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☆ Couples tells LIV members stop bashing PGA and play golf
▼ + stars: | 2023-04-03 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

After signing up with the Saudi backed LIV circuit, some members delighted in taking shots at the PGA Tour as they left their old work place. "If one wants to stop and ask why I'm picking on them, then I'm all for it," said Couples after his Monday practice round. "I just don't think they should bash the PGA Tour or anybody, just go play golf." Three-times Masters champion Phil Mickelson and 2017 Green Jacket winner Sergio Garcia have both been critical of the PGA Tour and the target of Couples' barbs. Speaking at a Champions Tour breakfast, Couples took a shot at Mickelson and Saudi Arabia's Public Investment Fund that is bankrolling the LIV Tour.

☆ Base10 Partners is offering its limited partners direct access to investing in unicorn startups in order to compete against VC firms with much bigger funds. Here's how.
▼ + stars: | 2023-03-31 | by ( April Joyner | ) www.businessinsider.com time to read: +5 min

Limited partners, the investors that back VC firms, are seeking out more direct deals in startups. But often LPs don't get in until long after the VC firms have invested, so they get smaller returns. VC firm Base10 Partners has launched a program to give LPs earlier access and more upside. As the exuberance in venture capital has crashed to a halt, the institutions that back VC firms, known as limited partners, have had plenty to grouse about. The VC firm Base10 Partners seeks to offer its own limited partners a remedy to this dilemma.

☆ Walmart pumps $200 mln in Indian fintech PhonePe in ongoing fundraise
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 17 (Reuters) - Indian digital payments firm PhonePe said on Friday it has raised $200 million from majority backer Walmart Inc (WMT.N) at a pre-money valuation of $12 billion. PhonePe, already India's most valuable payments firm and among the country's most highly-valued startups, said the investment is part of its ongoing fundraise of up to $1 billion. American retail behemoth Walmart, which acquired a majority share in PhonePe in 2018, will continue as a majority investor, the Indian company said, without disclosing its stake. PhonePe said it plans to deploy these funds to build and scale new businesses including insurance, wealth management and lending. The relocation, according to some reports, was to ensure an easier entry into the country's highly-regulated financial services industry, especially lending.

[1/5] A white tiger cub that was abandoned outside the Attica Zoological Park and is believed to be a victim of illegal wildlife trade, drinks water at the zoo's infirmary, in Athens, Greece, March 17, 2023. REUTERS/Stelios MisinasATHENS, March 17 (Reuters) - Greek veterinarians are fighting to save a white tiger cub abandoned in a rubbish bin at an Athens zoo, believed to be a victim of the illegal wildlife trade. The three-month old white tiger was found on Feb. 28 under a garbage bin in the parking lot of the Attica Zoological Park by a cleaner, who notified the zoo owner. "It is the first time ever we had such an animal dumped outside our zoo," said zoo founder Jean-Jacques Lesueur. Lesueur said if the tiger survives it will have to be relocated to a sanctuary, as the zoo has no other animals of its kind.

☆ Tiger Global Writes Down Venture Funds’ Bets by 33% in 2022
▼ + stars: | 2023-03-16 | by ( Juliet Chung | Eliot Brown | ) www.wsj.com time to read: 1 min

The Manhattan offices of Tiger Global, which has invested in hundreds of companies including TikTok’s parent. Tiger Global marked down the value of its investments in private companies by about 33% across its venture-capital funds in 2022, according to people familiar with the firm. The markdowns erased $23 billion in value from Tiger’s giant holdings of startups around the globe, one of the people said. Its private portfolio includes big bets on hundreds of companies including TikTok parent ByteDance and payments company Stripe. In the fourth quarter, Tiger’s newest venture funds lost between 9% and 25%.

☆ China's Shein set to raise $2 billion in new funding round, aims for U.S. IPO later this year, sources say
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: +2 min

Reuters reports the fast fashion retailer is targeting a U.S. IPO in the second half of 2023. Shein cut its valuation to $64 billion in this fundraising, down by a third from a funding round a year ago, according to six sources with knowledge of the matter. All sources declined to be identified as the information was confidential. Shein said it does not currently have plans for an IPO and declined to comment further. Shein, founded by Chinese entrepreneur Chris Xu, has grown into one of the world's largest online fashion marketplaces since its 2008 launch in Nanjing.

