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☆ With China playing catchup with the U.S., these 3 charts show the top countries for fintech in 2023
▼ + stars: | 2023-10-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

UK has second-biggest number of top fintech firmsThe U.S. was home to 65 of the top fintech companies, according to CNBC's list of world's top 200 fintech companies. In the U.S., some of the top global fintech companies on Statista's list include names like Stripe, PayPal and Intuit . Stateside, meanwhile, the largest fintech unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion). Other leading ecosystems for fintech unicorns include India, on 17 unicorns, and China, on eight. Standing in 8th place is Mexico, with five fintech unicorns, Singapore, also with five, and the Netherlands, which has four in total.

Persons: Ed Jones, Starling, Tencent, Statista, Andreessen Horowitz, Wise, Vlad Tenev, Group's, —, Nick Parmenter Organizations: AFP, Getty, CNBC, Statista, Ant Group, Plaid, Visa, Mastercard, European Union, Apple, Google, Sequoia Capital, PayPal, Intuit, Financial, Authority, Consumers Locations: U.S, Beijing, China, Silicon, Europe, Ukraine, Covid, India, France, Brazil, Germany, Mexico, Singapore, Netherlands, Statista

☆ Web Summit Chief Steps Down Over Israel Remarks
▼ + stars: | 2023-10-21 | by ( Michael J. De La Merced | More About Michael J. De La Merced | ) www.nytimes.com time to read: +2 min

The chief executive of Web Summit, one of Europe’s biggest technology conferences, stepped down on Saturday after major sponsors and speakers withdrew from the event, set for next month, following backlash over his public criticism of Israel’s response to the Hamas attacks. “I sincerely apologize again for any hurt I have caused.”A spokeswoman for Web Summit said that the organization aimed to appoint a new chief executive as soon as possible. Web Summit said on Friday that it expected about 70,000 people to attend, about the same as last year. Among those to drop out were Ravi Gupta, a partner at Sequoia Capital, and Garry Tan, the chief executive of the technology incubator Y Combinator. But by Tuesday, he published an apology on Web Summit’s site in which he said he defended “Israel’s right to exist and to defend itself.”

Persons: Paddy Cosgrave, —, ”, “, Cosgrave’s, Ravi Gupta, Garry Tan, Cosgrave Organizations: Web, Google, Intel, Meta, Siemens, Web Summit, Western, Sequoia Capital Locations: Irish, Lisbon, Israel

☆ ChatGPT can now respond with images and search the web
▼ + stars: | 2023-10-18 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

OpenAI, the company behind the viral chatbot, has officially launched real-time internet browsing for ChatGPT, three weeks after reintroducing the beta version of the capability — but it has been a significantly bumpy ride. But one of OpenAI's goals has been to expand ChatGPT's data — and search engine capabilities — into the here and now. In March, the company experimented with a ChatGPT web-browsing plugin for a limited number of users. The company has been slowly rolling out the feature again, after allowing site owners to opt out of the web crawling. Two of the foremost competitors in that race are OpenAI with ChatGPT and Google with its competitor, Bard.

Persons: OpenAI, Bing, OpenAI's, ChatGPT, Bard, Andreessen Horowitz Organizations: UBS, Google, Sequoia Capital, CNBC

☆ CEO apologizes for Israel remarks after 4 days of backlash and conference dropouts
▼ + stars: | 2023-10-17 | by ( Hasan Chowdhury | Jyoti Mann | ) www.businessinsider.com time to read: +5 min

The founder of tech conference Web Summit apologized for "profound hurt" over his Israel remarks. AdvertisementAdvertisementThe founder of European tech conference Web Summit has apologized for the "profound hurt" caused by his comments criticizing the West's support for Israel, which triggered several high-profile withdrawals from the event. AdvertisementAdvertisementGil Dibner, general partner at Angular Ventures, said it was "a time that calls for moral clarity" after canceling his speaking engagement at Web Summit. Dropouts increased, and within 24 hours the number of Israel-based speakers at Web Summit dropped from at least five to zero, according to Insider analysis. Other speakers lined up for Web Summit include Meta's Nick Clegg, as well as comedian Amy Poehler and actor Joseph Gordon-Levitt.

