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Car financing fintech Carmoola has raised a further $19.7 million in an extension to its Series A round. "The business has been growing strongly and revenues are up 5x," Aidan Rushby, Carmoola CEO and cofounder told Business Insider. The FCA moved to ban such commissions in 2021 and Rushby told BI that Carmoola was able to acquire customers at a lower cost by cutting out the middlemen. Rushby told BI that the round represented a 33% up round on its previous financing but declined to give specifics on the company's valuation. Check out Carmoola's 14-slide Series A extension deck below:
Persons: Carmoola, Aidan Rushby, we've, Rushby, It's Organizations: Business, FCA, InMotion Ventures Locations: London, InMotion Ventures , New York, Kyiv
Tracking Efforts to Remove Trump From the 2024 BallotStates with challenges to Trump’s candidacy Trump disqualified, decision appealed Challenge unresolved Challenge dismissed or rejected Alaska Ariz. Calif. Colo. Conn. Del. The ballot challenges focus on whether Mr. Trump’s efforts to overturn his 2020 election defeat make him ineligible to hold the presidency again. The Colorado Supreme Court and Maine’s secretary of state, Shenna Bellows, each found Mr. Trump ineligible under that provision. Several judges have dismissed cases at the request of Mr. Trump or the request of the person who filed the challenge. The Michigan and Minnesota Supreme Courts have each said Mr. Trump is eligible to appear on the primary ballot in those states.
Persons: Trump, Kan, Donald J, Trump’s, , Biden, Shenna Bellows, Bellows Organizations: Fla ., Fla . Idaho Ill, New York Times, The U.S, Supreme, Colorado Supreme, Republican, Democrat, U.S Locations: Alaska Ariz . Calif, Colo, Conn, Del, Fla, Fla . Idaho, La . Maine, Mich, Minn, Mont, Nev, N.H . N.J, N.M, N.Y, N.C, Okla ., Pa, S.C . Texas Utah, Va, Wash, W.Va . Wis, Colorado and Maine, The, Colorado, Maine, Michigan, Minnesota
Federal prosecutors said on Monday that a retired State Department official worked for decades as a secret agent for Cuba, and told an undercover F.B.I. agent that the United States was “the enemy.”In a criminal complaint filed in federal court in Miami, the prosecutors said that the diplomat, Manuel Rocha, had secretly aided Cuba’s “clandestine intelligence-gathering mission against the United States” since 1981 as he rose undetected through the ranks of the diplomatic corps and the National Security Council. Mr. Rocha, 73, appeared to have met with handlers from Cuba’s premier spy agency as recently as 2017, prosecutors said, and boasted that his 40 years of spying on behalf of the communist government in Havana had “strengthened the revolution immensely.”For more than two decades, Mr. Rocha handled matters related to Latin America in a series of roles at the State Department under presidents Bill Clinton and George W. Bush, including a stint as ambassador to Bolivia from 2000 to 2002. More recently, Mr. Rocha, a native of Colombia who grew up in New York, served as an adviser to the U.S. military command responsible for Cuba.
Persons: Manuel Rocha, Cuba’s, . Rocha, , Rocha, Bill Clinton, George W, Bush Organizations: State Department, United, National Security Locations: Cuba, United States, Miami, Havana, America, Bolivia, Colombia, New York
Justice O’Connor set the tone in her chambers by hiring a large number of female clerks, setting herself apart from the other justices. And while she was demanding — accepting no excuses for mistakes, a lesson she drew from growing up on a ranch in the West — she also took an interest in her clerks and their personal lives. “She would give them career advice, she would give them jobs,” said the historian Evan Thomas, who interviewed 94 former O’Connor clerks for his biography of the justice, “First.”“She told them to get out and get exercise, always take care of your family, give good dinner parties, never be too busy to take care of people,” he said. “You had to have a life.”For the women who clerked under Justice O’Connor, there was a keen awareness of both the barriers she had broken and her desire to be viewed outside of that history. Some recounted her wish to have her headstone reflect only that she had been a good judge, her relief when Justice Ruth Bader Ginsburg became a second woman to sit on the court and her insistence that her gender did not shape her decisions.