☆ Hedge funds unimpressed by Chinese internet giants' peppy earnings
▼ + stars: | 2023-02-28 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 28 (Reuters) - A set of bumper earnings reports from the likes of Baidu Inc and other Chinese internet giants isn't impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news. Despite easily beating expectations for their earnings and giving optimistic forecasts for the recovery in demand, shares in both companies fell. Mark Dong, co-founder of Minority Asset Management, who is based in Hong Kong, says expectations for Chinese growth are clouded by doubts over how Beijing plans to stimulate the economy and deal with external risks. The internet sector index (.H11137) nearly doubled between late-October and January but has since fallen 20%. Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.

☆ Meet the top 8 lawyers helping startups patent artificial intelligence and comply with rules on privacy and safety
▼ + stars: | 2023-02-28 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

AI startups must secure patents and manage concerns about bias, safety, and security risks. Artificial-intelligence startups are continuing to draw venture-capital support, pulling in some $72 billion in 2022, according to data from PitchBook. For one thing, AI poses questions around the kind of privacy and safety issues that can be subject to regulation and government oversight. Meanwhile, novel uses of AI technology have already brought unusual legal questions up to the courts. That kind of work also often leads to more work for regulatory, litigation and other attorneys with expertise in AI technology, who can advise on procurement contracts, risks involving software, and cybersecurity.

☆ Rahm returns to world number one with win at Riviera
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

[1/3] Feb 19, 2023; Pacific Palisades, California, USA; Jon Rahm reacts following his victory in the final round of The Genesis Invitational golf tournament. Spaniard Rahm, 28, made two late birdies to close with a two-under 69 for a two-shot win over home favourite Homa, finishing at 17-under for his 10th PGA Tour title and a fifth win in his last nine tournaments worldwide. "I don't need a ranking to validate anything," said Rahm, who was last ranked at number one in March 2022. "That was a tough week and a tough Sunday. "My streak continues here," said Woods, who has played at the Riviera course 12 times without winning.

☆ Indian edtech sector still attractive for investors, GSV Ventures says
▼ + stars: | 2023-02-20 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

U.S.-based GSV invests only in edtech startups around the world and manages about $500 million in assets. These are very early days for the Indian edtech market," Deborah Quazzo, managing partner at GSV, told Reuters on the sidelines of the Emeritus-GSV Leaders Summit in New Delhi on Monday. Edtech startups in India have laid off thousands of employees in the past year and have been unable to raise funding as a slowdown gripped the market. Indian edtech startups raised $2.6 billion in 2022, down 36% compared to the previous year, according to data provider Tracxn Technologies. The Indian government is also "pretty constructive" on education policies, a key factor that encourages investors like GSV to invest, she said.

☆ Rise of 'zombie' VCs haunts tech investors as plunging valuations hammer the industry
▼ + stars: | 2023-02-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Startup investors are increasingly warning of an apocalyptic scenario in the VC world — namely, the emergence of "zombie" VC firms that are struggling to raise their next fund. Life becomes harder for zombie firms in a higher interest rate environment, as it increases their borrowing costs. Investors expect this gloomy economic backdrop to create a horde of zombie funds that, no longer producing returns, instead focus on managing their existing portfolios — while preparing to eventually wind down. "There are definitely zombie VC firms out there. "We're going to see a lot more zombie venture capital firms this year," Steve Saraccino, founder of VC firm Activant Capital, told CNBC.

☆ Indian digital payments firm PhonePe raises $100 mln at $12 bln valuation
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 14 (Reuters) - Indian digital payments firm (WMT.N) PhonePe said on Tuesday it has raised $100 million from Ribbit Capital, Tiger Global and TVS Capital Funds in a funding round that valued the Walmart Inc-backed company at $12 billion. The latest round is part of PhonePe's primary fundraise that took place last month through which the company raised $350 million from General Atlantic. Having raised $450 million in six weeks, PhonePe said it expects to raise the rest from global and Indian investors in due course. Despite a funding winter, the Indian digital payments space has been a bright spot due to the popularity of online payments and startups' ambitions to branch into the lucrative financial services space. PhonePe, in which U.S. retail giant Walmart has had a majority stake since 2018, completed its separation from Indian e-commerce major Flipkart last year.

