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☆ BeReal weighs an uncertain Series C or acquisition as growth stalls and funding is set to run out later this year, insiders say
▼ + stars: | 2024-03-14 | by ( Kali Hays | Callum Burroughs | ) www.businessinsider.com time to read: +5 min

The company is considering raising a Series C before what's left of its $90 million in funding runs out. BeReal closed a $60 million Series B funding round at an around $600 million valuation in late 2022, following a $30 million Series A earlier the same year. Sooner than later, BeReal leadership will be forced to choose between raising another round and maintaining its independence or selling itself outright, running the risk of disappearing. Company leadership holds an all-hands every quarter after they meet with the company's board, which includes investors. As for the possibility of an acquisition, BeReal leadership has told employees there are "offers" that have been made, without giving any specifics.

Persons: Alexis Barreyat, what's, BeReal, Yuri Milner's, Andreessen Horowitz, Barreyat, Romain Salzman, Kali Hays, Callum Burroughs cburroughs@businessinsider.com Organizations: Business, Gas, Yuri Milner's DST, Accel Locations: Paris, Japan, Asia, Pacific, khays@businessinsider.com

SINGAPORE (AP) — After a U.S. senator grilled Singaporean TikTok CEO about his nationality and affiliation with the Chinese Communist Party, Singaporeans are complaining about ignorant — or even racist — views of their country. During the hearing, Chew was repeatedly questioned about his nationality and possible affiliations to the Chinese Communist Party by Sen. Tom Cotton, R-Ark. Chinese companies are required to set up Communist Party cells. “No Senator, again, I’m Singaporean,” Chew responded, visibly perplexed. Prior to joining TikTok, Chew worked for five years at Xiaomi, a Chinese smartphone company.

Persons: Shou Chew, Chew, Chinese Communist Party by Sen, Tom Cotton, ” Cotton, Cotton, “, ” Chew, “ McCarthy, Jojo Choo, ”, ” Choo, Fian Fazlie, “ He’s, ” Fazlie, Biden, Vivian Kao, Goldman Sachs Organizations: SINGAPORE, Chinese Communist Party, Chinese Communist Party by, Communist Party, Washington Post, Singapore, Straits Times, Fox News, U.S, “, DST Global Locations: America ., Singapore, China, Chinese, “ Singapore, TikTok, Xiaomi

☆ Anonymous numbers texted the wife of a GOP congressman, pressuring him to vote for Jim Jordan as speaker
▼ + stars: | 2023-10-18 | by ( Madison Hall | ) www.businessinsider.com time to read: +2 min

Rep. Don Bacon is a Republican representative opposed to Rep. Jim Jordan's speakership bid. Politico reported that he and his wife have received several anonymous messages in recent days. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe wife of a Republican congressman opposing Rep. Jim Jordan's candidacy for speaker of the House received anonymous text messages in recent days urging her husband to vote for Jordan or else get voted out. "Talk to your husband tell him to step up and be a leader and help the Republican Party get a speaker," one message reads.

Persons: Don Bacon, Jim Jordan's speakership, Bacon, Jordan, —, Jim Jordan's, Don Bacon's, Angie, Olivia Beavers, Steve Bannon, Sean Hannity, Sean Hannity's Fox, Hannity Organizations: Republican, Politico, Service, GOP Rep, Republican Party, Sean Hannity's Fox News, Washington Post

☆ Republican head of the House's foreign policy committee said the current GOP caucus is 'one of the biggest threats' around
▼ + stars: | 2023-10-13 | by ( Madison Hall | ) www.businessinsider.com time to read: +2 min

Rep. Mike McCaul said the House GOP caucus is 'one of the biggest threats' around. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementWhile the US is in the middle of funding wars in Ukraine and Israel, the Republican head of the House Committee on Foreign Affairs said that the GOP caucus itself is 'one of the biggest threats' around. McCaul said he told the GOP caucus that the party's failure to speedily appoint a new speaker amidst global turmoil validates Chinese Leader Xi Jinping's claims that "Democracy doesn't work."