Persons: O’Connor, , Evan Thomas, , Justice O’Connor, Ruth Bader Ginsburg, Cristina Rodríguez Organizations: Yale Law School
Derek Chauvin, the former Minneapolis police officer who was convicted of murdering George Floyd during a 2020 arrest that set off a wave of protests, was stabbed at a federal prison in Tucson, Ariz., on Friday, according to two people with knowledge of the situation. The Federal Bureau of Prisons confirmed that an inmate at the Tucson prison was stabbed at 12:30 p.m., though the agency’s statement did not identify Mr. Chauvin, 47, by name. No other inmates or prison staff were injured, and the situation was quickly contained, according to the people familiar with the situation. No details were immediately available on his condition, but one of the people with knowledge of the incident said that Mr. Chauvin survived the attack. Mr. Chauvin was serving a sentence of just over two decades in federal prison after he was convicted of state murder charges and a federal charge of violating the constitutional rights of Mr. Floyd.
Persons: Derek Chauvin, George Floyd, Chauvin, Floyd, Mr Organizations: Federal Bureau of Prisons Locations: Minneapolis, Tucson, Ariz
The City of Charleston this week elected a Republican mayor for the first time since the mid-1870s, signifying a new chapter for the centuries-old southern city. The new mayor, William Cogswell, a former state representative and real estate developer, won a tight runoff election on Tuesday against Mayor John Tecklenburg, a Democrat who was seeking his third term in office. Mr. Cogswell’s election indicates a shift for Charleston, a stubbornly left-leaning city that has consistently elected Democratic mayors — including one to 10 terms — even as the state as a whole has not voted for a Democratic president since 1976. The mayor’s office in Charleston is technically nonpartisan, though mayors are often known to identify with a party. The city’s last Republican mayor served until 1877, according to city records and The Associated Press.
Persons: William Cogswell, Mayor John Tecklenburg, Cogswell Organizations: Republican, Mayor, Democrat, Charleston, Democratic, , Associated Press, Mr Locations: Charleston, state’s
Monzo, a British fintech bank, is in talks with Alphabet's private investment arm Capital G to raise what is primed to be its last funding round before a public listing. The bank touts around 8.5 million customers in the UK and is best known for its bright coral pink bank cards. Fintech funding in Europe dropped 70% to $5 billion from $17.1 billion in the first half of 2023, compared with 2022, according to Finch Capital. The prospective funding round is set to be the fintech's last private raise before a mooted public debut that would likely take place in late 2024 or 2025. The British bank reported £116.3 million in losses last year despite more than doubling its revenue.
Persons: Monzo, Catalyst, Monzo's, Cash, Conor Walsh, Anil Organizations: Business, Sky News, Abu Dhabi Growth Fund, Silicon, VC, fintech, Finch, London, Starling Bank Locations: British, London, Abu Dhabi, New York, Europe, Monzo, Starling
Generative Engineering has raised $4 million in seed funding. The London-based startup aims to simplify the design of physical productsCheck out the 12-slide pitch deck used to raise the fresh funds below. Generative Engineering, a startup that aims to simplify the design of physical products, has raised $4 million in fresh funds. The London-based startup, founded in 2021, has developed a platform to reduce the time and resources used on regular iterations in physical engineering. The startup's platform enables engineers to generate thousands of possible design choices and continuously test them, allowing design iteration to happen in parallel.
Organizations: Business Locations: London
Why It Matters: Mr. Murdaugh is trying to get his murder conviction thrown out. But Mr. Murdaugh’s lawyers are seeking to get the conviction thrown out based on what they say was questionable behavior by the court clerk. What Happens Next: Mr. Murdaugh’s financial victims may confront him in court. Mr. Murdaugh is scheduled to be sentenced for the financial crimes on Nov. 28, at which point some of his victims may address the court. Creighton Waters, a prosecutor with the South Carolina Attorney General’s office, said in court on Friday that at the heart of the financial crimes was Mr. Murdaugh’s abuse of people’s trust, and his greed.
