The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

Anthony Eisen is the Co-founder and Co-CEO of Afterpay

Q&A

What’s Next for Afterpay After Acquisition by Dorsey’s Block

By Malique Morris · Feb 18, 2022 10:35am PST

Afterpay co-CEO Anthony Eisen is experiencing the buy now, pay later industry at an inflection point as competition mounts and the pandemic tailwind for e-commerce fades. And stand-alone services have two options to battle that: Differentiate themselves or look for a deal to scale up. The Australia-based online lender is now part of... Afterpay co-CEO Anthony Eisen is experiencing the buy now, pay later industry at an inflection...

Brian Robbins talks about 'SpongeBob SquarePants' at an investor day event for Paramount+. Screengrab via Vimeo.

Why Disney+, Paramount+ and Legacy Media Streamers Can’t Escape the Past

By Andrew A. Rosen · Feb 18, 2022 9:00am PST · 2 comments

PARQOR is part of The Information’s newsletter network. To receive it in your inbox every Monday, Wednesday and Friday, sign up here. Cultural criticism is not investment advice. But investors with emerging concerns about the future of streaming business models will find their echo in a criticism of streaming services’ vast... PARQOR is part of The Information’s newsletter network. To receive it in your inbox every...

Daniel Sundheim, founder and chief investment officer of D1 Capital Partners, in 2019. Photo: Bloomberg.

Tiger Global, D1 Capital Signal Pullback From Big Private Tech Deals Amid Market Rout

By Berber Jin · Feb 18, 2022 6:00am PST · 5 comments

Responding to a steep sell-off in technology stocks, some hedge funds and other investment firms with large public stock portfolios have been turning away from investing in the most mature startups, reducing what’s been a crucial source of funding for the better part of two years. Instead they are focusing on buying beaten-down public tech... Responding to a steep sell-off in technology stocks, some hedge funds and other investment firms...

Sequoia Capital partner Shaun Maguire. Photo: Sequoia Capital.

What Sequoia’s New Fund Says About its Crypto Ambitions

By Aidan Ryan · Feb 17, 2022 5:30pm PST

Sequoia Capital partner Shaun Maguire. Photo: Sequoia Capital.

What Sequoia’s New Fund Says About its Crypto Ambitions

By Aidan Ryan · Feb 17, 2022 5:30pm PST

Sequoia Capital’s announcement Thursday that it was raising between $500 million and $600 million for a new fund focused exclusively on cryptocurrency startups is notable for a few reasons. The Menlo Park, Calif.-based firm had already signaled its intent to go deep on crypto last year, allocating 20% of its new investments to the sector. The... Sequoia Capital’s announcement Thursday that it was raising between $500 million and $600 million...

Palantir CEO Alexander Karp. Photo by Bloomberg.

The Flaws in Palantir's Big Tech-Like Growth Tactic

By Martin Peers · Feb 17, 2022 5:00pm PST

Enterprise software firm Palantir has proudly trod its own path in the tech industry, embracing an openly nationalist attitude that is in keeping with its roots serving the defense and intelligence communities. In his first appearance on a company earnings call today, CEO Alexander Karp even described Palantir as a company that “in every way... Enterprise software firm Palantir has proudly trod its own path in the tech industry, embracing...

Lyonel Dougé, CEO of TipSnaps. Photo: TipSnaps

Creator Economy

Crowdfunding the Creator Economy; A Teen TikToker’s Violent Stalker

By Kaya Yurieff · Feb 17, 2022 2:05pm PST

A growing number of startups are making it easier for creators to finance their video production beyond maxing out their credit cards. Below we look at three that offer a creator-focused version of the crowdfunding popularized by Kickstarter and GofundMe. On U.K.-based Ko-fi, for example, creators can set a crowdfunding goal and accept... A growing number of startups are making it easier for creators to finance their video production...

A Hai Robotics machine operating in a warehouse. Credit: Hai Robotics

Sequoia-Backed Chinese Robot Maker Valued at $2 Billion Amid U.S. Expansion

By Juro Osawa · Feb 17, 2022 11:30am PST

Venture capitalists are betting Chinese robots can go global. Shenzhen-based Hai Robotics, a maker of robots for warehouses, is close to raising about $170 million from investors at a valuation higher than $2 billion, including the new capital, according to two people familiar with the matter. The previously unreported fundraising comes as the... Venture capitalists are betting Chinese robots can go global. Shenzhen-based Hai Robotics, a...

