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☆ As the IPO market comes back to life, Navan (formerly TripActions) is targeting an April 2024 listing
▼ + stars: | 2023-08-25 | by ( Ben Bergman | ) www.businessinsider.com time to read: +2 min

The company is now targeting a late April 2024 IPO, Insider has learned. Navan, formerly known as TripActions, is now targeting a late April 2024 IPO, according to a person with direct knowledge of the matter not authorized to speak publicly. However, this month the nearly two year dormant IPO market has finally shown signs of coming to life. Andreessen Horowitz first invested in TripActions in 2018, when it led the company's series C funding round at a $1.1 billion valuation and general partner Ben Horowitz joined the board. Navan has raised more than $2 billion in equity and debt financing since it was founded 2015, according to Pitchbook.

Persons: Ariel Cohen, Kelly Soderlund, Instacart, Goldman Sachs, Andreessen Horowitz, Ben Horowitz, It's, " Horowitz Organizations: Navan, NASDAQ, Bloomberg, Softbank, Lightspeed Venture Partners, Coatue Management, Zeev Ventures Locations: Navan, Caplight, TripActions

☆ Fin Capital has become the most prolific fintech investor in the world. Behind the scenes, there's been a phishing attack, whistleblower complaints, and a wave of exits.
▼ + stars: | 2023-08-23 | by ( Ben Bergman | ) www.businessinsider.com time to read: +12 min

It was August 2021, during the waning months of the frothy startup bull market, and Fin Capital was on the ascent. The message was a phishing attack — Fin Capital had been hacked. But there is dispute over how Fin Capital handled the attack and its aftermath. Still, as other firms have sharply pulled back on investing in the downturn, Fin Capital has done the opposite. It's unclear whether the whistleblower complaints that former Fin Capital employees filed with the SEC are being investigated.

Persons: Logan Allin, Fin Capital, Allin, you've, Gene Price, Frost Brown Todd, who'd, It's, fiduciaries, Capital, Tom Allin, Obama, Forbes, you'll, he'd, Peter Thiel ., Henry Kravis, Roelof Botha, Thiel, Kravis, Botha, fintech, Pipe's cofounders, Peter Ackerson, Ackerson, Andreessen Horowitz, fundraisings, Ben Bergman, bbergman Organizations: Fin, Sequoia, SEC, Securities and Exchange Commission, Fin Capital, Francis Yacht Club, Constellation, titans, KKR, Sequoia Capital, Caplight, FT Partners, LinkedIn, Twitter, Facebook Locations: York, Los Angeles, Fin, Silicon Valley, San Francisco, fintech, Sequoia

☆ TikTok challenger backpedals into public arena
▼ + stars: | 2023-08-21 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

Acquire Licensing RightsNEW YORK, Aug 21 (Reuters Breakingviews) - A celebrity-studded video app is fighting to contend in the public arena. The Triller app, started in 2015, runs a TikTok-like feed, but it has backed away from the battle. Brands generated most of Triller’s $48 million in revenue last year, but recent acquisitions have fueled much of the latest growth. Details are scant on Triller’s user count beyond the 550 million accounts it says it has signed up since inception. Follow @AnitaRamaswamy on TwitterCONTEXT NEWSVideo-sharing app Triller said on Aug. 2 that it plans to pursue a direct listing of its shares on the New York Stock Exchange.

Persons: Triller, Snoop Dogg, Mike Tyson, Charli, Mahi de Silva, Swizz Beatz, Timbaland, Black, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, New York Stock, Walmart, Facebook, Meta, Apple, Google, New York Stock Exchange, SeaChange International, Thomson Locations: New York, U.S

☆ From Plaid to Brex to Instacart, here are the 20 unicorns that have plunged the most in value in 2023, according to private secondary data
▼ + stars: | 2023-06-12 | by ( Ben Bergman | ) www.businessinsider.com time to read: +3 min

One way to see how private companies are faring is to look at secondary exchanges. The fallen giants are led by former fintech darling Plaid, which has plunged almost 80% in 2023. The fallen giants are led by former fintech darling Plaid, which has plunged almost 80% in value this year. "Suggesting a valuation of any private company based solely on thinly traded secondary market data is misleading clickbait," said a Plaid spokesperson. Below are the 20 companies that have fallen most in value this year, according to Caplight.

Persons: Buyers, Caplight, Javier Avalos, Avalos, Gabe Greenbaum Organizations: Plaid, B Locations: Caplight

☆ Investors shut out of traditional funding rounds are scouring secondary markets to snap up shares in buzzy AI startups like Dataminr, Hugging Face, and Anthropic
▼ + stars: | 2023-06-12 | by ( Leena Rao | Ben Bergman | ) www.businessinsider.com time to read: +4 min

As the AI craze continues, investors are eager to buy shares of these startups on secondary markets. AI startup shares have been the top in demand sector every month this year, according to EquityZen. It seems that every week there's a new hot AI startup that's raising a big round. ForgeGlobal, a marketplace for secondary transactions of startup shares, is seeing similar excitement from investors in AI startups. Sequoia, General Catalyst, Andreessen Horowitz and many others have been aggressively investing in AI startups.

Persons: Phil Haslett, Haslett, Avlok Kohli, Howe Ng, Ng, Catalyst, Andreessen Horowitz, Javier Avelos, OpenAI, Anthropic, Avelos Organizations: sixfold, SamBaNova Systems, Microsoft, Google Locations: secondaries, Sequoia, Caplight

☆ Musk's Neuralink valued at about $5 billion despite long road to market: Reuters
▼ + stars: | 2023-06-05 | by ( ) www.cnbc.com time to read: +4 min

Such so-called secondary trades are an imperfect gauge of a company's value; their volume is thin and they lack the wider market consensus of a fundraising round or initial public offering (IPO). About 85% of pre-IPO companies are currently valued in secondary trades at an average discount of 47% to their last funding round, according to data provider Caplight. In Neuralink's last known fundraising in 2021, it raised $205 million at an approximately $2 billion valuation, according to data provider Pitchbook. The maximum amount sought for the Neuralink shares marketed for sale at a $7 billion valuation was just $500,000, according to the email seen by Reuters. Sim Desai, chief executive of Hiive, an online platform where the shares are traded, said demand for Neuralink stock has been "tremendous."

Persons: Elon, Kip Ludwig, Musk, Neuralink, Sim Desai, Arun Sridhar, Sridhar, Galvani Organizations: U.S . National Institutes of Health, Reuters, U.S . Food, GSK Plc, Sciences Locations: Neuralink's, U.S

Neuralink's valuation jump in secondary trades is in sharp contrast to other startups. About 85% of pre-IPO companies are currently valued in secondary trades at an average discount of 47% to their last funding round, according to data provider Caplight. The maximum amount sought for the Neuralink shares marketed for sale at a $7 billion valuation was just $500,000, according to the email seen by Reuters. Sim Desai, chief executive of Hiive, an online platform where the shares are traded, said demand for Neuralink stock has been "tremendous." Neuralink stock that some of the employees hold has jumped around 150% in value in just two years, based on the secondary trades.

Persons: Elon, Kip Ludwig, Musk, Neuralink, Sim Desai, Arun Sridhar, Sridhar, Galvani, Rachael Levy, Marissa Taylor, Krystal Hu, Greg Roumeliotis, David Gregorio Our Organizations: U.S . National Institutes of Health, Reuters, U.S . Food, GSK Plc, Sciences, FDA, U.S . Department of Agriculture, Department of Transportation, Thomson Locations: Neuralink's, U.S, Washington ,, New York

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