Persons: Murdaugh, Maggie, Paul, Mr, Clifton Newman, , , Newman, Creighton Waters, Waters Organizations: Prosecutors, South Carolina Attorney Locations: South Carolina
Qevlar, a cybersecurity startup, has raised $5 million in seed funding. The Paris-based company uses AI to help identify and manage security risks. Qevlar, an AI-powered cybersecurity startup, has raised $5 million in seed funding. The Paris-based company enables businesses to integrate the Qevlar platform, which then constantly monitors operations, helping identify and monitor security risks in the process. The startup aims to address issues including the alert fatigue faced by security teams and skills shortages in the sector.
Persons: DeepMind's Mehdi Ghissassi Organizations: EQT Ventures, Business Locations: Paris
The prosecution of Brett Hankison, the former police detective who fired 10 bullets through Breonna Taylor’s apartment during a fatal 2020 raid in Louisville, Ky., ended in a mistrial on Thursday after the jury said it could not reach a unanimous verdict on federal civil rights charges. It was the second time that Mr. Hankison had gone to trial on charges related to the case and avoided a conviction. The Justice Department charged Mr. Hankison last year after a jury found him not guilty of state charges of endangering Ms. Taylor’s neighbors by firing several times through a covered window and a sliding-glass door during a nighttime police raid. Two other Louisville police officers, both of whom were white, shot Ms. Taylor, a Black 26-year-old emergency room technician whose death led to massive protests against racism and police violence in Louisville and elsewhere. Mr. Hankison, who is also white, did not strike anyone with his gunfire, but some of his bullets entered a neighboring apartment where a pregnant woman, her boyfriend and her 5-year-old son were sleeping.
Persons: Brett Hankison, Hankison, Ms, Taylor Organizations: Justice Department, Louisville Locations: Louisville, Ky
French fintech startup Defacto has raised a $10 million Series A extension from Citi Ventures. The Paris-based business, founded in 2021, provides short-term loans to small and medium-sized businesses. However, through integrations with businesses like fellow fintechs Pennylane and Qonto, Defacto wants to lower the cost and administration for smaller businesses. The new funding will go towards the continued growth of Defacto's platform as it pushes towards more personalized debt financing for small businesses. Check out Defacto's 20-slide Series A extension pitch deck below:
Persons: Pennylane, Morgan O'Hana, O'Hana, Northzone Organizations: Citi Ventures, Open Banking, Global Founders Capital Locations: Paris, integrations
More importantly buyers – in the form of private equity firms – are starting to line up. "Growth is clearly harder so we'll see a lot of M&A because PE funds are trying to grow their business and so are looking at early-stage tech businesses." This increased interest means private equity is set to play an enlarged role in Europe's startup ecosystem. Rollups, where private equity firms buy up a bunch of small businesses in an industry and consolidate them into a larger company, are also on the acquisition hunt. Crucially, private equity funds are unlikely to approach deals for companies that are not yet profitable, or unlikely to become so in the short term.
Persons: Alex Prokofjev, Claire Trachet, It's, Pedro Barros Organizations: Business, Venture, Bain, KKR, PE, Target Locations: London, Paris
Dutch fintech startup Solvimon has raised $9.6 million in seed funding. The startup, founded by former Adyen execs, enables SaaS firms to offer usage-based pricing. Solvimon, a payments and billings startup, just raised $9.6 million in a seed round. The Dutch company, founded in 2022, has developed a billing platform that centers on usage-based pricing. "What we have seen is that the world is moving towards more flexible pricing," Kim Verkooij, Solvimon cofounder and CEO told Insider.
Persons: Kim Verkooij Organizations: billings Locations: Europe
Eilla AI, a startup using generative AI to improve dealmaking efficiency, has raised $1.5 million in fresh funds. The startup's platform generates documentation and provides financial research and analysis to speed up the process for firms in the space. In addition, the industry is slow to adapt to new technologies and there are not many solutions fit for M&A, VC, and PE." The company claims to have already been used by over 50 advisors and investors to aggregate and analyze prospective deals. The funding round was led by Eleven Ventures alongside Fuel Ventures, including capital from the fund's managing partner Mark Pearson, in a personal capacity.