Persons: Mike McCaul, McCaul, —, Xi Jinping's, Kevin McCarthy, Matt Gaetz, Pro Tempore Patrick McHenry Organizations: GOP, House Foreign Affairs, Service, Republican, Foreign Affairs, Texas Republican, Homeland Security, Democratic Caucus, Hamas, Pro Tempore Locations: Ukraine, Israel, Texas

☆ Instacart's IPO flops as the stock slumps. Here are 7 reasons why.
▼ + stars: | 2023-09-20 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

This is one of the concerns that has turned Instacart's IPO into a flop on its second day as a public company. To be successful, an IPO must deliver a big pop to the investors who signed on to buy stock when it debuts. He came out with an analysis of Instacart's business on Tuesday, valuing the company at $29 a share. The reason: The grocery business is low-margin, so there's not a lot of room for Instacart to skim more fees. "In short, the growth in online grocery sales will be higher than total grocery sales growth, but not overwhelmingly so."

Persons: Aswath Damodaran, Fidji Simo, Instacart, Rowe Price, Damodaran, there's, Uber, Instacart doesn't Organizations: Service, Fidelity, DST Global, NYU's Stern School of Business, Instacart Shoppers, Shoppers, Tech Locations: Wall, Silicon, Aswath, COVID

☆ Is the IPO market really opening up? Many companies may be unwilling to accept lower valuations
▼ + stars: | 2023-09-19 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Is the IPO market really opening up? Over the weekend, Goldman Sachs' chief U.S. equity strategist David Kostin said the IPO market was becoming more "normalized," meaning issuance was starting to pick up. That means investors are looking for 1) much lower valuations, and 2) profitability. How excited are they about this "reopening" and much lower valuations? Lower valuations for investors and venture capital The good news is, lower valuations give investors on the first day of trading a greater chance at making money after trading starts.

Persons: Goldman Sachs, David Kostin, Kostin, Goldman's Kostin, Eric Bellomo, PitchBook's, FactSet, Nizar Tarhuni, Instacart, Catalyst, Rowe Price, you'll, Goldman, What's, Nizar Organizations: DST Global Locations: IPOs

☆ Getir emerged as a tentative winner in Europe's pandemic-fueled rapid-delivery sector. But it still faces sizable threats.
▼ + stars: | 2023-09-18 | by ( Riddhi Kanetkar | Callum Burroughs | ) www.businessinsider.com time to read: +8 min

In March 2022, Nazım Salur invited thousands of Getir employees to a Zoom meeting to celebrate its newfound "decacorn" status. However, as soaring inflation and rising interest rates began to hobble the tech sector, investors became far less forgiving of businesses that had oriented themselves more toward growth than sustainability. In December 2021, The Guardian reported that Getir had offered customers a deal where they could get £15 off if they spent £16. About 21 rapid-delivery startups were operating across Europe in 2021, with Getir joined by the German outfits Gorillas and Flink, as well as the British startup Zapp. Getir tentatively emerged as the winner in the rapid-delivery sector when it bought its main competitor, Gorillas , in a heavily discounted deal for $1.2 billion in December.

Persons: Nazım Salur, Nazım, Getir, Blok, London's, Alexi Rosenfeld, they've, Adam Neumann, Michael Moritz Organizations: Tiger Global, Mubadala, Financial Times, Getir, TechCrunch, Guardian, DST Global, Gorillas, Abu Dhabi Growth Fund, Google, PayPal Locations: Spanish, Berlin, Turkey, Turkish, Germany, Netherlands, Istanbul, Turkey's, Europe, British, Abu Dhabi

June 27 (Reuters) - Reka, an AI model startup founded by former researchers from Alphabet's DeepMind (GOOGL.O), has raised $50 million in a fresh round of funding from investors including Yuri Milner's DST Global Partners and Snowflake (SNOW.N), the companies told Reuters. Reka focuses on building large and specialized AI models for enterprise customers. Snowflake, which invested in the company, also announced a partnership to allow users to run third-party model providers like Reka within their Snowflake account. The partnerships came as Snowflake competitor Databricks acquired AI model training company MosacicML in a $1.3 billion deal on Monday. Yogatama said Reka has built both large models and proprietary model distillation technology to personalize models for specific use cases.

