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

Melio chief operating officer Ziv Paz (left) CEO Matan Bar (center) and chief technology officer Ilan Atias (right) Photo: Business Wire

Payments Startup Melio to Triple Valuation to $4 Billion

By Kate Clark · Aug 30, 2021 2:23pm PDT

Melio Payments is tripling its valuation in a new funding round that will value the financial software company at $4 billion, according to three people with direct knowledge of the deal. Thrive Capital, the New York–based investment firm founded by Josh Kushner, and existing backer General Catalyst are co-leading the financing, one of the... Melio Payments is tripling its valuation in a new funding round that will value the financial...

A vistor to the DuSable Museum watches the "I Have a Dream" speech presented in VR. Photo by AP.

The Growing Pains of Exploring History Using VR and the Metaverse

By Mathew Olson · Aug 30, 2021 11:00am PDT

However well-meaning, a new attempt by Time magazine and Epic Games to teach history through Epic’s Fortnite has sparked debate around how videogames, VR and the metaverse should handle historical subjects.Launched late last week, the “March Through Time” experience in Fortnite is a digital exhibit based on 1963’s March on Washington, including... However well-meaning, a new attempt by Time magazine and Epic Games to teach history through Epic...

Startup investor Elad Gil. Photo by Bloomberg, Illustration by Joanna Lin Su.

The Rise of Elad Gil, Silicon Valley’s Biggest Solo Venture Capitalist

By Berber Jin · Aug 30, 2021 6:01am PDT · 4 comments

When venture capital investors shied from funding travel startups in the months after the pandemic hit last year, Elad Gil sensed an opportunity. The investor asked TripActions CEO Ariel Cohen if he could invest in his startup, which provides travel-related expense management software for businesses. The deal didn’t happen—Gil... When venture capital investors shied from funding travel startups in the months after the...

Nano One CEO Dan Blondal in his "One Pot" pilot factory. Photo: Courtesy Nano One

These Startups Are Reconfiguring the Lithium-ion Battery. Their Aim Is to Beat China.

By Steve LeVine · Aug 29, 2021 2:00pm PDT

Nano One CEO Dan Blondal in his "One Pot" pilot factory. Photo: Courtesy Nano One

These Startups Are Reconfiguring the Lithium-ion Battery. Their Aim Is to Beat China.

By Steve LeVine · Aug 29, 2021 2:00pm PDT

Save the Date: The Electric Presents: Making the Forever Battery. In its second live chat, The Electric is delighted to present a conversation between editor Steve LeVine and Sila Nanotechnologies CEO Gene Berdichevsky, who for a decade and a half has helped lead development of some of the world’s most important commercial batteries. Sept.... Save the Date: The Electric Presents: Making the Forever Battery. In its second live chat,...

What Silicon Valley Got Wrong About OnlyFans

By Jessica E. Lessin · Aug 28, 2021 7:45am PDT · 7 comments

Here’s a puzzle I can’t quite crack when it comes to Silicon Valley: Investors, entrepreneurs and reporters here pride themselves on spotting what’s new. Yet they so often gravitate to the old and familiar. Investors fund entrepreneurs who look and act like those who came before them. Entrepreneurs emulate iconic leaders like Steve Jobs,... Here’s a puzzle I can’t quite crack when it comes to Silicon Valley: Investors, entrepreneurs and...

The Curious Timing of Apple’s App Store Settlement; Amazon’s Affirm-ation

By Josh Sisco · Aug 27, 2021 5:31pm PDT

Late last night, Apple caught a break in its ongoing battle with app makers. To settle a class action antitrust lawsuit from a group of small developers, Apple will fork over $100 million to give to those who generate less than $1 million in annual revenue. It will also loosen some of the restrictions that had prevented developers from letting... Late last night, Apple caught a break in its ongoing battle with app makers. To settle a class...

Google Cloud chief Thomas Kurian. Photo by Bloomberg

Why a $2 Billion Google Cloud Contract Has Generated Only $10 Million in Revenue So Far

By Kevin McLaughlin and Amir Efrati · Aug 27, 2021 12:18pm PDT · 1 comment

Sabre Corp. CEO Sean Menke says his company’s decadelong agreement with Google Cloud, announced January 2020, is the key to finally weaning the 61-year-old provider of travel-booking technology off mainframe computers. Judging from how Menke has described Sabre’s work with Google Cloud during recent earnings calls with stock... Sabre Corp. CEO Sean Menke says his company’s decadelong agreement with Google Cloud,...