A look at the Peceptus Lego demo. Tagged pieces can be used to build a specific model. Credit: Singulos Research.

Perceptus Pitches Smarter AR; Kid Cudi Raises $9 Million for AR Concerts

By Mathew Olson · Feb 17, 2022 11:00am PST

A look at the Peceptus Lego demo. Tagged pieces can be used to build a specific model. Credit: Singulos Research.

Perceptus Pitches Smarter AR; Kid Cudi Raises $9 Million for AR Concerts

By Mathew Olson · Feb 17, 2022 11:00am PST

It can take newborns a couple years to understand object permanence, and then a few more years after that to have a deep understanding of the characteristics and rules that define those objects, like puzzle pieces or coins with differing values.You can imagine, then, how hard it would be to make an AR app that does anything close to what a... It can take newborns a couple years to understand object permanence, and then a few more years...

Vimeo CEO Anjali Sud. Photo by AP.

Vimeo Is Looking Like a Prime Takeover Target

By Aidan Ryan · Feb 17, 2022 6:00am PST

Barry Diller’s IAC internet-media empire has a long track record of successful spin-offs, including companies such as travel booking site Expedia, ticket seller Ticketmaster, and dating app company Match. Vimeo, its latest, hasn’t exactly shared their fate. Since its May separation from IAC, the video software firm’s stock has... Barry Diller’s IAC internet-media empire has a long track record of successful spin-offs,...

Berkshire Hathaway Chairman and CEO Warren Buffett. Photo: Bloomberg

No, Warren Buffett Didn’t Just Invest $1 Billion in Crypto; Snoop Dogg’s NFT Record Label

By Akash Pasricha · Feb 16, 2022 5:57pm PST

Warren Buffett once famously called bitcoin “rat poison squared.” And despite the frenzy of media coverage this week about Berkshire Hathaway upping its stake in Nubank, a Brazilian digital bank, Buffett probably hasn’t changed his tune as much as people think. With a market capitalization of more than $40 billion, Nubank is one of... Warren Buffett once famously called bitcoin “rat poison squared.” And despite the frenzy of...

Alphabet CEO Sundar Pichai appearing at a conference last November. Photo by Bloomberg

What the Future Holds for Alphabet vs. Meta

By Martin Peers · Feb 16, 2022 5:00pm PST

Just when it looked like Wall Street’s shellacking of Meta Platforms’ stock had ended, we got more news today that reinforced anxieties about the company formerly known as Facebook. Yes, Google’s announcement that it will follow Apple in curtailing ad tracking can only make life harder for Meta’s ad business. (For more on Google’s plans, see our... Just when it looked like Wall Street’s shellacking of Meta Platforms’ stock had ended, we got...

Meta Platforms President Nick Clegg in 2017, before he joined the company. Photo by Bloomberg

By Promoting Clegg, Meta Mimics Microsoft as It Braces for New Political Battles

By Sylvia Varnham O'Regan and Mark Di Stefano · Feb 16, 2022 2:25pm PST

Meta Platforms President Nick Clegg in 2017, before he joined the company. Photo by Bloomberg

By Promoting Clegg, Meta Mimics Microsoft as It Braces for New Political Battles

By Sylvia Varnham O'Regan and Mark Di Stefano · Feb 16, 2022 2:25pm PST

Facebook owner Meta Platforms on Wednesday tried to send a message to regulators and lawmakers who have trained their sights on the company: Nick Clegg, a former deputy British prime minister, is the person they should haul before the cameras, not CEO Mark Zuckerberg. By promoting Clegg, who was leading communications and policy for the company,... Facebook owner Meta Platforms on Wednesday tried to send a message to regulators and lawmakers...

Sundar Pichai. Photo by Bloomberg

Three Ways Google’s New Android Ad-Tracking Limits Will Differ From Apple’s

By Sarah Krouse · Feb 16, 2022 2:14pm PST

Google on Wednesday unveiled proposed rules to limit how advertisers track more than 2.8 billion people using phones powered by its Android software, but the company is taking a different approach than that of Apple, which restricted iPhone ad tracking last year. We talked to several digital ad industry executives steeped in the app-tracking... Google on Wednesday unveiled proposed rules to limit how advertisers track more than 2.8 billion...

Spotter CEO Aaron DeBevoise.