Persons: Israel, Paddy Cosgrave, —, I'm, Garry Tan, Ravi Gupta, Cosgrave, State Anthony Blinken, Moshiel Biton, hadn't, Biton, Gil Dibner, Nick Clegg, Amy Poehler, Joseph Gordon, Levitt, Benjamin Netanyahu Organizations: Service, Israel, Sequoia Capital, State, Web, Angular Ventures, Web Summit, Hamas, West Bank Locations: Gaza, Hamas, Lisbon, Portugal, Israel

☆ Web Summit CEO apologises for comments on Israeli conflict
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Oct 17 (Reuters) - Web Summit Chief Executive and founder Paddy Cosgrave on Tuesday apologised for comments he made on the Israeli-Hamas conflict that prompted some technology companies and investors to withdraw plans to attend its conference in Portugal next month. Web Summit, one of the world's largest tech conferences, will take place in Lisbon from Nov. 13-16, with attendees from companies such as Meta (META.O) and Microsoft (MSFT.O) to investors such as Atomico. "War crimes are war crimes even when committed by allies, and should be called out for what they are," wrote Cosgrave, who was born in Ireland. Among executives to have cancelled their participation at Web Summit are AI21 Labs' Ori Goshen; Tome's Keith Peiris; Sequoia Capital partner Ravi Gupta; Yinon Costica, co-founder of Israeli cybersecurity unicorn Wiz; and Y Combinator’s Garry Tan, according to LinkedIn and X posts. Philippe Botteri, CEO of tech investor Accel, said in a LinkedIn post on Monday he would no longer speak at Web Summit.

Persons: Paddy Cosgrave, Cosgrave, I’m, Leo Varadkar's, Israel, Cosgrove, Goshen, Tome's Keith Peiris, Ravi Gupta, Yinon Costica, Y, Garry Tan, Philippe Botteri, Portugal Dor Shapira, Steven Scheer, Supantha Mukherjee, Josephine Mason, Alison Williams, Mark Potter Organizations: Web, Microsoft, Palestinian, Hamas, Irish, AI21 Labs, Sequoia Capital, Thomson Locations: Portugal, Lisbon, Gaza, Israel, Ireland, Jerusalem, Stockholm, London

☆ Sam Bankman-Fried's lieutenant Nishad Singh said he was embarrassed by 'flashy' FTX spending
▼ + stars: | 2023-10-16 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

Singh testified at Bankman-Fried's trial that his concerns were almost always rebuffed. In Manhattan federal court Monday, Singh testified about how he frequently questioned and pushed back against Bankman-Fried's spending sprees and investment decisions — and was almost always rebuffed. "I would hear that my opinions were already factored in, and I didn't need to continue sharing them," Singh testified. Singh testified that he came to know Bankman-Fried through a friendship with the FTX founder's younger brother, Gabe Bankman-Fried. Infighting over expensesThe pair often disagreed on money, Singh testified.

Persons: Nishad Singh, Sam Bankman, Singh, —, Fried, Bill Clinton, Tony Blair, spender, Caroline Ellison, Gary Wang, Gabe Bankman, FTX, SBF, I've, Sam, Tom Brady, Gisele Bündchen, Steph Curry, Kevin O'Leary, Larry David, Jon Kopaloff, Fatih Aktas, Getty Images Singh, Michael Kives, Hillary Clinton, Katy Perry, Orlando Bloom, Ted Sarandos, Jeff Bezos, Kate Hudson, Leonardo DiCaprio, Corey Gamble, Kendall Jenner, Singh wasn't, Kris Organizations: Service, Bankman, Alameda, US Securities and Exchange Commission, University of California, Facebook, Engineering, Sequoia Capital, Yuga, Miami, Major League Baseball, of Legends, Getty Images, Anadolu Agency, K5 Global Locations: Bankman, FTX, Manhattan, Berkeley, Alameda, Bahamas, Kazakhstan, Albany

