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Look at what's happening in Ukraine. Look at what's happening in the Middle East. Drones have changed modern warfare, public safety, and homeland security forever," Dedrone CEO Aaditya Devarakonda told CNBC on May 6, 2024, the day his startup was acquired by public safety company Axon. Public safety technology company Axon announced Monday that it is acquiring drone defense startup Dedrone. "And you can see what's happening around the world.

Persons: Aaditya Devarakonda, Dedrone, Rick Smith, CNBC's Morgan Brennan, Smith Organizations: Armed Forces, Ukraine, CNBC Locations: Lviv, Ukraine

☆ Bezos-backed freight firm Convoy shuts down after slashing hundreds of jobs. Read the CEO's memo to employees
▼ + stars: | 2023-10-19 | by ( Riley De León | ) www.cnbc.com time to read: +2 min

Dan Lewis, co-founder and CEO of trucking logistics startup Convoy and a former Amazon executive, speaking at the CNBC Technology Executive Council summit it New York City on Oct. 29, 2019. Digital freight broker Convoy told employees Thursday that it's shutting down operations due to a "massive freight recession." The move comes just one week after supply chain software startup Flexport said it will lay off about 20% of its own workforce. Seattle-based Convoy was founded to disrupt the fragmented, low-tech freight brokerage business, in which truckers and customers connected by phone and fax. According to a memo sent to employees Thursday morning, Lewis said the company faced both an "unprecedented freight market collapse" and "dramatic monetary tightening."

Persons: Dan Lewis, Baillie Gifford, Lewis Organizations: Convoy, Amazon, CNBC Technology, CNBC Disruptor, U.K, Hercules, JPMorgan, Microsoft Locations: New York City, Seattle, Convoy's, Atlanta

Flexport CEO Dave Clark is resigning from the supply chain software startup and handing the reins over to founder and executive chair Ryan Petersen after one year in the role — and after just six months of helming the company solo. As such, I will be resigning from my position at Flexport." Clark and Petersen had been co-CEOs of Flexport beginning last September, and Clark took over as the company's sole CEO in March. Flexport announced last June that Petersen would step down in March 2023 as CEO and turn the position over to Clark, while transitioning into the role of executive chair. In July, Flexport said Petersen would join Founders Fund, the venture capital fund founded by billionaire Peter Thiel.

Persons: Dave Clark, Ryan Petersen, Ryan, Clark, Petersen, Flexport, Peter Thiel ., — CNBC's Riley de León Organizations: CNBC, Wall Street, Amazon, Founders Fund, Peter Thiel . Representatives, Fund Locations: Flexport, Texas, Clark

Stripe, the fintech company once valued at $95 billion by private market investors, will make a decision on its plans to go public within the next year, CNBC has confirmed. Co-founders and brothers John and Patrick Collison told employees on Thursday that they will set a goal of taking the company public or letting staffers sell shares through a secondary offering, The Information first reported. The tech IPO market has been frozen since late 2021 after two record-breaking years during the Covid pandemic. In July, Stripe cut its internal valuation by 28%, from $95 billion to $74 billion. Stripe is considering a direct listing or private market transaction and has hired Goldman Sachs and JPMorgan to advise on the deal, CNBC has learned.

More than a decade later, those that heeded this advice went on to become game-changing tech behemoths, including CNBC Disruptor 50 companies Block , Pinterest , Slack, Twilio , and Cloudera. Seed rounds had a record deal value in 2022, and valuations continued to grow even as late-stage venture companies nearer to the public market suffered. Venture funds raised a record amount of money in 2022, with $162.8 billion closed across 769 funds, according to PitchBook and the NVCA. We've seen companies struggle as public companies and then skyrocket, so a lower value-IPO is not the end of the road." "But when you can generate new share in a difficult market, when the market does turn, they are in a perfect position to capture more market share and customers."

☆ Flexport to lay off 20% of its global workforce
▼ + stars: | 2023-01-11 | by ( Riley De León | ) www.cnbc.com time to read: +3 min

Ryan Petersen, chief executive officer of Flexport, participates in a panel discussion during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Wednesday, May 4, 2022. Supply chain software startup Flexport is laying off 20% of its global workforce, or roughly 640 employees, according to a memo from co-CEOs Ryan Petersen and Dave Clark. Flexport joins a long list of tech companies cutting jobs after going on a hiring binge during the Covid pandemic. Coinbase announced a 20% workforce reduction on Tuesday. Elon Musk slashed about half of Twitter's workforce after taking the helm as CEO last year, and Meta cut more than 11,000 jobs, or 13%.

