent report, Nikkei Asia cited a higher corporate tax rate and lack of potential underwriters, especially for smaller listings, as a potential obstacles for foreign companies.

But Appier’s debut may lead the way for other Asian startups to chose the Tokyo Stock Exchange, said Anand. “Getting ready for the Japanese exchange meant having the right accounting practices, the right reporting, a whole bunch of compliance stuff. It was a long process. In some ways we were leading the charge for external companies to get there, and I’m sure over time it will keep getting easier and easier.”

#appier, #asia, #fundings-exits, #ipo, #japan, #marketing, #sequoia-capital, #sequoia-capital-india, #startups, #taiwan, #tc

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What Silicon Valley could learn from China’s Q&A platform Zhihu

China’s largest question and answer platform Zhihu began trading in New York at $9.5 per share at the lower end of its IPO range, valuing the company at about $5.3 billion.

The aggregate offering size of Zhihu’s IPO and the concurrent private placements is $772.5 million, assuming the underwriters do not exercise their option to purchase additional ADSs. With Zhihu’s sizable flotation, some Silicon Valley executives and investors may start to pay more attention to this ten-year-old company from China that was once simply regarded as the “Quora of China.”

Q&A remains at the core of Zhihu, which means “do you know” in classical Chinese, but the service has become much more than the American counterpart that was founded two years before it.

“I think Quora is a good product, but I think Quora today still equals Quora ten years ago,” said Kai-Fu Lee, whose investment firm Sinovation Ventures is a seed investor in Zhihu and is the company’s largest outside shareholder with a 13% stake.

“Zhihu has already grown up and is on the path to becoming a multifaceted super app centered around knowledge, while Quora is still a question and answer website with an app,” added Lee, an AI expert and an avid Zhihu contributor himself.

Asides from facilitating Q&As, Zhihu has also dabbled in premium content, live videos and audio, online education, among other forms that it believes are ripe for sharing knowledge.

Today, Zhihu generates about 70-80% of its revenues from advertising, according to its prospectus, though other businesses like membership and e-commerce are growing financial contributors, a sign that it’s working to diversify monetization streams.

The willingness of Chinese startups to “reinvent themselves and cannibalize their own success” is what differentiates them from American companies, Lee observed.

“Because they know if they don’t do that, their challenger will, and they are ambitious towards building the super app as a dream. I think American entrepreneurs tend to build something really good and light, partner with other companies and stay in their comfort zone,” said the investor who was the president of Google China in the late 2000s.

“I really think that Silicon Valley and U.S. entrepreneurs should look to China for ideas or inspirations of doing things differently.”

Conflict of interest

From 2019 to 2020, Zhihu’s monthly active users grew from 48 million to 68.5 million, an indication that the platform has thrived beyond the small clientele of Chinese tech elites, investors and academics whom it first attracted. A new mother could be on Zhihu asking for postnatal tips and a Foxconn worker may be on the site sharing her factory stories.

Zhihu’s revenue increased from 670.5 million yuan ($102 million) in 2019 to 1.4 billion yuan in 2020, while its net loss shrank from 1 billion yuan to 517.6 million yuan. It may seem at first that commercialization is at odds with Zhihu’s principle rooted in open user collaboration. Oftentimes, answerers are not economically incentivized but simply participating for leisure. But Zhihu is for-profit from day one and needs income after all.

It’s a always delicate matter to balance a product’s commercial and user interests. The bottom line is to be vigilant and deliberate about the kind of ads or sponsored content allowed on the platform. Restrain could mean smaller advertising revenue, but a medical ad scandal that hit Chinese search giant Baidu back in 2016 showed how easily user trust could be lost. Well-placed and responsible ads, on the other hand, could bring greater returns for both advertisers and the platform.

On the innovative side, not all users have appreciated Zhihu’s new features. Zhihu has recently upped its ante on short videos, which have become the default medium through which many Chinese users receive information, thanks to more affordable connectivity and industry forerunners like Douyin and Kuaishou. But some users argue that short videos by nature verge on entertainment and are obtrusive for the more serious, text-focused Zhihu.

Zhihu has other interests to balance. Its shareholders include Tencent, Baidu and Kuaishou, which are “super apps” themselves for their extensive functionalities. They all have traffic deals with Zhihu. For example, Zhihu content is surfaced in the search results on WeChat, which has its own search engine.

While joining hands with giants could drive user growth for a smaller player, dependence on outsiders could also handcuff a startup, forcing it to give away significant shares too early and joggle the interests of multiple allies, who could be rivals themselves.

Lee declined to comment on Zhihu’s relationship with any specific partner, but he did indicate that Zhihu doesn’t currently have an “overreliance” on partners and that the firm keeps “natural working business relationships with them.”

“That also speaks to the purity and the ambition of the Zhihu team that it hopes to maintain more independence by making more friends,” said Lee.

#asia, #china, #funding, #ipo, #quora, #tc, #zhihu

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Robinhood files confidentially to go public

Today Bloomberg reported, and Axios confirmed that Robinhood has filed privately to go public. The well-financed Robinhood is an American fintech company that provides zero-cost trading services to consumers.

Private IPO filings have become common in recent quarters, making Robinhood’s decision to file behind closed doors before showing its numbers to the public unsurprising. That it has filed privately, however, implies that the company is closer to a public debut than we might have anticipated.

Robinhood has long been expected to have a 2021 IPO in its plans. The company has not yet responded to an inquiry from TechCrunch regarding the news of its private IPO filing.

There are several reasons why Robinhood may be interested in a near-term public debut, despite running into controversies in recent quarters. No amount of time in front of Congress, bad PR from a user’s suicide, or settlements with the SEC can change the fact that today’s stock market favors growth, something that the company has in spades. Or that recent IPOs have been rapturously received by public investors as a cohort; it’s a warm time to pursue public-market liquidity.

The company’s revenue expanded greatly in 2020, something that TechCrunch has covered through the lens of Robinhood’s payment for order flow, or PFOF income. The company told Congress that the particular revenue source was the majority of its top line, meaning that PFOF growth is a reasonable comp for the company’s aggregate growth. And as TechCrunch has reported, those numbers rose sharply in 2020, from around ~$91 million in Q1 2020, to ~$178 million in Q2 2020, and ~$183 million and ~$221 million in the third and fourth quarter of last year.

Robinhood also makes money from consumer subscriptions, and other sources.

The fact that Robinhood has filed privately implies that it will go public sometimes soon, though perhaps not quickly enough to get around providing Q1 2021 numbers. More when we get our hands on the filing.

#fundings-exits, #ipo, #public-filing, #public-markets, #retail-investing, #retail-investors, #robinhood, #startups, #stock-trading

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Self-driving truck startup TuSimple files to go public

TuSimple, the self-driving truck company that is backed by a diverse consortium of strategic investors, including Volkswagen AG’s heavy-truck business The Traton Group, Navistar, Goodyear, and freight company U.S. Xpress, filed Tuesday for an initial public offering.

TuSimple is taking the traditional path to going public, a departure from the recent trend — particularly among electric and autonomous vehicle startups — to merge with a blank check company.

The number of shares to be offered and the price range for the proposed offering have not yet been determined, according to the regulatory filing. TuSimple intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol “TSP.” Morgan Stanley, Citigroup and J.P. Morgan will act as lead book-running managers for the proposed offering.

According to the company’s S-1, which was filed Tuesday, TuSimple has primarily financed its operations through the sale of redeemable convertible preferred stock and loans from stockholders. The company’s principal sources of liquidity were $310.8 million of cash and cash equivalents, exclusive of restricted cash of $1.5 million.  Cash and cash equivalents consist primarily of cash on deposit with banks as well as certificates of deposit.

