Tiger Global Management is nearing a deal to sell part of its stake in OpenAI rival Cohere at a roughly $3 billion valuation, a markup of more than 40% from Cohere’s last financing round in June, according to people familiar with the matter.
Tiger is selling a stake of roughly 2.1% of Cohere for about $63 million, equal to the dollar amount of Tiger’s initial investment in Cohere, according to one of the people. Tiger will retain a roughly 5% stake in Cohere after the sale, the person said.