☆ Warren Buffett's Berkshire Hathaway has likely scored a 93% gain on Nubank stock this year, making the crypto-friendly bank its best performer
▼ + stars: | 2023-10-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Berkshire Hathaway's best-performing stock this year is likely Nubank-owner Nu Holdings, up 93%. Apple stock is up this year, but other key Berkshire bets like Coca-Cola and Kraft Heinz are down. AdvertisementAdvertisementWarren Buffett's Berkshire Hathaway has notched a 93% gain on Nu Holdings since the start of January, likely making the Nubank owner the best performer in Berkshire's stock portfolio this year. Nubank shares have slid 13% from their IPO price fo $9 to trade at $7.84 as of Wednesday's close. Munger has hailed Sequoia as perhaps the "most remarkable investment firm in America" with "the best investment record of anybody."

Persons: Berkshire Hathaway's, Warren Buffett's, Kraft Heinz, —, Warren, Berkshire Hathaway, Berkshire hasn't, Buffett, Charlie Munger, Todd Combs, Ted Weschler, David Vélez, Munger, Sequoia Organizations: Berkshire, Nu Holdings, Apple, Kraft, Service, Bank of America, Sequoia Capital, Sequoia Locations: Berkshire, America, Sequoia

☆ AMD to acquire AI software startup as it seeks to catch up with Nvidia
▼ + stars: | 2023-10-10 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Advanced Micro Devices announced Tuesday it will acquire Nod.AI, an open-source artificial intelligence software startup, to expand the chipmaker's AI software operations. Nod.AI, or Nod Labs, builds open-source technologies "for future AI systems," according to the startup, and it mainly specializes in reinforcement learning, a type of system that "learns" via trial and error. During the same period, AMD reported a revenue decline of 18% but still beat analysts' estimates for sales and profit. Prior to founding Nod in 2013, Anush Elangovan, the startup's CEO, was part of the first Chromebooks team at Google and a lead engineer at Cisco. AMD and Nod.AI did not respond to CNBC's request for comment.

Persons: Boppana, Anush Elangovan, Harsh Menon, Nod's, Kitty Hawk, Larry Page Organizations: Micro Devices, Nod, Nvidia, AMD, Nod.ai, Google, Cisco, Nod Labs, Bluetooth, Menlo Ventures, Sequoia Capital, Apple, Samsung

☆ Unity CEO John Riccitiello is retiring from gaming software company after controversial pricing change
▼ + stars: | 2023-10-09 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Unity CEO John Riccitiello is retiring from the gaming software company following a controversial pricing change that frustrated numerous developers. Riccitiello, who has been running Unity for nine years, will also step down as chairman and is leaving the board, the company said Monday. James Whitehurst, former CEO of Red Hat, will become Unity's interim CEO. Unity said it will begin searching for a permanent CEO and Riccitiello "will continue to advise Unity to ensure a smooth transition." In September, Unity announced a pricing change that upset numerous developers who rely on the company's technology to create video games.

Persons: John Riccitiello, James Whitehurst, Roelof Botha, Unity, It's, Riccitiello, John Riccitello Organizations: Red, Sequoia, Unity's, Unity

On day one of Sam Bankman-Fried's criminal trial, assistant U.S. attorney, Danielle Sassoon, rattled off a lengthy list of potential witnesses who might be called to testify for either the government or the defense. The list, which was compiled jointly by both sides, was released during the afternoon session and included Bankman-Fried's brother, Gabe, as well his parents, Allan Joseph Bankman and his wife, Barbara Fried. Parents of the disgraced former CEO of FTX are themselves the subject of new scrutiny. Other entities that may take the witness stand included various venture funds and crypto-focused companies like Genesis, Lightspeed Venture Partners, Ontario Teachers Pension Fund, Third Point, Signature Bank, and Voyager Digital. Many of these businesses were hurt or wiped out by the collapse in cryptocurrency prices triggered in part by FTX's implosion.