TuSimple, which was founded in 2015,  was one of the first autonomous trucking startups to emerge in what has become a small, yet bustling industry that now includes Aurora, Embark, Kodiak and Waymo. While TuSimple’s founding team and its earliest backers Sina and Composite Capital are from China, a chunk of its operations are in the United States, including its global headquarters in San Diego. TuSimple also operates an engineering center and truck depot in Tucson and more recently set up a facility in Texas to support its autonomous trips —always with a human safety operator behind the wheel. TuSimple also has operations in Beijing and Shanghai.

This story is developing and will be updated. 

#automotive, #ipo, #tc, #transportation, #tusimple

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Coursera set to roughly double its private valuation in impending IPO

In a new S-1/A filing, Coursera set an initial IPO price range between $30 and $33 a share, signaling the market views its edtech business warmly ahead of its impending public offering.

Coursera will have 130,271,466 shares outstanding after its IPO, or 132,630,966 including its underwriters’ option. At $30 per share, the low end of the company’s IPO range and a share count inclusive of 2,359,500 shares reserved for its underwriting banks, the firm would be worth $3.98 billion. That number rises to $4.38 billion at $33 per share.

Coursera is being valued as a software company, likely a breathe-easy moment for still-private edtech companies, since the debut could be an industry bellwether.

This is a solid increase from Coursera’s last private-market valuation, which was around $2.4 billion when it raised a Series F round in October 2020.

For the bulls in the room, there’s a bigger valuation if you tinker with the numbers. In a fully diluted accounting, including in our calculation, shares that are issuable upon vested options and RSUs, Coursera’s share count rises to 166,006,474, or 168,365,974 if we count its underwriters’ option. At its most generous share count and highest projected price, Coursera’s valuation could reach $5.56 billion.

However, IPO-watching group Renaissance Capital comes to a smaller $5.1 billion figure for a midpoint-range, fully diluted valuation. That result excludes shares reserved for underwriters and equity currently present in vested RSUs.

Using the more modest $5.1 billion midpoint figure, Coursera would be worth around 17.5 times its 2020 revenue of $293.5 million. Using a run-rate figure calculated from the company’s Q4 2020 results, its multiple falls to just over 15x.

Coursera is therefore being valued as a software company, likely a breathe-easy moment for still-private edtech companies, since the debut could be an industry bellwether.

The valuation is also a vote of confidence that Coursera’s rising deficits are not even a valuation risk, let alone an existential threat to its business. In the four quarters of 2020, the edtech giant lost $14.3 million, $13.9 million, $11.9 million and $26.7 million, the final Q4 net loss being the largest among the time interval for which we have data.

From all appearances, investors are valuing Coursera on its growth, not its profitability — or lack thereof.

Helping push its losses higher are rising sales and marketing costs, something TechCrunch has written about in the past. In Q4 2019, for example, the company spent $16.7 million on sales and marketing activities. That figure rose to $35 million in Q4 2020.

#coursera, #ec-edtech, #ec-news-analysis, #edtech, #education, #fundings-exits, #ipo, #mooc, #s-1, #startups

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#DealMonitor – Solar-Startup Enpal strebt an die Börse – Flugtaxi-Startup Volocopter plant Spac-IPO


Im aktuellen #DealMonitor für den 19. März werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

STOCK MARKET

EnPal
+++ Das Berliner Solarunternehmen EnPal, das 2017 von Mario Kohle (Käuferportal-Gründer), Viktor Wingert und Jochen Ziervogel gegründet wurde, drängt an die Börse – siehe manager magazin. “Der Jüngste der drei Internet-Brüder will die Solarfirma Enpal an die Börse bringen. Die Zeit scheint günstig – und Samwers Vorstandschef ist kein Vergleich zu groß”, heißt es im Bericht. In der Vergangenheit investierte neben Alexander Samwers Picus Capital sowie Spreadshirt-, Circ- und Delivery Hero-Gründer Lukasz Gadowski auch der amerikanische Investmentfonds Princeville Climate Technology, hinter dem unter anderem Schauspieler Leonardo DiCaprio steckt, sowie die zalando-Macher Robert Gentz, David Schneider und Rubin Ritter in das Unternehmen, das Solaranlagen an Privatkunden vermietet. Die Jungfirma soll nun zur “größten Erneuerbare-Energien-Plattform der Welt” aufsteigen und 2024 einen Umsatz von 2,5 Milliarden einfahren. 2020 erwirtschaftete die Jungfirma 56 Millionen Euro Umsatz, 2019 gerade einmal 18 Millionen.

Anzeige
+++ In unserem Newsletter Startup-Radar berichten wir einmal in der Woche über neue Startups. Alle Startups stellen wir in unserem kostenpflichtigen Newsletter kurz und knapp vor und bringen sie so auf den Radar der Startup-Szene. Jetzt unseren Newsletter Startup-Radar abonnieren und 30 Tage kostenlos testen!

Volocopter
+++ Das umtriebige Flugtaxi-Startup Volocopter plant einen IPO – und zwar via Spac. “Bei der Transaktion übernimmt eine leere Firmenhülle, die sich bereits am Aktienmarkt befindet, die deutsche ­Firma. Die sogenannte Special Purpose Acquisition Company (Spac) und Volocopter verschmelzen – für das Start-up ist es ein schneller Weg an die Börse” – berichtet Capital. BlackRock, Avala Capital, Atlantia, Continental, Jericho Capital und Tokyo Century sowie alle Alt-Investoren investieren kürzlich 200 Millionen Euro in das Flugtaxi-Startup Volocopter, das 2011 von Stephan Wolf und Alexander Zosel gegründet wurde. Insgesamt flossen bereits schon 322 Millionen in Volocopter. Das Unternehmen entwickelt elektrisch angetriebenen senkrecht startenden Flugtaxis, um Passagiere zu transportieren. Volocopter beschäftigt derzeit in Bruchsal, München und Singapur über 300 Mitarbeiter.

INVESTMENTS

NumberX
+++ Nicht genannte Investoren investieren rund 1 Million Euro in das Wiener Unternehmen NumberX – siehe Trending Topics. Das FinTech, das von  Claudio Wilhelmer und Matthias Seiderer gegründet wurde, bietet eine appbasierte Mastercard an. Kunden können diese Karte über die NumberX-App in einem “monatlichen Flatrate-Modell” nutzen. “Bezahle ohne Gebühren und hebe kostenlos Bargeld ab, profitiere von einem umfangreichen Versicherungsschutz der sich an dich und deine Bedürfnisse anpasst und einer Karte die dein Vermögen automatisch aufbaut”, teilt das Satrtup in eigener Sache mit.

Movacar
+++ Nicht genannte “neue Investoren” investieren eine mittlere sechsstellige Summe in Movacar. Das Startup, das 2018 von Eustach von Wulffen und Karl Markiewicz gegründet wurde, bietet Leihwagen für 1 Euro an. “Wir bringen Autovermieter, die ein Fahrzeug überführen wollen und Mieter, die eine günstige Reiseoption suchen zusammen”, teilt die Jungfirma in eigener Sache mit. Business-Angel Christoph Räthke investierte 2020 bereits  37.500 Euro in Movacar.

Thankyoujane
+++ Torus Capital, ein Zusammenschluss von Unternehmern um den Seriengründer Jochen Boeyken, und die Altinvestoren investieren eine mittlere sechsstellige Summe in Thankyoujane. Das Münchner CBD Startup wurde 2017 von Sven Kalies gegründet. Derzeit beschäftigt die Jungfirma, die einen Online-Shop betreibt und unter dem Markennamen Cantura Organics
CBD-Produkte nach traditionellen Herstellverfahren entwickelt, 15 Mitarbeiter:innen.

FUSION

Belonio
+++ Das Unternehmen Edenred, das im Segment “Payment Solutions für die Arbeitswelt” unterwegs ist, schließt sich mit Belonio zusammen. Die sogenannte Benefit-Management-Plattform Belonio wurde 2015 von Frank Rohmann und Sven Janßen in Münster gestartet. Ursprünglich war Belonio eine interne Lösung für die Unternehmen der [whyit]-Gruppe. Nach eigenen Angaben nutzen über 100.000 Mitarbeiter der 650 Arbeitgeber-Kunden Belonio.