☆ Tiger Global Management trims top tech holdings, adds new position in ZoomInfo
▼ + stars: | 2023-02-14 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Tech-focused hedge fund Tiger Global Management sold large chunks from several of its biggest positions in the fourth quarter , but investor Chase Coleman didn't completely turn his back on the market. Tiger Global trimmed its stake in most of its top holdings, according to securities filings and VerityData's InsiderScore.com. Elsewhere, Tiger Global eliminated positions in RingCentral and Li Auto that were worth about $99 million and $396 million, respectively, at the end of the third quarter. Coleman is one of the so-called Tiger Cub hedge fund managers who worked under Julian Robertson at Tiger Management. Tiger Global was one of the tech-focused hedge funds that was caught offsides by last year's sharp pullback for growth stocks.

☆ Wall Street trading firms aren't giving up on crypto just yet
▼ + stars: | 2023-02-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A bunch of high-profile Wall Street investors just piled into a startup that pledges to fix a major issue in the crypto industry. And while plenty of those bets blew up — the most spectacular of which was crypto exchange FTX — that hasn't stopped Wall Street. Click here to read more about a new crypto startup that's got backing from some of Wall Street's top trading firms. For a breakdown of all the key partnerships between Wall Street and cloud partners, check out our running list of more than 30 deals. Cheman Cheung left Wall Street after his father passed away to recover from a state of "mental chaos."

☆ A company-wide Zoom meeting versus individual calls: Insiders reveal how multi-billion-dollar startups Clari and Workato slashed jobs.
▼ + stars: | 2023-02-06 | by ( April Joyner | Stephanie Palazzolo | Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

Unicorns Clari and Workato are among the latest startups to cut jobs. Workato laid off 10 percent of its workforce, and Clari had its second round of cuts in a year. Clari's layoffs caught the startup's staffers off guard, according to one employee Insider spoke to. Though the layoffs were unexpected, the former Workato employee said, they appreciated the way the company delivered the news. The former Clari employee Insider spoke with said that the spate of layoffs had prompted them to reconsider their dedication to the tech industry.

☆ AI startup Cohere in talks to raise funding at $6 bln plus valuation -sources
▼ + stars: | 2023-02-06 | by ( Krystal Hu | ) www.reuters.com time to read: +4 min

Generative AI aims to make human-like creations through computer code that has processed vast amounts of data. FOCUS ON NLPFocusing on training natural language processing (NLP) models, Cohere competes with a group of foundation model providers such as OpenAI and Anthropic. Gomez said the company differentiates itself by focusing on serving enterprise users, and Cohere has been talking to companies from marketing, consulting and tech to help them incorporate generative AI. Cohere is powering some consumer applications including Hyperwrite, which helps people write faster and generate articles using AI. Other foundation model providers such as Anthropic is also in talks to raise funding at multi-billion valuations, investor sources said.

☆ Accel, Tiger Global mull exiting India's Flipkart in $1.5 bln stake sale - ET
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

The stake, which collectively amounts to about 5%, would raise Walmart's ownership in the e-commerce giant, the newspaper reported citing people familiar with the matter. "They (Accel and Tiger) want to sell and exit now fully. The discussions are moving ahead and the transaction will close in due time," a person familiar with the matter told ET. Accel owns a little over 1% of Flipkart, while Tiger Global holds about 4% of the company, the report said. Flipkart, Walmart and Tiger Global did not immediately respond to Reuters' requests for comment.

☆ In her will, Ivana Trump left her former nanny a $1 million condo — and her Yorkshire terrier, Tiger Trump — and nothing to ex-husband Donald Trump
▼ + stars: | 2023-01-18 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Ivana Trump's last will is now a matter of public record, following her death last July. She left a majority of her estate to her children: Donald Trump Jr., Ivanka, and Eric, records show. Ivana left her dog and a $1 million condo to her former nanny, and donated her clothing. Curry spoke at her funeral last July, alluding to Ivana Trump feeling isolated and in pain. Ivana Trump went on to marry twice more before her death at age 73.