A-Star Partners co-founders and general partners Bennett Siegel, Kevin Hartz and Gautam Gupta. Source: A-Star Partners

Fund Led by PayPal, Airbnb Backer Kevin Hartz Targets $250 Million

By Kate Clark · Aug 27, 2021 6:00am PDT · 1 comment

A-Star Partners co-founders and general partners Bennett Siegel, Kevin Hartz and Gautam Gupta. Source: A-Star Partners

Fund Led by PayPal, Airbnb Backer Kevin Hartz Targets $250 Million

By Kate Clark · Aug 27, 2021 6:00am PDT · 1 comment

Kevin Hartz, best known for his early, lucrative investments in PayPal, Airbnb and Pinterest, is raising $250 million for a new venture capital fund alongside former Coatue Management partner Bennett Siegel and Gautam Gupta, a former finance executive at Opendoor and Uber, according to two people familiar with the matter. The new firm, A-Star... Kevin Hartz, best known for his early, lucrative investments in PayPal, Airbnb and Pinterest, is...

Mathias Döpfner, chief executive officer of Axel Springer SE, at a conference in 2019. Photo by Bloomberg

The Risk of the Politico Deal; Peloton’s Party Ends

By Jessica E. Lessin · Aug 26, 2021 5:00pm PDT

I interrupt this regular Briefing—which will once again be brought to you by Martin Peers next week when he returns from vacation—with a dispatch from the land of the news media, which seemed to be on fire Thursday. German media company Axel Springer agreed to buy Politico in a deal worth more than $1 billion. Forbes is preparing to go... I interrupt this regular Briefing—which will once again be brought to you by Martin Peers next...

Chart credit: Joanna Lin Su

Creator Economy

TI Creator Economy: Charting SoftBank’s Creator Economy Bets

By Kaya Yurieff · Aug 26, 2021 4:00pm PDT

Our latest chart highlights an underlying theme of SoftBank’s strategy when it comes to backing creator economy startups: Artificial intelligence is key. Of the two creator economy deals that SoftBank Vision Fund 2 led this year, both are AI-related. All of its creator economy investments this year were for Series C rounds. The most recent... Our latest chart highlights an underlying theme of SoftBank’s strategy when it comes to backing...

A billboard in Birmingham, Ala. opposing crypto tax reporting requirements in the infrastructure bill. Photo: Fight for the Future

The ‘Don’t Kill Crypto’ Billboard; The Rise of Crypto Compliance Startups

By Hannah Miller · Aug 26, 2021 2:48pm PDT

With the deadline for a key vote on the bipartisan infrastructure bill just a month away, the controversy surrounding the bill’s crypto tax reporting requirements continues to heat up. A billboard emblazoned with “#Don’tKillCrypto” that went up in Birmingham, Ala., is gaining traction, showing that the fight over proposed legislation isn’t... With the deadline for a key vote on the bipartisan infrastructure bill just a month away, the...

Photo by Bloomberg

TikTok Still Has Key Software Developers in China Despite Effort to Move Offshore

By Juro Osawa, Amir Efrati and Shai Oster · Aug 26, 2021 12:11pm PDT · 1 comment

Photo by Bloomberg

TikTok Still Has Key Software Developers in China Despite Effort to Move Offshore

By Juro Osawa, Amir Efrati and Shai Oster · Aug 26, 2021 12:11pm PDT · 1 comment

TikTok has worked to separate its operations from Chinese owner ByteDance, particularly as foreign governments have scrutinized or punished the video app over fears that Beijing could hijack it for its own purposes. TikTok is incorporated in California; its CEO sits in Singapore; its chief information security officer is based in the U.S.; and... TikTok has worked to separate its operations from Chinese owner ByteDance, particularly as...

Pico's Neo 3 Pro headset, a standalone VR device similar to the Quest 2. Credit: Pico Interactive

ByteDance Eyes a VR Hardware Acquisition

By Mathew Olson · Aug 26, 2021 11:00am PDT

ByteDance, the Chinese owner of TikTok, is considering purchasing the VR headset maker Pico Interactive. An acquisition could see Pico push its standalone headsets more aggressively as competition for Facebook’s Oculus Quest 2.Based in Beijing (with U.S. headquarters in San Francisco), Pico is already a leading consumer VR hardware maker in... ByteDance, the Chinese owner of TikTok, is considering purchasing the VR headset maker Pico...

Illustration by Haejin Park

Apple Was the Most Secretive Company in Tech. Then it Developed a Slack Habit.