PODCAST

Insider #97
+++ Schon die neue Insider-Ausgabe mit Sven Schmidt gehört? In der aktuellen Folge geht es um Ralf Wenzel, Gorillas, Elmar Broscheit, Flink, Grovy, Project A Ventures, MeetButter, Finway, mim Technologies, Lottie und den Spac-Boom.

Abonnieren: Die Podcasts von deutsche-startups.de könnt ihr bei Amazon Music – Apple Podcasts – Castbox – Deezer – Google Podcasts – iHeartRadio – Overcast – PlayerFM – Podimo – Spotify – SoundCloud oder per RSS-Feed abonnieren.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#aktuell, #berlin, #enpal, #fintech, #ipo, #mobility, #movacar, #munchen, #numberx, #spac, #thankyoujane, #torus-capital, #venture-capital, #volocopter, #wien

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#DealMonitor – Nuventura sammelt 2,5 Millionen ein – babbel plant IPO – lampenwelt: Exit oder IPO geplant


Im aktuellen #DealMonitor für den 15. März werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

INVESTMENTS

Nuventura 
+++ Cycle Group and Doen Participaties und die Altinvestoren IBB Ventures, APEX Energy und Future Energy Ventures investieren 2,5 Millionen Euro in Nuventura. Das Berliner Startup, das 2017 von Fabian Lemke und Manjunath Ramesh gegründet wurde, positioniert sich als  Anbieter einer nachhaltigen Stromnetztechnologie. Insgesamt flossen nun schon 8 Millionen Euro in Nuventura.

VENTURE CAPITAL

niceshares
+++ Das steirische E-Commerce-Unternehmen Niceshops legt sich mit niceshares einen Beteiligungsableger zu. “Dank der neu geschaffenen Beteiligungsgesellschaft hat niceshops nun weitere Möglichkeiten, sich an Unternehmen zu beteiligen, von der operativ tiefen Verflechtung bis hin zu einer Beteiligung indirekter Art”, teilt das Unternehmen mit. Der Onlinehändler mit Sitz in Saaz bei Paldau wurde von Roland Fink, Christoph Schreiner und Barbara Unterkofler gegründet. Zum Start steigt niceshares beim Modelabel Babauba ein. Niceshops tätigte zuvor bereits mehrere Beteiligungen – etwa fromaustia.com, 9Weine und Cosmeterie. 2020 erwirtschaftete Niceshops einen Umsatz in Höhe von rund 100 Millionen Euro.

Anzeige
+++ In unserem Newsletter Startup-Radar berichten wir einmal in der Woche über neue Startups. Alle Startups stellen wir in unserem kostenpflichtigen Newsletter kurz und knapp vor und bringen sie so auf den Radar der Startup-Szene. Jetzt unseren Newsletter Startup-Radar abonnieren und 30 Tage kostenlos testen!

STOCK MARKET

babbel
+++ Der Berliner Sprachlerndienst Babbel, der sich über den Verkauf von Abos finanziert, drängt an die Börse – siehe Reuters. Der IPO soll im dritten Quartal über die Bühne gehen. Das Grownup strebt dabei eine Bewertung von rund 1 Milliarde Euro an. Der Umsatz des Unternehmens stieg 2019 um 16 % von 106,4 Millionen Euro auf 123,9 Millionen. Der Konzernjahresfehlbetrag lag 2019 bei rund 3 Millionen. Im Vorjahr waren es noch 12,4 Millionen.

lampenwelt.de
+++ Das 2004 gegründete Unternehmen lampenwelt.de, ein erfolgreicher Online-Händler für Leuchten, strebt ebenfalls einen IPO an. “British buyout group 3i is poised to launch a stock market listing or sale of its German lighting retailer Luqom in a deal that could value the business at up to 700 million euros ($834 million)” – berichtet Reuters. Neben 3i ist auch der Berliner Kapitalgeber Project A Ventures an lampenwelt.de beteiligt. 3i investierte 2017 rund 120 Millionen in lampenwelt.de.

PODCAST

Insider #97
+++ Schon die neue Insider-Ausgabe mit Sven Schmidt gehört? In der aktuellen Folge geht es um Ralf Wenzel, Gorillas, Elmar Broscheit, Flink, Grovy, Project A Ventures, MeetButter, Finway, mim Technologies, Lottie und den Spac-Boom.

Abonnieren: Die Podcasts von deutsche-startups.de könnt ihr bei Amazon Music – Apple Podcasts – Castbox – Deezer – Google Podcasts – iHeartRadio – Overcast – PlayerFM – Podimo – Spotify – SoundCloud oder per RSS-Feed abonnieren.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#aktuell, #apex-energ, #babauba, #babbel, #berlin, #cycle-group, #doen-participaties, #future-energy-ventures, #ibb-ventures, #ipo, #lampenwelt-de, #niceshares, #niceshops, #nuventura, #paldau, #venture-capital

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Putting Roblox’s incredible $45 billion IPO in context

Yesterday, Roblox made good on its plans to go public, with employees and previous investors selling hundreds of millions of shares in a direct listing on the New York Stock Exchange. In a private funding round in January, those shares were worth $45. When the market closed Wednesday, they were selling at $69.50, a price that valued Roblox Corp. as a whole at $45.3 billion (as of this writing, Roblox Corp.’s stock price peaked at $77.30 and currently sits at $72.72 in Thursday morning trading).

How did this company, whose single title has become a game platform unto itself, become worth more than major game publishers like Electronic Arts and Take-Two? To help answer that question, we put together this deep dive into the numbers that are powering the Roblox revolution. They paint a picture of a company with an extremely young and incredibly engaged user base that has ballooned during the 2020 pandemic lockdowns. But Roblox is also a company that is struggling to convert its huge and growing annual revenues into profitability.

(Unless otherwise noted, numbers are sourced from SEC documents or Roblox’s own website)

Read 2 remaining paragraphs | Comments

#financial, #gaming-culture, #ipo, #roblox

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Oscar Health prices IPO at $39 and secures a $9.5B valuation

Late last night Oscar Health, a tech-enabled medical insurance provider, priced its IPO at $39 per share. The final price came in $1 per share above its raised IPO guidance; Oscar Health had originally targeted a $32-$34 per-share IPO price.

Some 37,041,026 shares were sold at $39, including 36,391,946 offered by the company itself. Not counting shares reserved for the company’s underwriters — more on those here — Oscar Health found at least $1.44 billion worth of demand for its equity at $39 apiece. More than 98% of the funds from the aggregate share sale went to the company’s accounts.

For backers Thrive Capital, Founders Fund, Formation 8, CapitalG, Fidelity, Alphabet, Coatue, Tiger Global and others, the day is a financial coup.

But just how well did the company’s private backers do? To know that, we have to calculate what the company is worth at $39 per share. Oscar sold more shares in its debut than its final S-1/A filing expected, making its ensuing share count slightly tedious to calculate. However, the company’s simple IPO valuation appears to be just over $7.92 billion at its IPO price. IPO investing group Renaissance Capital calculates the company’s fully-diluted valuation, a figure that counts some additional shares, including that have been earned through options that have yet to be exercised, for example, at $9.5 billion.

Oscar Health’s IPO has been a success from several perspectives. From a fundraising viewpoint, the company raised more than it may have initially expected to, comparing its final price point against its initial range. From a valuation perspective, the company is now worth a multiple of its last-known private valuation, some $3.2 billion set during its 2018 Series G, per PitchBook data. The company did raise more private capital between that round and its IPO, but we lack valuation figures for those deals.

The company will begin trading this morning in a notable test for insurtech, and the sub-niche of medical insurtech. TechCrunch’s prior notes on the company’s IPO valuation aside, the bidding public have repriced Oscar Health. Now let’s see what the company will manage once it truly begins to float.