☆ IPO market remains frozen, but could rebound later this year, tech analyst says
▼ + stars: | 2023-01-10 | by ( Riley De León | ) www.cnbc.com time to read: +3 min

In total, IPO deal proceeds plummeted 94% in 2022 — from $155.8 billion to $8.6 billion — according to Ernst & Young's IPO report published in mid-December. As of the report's publication date, the fourth quarter was on pace to be the weakest of the year. The collapse of the IPO market has caused the pipeline of anticipated public listings to swell. MKM's Rohit Kulkarni is among the few optimists who think the IPO market could rebound later this year, spurred in part by the volume of private companies waiting in the wings to go public when capital becomes more accessible. According to Carta, 22% of companies, both private and public, reduced their valuations in Q3, nearly tripling year-over-year.

☆ Crypto startup MoonPay hires Time president to lead its enterprise business
▼ + stars: | 2022-11-28 | by ( Riley De León | ) www.cnbc.com time to read: +7 min

In this article LTH Follow your favorite stocks CREATE FREE ACCOUNTKeith Grossman, Time president TIMEPieces Artist Jeremy CowartTime president Keith Grossman is leaving the legacy publisher to take on a new role as the president of enterprise at crypto startup MoonPay, effective December 31. Before his three-plus years at Time, Grossman had held leadership posts at major publishers including Bloomberg and Condé Nast-owned Wired. "I think it's important to separate a bad actor from an industry," Grossman said of the FTX fallout. Crypto's confidence crisisIn the 12 months since bitcoin topped out at over $68,000, the crypto industry, once valued at roughly $3 trillion, has fallen to around $900 billion. Enterprise adoption has been fueling this belief, with companies including Nike , McDonald's , Adidas and Starbucks launching their own NFT collections.

☆ Fanatics, Nike take sports merchandise model global in deal with Yomiuri Giants, Japan's most popular baseball team
▼ + stars: | 2022-11-22 | by ( Riley De León | ) www.cnbc.com time to read: +1 min

A woman browses a merchandise shop in Tokyo Dome ahead of the Japan Central League baseball match between Yomiuri Giants and Hiroshima Carp on October 14, 2020 in Tokyo, Japan. Sports commerce platform Fanatics is expanding a recently signed long-term partnership with Nike to include manufacturing and distribution of merchandise for the Yomiuri Giants, Japan's most successful and popular baseball team. Nike will become the official uniform supplier of the Yomiuri Giants. Fanatics is also creating autograph and collectible products for fans of the Yomiuri Giants. The Yomiuri Giants are the first sports team outside the U.S. to adopt this Nike-Fanatics model for on-field and sports merchandise.

☆ Chime cuts 12% of its workforce, adding to recent wave of tech layoffs
▼ + stars: | 2022-11-03 | by ( Riley De León | ) www.cnbc.com time to read: +1 min

Chime is one of the latest private tech firms to announce layoffs amid a worsening economic outlook and a recent wave of cuts from both public and private companies. Chime offers fee-free banking, early paydays for those with direct-deposit and a feature that lets users go negative in their accounts without overdraft fees. The company became profitable on an EBITDA basis during the pandemic, co-founder and CEO Chris Britt told CNBC in September of 2020. Private, venture-backed tech companies aren't immune to these conditions either. Like Chime, online payments giant Stripe and NFT platform Dapper Labs also announced sizeable headcount reductions on Thursday.

☆ Fanatics hires its first chief people officer as Michael Rubin's sports business giant expands
▼ + stars: | 2022-10-27 | by ( Riley De León | ) www.cnbc.com time to read: +2 min

Ashford will report directly to both CEO Michael Rubin and CFO Glenn Schiffman. Each of the three Fanatics' businesses — commerce, collectibles, betting & gaming — have heads of HR that report to those respective business CEOs. Prior to joining Fanatics, Ashford was a strategic advisor to private-equity firm Sycamore Partners. He's currently the chairman of the board of pharmaceutical company Perrigo , and sits on the board of Syndio — a private, venture-backed HR tech company. Last week, Fanatics announced it hired Andrea Ellis to be the chief financial officer of its betting and gaming division, which is expected to launch in January.

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