Persons: Sam Bankman, Danielle Sassoon, Gabe, Allan Joseph Bankman, Barbara Fried, Ellison, FTX, Wang, Anthony Scaramucci, Fried Alfred Lin, Sequoia Capital Zac Prince, Michael Lewis Organizations: Alameda Research, U.S, SkyBridge, Sequoia Capital, Lightspeed Venture Partners, Ontario, Pension Fund, Signature Bank, Voyager Locations: Bankman, Manhattan

☆ The 6 wildest details about Sam Bankman-Fried that Michael Lewis revealed in a tell-all interview
▼ + stars: | 2023-10-03 | by ( Grace Kay | ) www.businessinsider.com time to read: +9 min

Michael Lewis gave a peek into details from his new book on Sam Bankman-Fried in a tell-all interview. AdvertisementAdvertisement"The Big Short" author Michael Lewis shared some of the wildest details from his forthcoming book on disgraced FTX cofounder Sam Bankman-Fried during a tell-all interview with "60 Minutes" on Sunday. Tom Brady and Sam Bankman-Fried had an unlikely friendship, according to Michael Lewis. Sam Bankman-Fried, a known "League of Legends" fan, played a video game during his first live TV interview, Michael Lewis said. Sam Bankman-Fried.

Persons: Michael Lewis, Sam Bankman, Lewis, SBF, Tom Brady, Donald Trump, —, Bankman, Sam, Erin Schaff, Insider's Lloyd Lee, Fried, Trump, Brady, Sebastian Widmann, Sam wasn't, FTX, he's, Larry David, Steph Curry's, Steph Curry, Anna Wintour, Matt Winkelmeyer, Vogue's Anna Wintour, Wintour, Spokespeople, David, Curry, Michael M, Bernie Madoff, Elizabeth Holmes, Jim Spellman, WireImage Lewis Organizations: Service, Trump, NFL, Super, Miami, Sequoia Capital, Metropolitan Detention, Prosecutors, Alameda Research, Bankman Locations: New York, Trump, Hollywood, America, Bahamas, Brooklyn

☆ Sam Bankman-Fried was playing a video game while being interviewed on live TV for the first time, author of FTX book says
▼ + stars: | 2023-10-02 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried reportedly played a video game the first time he was interviewed on live TV. Author Michael Lewis said a clip showed SBF's eyes moving as he tried to win the game while on air. AdvertisementAdvertisementFTX cofounder Sam Bankman-Fried reportedly played a video game during his first appearance on live TV. It's because he's trying to win his video game at the same time he's on the air." AdvertisementAdvertisementThe incident is not the first time the former FTX CEO has been caught playing video games in professional settings.

Persons: Sam Bankman, Fried, Michael Lewis, —, Lewis, he's, Caroline Ellison, Gary Wang, Nishad Singh Organizations: Service, CBS, League, Sequoia, Bankman, Alameda Research, Justice Department Locations: Sequoia Capital, FTX

☆ Top investor shares his No. 1 counterintuitive strategy for making tough decisions—it's something 'you haven't even considered'
▼ + stars: | 2023-09-27 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Sequoia Capital managing partner Roelof Botha has a strategy for making tough decisions. He cited Dorsey's own payments business Block, where Botha sits on the company's board, as an example. The company officially launched Square Cash, now known as Cash App, in October 2013. Block now has a market cap of $26.82 billion, as of Wednesday afternoon, and Cash App is responsible for half of its revenue, Botha said. Having a third option helped Block cut what wasn't working, and invest in projects that helped make the company profitable.

Persons: Roelof Botha, Botha, Jack Dorsey, Dorsey, it'd Organizations: Sequoia Capital, YouTube, Starbucks, PayPal, CNBC

☆ The Silicon Valley investors who secretly bought up $800 million in Northern California real estate reveal unexpected plans for 'a city of yesterday'
▼ + stars: | 2023-09-26 | by ( Chris Kaye | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

A mysterious company backed by Silicon Valley investors has been purchasing land near San Francisco. They're planning to build a retro city on the 52,000 acres of farmland they bought. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe Silicon Valley investors that got the government's attention by gobbling up $800 million worth of land outside San Francisco say the mystery city they plan on building is, well… kinda retro. Solano County Google Maps"The plans that people put forward will be very inspired by those great old American neighborhoods that someone who was born 100 years ago will recognize," Sramek told KQED.