☆ Early Spotify investor Northzone hires director from second-gen Tiger cub fund Tybourne Capital to lead growth-stage deals
▼ + stars: | 2023-01-18 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Early Spotify investor Northzone has hired Tybourne Capital director Sanjoy Malhi as a partner. Early Spotify backer Northzone has hired a director from second-generation Tiger Cub fund Tybourne Capital to lead its growth investments. The London-based fund, founded in 1996, has appointed Sanjot Malhi as a partner focused on growth-stage deals across Europe. Malhi will help distribute a $1 billion multi-stage fund that Northzone closed in September. However, many of those companies were funded with growth capital without having strong business fundamentals in place leading to a lot of pain in the market.

☆ Hot AI startup Scale AI, valued at $7 billion, has laid off 20% of its staff. Insiders say employees found out when they were locked out of their computers.
▼ + stars: | 2023-01-09 | by ( Samantha Stokes | Stephanie Palazzolo | ) www.businessinsider.com time to read: +4 min

Scale AI laid off 20% of its workforce this morning, Insider has learned. Scale AI has raised more than $600 million from investors like Tiger and Y Combinator and was valued at $7 billion. Buzzy artificial intelligence data-management startup Scale AI, which was last valued at $7 billion in 2021, laid off 20% of its workforce Monday morning, Insider has learned. Founded in 2016 by Alexandr Wang and Lucy Guo, Scale AI was a member of the prestigious accelerator program Y Combinator's summer 2016 cohort. However, the job cuts at Scale AI – once a Silicon Valley darling – seem to suggest otherwise.

☆ The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
▼ + stars: | 2023-01-01 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3. Read Insider's coverage of Bankman-Fried:FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Now hit with 7 criminal charges, Ellison has pleaded guilty and expressed contrition before the New York federal court presiding over the criminal cases involving Bankman-Fried. Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison? Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer fundsThe SEC has charged Sam Bankman-Fried and accused him of 'orchestrating a massive, years-long fraud'The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts sayRead the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary WangThe charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds

☆ Here's what mattered in hedge funds and asset and wealth management in 2022
▼ + stars: | 2022-12-28 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

To be sure, some big investors like macro hedge funds have been notable exceptions to the market gloom. As we do our own account settling for the year, here is some of our best reporting on the buy-side: hedge funds, asset managers, and wealth management. Tiger, Tiger burning bright. Four years later, the hedge fund, founded by two former Millennium executives, has yet to live up to the lofty expectations for it. Among the money managers benefiting from these political moves are Bank of New York Mellon and Federated Hermes.

☆ Ehlers-Danlos syndrome affects millions. Why isn't the medical profession paying more attention?
▼ + stars: | 2022-12-24 | by ( Sarah Lazarus | ) edition.cnn.com time to read: +19 min

“Have you heard of Ehlers-Danlos syndrome?” the podiatrist asked me. There are 13 types of Ehlers-Danlos syndrome (EDS), according to research and advocacy organization The Ehlers-Danlos Society. Drag queen Yvie Oddly, who has hypermobile Ehlers-Danlos syndrome, crab walks down the pink carpet at RuPaul's DragCon LA in 2019. Bluestein says that for many years it was thought that one in 5,000 people had Ehlers-Danlos syndrome. But despite her career choice, Bluestein only received her hEDS diagnosis when she was 47 – more than 30 years later.

☆ Indian startups raised a record $49 billion in 2021. Here's 5 reasons why the region is set to become the next tech powerhouse, according to investors.
▼ + stars: | 2022-12-22 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +2 min

India's startup ecosystem is one of the world's largest, trailing behind Europe and the US. Startups in the region landed a record $49 billion in 2021, according to Dealroom data. It was a major milestone for the country's tech ecosystem — and one that highlighted the momentum the region has gained over the past six years. India's tech ecosystem has long been in the shadow of its more established counterparts like China, Europe, and the US. But 2021 was a pivotal year for India's startup ecosystem.

☆ Walmart-backed PhonePe seeks to raise $1 bln - Bloomberg News
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Dec 8 (Reuters) - Indian digital payments firm PhonePe is seeking to raise up to $1 billion from General Atlantic, Tiger Global Management, Qatar Investment Authority and Microsoft Corp (MSFT.O), Bloomberg News reported on Thursday, citing sources. The all-equity round is expected to close in the next two weeks and may take Walmart-backed PhonePe's valuation close to $13 billion, according to the report. PhonePe declined to comment while Walmart, General Atlantic, Tiger Global, Qatar Investment Authority and Microsoft did not immediately respond to Reuters' requests for comment. Reporting by Ashish Chandra in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

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