Persons: Nikola Lazarov, Mark Pearson, Lazarov Organizations: Eleven Ventures, Fuel Ventures Locations: London
ElevenLabs, a generative AI startup focused on voice, is in talks to raise capital in a deal that would catapult its valuation to $1 billion. It is unclear as yet whether Sequoia would invest alongside Andreessen Horowitz or if they are competing with one another. Five months on, the prospective new round will increase that valuation 10 times over to $1 billion, three sources said. ElevenLabs and Andreessen Horowitz did not respond to a request for comment. Bruce Reed, President Biden's AI chief, said that voice cloning "keeps me up at night," in an interview with Politico.
Persons: Andreessen Horowitz, Joe Rogan, Emma Watson, Gizmodo, ElevenLabs, Sequoia, OpenAI's ChatGPT, FOMO, Mati Staniszewski, Nat Friedman, Daniel Gross, Eric Adams, Adams, Bruce Reed, Biden's, Meta Organizations: Google, VC, Sequoia, Meta, Britain's Companies, Concept Ventures, New York City, White, Politico Locations: London, New York
The gunman who fled after killing 18 people and injuring 13 others at a bar and a bowling alley in Lewiston, Maine, last month was most likely alive during much of the sprawling two-day manhunt that had forced thousands of residents throughout the region to remain in their homes. It remains unclear whether the gunman was hiding in the recycling plant trailer the entire time after the shooting, or if he went there later, but the time estimate suggests that the lockdown in and around Lewiston was justified. Law enforcement and other officials have faced scrutiny over the manhunt, in part because they searched the recycling plant, Maine Recycling, twice without finding Mr. Card. It was during a third sweep on Oct. 27 — two days after the shooting — that they also searched for the first time an adjacent dirt parking lot used by the company. That search took place after a supervisor at the company reached out to the police and suggested they look through the trailers, officials have said.
Persons: Robert R Organizations: Maine Recycling Locations: Lewiston , Maine, Maine, Lewiston
Since taking office, President Biden has traveled a grim path through American communities desperately grieving in the wake of mass shootings: Uvalde, Texas; Monterey Park, Calif.; Buffalo; Atlanta. On Friday, he added another to the list: Lewiston, Maine. Mr. Biden huddled privately with the families of those killed or injured during last month’s rampage that claimed the lives of 18 people at a bar and a bowling alley in the city about an hour north of Portland. “Jill and I are here on behalf of the American people to grieve with you, and make sure you know that you’re not alone,” Mr. Biden said after stopping by a makeshift memorial in Lewiston with his wife, Jill Biden. For Mr. Biden, whose own life has been shaped by grief, it is a role he embraces as a necessary part of healing.
Persons: Biden, “ Jill, you’re, ” Mr, Jill Biden Locations: , Texas, Monterey Park, Calif, Buffalo, Atlanta, Lewiston , Maine, Portland, Lewiston
Tacto, a small German AI supply chain startup, is set to raise new funding from US giant Sequoia and is already in talks with a different high-profile investor to raise another round. Sequoia is set to lead Tacto's Series A round, six sources familiar with the deal told Insider. Unusually, the startup has already begun talks to raise another round of funding in addition to the Sequoia deal. Tacto is also in talks with London-based Index Ventures to immediately raise another funding round, five sources said. Andreessen Horowitz led a seed round in tiny AI startup ElevenLabs in March, and is also in talks with months-old company Mistral.
Persons: Tacto, Andreessen Horowitz, Fintech, Hanno Renner Organizations: London, Ventures, Sequoia, Energy, nab, Cherry Ventures, UVC Partners, Club Locations: Sequoia, Munich, Berlin
The law is more burdensome than “red flag” laws in other states, which do not require taking people into custody and evaluating them. When the Sheriff’s Office received the Army report in mid-September, Sgt. Aaron Skolfield went to do a welfare check but did not find Mr. Card. Instead, Sergeant Skolfield worked with Ryan Card, who said he and his father had come up with a way to secure Mr. Card’s weapons. But Robert Card, it said, still “had access to his firearms prior to the shootings.”John Ismay and Dave Philipps contributed reporting.