Persons: —, we've, Jan Sramek, Sramek, Goldman Sachs, Marc Andreessen, Laurene Powell Jobs, Michael Moritz of, Reid Hoffman, Flannery, who've, Catherine Moy, Moy, Bill Gates, Elon Musk, Musk, Chap Ambrose, Ambrose, Azmi Haroun Organizations: Service, KQED, The New York Times, Michael Moritz of Sequoia Capital, Flannery Associates, Travis Air Force Base, Solano County Google, Boring Company, SpaceX, Washington Post Locations: Silicon, San Francisco, California, Solano County, Bay, Fairfield, Solano Silicon, Austin , Texas, Bastrop Country

OpenAI's ChatGPT can now "see, hear and speak" — or, at least, understand spoken words, respond with a synthetic voice and process images, the company announced Monday. Users will also be able to share images with ChatGPT and highlight areas of focus or analysis (think: "What kinds of clouds are these?"). The big feature push comes alongside ever-rising stakes of the AI arms race among chatbot leaders such as OpenAI, Microsoft , Google and Anthropic. Experts have raised concerns about AI-generated synthetic voices, which in this case could allow users a more natural experience but also enable more convincing deepfakes. OpenAI acknowledged those concerns in its Monday announcement, saying that synthetic voices were "created with voice actors we have directly worked with," rather than collected from strangers.

Persons: OpenAI's, OpenAI, Bard chatbot, Bing, Andreessen Horowitz Organizations: Microsoft, Google, Sequoia Capital

☆ Scooter company Bird delisted from NYSE after stock collapse, will trade over the counter
▼ + stars: | 2023-09-22 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Bird raised over $500 million, and was valued at $2.5 billion in a 2019 round led by Sequoia Capital. The onset of Covid in 2020 brought the business almost to a halt as cities went into lockdown. That year Bird went public through a merger with a special purpose acquisition company, but the economics continued to deteriorate. That's after a 1-for-25 reverse stock split meant to get the stock trading back above $1. Earlier this week, Bird acquired scooter startup Spin for $19 million, including $10 million in cash.

Persons: Bird, Travis VanderZanden, Michael Washinushi Organizations: New York Stock Exchange, Sequoia Capital, Revenue, Company, NYSE, Bird

☆ US venture firm GGV Capital to separate China business amid geopolitical tension
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Sept 21 (Reuters) - U.S. venture capital firm GGV Capital said on Thursday it plans to split its business into two, with one focused on Asia and the other on the U.S., as political pressure mounts on American companies to limit investments in Chinese technology. This comes after Sequoia Capital in June said it is splitting its businesses in China as well as India and Southeast Asia into two independent firms. Venture capital firm GGV said the separation of its Singapore arm that would solely focus on investing in China is expected to finish by the first quarter of next year. GGV Capital, which has around $9 billion in assets under management, has backed companies such as Airbnb, ByteDance and Alibaba to establish itself as a cross-border venture capital company. China-focused firms only raised $5.5 billion in U.S. dollar-denominated funding in the first half of the year, Preqin data showed, a far cry from its peak of $27.6 billion raised in the same period in 2021.

Persons: GGV Capital, GGV, Alibaba, Seher, Shweta Agarwal Organizations: GGV, Sequoia Capital, U.S, Wall Street Journal, GSR Ventures, Walden International, Qualcomm Ventures, Venture, ., Thomson Locations: Asia, China, India, Southeast Asia, Singapore, Bengaluru

☆ Insider Today: Ex-Goldman partners dish
▼ + stars: | 2023-09-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