#exit, #fundings-exits, #insurtech, #ipo, #oscar-health, #public-offering, #startups, #tc, #unicorn, #vc

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#Gastbeitrag – Spacs – Ein alternativer Weg an die Börse?


SPAC steht für Special Purpose Acquisition Vehicle. SPACs sind “Gesellschaftshüllen”. Initiiert werden SPACs von den sogenannten “Sponsoren”, die in der Regel auch deren Geschäftsführung übernehmen. Die Anteile am SPAC werden im Rahmen des SPAC-IPO zum Handel an einer Börse zugelassen. Anleger erwerben im Rahmen des SPAC IPO Anteile am SPAC und Optionen auf den Erwerb weiterer Anteile zu einem bestimmten Preis. Nach dem SPAC-IPO halten die Sponsoren in der Regel 20 % und die Investoren 80 % der SPAC-Anteile. Die Sponsoren erhalten ihre Anteile am SPAC, ohne eine Zahlung erbringen zu müssen. Die im Börsengang eingeworbenen Geldmittel werden zunächst auf einem Treuhandkonto verwahrt. Neben den Investoren halten die Sponsoren Optionen auf den Erwerb von Anteilen. Die Aufgabe der Geschäftsführung des SPAC ist, in den 24 Monaten nach IPO ein Zielunternehmen zu identifizieren, mit dessen Eignern dessen Erwerb durch den SPAC zu vereinbaren und die Transaktion den SPAC Investoren zu deren Abstimmung über den Vollzug vorzustellen.

Transaktion als Cash oder Share Deal

Die Transaktion wird dabei als Cash und/oder Share Deal strukturiert, das heißt die Eigner des Zielunternehmens erhalten als Vergütung entweder eine Zahlung oder Anteile am SPAC oder beides. Cash welches im SPAC verbleibt, kann für die Finanzierung des weiteren Wachtsums des kombinierten Unternehmens eingesetzt werden. Die Abstimmung der SPAC Investoren über die Transaktion erfolgt im Rahmen einer Hauptversammlung. Die Transaktion wird nur vollzogen, falls dabei eine vorab definierte zustimmende Mehrheit erreicht wird. Anleger können sich dabei auch dafür entscheiden, gegen Rückgabe ihrer Anteile am SPAC, ihren Anteil am Barvermögen des SPAC zurückzuerhalten. Dies ist in der Regel geringfügig weniger, als sie beim IPO bezahlt haben. Nach Vollzug der Transaktion bleibt in der Regel das Management des Zielunternehmens als Management der kombinierten Einheit an Bord.

SPACs boomen bereits in den USA – doch die Uhr tickt

Die USA haben im Jahr 2020 einen wahren SPAC Boom erlebt: 55 % aller IPOs in den USA waren SPAC-IPOs. Dabei wurden bei 248 SPAC-IPOs insgesamt 83 Milliarden US-Dollar von Investoren eingesammelt. Für all diese SPACs tickt die Uhr. Falls sie binnen 24 Monaten nach IPO keine Transaktion vollzogen haben, wird der SPAC liquidiert und die Gelder vom Treuhandkonto an die Investoren verteilt, während die Sponsoren komplett leer ausgehen. Es besteht daher erheblicher Druck, geeignete Zielunternehmen zu finden. Inzwischen befassen sich US-SPACs, neben US-amerikanischen, mit europäischen Zielunternehmen.

Für ein europäisches Zielunternehmen bietet sich dadurch die Gelegenheit, eine Börsennotierung in den USA zu erreichen, ohne den klassischen IPO-Pfad zu beschreiten. Das Gelingen ist dabei nicht davon abhängig, ob sich gerade ein sogenanntes “IPO Window” findet.

Risiken und Nebenwirkungen

Andererseits besteht auch bei einer Übernahme durch einen SPAC die Gefahr, dass die Investoren die Transaktion bei der Hauptversammlung, die darüber abstimmt, durchfallen lassen und die Transaktion platzt. Bedenken sollten die Eigner eines Zielunternehmens, welches erwägt, sich von einem SPAC erwerben zu lassen , dass durch die Aktien der Sponsoren eine Verwässerung ihrer Beteiligung eintritt, ohne dass der kombinierten Einheit hierfür eine Gegenleistung zugeflossen ist. Ähnliches gilt für die von Investoren und Sponsoren gehaltenen Optionen, die zum Erwerb weitere Aktien berechtigen. Dieser Aspekt führt bei den Verhandlungen zwischen SPAC und Zielunternehmen häufig dazu, dass sich die Sponsoren bereits erklären, auf die ihnen zustehenden Optionen oder gegebenenfalls sogar auf Anteile zu verzichten, um das Zielunternehmen und dessen Eigner für die SPAC-Transaktion zu gewinnen. Insbesondere wenn das Zielunternehmen einen hohen Kapitalbedarf zur Finanzierung des weiteren Wachstums hat, wird im Rahmen der Transaktion eine zusätzliche Barkapitalerhöhung des SPAC durchgeführt, an der sich einige wenige institutionelle Investoren beteiligen, sogenanntes PIPE-Investment. In der Regel müssen sich die Eigner von Zielunternehmen verpflichten, ihre Anteile am SPAC für einen Zeitraum von sechs oder zwölf Monaten nach Durchführung der Transaktion nicht zu veräußern, sogenanntes Lock-Up. Prominente Beispiele von Unternehmen, die ihren Weg an die Börse über den Erwerb durch einen SPAC gefunden haben, sind zum Beispiel Virgin Galactic und Nikola.

Inzwischen ist die aktuelle SPAC Euphorie von den USA auch nach Europa übergeschwappt. Jüngst wurde mit dem Lakestar SPAC I der erste SPAC seit sehr vielen Jahren an der Frankfurter Wertpapierbörse zum Börsenhandel zugelassen.

Über den Autor
Philipp Melzer ist Rechtsanwalt und Partner bei der internationalen Wirtschaftskanzlei CMS in Deutschland. Er verfügt über große Erfahrung bei der Beratung von Emittenten, emissionsbegleitenden Banken und Altaktionären bei Börsengängen, Kapitalerhöhungen und Zweitplatzierungen.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): Shutterstock

#aktuell, #gastbeitrag, #ipo, #spac

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Coupang may raise up to $3.6 billion in its IPO, at a potential valuation of $51 billion

According to an amended S-1 filing, South Korean e-commerce leader Coupang expects to price its initial public offering between $27 to $30 per share, potentially raising up to $3.6 billion. After the IPO, Coupang will have a total of 1.7 billion shares outstanding, including Class A and Class B. This means the means the pricing would give Coupang a potential market capitalization between $46 billion to $51 billion, a huge increase over the $9 billion valuation it reached after its last funding round in 2018, led by SoftBank Vision Fund.

Coupang and some of its existing shareholders will offer a total of 120 million shares during the IPO.

If Coupang’s IPO is successful, it would be a huge win for SoftBank Vision Fund, which will own 36.8% of its Class A shares after the listing.

Founded in 2010 by Bom Kim, Coupang is known for its ultra-speedy deliveries and is now the largest e-commerce company in South Korea, according to Euromonitor. According to the filing, Kim will hold 76.7% of voting power after the listing, while SoftBank Vision Fund will hold about 8.6%. Other investors that currently own 5% or more of Coupang’s shares include Greenoaks Capital Partners, Maverick Holdings, Rose Park Advisors, BlackRock and Ridd Investments.

Coupang filed to go public on the New York Stock Exchange last month, under the symbol CPNG. Based on Bloomberg data, Coupang’s listing will be the fourth-biggest by an Asian company on a U.S. exchange, and the largest since Alibaba’s $25 billion IPO in 2014.