By Mark Di Stefano and Wayne Ma · Aug 26, 2021 6:00am PDT · 7 comments

There was a time when employees at Apple—long one of Silicon Valley’s most secretive companies—wouldn’t dare to speak openly about their employer in public without permission. Often they were too spooked to talk to colleagues in other parts of the company, if they could even figure out who they were. But in the past few... There was a time when employees at Apple—long one of Silicon Valley’s most secretive...

Facebook executive David Marcus. Photo: Facebook

Facebook’s David Marcus is Not a Fan of Dogecoin, Warns of Investor Risk With DeFi

By Hannah Miller · Aug 25, 2021 6:29pm PDT

Facebook could soon be an important player in the cryptocurrency industry. That was one of my takeaways from interviewing David Marcus, Facebook’s top crypto exec. The social networking giant is pushing to launch its Novi digital wallet this year, even if the diem cryptocurrency that the company is helping to develop isn’t ready. (You can read... Facebook could soon be an important player in the cryptocurrency industry. That was one of my...

President Joe Biden (right) and Google CEO Sundar Pichai at a meeting at the White House on ransomware and other cybersecurity threats.

Jassy and Nadella Go to Washington

By Nick Wingfield · Aug 25, 2021 5:24pm PDT

President Joe Biden (right) and Google CEO Sundar Pichai at a meeting at the White House on ransomware and other cybersecurity threats.

Jassy and Nadella Go to Washington

By Nick Wingfield · Aug 25, 2021 5:24pm PDT

The tech industry’s top CEOs made a pilgrimage to the White House on Wednesday afternoon to discuss the growing problem of ransomware and other cyber threats. Oh, to be a fly on the wall at that meeting to see the side-eye between Andy Jassy, Amazon’s new CEO, and Satya Nadella, Microsoft’s leader. The tech industry’s top CEOs made a pilgrimage to the White House on Wednesday afternoon to...

OnlyFans CEO Tim Stokely. Photo: OnlyFans.

Creator Economy

The Numbers Behind The OnlyFans Flip-Flop; Clubhouse Teases a Creator Marketplace

By Kaya Yurieff · Aug 25, 2021 4:24pm PDT

OnlyFans is giving performers and observers serious whiplash. At first, the company banned sexually explicit content, although it said nudity would still be allowed. Less than a week later, it overturned the ban, saying it received “assurances” from banking partners that it can support payments for all types of creators.On one hand, the back and... OnlyFans is giving performers and observers serious whiplash. At first, the company banned...

Facebook executive David Marcus. Photo: Facebook

Q&A

Facebook’s David Marcus: Ready to Launch Crypto Wallet This Year

By Hannah Miller · Aug 25, 2021 3:09pm PDT · 1 comment

Facebook staff “feel pretty committed” to the launch this year of a digital wallet that would allow its 2.9 billion users to store cryptocurrencies, said David Marcus, the social network’s top crypto executive, in an extended interview with The Information. That release could potentially happen before the introduction of diem,... Facebook staff “feel pretty committed” to the launch this year of a digital wallet...

Tangle's 2D, AR-tracked avatars shown in a meeting window. Credit: Absurd Joy

Ex-VR Developers Unveil a Slack Competitor With AR Features

By Mathew Olson · Aug 25, 2021 11:00am PDT

Famously, Slack did not start with the intention of creating a ubiquitous workplace communication app. The app instead grew out of the communication tools that the Slack team, then called Tiny Speck, used during game development. It seems like a new company named Absurd Joy (stylized as "absurd:joy") wants to chart a similar path with its... Famously, Slack did not start with the intention of creating a ubiquitous workplace communication...

Brex co-CEO Henrique Dubugras . Photo: Bloomberg

Brex Launches $150 Million Venture Debt Business

By Kate Clark · Aug 25, 2021 6:00am PDT · 1 comment

Brex co-CEO Henrique Dubugras . Photo: Bloomberg

Brex Launches $150 Million Venture Debt Business

By Kate Clark · Aug 25, 2021 6:00am PDT · 1 comment

Brex co-CEO Henrique Dubugras has had little trouble raising funding for his $7.4 billion valuation startup, which offers other startups high-limit charge cards. But he said he wishes he hadn’t given so much of his company’s stock to venture capitalists. Instead, he could have raised more money in the form of venture debt, loans... Brex co-CEO Henrique Dubugras has had little trouble raising funding for his $7.4 billion...