This post originally appeared in the Insider Today newsletter. In today's big story, former Goldman Sachs partners explain what led them to leave their prestigious positions within the bank. A recent Insider investigation by Dakin Campbell and Emmalyse Brownstein found that at least 202 partners have left the firm during CEO David Solomon's volatile five-year tenure. And while Solomon's strategic missteps were a key talking point for many, not all the former partners bashed the CEO. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: Goldman Sachs, it's, Goldman, David Solomon, Dakin Campbell, Emmalyse Brownstein, David Solomon's, Dakin, It's, Julian Salisbury, Dina Powell McCormick, Fred Baba, Solomon, Lloyd Blankfein, Apoorva Mehta, Instacart, Daniel Sundheim, Michael Moritz, Here's, Instacart's, Beck, Apoorva, Mehta, Tyler Le, Steve Squeri, Squeri, AEW, Tony Khan, Lauren Boebert, Anna Moneymaker, General Merrick Garland, Kim Kardashian, General Mills, Getty, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, D1 Capital Partners, Sequoia, Getty, Sequoia Capital, Northwestern Mutual Wealth Management's, American Express, Wrestling, WWE's, Fed, U.S, FedEx, General Locations: Wall, Silicon, What's, —, ChatGPT, Cerebral, Colorado, Mostar, Bosnia, Herzegovina, Greece, Bulgaria, Moldova, New York City, San Diego, London, New York

☆ Instacart closes up 12% in Nasdaq debut, after first-day rally sputters
▼ + stars: | 2023-09-19 | by ( Ari Levy | ) www.cnbc.com time to read: +4 min

Instacart shares rose 12% in their Nasdaq debut on Tuesday after the grocery delivery company's long-awaited IPO. The stock initially popped 40% to open at $42, but closed at $33.70 as investors locked in their initial gains. At $11.2 billion, Instacart is valued at about 3.9 times annual revenue. Food delivery provider DoorDash , which Instacart named as a competitor in its prospectus, trades at 4.1 times revenue. Uber's stock trades for less than three times revenue.

Persons: Instacart, Andreessen Horowitz, Rowe Price, company's Uber, Fidji Simo, CNBC's Deirdre Bosa, It's, Brandon Leonardo, Maxwell Mullen, Apoorva Mehta Organizations: Nasdaq, Software, Kroger, Costco, Sequoia, Fidelity, Target, Walmart Locations: Tuesday's, U.S, Amazon

☆ As Instacart goes public, it's no victory lap for founder Apoorva Mehta
▼ + stars: | 2023-09-19 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +10 min

Mehta was replaced as CEO of Instacart in July 2021 following a messy dispute with some of the company's largest investors. Instacart Founder Apoorva Mehta in his 2003 yearbook photo from Westdale Secondary School. The app started gaining momentum and Mehta put out ads on Craigslist for shoppers to do the grocery runs for him. Whole Foods reportedly broke the news to Mehta and a fellow Instacart executive on an early morning call. In a sworn affidavit, Mehta denies that he misappropriated any trade secrets and says he's since cut ties with Singh.

Persons: Apoorva Mehta, Mehta, Safeway Mehta, Hamilton Public Library Mehta, Bing Gordon, Kleiner Perkins, Gordon, he'd, Garry Tan, Tan, Garry, Andreessen Horowitz, catapulting Mehta, Forbes, Instacart, Mike Moritz, Fidji Simo, Simo, That's, Mehta's, he's, Tejasvi, Singh, Sam Bankman, NextMed, it's Organizations: Instacart, Safeway, Westdale Secondary, Hamilton Public Library, The University of Waterloo, Amazon, NPR, Electronic Arts, YC, TechCrunch, Sequoia Capital, Khosla Ventures, Forbes, Foods, Costco, Kroger, Facebook, Sunrise Locations: India, Libya, Hamilton , Ontario, Toronto, Seattle, San Francisco, wallowing, Sequoia, Mehta's, Marin County

☆ China VCs have a big problem — and it’s not just a drop in U.S. investor appetite
▼ + stars: | 2023-09-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Among China-focused investment firms, only four U.S. dollar-denominated venture capital funds established between 2015 and 2020 have at least returned investors all the money they put in. Alternative assets include venture capital, but not publicly traded stocks and bonds. Preqin doesn't track every single China VC fund, and only included those with data as of the end of last year or more recently. In the world of early-stage investing, "limited partners" (typically institutions) give money to "general partners" (venture capital funds) to invest into startups. The outperforming funds were: Loyal Valley Capital Advantage Fund I, Hillhouse Fund II, Oceanpine USD Fund I and HighLight Capital USD Fund II.