#asia, #coupang, #ecommerce, #fundings-exits, #ipo, #south-korea, #startups, #tc

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How capital-as-a-service can help you get your first check in 2021

“A lot of founders mix up raising money with making money.”

This quote, which Career Karma founder Ruben Harris mentioned off-hand on a phone call with me, has been on my mind for months. In fact, raising money can cost you money, in the form of that sweet, sweet ownership and equity.

That’s why Clearbanc, a startup I have covered for years, has always had a compelling pitch.

The company, co-founded by Michele Romanow and Andrew D’Souza, positions itself as an alternative equity-free capital solution for early-stage founders. Flexing its “20-minute term sheet” the startup uses an algorithm to shift through a startup’s data, and if it has positive ad spend and positive unit economics, they make an investment worth anything from $10,000 to over $10 million. It makes money through a revenue-share agreement versus an equity stake.

“While we’ve invested in over 4,000 businesses using this model, we’ve also turned away over 50,000 who weren’t at this scale or level of repeatability,” D’Souza tells TechCrunch. So, the startup told me this week that they have raised $10 million to create a new product: ClearAngel.

The startup is trying to back anyone with an online business that has early revenue, but pre-broad traction. Clearbanc wants to replace friends and family money, a concept that D’Souza says is “quite elitist,” with its own version of an angel check, while also offering founder services such as supply chain analysis, introductions to networks and competitive landscape analysis.

The startup just needs to make around $1,000 in monthly revenue to qualify for cash. In return for an investment between $10,000 to $50,000, founders have to pay up to 2% of their revenue over four years.

Clearbanc’s repayment works for some startups, but for others, a traditional bank loan could work better. Its biggest hurdle, I’d argue, is that if a startup has great revenue already, you might not want to take a revenue-share agreement loan.

As for if a startup takes ClearAngel capital and doesn’t make the minimum revenue?

“Then the ClearAngel product isn’t working,” he said. “There are bound to be some companies who still can’t make it, that’s the risk we take.”

Alternative capital has pros and cons, just like venture capital has pros and cons. If the end goal is to become a billion-dollar business, what’s the best route to do that? Is taking a revenue-share agreement going to hurt your chances as a pre-seed startup trying to raise capital? Does YC care at all?

Those are some of my biggest questions, and we’ll explore all (and more!) in my alternative financing panel next week for TC Sessions: Justice. It costs $5 to attend the entire conference, and speakers include Backstage Capital’s Arlan Hamilton and Congresswoman Barbara Lee.

Remember that you can get Startups Weekly in your inbox before anyone else, if you subscribe. It’s free! As always, you can find me @nmasc_ on Twitter or e-mail me at natasha.m@techcrunch.com. That is free too!

Coinbase files to go public

After being valued at $100 billion in the secondary markets, Coinbase has finally filed to go public. The S-1, as Winnie founder Sara Mauskopf tweeted, is #goals. The crypto unicorn, as my colleague Alex Wilhelm notes, grew just over 139% in 2020, a massive improvement on its 2019 results.

Here’s what to know:

Other notes:

Coinbase Co-founder and CEO Brian Armstrong

SAN FRANCISCO, CA – SEPTEMBER 07: Coinbase Co-founder and CEO Brian Armstrong speaks onstage during Day 3 of TechCrunch Disrupt SF 2018 at Moscone Center on September 7, 2018 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch)

Mobility-as-a-service

I caught up with Eric Eldon, managing editor at TechCrunch and former Startups Weekly writer, about the recent work he’s been doing with Kirsten Korosec, our transportation editor.

Here’s what he had to say: Startup employees may not be going into the office as often again — or ever. But everyone will still need to go places, or at least want to! How will they do it? What will we do? How will our altered set of needs and wants reshape cities, right as new technologies are fundamentally altering transportation, too? We’re going to be covering this topic in-depth this year, as we all figure out how to go back to work.

Other reading:

TechCrunch Mobility

Crazy ride on the night by car. Image Credits: franckreporter/Getty Images.

Spain wants startups to succeed on its soil

The Spanish government, led by Prime Minister Pedro Sanchez, has announced plans to turn itself into an entrepreneurial nation. The Startup Act is the first piece of dedicated legislation meant to help create tech innovation within Spain. The goals are to promote innovation, new capital through domestic and foreign investments, and to seed the future of Spain as a hub for new companies.

Here’s what to know: Driving innovation can start with relaxing on regulatory concerns.

Among a package of some 50 support measures, the entrepreneurial strategy makes a reference to “smart regulation” and floats the idea of sandboxing for testing products publicly (i.e. without needing to worry about regulatory compliance first).

Other news this week:

Image Credits: MHJ (opens in a new window) / Getty Images

Some personal news

As loyal Equity listeners may have already noticed, we’ve been quietly experimenting with the concept of adding on a third show to our weekly production. This week, we told the world! Along with our current shows, which help listeners start and end the week with tech news, we’re going to bring on a Wednesday deep dive into a topic, subject area or person. Our first mid-week episode went live this week, and it was all about space (so yes, expect a lot of puns and Elon jokes).

The show is about to celebrate its four-year anniversary, and I’m about to celebrate my one-year anniversary as a co-host. We’re all so thankful for your support, and can’t wait to bring you more laughs and learnings.

Our latest episodes:

Across the week

Seen on TechCrunch

The startup bootcamp you’ve always needed is finally here

Scoop: VCs are chasing Hopin upwards of $5-6B valuation

Lisbon’s startup scene rises as Portugal gears up to be a European tech tiger

Sources: Lightspeed Venture Partners is close to hiring a London-based partner to put down roots in Europe

Contra wants to be a community for independent workers

Seen on Extra Crunch

Ironclad’s Jason Boehmig: The objective of pricing is to become less wrong over time

As BNPL startups raise, a look at Klarna, Affirm and Afterpay earnings

4 essential truths about venture investing

And that’s the jam-packed week! As an insider tip to those that subscribe, I’m starting to cover health tech (along with edtech) for the TC team. So throw me the smartest person you know on the topic, and extra points if that’s you.

N

#clearbanc, #coinbase, #early-stage, #financing, #ipo, #public-market, #startups, #startups-weekly, #tc

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DigitalOcean’s IPO filing shows a two-class cloud market

This morning DigitalOcean, a provider of cloud computing services to SMBs, filed to go public. The company intends to list on the New York Stock Exchange (NYSE) under the ticker symbol “DOCN.”

DigitalOcean’s offering comes amidst a hot streak for tech IPOs, and valuations that are stretched by historical norms. The cloud hosting company was joined by Coinbase in filing its numbers publicly today.

DigitalOcean’s offering comes amidst a hot streak for tech IPOs.

However, unlike the cryptocurrency exchange, DigitalOcean intends to raise capital through its offering. Its S-1 filing lists a $100 million placeholder number, a figure that will update when the company announces an IPO price range target.

This morning let’s explore the company’s financials briefly, and then ask ourselves what its results can tell us about the cloud market as a whole.

DigitalOcean’s financial results

TechCrunch has covered DigitalOcean with some frequency in recent years, including its early-2020 layoffs, its early-2020 $100 million debt raise and its $50 million investment from May of the same year that prior investors Access Industries and Andreessen Horowitz participated in.

From those pieces we knew that the company had reportedly reached $200 million in revenue during 2018, $250 million in 2019 and that DigitalOcean had expected to reach an annualized run rate of $300 million in 2020.

Those numbers held up well. Per its S-1 filing, DigitalOcean generated $203.1 million in 2018 revenue, $254.8 million in 2019 and $318.4 million in 2020. The company closed 2020 out with a self-calculated $357 million in annual run rate.