Persons: Alphabet's, Yuri Milner's, Christian Kleinerman, Databricks, Dani Yogatama, Yogatama, Rob Toews, Krystal Hu, Mark Potter, Anna Driver Organizations: Global Partners, Reuters, Nvidia, Radical Ventures, Thomson Locations: Snowflake, Reka, Toronto

June 27 (Reuters) - Reka, an AI model startup founded by former researchers from Alphabet's DeepMind (GOOGL.O), has raised $50 million in a fresh round of funding from investors including Yuri Milner's DST Global and Snowflake (SNOW.N), the companies told Reuters. Reka focuses on building large and specialized AI models for enterprise customers. Snowflake, which invested in the company, also announced a partnership to allow users to run third-party model providers like Reka within their Snowflake account. The partnerships came as Snowflake competitor Databricks acquired AI model training company MosacicML in a $1.3 billion deal on Monday. Yogatama said Reka differentiated by building both large models and proprietary model distillation technology to downsize models for specific use cases.

Persons: Alphabet's, Yuri Milner's, Christian Kleinerman, Databricks, Dani Yogatama, Yogatama, Rob Toews, Krystal Hu, Mark Potter Organizations: Yuri Milner's DST, Reuters, Nvidia, Radical Ventures, Thomson Locations: Reka, Toronto

☆ India's Modi is on a landmark visit to the U.S. Here's what to expect
▼ + stars: | 2023-06-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +10 min

"This is a very important visit, it is as much about India reaching out to the U.S., as it is about the U.S. reaching out to India," Pant said. Energy: Reliance on Russian oilAlthough India's purchase of Russian weapons could fall, the same can't be said for oil. When Western nations imposed sanctions on Russian oil as a result of the unprovoked war in Ukraine, India doubled down on its purchases. Russian oil currently accounts for almost 20% of India's annual crude imports, a significant increase from just 2% in 2021, Reuters reported. But India has continued to buy cheap Russian oil since and continues trading with the country despite global sanctions on the Kremlin.

Persons: Joe Biden, Narendra Modi, Harsh, Pant, Biden, Emmanuel Macron, Yoon Suk, Aamer, Vladimir Putin, Alexandr Demyanchuk, Modi, Manjari Miller, Lisa Curtis, Curtis, Karthik Nachiappan, Ashley Tellis, Amit Ranjan, India, Ranjan, —, Tesla, Elon Musk, Tim Cook, Google's Sundar Pichai, Satya Nadella, Raj Subramaniam Organizations: Indian, White House, Getty, U.S, Observer Research Foundation, South, Asia Society Policy Institute, CNBC, Kremlin, Reuters, Shanghai Cooperation Organization, Afp, India's Ministry of Defense, Council, Foreign Relations, NATO, Pacific Security, Center, New, New American Security, Carnegie Endowment, International Peace, Institute of South Asian Studies, National University of Singapore, Energy, Reliance, NUS Institute of South Asian Studies, Technology, China Partnerships, Emerging Technology Locations: Washington ,, India, U.S, Delhi, South Asia, Russia, Ukraine, Samarkand, Pakistan, New American, China, United States, Asia, New York

Russia has 110 official billionaires in the list, up 22 from last year, according to Forbes' Russian edition, which said their total wealth increased to $505 billion from $353 billion when the 2022 list was announced. "Last year's rating results were also influenced by apocalyptic predictions about the Russian economy," Forbes said, adding that the total wealth of Russia's billionaires was $606 billion in 2021, before the war began. The price of Urals oil, the lifeblood of the Russian economy, averaged $76.09 per barrel in 2022, up from $69 in 2021. Many Russian billionaires cast Western sanctions as a clumsy, and even racist, tool. New Russian names in the Forbes list include billionaires who made their money in snacks, supermarkets, chemicals, building and pharmaceuticals, indicating that Russian domestic demand has remained strong despite the sanctions.