Persons: Preqin, —, Reuben Lai, “, Reuben Lai Preqin, they'd, Alex Shum, Preqin's Lai, there's, Lai, Jinjian Zhang, Vitalbridge, Zhang Organizations: Nurphoto, Getty, ., China VC, CNBC, Fengshion, Investment Fund, LYFE Capital, GGV, BioTrack, U.S, Capital, II, Sequoia, Sequoia Capital China Growth Fund, TPG NewQuest Locations: Shenzhen, China, BEIJING, That's, Preqin, Greater China, Beijing, IPOs, Vitalbridge, Shanghai

Sept 18 (Reuters) - Maplebear Inc , the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range. The IPO was priced at $30 per share after the company marketed it with a range of $28 to $30 per share. The IPO raised $660 million based on 22 million shares sold. Arm's fully diluted valuation has risen to $62 billion following three days of its shares trading. These investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management.

Persons: Instacart, Echo Wang, Rosalba O'Brien, Jamie Freed Organizations: Inc, Nasdaq, U.S, Klaviyo Inc, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Sequoia, D1, PepsiCo, CVS, Thomson Locations: TCV, Sequoia, New York

☆ Instacart prices IPO at $30 a share, valuing grocery-delivery company at about $10 billion
▼ + stars: | 2023-09-18 | by ( Ari Levy | ) www.cnbc.com time to read: +4 min

Instacart, the grocery-delivery company that saw its business boom during the pandemic, priced its long-awaited IPO at $30 a share on Monday, and will become the first notable venture-backed tech company to hit the U.S. public market since December 2021. There were 22 million shares sold in the initial public offering, with 14.1 million coming from the company and 7.9 million from existing shareholders. Instacart co-founder Apoorva Mehta owns shares worth over $800 million, and is selling a small portion of them in the IPO. The company said co-founders Brandon Leonardo and Maxwell Mullen are each selling 1.5 million, while Mehta is selling 700,000. Former employees, including those who were in executive roles as well as in product and engineering, are selling a combined 3.2 million shares.

Persons: Instacart, Andreessen Horowitz, Rowe Price, Apoorva Mehta, Mehta, Fidji Simo, Simo, Goldman Sachs, JPMorgan Chase, Brandon Leonardo, Maxwell Mullen Organizations: Nasdaq, Kroger, Costco, Sequoia, Fidelity, Target, Walmart, Facebook, JPMorgan Locations: Amazon

☆ Sequoia and Andreessen to take a huge hit on their 2021 Instacart investment, after a 75% plunge in valuation
▼ + stars: | 2023-09-15 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

That's more than 75% below where Sequoia and Andreessen invested in early 2021. At that time, Instacart sold shares at $125 a piece for a $39 billion valuation. The 400,000 shares it purchased in 2021 are a small sliver of the 51.2 million shares it owns. Neither Sequoia nor Andreessen participated in that round. Even if Instacart's IPO can't lift its valuation anywhere near its Covid-era peak, it's likely that Sequoia, Andreessen and other venture firms are hoping it helps lift public investor enthusiasm for new tech stocks.

Persons: Andreessen Horowitz, Instacart, Andreessen, Covid shutdowns, Nick Giovanni, Sequoia's Mike Moritz, Rowe Price, It's, haven't, VCs, DoorDash, hasn't, there's, isn't, Valiant Peregrine Organizations: Sequoia Capital, D1 Capital Partners, Federal Reserve, Consumers, Nasdaq, Sequoia, Valiant, D1 Locations: Sequoia, IPOs, U.S, Instacart, SoftBank

☆ Sequoia and Andreessen get hosed on their 2021 Instacart investment, after a 75% plunge in valuation
▼ + stars: | 2023-09-15 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

Persons: Andreessen Horowitz, Instacart, Andreessen, Covid shutdowns, Nick Giovanni, Sequoia's Mike Moritz, Rowe Price, It's, haven't, VCs, DoorDash, hasn't, there's, isn't, Valiant Peregrine Organizations: Sequoia Capital, D1 Capital Partners, Federal, Consumers, Nasdaq, Sequoia, Valiant, D1 Locations: Sequoia, IPOs, U.S, Instacart, SoftBank

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