During its recent years of growth, DigitalOcean has managed to lose modestly increasing amounts of money, calculated using generally accepted accounting principles (GAAP), and non-GAAP profit (adjusted EBITDA) in rising quantities. Observe the rising disconnect:

#cloud, #cloud-infrastructure-market-share, #coinbase, #developer, #digital-ocean, #digitalocean, #enterprise, #exit, #fundings-exits, #ipo, #startups, #tc

0

DigitalOcean’s IPO filing shows a two-class cloud market

This morning DigitalOcean, a provider of cloud computing services to SMBs, filed to go public. The company intends to list on the New York Stock Exchange (NYSE) under the ticker symbol “DOCN.”

DigitalOcean’s offering comes amidst a hot streak for tech IPOs, and valuations that are stretched by historical norms. The cloud hosting company was joined by Coinbase in filing its numbers publicly today.

DigitalOcean’s offering comes amidst a hot streak for tech IPOs.

However, unlike the cryptocurrency exchange, DigitalOcean intends to raise capital through its offering. Its S-1 filing lists a $100 million placeholder number, a figure that will update when the company announces an IPO price range target.

This morning let’s explore the company’s financials briefly, and then ask ourselves what its results can tell us about the cloud market as a whole.

DigitalOcean’s financial results

TechCrunch has covered DigitalOcean with some frequency in recent years, including its early-2020 layoffs, its early-2020 $100 million debt raise and its $50 million investment from May of the same year that prior investors Access Industries and Andreessen Horowitz participated in.

From those pieces we knew that the company had reportedly reached $200 million in revenue during 2018, $250 million in 2019 and that DigitalOcean had expected to reach an annualized run rate of $300 million in 2020.

Those numbers held up well. Per its S-1 filing, DigitalOcean generated $203.1 million in 2018 revenue, $254.8 million in 2019 and $318.4 million in 2020. The company closed 2020 out with a self-calculated $357 million in annual run rate.

During its recent years of growth, DigitalOcean has managed to lose modestly increasing amounts of money, calculated using generally accepted accounting principles (GAAP), and non-GAAP profit (adjusted EBITDA) in rising quantities. Observe the rising disconnect:

#cloud, #cloud-infrastructure-market-share, #coinbase, #developer, #digital-ocean, #digitalocean, #enterprise, #exit, #fundings-exits, #ipo, #startups, #tc

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#DealMonitor – Cazoo übernimmt Cluno – Canva kauft Kaleido – Rows sammelt 16 Millionen ein


Im aktuellen #DealMonitor für den 23. Februar werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

EXITS

Cluno
+++ Der britische Online-Autohändler Cazoo, seit Sommer 2020 mit mehr als 1 Milliarde (Unicorn-Status) bewertet, übernimmt das junge Münchner Auto- und Fintech-Startup Cluno. “Nach erfolgter Integration wird Cazoo sein Angebot in Deutschland und Europa lancieren und damit Kunden die Möglichkeit bieten, Tausende Autos auf der unternehmenseigenen Plattform zu kaufen, zu finanzieren oder zu abonnieren”, teilt das Unternehmen mit. Cluno, das von Nico und Christina Poletti sowie Andreas Schuierer gegründet wurde, sammelt in den vergangenen Jahren über 44 Millionen Euro ein – unter anderem von Acton Capital (23,8 %), Atlantic Labs (17,1 %) und Valar Ventures (18,4 %), also Paypal-Gründer Peter Thiel. Zudem sicherte sich das Auto-Startup 140 Millionen Euro in Form von Krediten. 100 Mitarbeiter wirken bereits für Cluno. Zuletzt hatte Cazoo, 2018 gegründet, bereits das britische Auto-Startup Drover, das unter anderem von Cherry Ventures unterstützt wurde, übernommen. Cazoo ist somit derzeit in Übernahmelaune. Finanzielle Details des Deals sind bisher nicht bekannt.

Kaleido
+++ Das australische Unternehmen Canva übernimmt das österreichische Unternehmen Kaleido. Mit dem Startup aus Wien, zu dem die Dienste remove.bg und Unscreen gehören, kann jeder die Hintergründe von Bildern und Videos mit einem Klick entfernen. “Kaleido wurde erst vor gut zwei Jahren gegründet, ist allein im vergangenen Jahr um 600+ % von von drei auf über 20 Millionen User in 180 Ländern gewachsen und war von Tag eins weg profitabel. Mittlerweile werden mit Kaleido pro Monat mehr als 100 Millionen Hintergründe von Fotos und Videos freigestellt”, heißt es in der Presseaussendung. Die Unternehmen bezeichnen den Verkauf zudem als “einen der größten Exits in der österreichischen Startup-Geschichte”. Damit müsste sich der Verkaufspreis in Dimensionen von Runtastic (220 Millionen Euro) und  MySugr (200 Millionen Euro) bewegen. Die Kaleido-Gründer Benjamin Groessing und David Fankhauser bauten ihr Startup ohne Investoren auf.

INVESTMENTS

Rows
+++ Lakestar, der Visionaries Club und Pitch-Gründer Christian Reber sowie die Altinvestoren Accel und Cherry Ventures investieren 16 Millionen US-Dollar in das Berliner Startup Rows, bisher als DashDash bekannt. Wobei wir den Einstieg von Lakestar schon im März des vergangenen Jahres im Insider-Podcast verkündet hatten. Accel, Cherry Ventures und Atlantic Labs investierten zuvor bereits 8 Millionen US-Dollar in das Startup. Die Jungfirma, die 2016 von  Humberto Ayres Pereira und Torben Schulz (früher Eatfirst) gegründet wurde, entwickelt ein “moderne Spreadsheet zur Entwicklung von Business-Tools”. Das Buzzword dabei lautet No Code-Prinzip! Über 50 Mitarbeiter wirken bereits für das Startup. Mit der Verkündung der Investmentrunde startet die Public Beta beo Rows.

Penta
+++ ABN AMRO Ventures, finleap, HV Capital, RTP Global, Presight Capital, S7V und VR Ventures investieren weitere 7,5 Millionen in das Berliner FinTech Penta. “Das Gesamtinvestment beläuft sich nun auf 30 Millionen Euro”, teilt die Jungfirma mit. S7V und Presight Capital, der Geldgeber von Christian Angermayer, sowie zwei nicht genannte Family Offices investierten zuletzt 4 Millionen Euro in Penta. HV Capital, finleap, RTP Global, ABN Amro Ventures und VR Ventures investierten davor 18,5 Millionen in Penta. Über das Startup, das 2014 von Luka Ivicevic und Lav Odorovic gegründet wurde, können  Unternehmen über Penta ein Geschäftskonto beantragen. Insgesamt flossen nun schon 47 Millionen Euro in Penta.

Neural Concept
+++ Der High-Tech Gründerfonds (HTGF) und Constantia New Business investieren weiter in das Schweizer Software-Startup Neural Concept. Das Unternehmen, Entwickler eines Deep-Learning-Systems für computergestützte Konstruktion und Design (CAD), wurde 2018 von Pierre Baqué als Spin-off aus dem Computer Vision Labor der EPFL gegründet. Der HTGF und Constantia New Business investierten zuvor bereits eine siebenstellige Summe in Neural Concept.

deepc
+++ Ein “bekannte Healthcare-Investor” investiert eine mittlere siebenstellige Summe in das das MedTech-Startup deepc, das 2019 von Franz Pfister, Julia Moosbauer, Michael Meyerhoff und Paul Mayer gegründet wurde. Das junge Münchner Unternehmen entwickelt Software-Medizinprodukte für die bildgebende Diagnostik.