☆ Former Goldman Sachs partners represent the powerful allies and formidable foes the bank has across the Street
▼ + stars: | 2023-03-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In many ways, it's easier to become a brain surgeon than a Goldman partner (doctors, please spare me your hate mail). Unlike other esteemed white-collar groups — the partners at law firm Cravath, Swaine & Moore, for example — turnover is somewhat common within the Goldman partnership. Insider's Carter Johnson and Dakin Campbell took a look at how many partners have left the bank since CEO David Solomon took over in 2018. In many ways, it's demonstrative of the allies the bank has across the Street. Former Goldman partners can be like missionaries for the bank, spreading the good word to anyone who will listen (and paying their fees).

☆ Sequoia-backed fintech Pennylane is set to raise around $50 million in deal led by Revolut investor DST Global, sources say
▼ + stars: | 2023-03-02 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

French accounting tech startup Pennylane is set to raise around $50 million, Insider understands. The new round will be led by Revolut investor DST Global, four sources familiar with the deal said. The new funding is thought to be an up-round from the company's last deal in January 2022. Pennylane, a fintech that wants to become the predominant financial operating system for SMEs, is set to close a new funding round led by Revolut investor DST Global, sources say. The Paris-based company will raise around $50 million, two sources said.

☆ Rapid-delivery startup Getir buys its rival Gorillas at a big discount as grocery apps continue to eat each other
▼ + stars: | 2022-12-09 | by ( Michael Cogley | ) www.businessinsider.com time to read: +2 min

Grocery-delivery startup Getir has acquired its German rival Gorillas at a hefty discount. Gorillas tried to raise capital to continue to operate on its own but has accepted the deal from Getir. The Berlin-based startup, which slashed jobs earlier this year, was valued at around $3 billion in 2021. Insider first reported last month that Gorillas, only founded in 2020, would likely be sold at a discount. Gorillas was last valued at $3 billion in 2021. Insider has approached Getir and Gorillas for further comment.

The findings highlight how the housing market, one of the biggest employers in a country of around 1.4 billion people, is likely to remain a stable contributor to growth in Asia's third-largest economy going forward. Relatively modest interest rate risk partly explains why all but one of 10 analysts who answered an additional question said the chances of a significant slowdown in the housing market over the coming year were low. Nine of 11 respondents said either an economic slowdown or rising rates would be the biggest challenge for first-time homebuyers. "While India ... has been quite resilient amidst global disturbances, the chances of a slowdown in India cannot be ruled out," said Anuj Puri, chairman of ANAROCK Property Consultants. (For other stories from the Reuters quarterly housing market polls:)Reporting by Milounee Purohit and Indradip Ghosh in Bengaluru Polling by Maneesh Kumar Editing by Hari Kishan, Ross Finley and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Sequoia-backed grocery startup Getir is close to buying its troubled rival Gorillas in a heavily discounted deal said to be worth less than $1 billion
▼ + stars: | 2022-11-11 | by ( Callum Burroughs | Shona Ghosh | ) www.businessinsider.com time to read: +4 min

Grocery-delivery startup Gorillas is set to be acquired by its major rival Getir, sources say. Gorillas' valuation is expected to collapse from $3 billion to less than $1 billion, with layoffs anticipated. Beleaguered grocery delivery startup Gorillas is set to be acquired by Turkish rival Getir in a cash-and-equity deal that is expected to close in the coming weeks and at a substantially lower valuation, Insider understands. Gorillas' investors and shareholders will be paid out in cash while others will be offered preferred stock in Getir, the people said. Most of Gorillas' senior management is expected to stay on with with Getir shares as part of their package.

☆ Shopify's startup investments this year include millions into companies that focus on NFTs, Web3 apps, customer-engagement, and financial services
▼ + stars: | 2022-11-03 | by ( Madeline Stone | ) www.businessinsider.com time to read: +12 min

In its press release announcing the new funding, Wati said the investment was Shopify's first in a startup operating in Southeast Asia. The goal is to make Thirdweb's tools available to Shopify merchants who want to bring Web3 products and experiences to their online stores. Shopify recently participated in Gorgias' $30 million Series C round, which valued the startup at $710 million. According to the company, merchants using its technology report a 96% increase in sales on average. Flexport announced it had received a strategic investment from Shopify as part of its $935 million Series E on February 7.

