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☆ Instacart just filed to go public. Mutual fund investor Fidelity bumped up its valuation of the startup by 10%.
  + stars: | 2023-08-30 | by ( Samantha Stokes | ) www.businessinsider.com   time to read: +4 min
The grocery-delivery company and other late-stage startups have seen valuation cuts during the downturn. Mutual fund investor Fidelity increased its valuation of Instacart shares by 10% from May to July. Instacart made waves last week as one of a handful of late-stage startups filing S-1s and announcing long-awaited plans to go public. That's a 10% bump up from the end of May, when Fidelity valued its shares at $40.95 each. Other late-stage startups are similarly enjoying a slight rebound in Fidelity valuations following months of brutal downgrading.
Persons: Instacart, confidentially Organizations: Nasdaq, Mutual, Fidelity, Growth Company Fund, SEC, Instacart, Reddit Locations: Instacart
☆ As Reddit battles OpenAI and sees its pre-IPO valuation fall, I can't help quoting Taylor Swift: Karma's gonna track you down
  + stars: | 2023-06-05 | by ( Julie Bort | ) www.businessinsider.com   time to read: +5 min
Fidelity marked down the value of Reddit shares, a developer revealed details about new fees. Insider previously reported that Fidelity's Growth Company Fund had already marked down its Reddit stock in January disclosures. OpenAI disclosed in research that Reddit was among its massive number of sources used to train the underlying AI models. I asked ChatGPT if it is going to pay for Reddit dataI asked ChatGPT if it is going to pay for Reddit data. With its new battle against OpenAI, it's clear that Reddit feels similarly about misuse of online content.
Persons: Reddit's, Reddit, didn't, Harold Klaje, OpenAI, hasn't, Steve Huffman, Christian Selig, He's, We've, Taylor Swift Organizations: Fidelity, Techcrunch, Growth, Fund, Bloomberg
☆ Fidelity's latest valuation markdowns of companies like Stripe and Instacart paints a grim picture for late-stage startups
  + stars: | 2023-03-31 | by ( Samantha Stokes | ) www.businessinsider.com   time to read: +3 min
Over the last year, Fidelity's mutual fund has cut the value of its late-stage startup investments. Stripe, one of the biggest startups that was handsomely rewarded during this funding peak, has now lost its luster among investors, including Fidelity. The asset manager, which has invested in Stripe through its mutual fund, marked down the value of its Stripe investment by nearly 20% in February compared to the previous month, according to new data released by the mutual fund. Fidelity has invested in recent funding rounds of Stripe and other high-profile startups via its $55 billion Growth Company Fund. Since January 2022, Fidelity's per-share valuation of Stripe has dropped by more than 40%.
☆ Stripe, Instacart, and Reddit valuations fare better in Fidelity's latest filings, but it's still a sobering reminder of how far the tech market has tumbled
  + stars: | 2023-03-02 | by ( Stephanie Palazzolo | ) www.businessinsider.com   time to read: +3 min
Stripe, Instacart, and Reddit fared better month-over-month in Fidelity's latest holdings report. The valuations of Stripe, Instacart, and Reddit all fared better in Fidelity's latest monthly holdings report, with Stripe seeing an over 20% bump from the previous month, according to recent filings. Although promising, the new valuations still serve as a sobering reminder of how far the tech industry has fallen from its 2021 highs. Faced with a muted welcome from the private markets, Stripe might not be the only company looking to the public markets for liquidity. But the public markets may prove more pain.
☆ Stripe, Reddit and Instacart valuations take a beating in Fidelity's latest markdowns. Here's how they fared.
  + stars: | 2023-01-31 | by ( Samantha Stokes | ) www.businessinsider.com   time to read: +3 min
Several other startups like Instacart and Reddit have fared poorly in terms of external valuations this year. Year-end numbers in mutual fund filings show that other late-stage startups like Instacart and Reddit also suffered throughout 2022. From November to December, Fidelity dropped the value of its Reddit shares nearly 9%. Its current share value, however, is a 1.5% improvement from the mutual fund's previous markdown in its holdings to $36.90 a share in May. But the public markets might not be the silver bullet needed to pull these companies out of their slumps: Many of Stripe, Instacart, and Reddit's public counterparts are also struggling.
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