IPO

Tio Tech A
+++ Unter dem Namen Tio Tech A treiben HelloFresh-Chef Dominik Richter sowie Seriengründer und Business Angel Roman Kirsch den Börsengang ihrer Special Purpose Acquisition Company (Spac) in New York voran. Bei einem Spac-Prozess geht es darum, eine Firmenhülle an die Börse zu bringen und dann Unternehmen aufzukaufen und mit dieser Firmenhülle zu verschmelzen. Bei ihrem Spac-IPO wollen Richter und Co. 300 Millionen US-Dollar einsammeln. Zum Führungsteam der Firmenhülle gehört außerdem Ex-Rocket-Manager Spyro Korsanos. Unter “Investment Advisory Board” werden zudem Jan Beckers (BIT Capital), Victor Jacobsson (Klarna) und HelloFresh-Mitgründer Thomas Griesel genannt. Der bekannte Geldgeber Lakestar, hinter dem maßgeblich Klaus Hommels steckt, brachte seine Special Purpose Acquisition Company (Spac) am 22. Februar an die Frankfurter Börse. Der Berliner Startup-Investor Rocket Internet bereitet derzeit ebenfalls einen Spac-IPO vor.

PODCAST

Insider
+++ Schon die neue Insider-Ausgabe mit Sven Schmidt gehört? In der aktuellen Folge geht es um Gorillas, Charles, Jodel, Supercam, Gitpod, Careship, Capnamic Ventures, AdJust, LeanIX, staffbase und den Spac-Boom.

Abonnieren: Die Podcasts von deutsche-startups.de könnt ihr bei Amazon Music – Apple Podcasts – Castbox – Deezer – Google Podcasts – iHeartRadio – Overcast – PlayerFM – Podimo – Spotify – SoundCloud oder per RSS-Feed abonnieren.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#abn-amro-ventures, #aktuell, #auto, #auto-abo, #berlin, #cazoo, #christian-reber, #cluno, #constantia-new-business, #dashdash, #deepc, #drover, #finleap, #fintech, #high-tech-grunderfonds, #hv-capital, #ipo, #kaleido, #lakestar, #munchen, #neural-concept, #penta, #presight-capital, #rows, #rtp-global, #s7v, #spac, #tio-tech-a, #venture-capital, #visionaries-club, #vr-ventures, #wien

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As the SPAC frenzy continues, questions arise about how much the market can absorb

Another week and the biggest story in a sea of big stories continues to center on SPACs, these blank-check companies that raise capital through IPOs expressly to acquire a privately held company and take it public. But some industry watchers as starting to wonder: Is this party just getting started, with more early guests still trickling in? Have we reached the party’s peak, with the music still thumping? Or did someone just quietly barf in the corner, a sure indicator that it’s time to grab one’s coat?

It certainly feels like things are in full swing. Just today, B Capital, the venture firm cofounded by Facebook cofounder Eduardo Saverin, registered plans to raise a $300 million SPAC. Mike Cagney, the fintech entrepreneur who founded SoFI and more recently founded Figure, a fintech company in both the home equity and blockchain space, raised $250 million for his SPAC. Even Michael Dell has made the leap, with his family office registering plans this afternoon to raise a $500 million blank-check company.

Altogether, according to Renaissance Capital, 16 blank-check companies raised $3.4 billion this week, and new filers continue to flood into the IPO pipeline, with 45 SPACs submitting initial filings this week (compared with 10 traditional IPO filings). Perhaps it’s no wonder that we’re starting to see headlines like one in Yahoo News just yesterday titled, “Why some SPAC investors may get burned.”

Interestingly, such headlines could help puncture the SPAC bubble. So argues INSEAD professor Ivana Naumovska in a new Harvard Business Review piece that’s ominously titled, “The SPAC Bubble is About to Burst.”

Naumovska points to research showing that when more people adopt a practice, it will become increasingly widespread due to growing awareness and legitimacy. (See Clubhouse.) But when it comes to something that’s more controversial — which it could be argued that SPACs are — outsider concern and skepticism also grows as the practice becomes more widely used. Thus are born headlines like that one in Yahoo Finance.

Naumovska has studied this phenomenon before, focusing on earlier reverse mergers that, as she notes, “surged in the mid-2000s, outnumbering IPOs in some years, and peaked in 2010, before falling off a cliff in 2011.” She says she and fellow researchers collected a plethora of data on the use of reverse mergers and market responses to them, including how the media evaluated such vehicles. Of the 267 articles published between 2001 and 2012, she says, 6 were positive, 148 were neutral, 113 were negative.

Notably and unsurprisingly, the negative articles grew as the number of reverse merger transactions involving firms with relatively low reputations increased. Then again, the same thing happens whenever the “IPO window” is open. Great companies go public, then good companies, then half-baked companies that think they might just blend in with the others. Except that the media picks up on these companies, as do regulators, and with investors, regulators, and the media feeding off one another’s signals, the party typically comes to a screeching halt.

Anecdotally, much more of the coverage around SPACs right now remains positive to neutral. If business reporters are privately skeptical of SPACs, they are reserving judgment, possibly because save for some highly concerning cases —  like when the electric truck startup Nikola was accused of fraud — there isn’t much to criticize yet.

That’s partly because these things appeared so abruptly that public shareholders are still trying to understand them.

The argument that most investors have for creating a SPAC — which is that a lot of so-called unicorn companies are ready to be publicly traded — resonates, too, given how bloated the private market has become.

It’s also impossible to judge many of the SPACs raised over the last six months, as they have yet to announce their targets (they have two years from the time they raise funds from investors to zero in on a company or else have they have give back those IPO proceeds).

In the meantime, some of the merger deals that critics have long expected would begin to unravel have not, like Virgin Galactic, the space tourism company that kicked off SPAC mania when it went public in the fall of 2019.

Sir Richard Branson founded the company in 2004 in order to fly passengers on suborbital trips to space, but even after putting off plans yet again to attempt a rocket-powered flight to suborbital space last week, its shares — which have more than doubled since January– remain in the figurative stratosphere. (The company, which reported almost no revenue last year, is currently valued at $12 billion.)

Other offerings haven’t gone quite as smoothly. Clover Health, a health insurance company that, like Virgin Galactic, was taken public via a SPAC organized by famed investor Chamath Palihapitiya, is “facing a confluence of existential threats” to its business, as observed in a deep dive by Forbes.

Among others that are “digging into Clover’s business practices, including how the company incentivizes doctors and patients to buy its insurance and use its technology,” are the The Department of Justice, the Securities and Exchange Commission and influential short-sellers. (Clover has rebutted the allegations, but it is reportedly still facing at least three class-action lawsuits that have been filed over the company’s failure to disclose ahead of its IPO that the DOJ was investigating the company.)

“I don’t get it,” said skeptic Steve Jurvetson last month in conversation with this editor of the SPAC frenzy. The veteran venture capitalist, who sits on the board of SpaceX, said there are “some good companies [being taken public]. Don’t get me wrong; they aren’t all fraudulent.” But many are “early-stage venture companies,” he noted, “and they don’t need to meet the forecasting requirements that the SEC normally requires of an IPO, so [SPAC sponsors are] specifically looking for companies that don’t have any operating numbers to show [because they] can make any forecasts they want . . .That’s the whole racket.”

If many agree with Jurvetson, they hesitate to say so publicly. Ed Sim of Boldstart Ventures in New York is one of few VCs in recent months who to say outright, when asked, that they aren’t considering raising a SPAC at any point. “I have zero interest in that honestly,” says Sim. “You can come back to me if you see my name or Boldstart [affiliated] with a SPAC two years from now,” he adds, laughing.

Many more investors stress that it’s all about who is sponsoring what.

During a call yesterday with Kevin Mayer, the former Disney exec and, briefly, the CEO of the social network TikTok, he noted that there are “many fewer public companies now than there were 10 years ago, so there is a need for supplying another way to go public.”

Mayer has a vested interest in promoting the safety and efficacy of SPACs. Just yesterday, along with former Disney colleague Tom Staggs, he registered plans for a second a SPAC, after it was announced earlier this month that their first SPAC will be used to take public the digital fitness specialist Beachbody Company.

Still, Mayer argued that not every SPAC should be judged by the same yardstick. “Do I think it’s overdone? Sure, everyone and their brother is now getting to a SPAC, so yeah, that does seem a bit ridiculous. But I think . . . the wheat will be separated from the chaff very, very soon.”