Persons: Aaron Skolfield, Sergeant Skolfield, Ryan Card, Ryan, Robert Card, , ” John Ismay, Dave Philipps, Kirsten Noyes Organizations: Sheriff’s, Army Locations: Sagadahoc
Dutch payments fintech startup Fero has raised $3 million in a seed funding round from US hedge fund Coatue. The Amsterdam-based startup, founded in 2022, aims to improve the customer verification process at checkouts and decrease the level of abandoned purchases. Payment authentication, where customer identities are verified, has become much more crucial for businesses since the rollout of Europe's PSD2 Open banking regulations. Fero wants to reduce the level of friction customers face during this authentication process, the startup's cofounder and CEO Craig Savage said. The company went through the tech startup incubation program Antler before raising this $3 million seed funding round led by Coatue, alongside Volta Ventures and Antler.
Persons: Fero, Craig Savage, Savage, Coatue Organizations: Volta Ventures Locations: The Amsterdam, Madrid, Amsterdam
Mistral, a tiny AI startup that aims to be Europe's answer to OpenAI, is in discussions to raise a major round of funding that could push its valuation above $2 billion. Its cofounders are in talks with venture capital firm Andreessen Horowitz to raise further funds, seven sources familiar with proceedings told Insider. Mistral is set to raise around $400 million at a valuation of at least $2 billion, which could rise to as high as $2.5 billion, three sources said. The deal is not yet finalized and the round size, valuation figures, and participants could still change. Andreessen Horowitz, General Catalyst, Mistral, Abstract Ventures, and Bezos Expeditions did not respond to Insider's request for comment.
Persons: Andreessen Horowitz, Catalyst, Arthur Mensch, Guillaume Lample, Timothée Lacroix, Jeff Bezos, Xavier Niel Organizations: Mistral, Meta, DeepMind, Bezos Expeditions, Amazon, Catalyst, Ventures, Lightspeed Venture Partners Locations: Paris
Six weeks before an Army reservist fatally shot 18 people in Lewiston, Maine, the police received alarming warnings that the reservist had grown increasingly paranoid, had punched a friend and had said he was going to carry out a shooting spree. But no law enforcement officials ever made contact with him, according to records released on Monday. The warnings about the reservist, Robert R. Card II, 40, were far more explicit than Maine officials have publicly acknowledged in the wake of Wednesday’s shooting, America’s deadliest mass shooting this year. They came from Mr. Card’s family members and his Army Reserve unit in Saco, Maine, and were investigated by the Sheriff’s Office in Sagadahoc County, where he lived. The Reserve also told the Sheriff’s Office that Mr. Card had been treated at a psychiatric hospital for two weeks in July before being released.
Persons: Robert R, Card’s, Card Organizations: Mr, Army Reserve, Sheriff’s Locations: Lewiston , Maine, Maine, Saco , Maine, Sagadahoc County, Saco,
Sheriff Merry declined to comment in detail about the reported threats, and it was unclear whether any other departments that received the sheriff’s alert had tried to locate Mr. Card. It was not immediately clear how often such alerts are issued; two law enforcement leaders in Maine said on Saturday that they receive many and did not recall receiving the alert about Mr. Card. Mr. Card enlisted in the Reserve in 2002 and was trained as a petroleum supply specialist, whose work involved shipping and storing fuel; he did not serve on any combat deployments. Earlier on Saturday, the commissioner of the public safety department said that Mr. Card had been paranoid and may have been hearing voices. Mr. Sauschuck said he had no information to suggest that Mr. Card had ever been forcibly committed for mental health treatment.
Persons: Sheriff Merry, Card, Michael J, Sauschuck, , Mr Organizations: Maine Department of Public, Associated Press, Sheriff, Pentagon, Card, National Guard Locations: Maine, Peekskill, N.Y
The man who killed 18 people and wounded 13 more in Lewiston, Maine, marking the deadliest mass shooting in America this year, had paranoid beliefs that people were talking about him and may have been hearing voices, the authorities said on Saturday. The attack sparked a two-day manhunt that ended on Friday night when police found the man dead in a trailer at a recycling plant in Lisbon, where he had once worked. Officials said he appeared to have shot himself. The revelation brought a sense of relief through Lewiston and neighboring towns, where residents had been sheltering in place and many businesses were shuttered. On Saturday, officials provided more details about the gunman, who was in the Army Reserve and had grown up in Bowdoin, near Lewiston.
Persons: Robert R Organizations: Army Reserve Locations: Lewiston , Maine, America, Lisbon, Lewiston, Bowdoin
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