☆ Southeast Asia internet economy forecast cut on economic headwinds
▼ + stars: | 2022-10-27 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

REUTERS/Pascal Rossignol/File PhotoSINGAPORE, Oct 27 (Reuters) - Southeast Asia's internet economy is expected to be worth $330 billion by 2025, though this a downgrade from a previous forecast due to economic uncertainty and more pressure on tech companies to make a profit, an industry report said on Thursday. "Amidst global macroeconomic headwinds, reduced disposable income, sky-rocketing prices, and lower product availability, there is tapering of demand from Southeast Asia consumers," the trio said in a joint release. The region of 11 countries is one of the world's fastest growing internet markets, due to a young population, widespread smartphone usage and urbanisation, and a growing middle class. All six countries are expected to post double-digit growth between now and 2025, with Vietnam having the fastest growing digital economy this year at 28%. "Universally investors generally expect deal activity to recover from 2024 onwards," said Fock Wai Hoong, Deputy Head of Technology & Consumer and Southeast Asia at Temasek.

☆ Billionaire investor Yuri Milner relinquishes Russian citizenship
▼ + stars: | 2022-10-11 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Investor Yuri Milner holds a small chip during an announcement of the Breakthrough Starshot initiative in New York April 12, 2016. REUTERS/Lucas Jackson(Reuters) - Israeli-Russian billionaire Yuri Milner said on Monday he has renounced his Russian citizenship after leaving the country in 2014. Milner is the founder of internet investment firm DST Global, and made a fortune by betting on Chinese tech companies like e-commerce platforms Alibaba and JD.com. “My family and I left Russia for good in 2014, after the Russian annexation of Crimea,” Milner said in a tweet. Milner also has no assets in Russia, 97% of his personal wealth was created outside of the country and “Yuri has never met Vladimir Putin, either individually or in a group,” according to the website.

☆ Yuri Milner, the richest Russian in Silicon Valley, has renounced his Russian citizenship amid the Ukraine war
▼ + stars: | 2022-10-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Billionaire investor Yuri Milner said Monday he has renounced his Russian citizenship. Milner's tech investment firm DST Global condemned Russia's war against Ukraine. The founder of tech investment firm DST Global made the announcement in a tweet. In March, his investment firm DST Global condemned "Russia's war against Ukraine, its sovereign neighbor," according to Bloomberg. DST Global did not immediately respond to Insider's request for comment sent outside of regular business hours.

☆ Spain's startup scene has gone from a desert crossing to a $4 billion burgeoning industry. Now, it plans to cut red tape to birth a new batch of unicorns.
▼ + stars: | 2022-10-11 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

Spanish startups lured a record $4.1 billion from investors in 2021, according to PitchBook. The government hopes its new Startup Law will help birth an array of new unicorns. In 2016, Lucas Carné sold his fashion marketplace startup Privalia for around 500 million euros (around $495 million) in a landmark deal for the Spanish tech ecosystem. Privalia's sale to its enlarged French counterpart Ventee-Privee – since rebranded as VeePee – illustrated just how far the Spanish startup scene had changed in the space of 10 years. Spanish startups secured a record $4.1 billion in 2021 – more than double that of 2020 –, according to PitchBook data.

☆ Billionaire Investor Yuri Milner Renounces Russian Citizenship Amid War
▼ + stars: | 2022-10-10 | by ( Joseph Pisani | ) www.wsj.com time to read: 1 min

Yuri Milner said Monday that he has renounced his Russian citizenship. Russian-born billionaire Yuri Milner announced Monday that he has officially renounced his Russian citizenship, completing the process in August. “My family and I left Russia for good in 2014, after the Russian annexation of Crimea,” tweeted Mr. Milner, who founded technology investment firm DST Global in 2009. On his website, Mr. Milner said he has been an Israeli citizen since 1999 and his family has lived in California since 2014.

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