It might have to happen if SPACs are to endure. Working against SPAC sponsors already are numbers that are starting to trickle in and that don’t look so great.

Late last week, Bloomberg Law reported that based on its analysis of the companies that went public as a result of a merger with a SPAC dating back to Jan. 1, 2019, and for which at least one month of post-merger performance data is available, 14 out of 24 (or 60%) reported a depreciation in value as of one month following the completion of the merger, and one-third of the companies reported a year-to-date depreciation in value.

The number of securities lawsuits filed by SPAC stockholders post-merger is also on the rise, noted the outlet.

Certainly, SPACs — more recently heralded as a lasting fix for a broken IPO market — could still prove durable rather than vehicles whose demise will come as the quality of offerings invariably sinks.

In the meantime, given the rate at which SPACs are being formed, as well as the some of the companies in their sights — some of them still in the prototype phase — the question of whether this phenomenon is sustainable is one that more are beginning to ask.

As for Professor Naumovska, she thinks she knows the answer already.

#chamath-palihapitiya, #clover-health, #ed-sim, #eduardo-saverin, #forbes, #ipo, #kevin-mayer, #michael-dell, #richard-branson, #spac, #tc, #venture-capital, #virgin-galactic

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#DealMonitor – Lakestar plant 275 Millionen-Spac-IPO – Semalytix bekommt 2 Millionen – Qunomedical übernimmt Medical One


Im aktuellen #DealMonitor für den 18. Februar werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

INVESTMENTS

Semalytix
+++ Die NRW.BANK investiert 2 Millionen Euro in Semalytix. btov Partners, Fly Ventures und einige Angel-Investoren investierten Ende des vergangenen Jahres bereits 4,3 Millionen Euro in Semalytix. Das junge Startup aus Bielefeld liefert Unternehmen zu konkreten Fragestellungen Auswertungen quasi aller verfügbaren Daten. Das Startup sammelt etwa Stimmen aus Patientenforen, Social Media und anderen Online-Quellen zu Alltagserfahrungen mit Medikamenten und strukturiert die Daten, um sie für die Pharmaindustrie nutzbar zu machen. Die Jungfirma wurde 2015 von Philipp Cimiano, Roman Klinger, Matthias Hartung und Janik Jaskolski gegründet. “Mit dem Investment will das Unternehmen seine Software und Leistung erweitern und seine Marktposition weiter ausbauen”, teilt das Unternehmen mit.

NautilusLog
+++ NBank Capital und mehrere Business Angels investieren 1,1 Millionen Euro in das Hamburger Startup NautilusLog, ein digitales Logbuch investiert. “Mit der App werden zuvor nicht verwendbare Daten in nutzbares Fachwissen, Stakeholder in Partner und Hindernisse in Wachstumschancen verwandelt”, teilt das Unternehmen zum Konzept mit. TecPier investierte im Sommer 2019 bereits einen mittleren sechsstelligen Betrag in NautilusLog, NautilusLog wurde 2012 von Moritz Klemke, Sven Hamer, Otto Klemke und Ingo Klemke gegründet.

Luminovo
+++ Daniel Dines (Gründer von UiPath), Charles Songhurst (ehemaliger Head of Strategy bei Microsoft), Carsten Thoma (Mitgründer von Hybris), Jan Stumpf (Gründer von Ascending Technologies), Jack Fuchs (Dozent an der Stanford University), Michael Wax (Gründer von Forto,), Norman Weiss (Gründer von MittelstandsCampus) und Hamed El-Abd (Vorstandsmitglied bei WKK Technology) investieren Luminovo. Das Münchner KI-Startup, das 2017 von Timon Ruban und Sebastian Schaal gegründet wurde, tritt an, um “die Elektronikindustrie neu zu definieren”. Cherry Ventures und La Famiglia investierten bereits über 2 Millionen Euro in Luminovo. Ingesamt flossen nun rund 2,5 Millionen Euro in das Startup.

EXITS

Medical One
+++ Das Berliner Startup Qunomedical, eine digitale Plattform für die Arztsuche im In- und Ausland, übernimmt gemeinsam mit dem niederländischen Klinikverbund Bergman Clinics das Unternehmen Medical One. “Während sich Bergman Clinics insbesondere auf den klinischen Betrieb der ehemaligen Schönheitskliniken von Medical One fokussieren wird, übernimmt Qunomedical das digitale Management der Patient:innen entlang der gesamten Patient Journey”, teilt das Unternehmen mit. Der Berliner Geldgeber Earlybird und STS Ventures, also Stephan Schubert, investierten noch vor wenigen Wochen weitere Millionen in Medical One (zuvor als Medidate bekannt). Davor hatte es Ende Dezember des vergangenen Jahres bei Medidate eine sogenannte Pay to play-Investmentrunde gegeben. Das Berliner Health-Startup Medidate, das 2014 von Eiko Gerten und Nico Kutschenko gegründete wurde, vermittelt Patienten an Schönheitschirurgen. Im Sommer 2018 übernahm das Startup die Münchner Klinikgruppe Medical One.

Sync
+++ madvertise, eine mobile AdTech-Firma, übernimmt das französische DeepTech-Unternehmen Sync. madvertise erwirbt zunächst “strategische Anteile”. Ziel seit aber die 100-prozentige Übernahme noch in 2021. “Mit der Übernahme integriert das Unternehmen eine Plattform, auf der Advertiser in Echtzeit skalierbare und flexible Synchronisationen von Anzeigen zwischen Streaming-Kanälen und digitalen Kanälen durchführen”, teilt das Unternehmen mit.

IPO

Lakestar Spac
+++ Der bekannte Geldgeber Lakestar, hinter dem maßgeblich Klaus Hommels steckt, bringt seine Special Purpose Acquisition Company (Spac) voraussichtlich am 22. Februar an die Frankfurter Börse. Hommels und Co. wollen dabei bis zu 275 Millionen Euro einsammeln. Zum Lakestar Spac-Team gehören noch Stefan Winners, früher unter anderem Burda Digital,  und Inga Schwarting, Gründerin von Key Partners Capital. Das Thema Spacs ist gerade insbesondere in den USA ein Mega-Thema. Bei einem Spac-Prozess geht es darum, eine Firmenhülle an die Börse zu bringen und dann Unternehmen aufzukaufen und mit dieser Firmenhülle zu verschmelzen. Die Lakestar Spac-Mannschaft möchte nach dem IPO in “ein börsenreifes Late-Stage Tech-Unternehmen mit Hauptgeschäftsaktivitäten in Europa, im Vereinigten Königreich oder in der Schweiz investieren, das sich auf die Bereiche SaaS, FinTech, Transport und Logistik, HealthTech oder DeepTech konzentriert”. Der Berliner Startup-Investor Rocket Internet bereitet derzeit ebenfalls einen Spac-IPO vor. Und auch HelloFresh-Chef Dominik Richter bereitet gemeinsam mit Seriengründer und Business Angel Roman Kirsch und dem Investor Jan Beckers einen Spac-Börsengang vor.

PODCAST

Insider
+++ Schon die neue Insider-Ausgabe mit Sven Schmidt gehört? In der aktuellen Folge geht es um 10x Group, Glore/Fure, Vytal, Outfittery, Dental21, Gorillas, Bring und Adjust.

Abonnieren: Die Podcasts von deutsche-startups.de könnt ihr bei Amazon Music – Apple Podcasts – Castbox – Deezer – Google Podcasts – iHeartRadio – Overcast – PlayerFM – Podimo – Spotify – SoundCloud oder per RSS-Feed abonnieren.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#aktuell, #bielefeld, #hamburg, #ipo, #lakestar, #lakestar-spac-i, #luminovo, #medical-one, #munchen, #nautiluslog, #nbank-capital, #nrw-bank, #pay-to-play, #qunomedical, #semalytix, #spac, #venture-capital

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