Creator Economy

Why SoftBank Invested in Spotter, a Startup Giving Cash to Creators

By Kaya Yurieff · Feb 16, 2022 2:00pm PST

Rather than offering creators marketing services, ways for them to connect with fans or software features for managing their incomes, a new crop of startups is focusing on providing them with something both innovative and incredibly mundane: capital.One of these startups is emerging at the head of the pack, at least when it comes to funding. Rather than offering creators marketing services, ways for them to connect with fans or software...

A group of AltSpaceVR avatars. Credit: Microsoft.

Microsoft’s Belated AltspaceVR Safety Changes

By Mathew Olson · Feb 16, 2022 12:00pm PST

AltspaceVR, the social VR platform that Microsoft acquired in 2017, is undergoing some major changes in the name of safety. Open public areas hosted by AltspaceVR are being eliminated, existing safety bubbles and mute options are becoming defaults, and users will soon need to sign in with a Microsoft account.Announced in a blog post by Microsoft... AltspaceVR, the social VR platform that Microsoft acquired in 2017, is undergoing some major...

Art by Mike Sullivan

How the Myth of the Hot Round Hurts Founders

By Aaron Harris · Feb 16, 2022 9:00am PST · 11 comments

Art by Mike Sullivan

How the Myth of the Hot Round Hurts Founders

By Aaron Harris · Feb 16, 2022 9:00am PST · 11 comments

Here's a fun little paradox in fundraising: Founders and the media love to talk about how quickly funding rounds happen these days—think about the big, rapid-fire raises from OpenSea, DataBricks and others—but when you watch a fundraising process from start to finish, it’s never as fast as it seems. Even the tidiest-looking... Here's a fun little paradox in fundraising: Founders and the media love to talk about how...

Top row (l-r): Shilla Kim-Parker, Adam Siegel, Wilson Griffin, Andy Ruben
Bottom row (l-r): Ashley Granata, Joseph Einhorn, Emily Gittins, Ryan Rowe

Startups to Watch

5 Startups Vying to Be the Shopify of the $43 Billion Resale Market

By Malique Morris · Feb 16, 2022 6:00am PST

Selling secondhand clothes and accessories online is a booming business, and that’s creating an opportunity for the behind-the-scenes tech players that power the transactions. These include startups such as Trove, Archive, Recurate and The Archivist. These re-commerce startups are following in the footsteps of Shopify, which grew into a... Selling secondhand clothes and accessories online is a booming business, and that’s...

Gary Gensler, chairman of the U.S. Securities and Exchange Commission. Photo: Bloomberg

What the Binance.US Probe Says About the SEC’s Crypto Regulation Strategy

By Akash Pasricha · Feb 15, 2022 6:18pm PST · 2 comments

Crypto companies are keeping the Securities and Exchange Commission (SEC) busy this week. In Monday’s newsletter, we wrote about the SEC’s settlement with BlockFi, a cryptocurrency lender, to resolve the agency’s allegations that the company’s investment products were illegal. As of Tuesday, the SEC had a new target in Binance.US, the American... Crypto companies are keeping the Securities and Exchange Commission (SEC) busy this week. In ...

Airbnb signage at the Nasdaq when the company went public. Photo by Bloomberg.

Airbnb Now Printing Cash—What Will Chesky Do Next?

By Martin Peers · Feb 15, 2022 5:00pm PST

It has to be acknowledged when a company hits it out of the park, particularly one that doesn’t get much attention. Airbnb, as its fourth-quarter results tonight demonstrated, is one such company. Consider just this one statistic: In all of 2021, the company generated $2.2 billion in free cash flow—that’s the amount of cash produced by its... It has to be acknowledged when a company hits it out of the park, particularly one that doesn’t...

Trace Alexander, 18, runs oatmeal-focused social media accounts. Photo: Trace Alexander

Roblox Pays Out Nearly $540 Million to Creators; The High School TikToker Sponsored by Quaker Oats

By Kaya Yurieff · Feb 15, 2022 2:45pm PST

Trace Alexander, 18, runs oatmeal-focused social media accounts. Photo: Trace Alexander

Creator Economy

Roblox Pays Out Nearly $540 Million to Creators; The High School TikToker Sponsored by Quaker Oats

By Kaya Yurieff · Feb 15, 2022 2:45pm PST

Roblox paid out $538.3 million to developers on its gaming platform—also known as creators—in 2021, beating an earlier projection of $500 million, according to financial figures released on Tuesday. Two years ago, that figure was $112 million, the company pointed out.“We believe these financial incentives, which include engagement based payouts,... Roblox paid out $538.3 million to developers on its gaming platform—also known as creators—in...