The Information

Chase Coleman (l) and Scott Shleifer of Tiger Global Management. Photo: Bloomberg. Illustration: Haejin Park.

Tiger Global Raised $11 Billion for New Venture Fund, Exceeding Target

By Kate Clark and Berber Jin · Feb 3, 2022 4:02pm PST · 3 comments

Tiger Global Management, the New York–based hedge fund that made more private tech investments than any other firm last year, raised more than $11 billion for its latest venture capital fund as of January, according to a person familiar with the matter. The firm plans to close the fund, Private Investment Partners 15, in March with a total... Tiger Global Management, the New York–based hedge fund that made more private tech...

Ramp co-founders Karim Atiyeh (left) and Eric Glyman. Photo courtesy of Ramp. Illustration by Haejin Park

Founders Fund Invests in Corporate Card Startup Ramp at $8 Billion Valuation

By Kate Clark and Berber Jin · Feb 2, 2022 5:04pm PST

Venture capital firm Founders Fund has led a new investment in Ramp, a corporate credit card and spending management software startup that is less than three years old, at an $8 billion valuation, including the investment, said two people familiar with the matter. The deal, initially struck in December, reflects venture capitalists’... Venture capital firm Founders Fund has led a new investment in Ramp, a corporate credit card and...

Gopuff, Like Instacart, Is Dreaming of an Amazon-Like Ad Business

By Berber Jin, Mark Di Stefano and Sahil Patel · Feb 1, 2022 11:22am PST

Amazon built a $24 billion U.S. ad business by selling ad spots on its marketplace to merchants. Gopuff hopes to follow in its footsteps. The money-losing rapid-delivery startup is ramping up its ad sales efforts in hopes of strengthening its finances ahead of a possible public listing, a person with direct knowledge of the matter said. Gopuff... Amazon built a $24 billion U.S. ad business by selling ad spots on its marketplace to merchants....

Jokr advertisements in Manhattan. Photo: AP

Instant Delivery Startup Jokr in Talks to Sell New York Operations

By Berber Jin · Jan 31, 2022 11:33am PST · 1 comment

Jokr advertisements in Manhattan. Photo: AP

Instant Delivery Startup Jokr in Talks to Sell New York Operations

By Berber Jin · Jan 31, 2022 11:33am PST · 1 comment

Instant-delivery startup Jokr has initiated talks to sell its New York operations, which make up the bulk of its U.S. business, after encountering heavy losses in the city, said three people with direct knowledge of the matter. Jokr has reached out to several rivals, including Philadelphia-based Gopuff, Istanbul-based Getir and California-based... Instant-delivery startup Jokr has initiated talks to sell its New York operations, which make up...

From left: Sens. Mike Lee and Amy Klobuchar, and Alphabet CEO Sundar Pichai. Photos by Bloomberg

Senators Target Google With New Bill to Break Its Grip on Murky Ad Tech Market

By Josh Sisco, Sarah Krouse and Mark Di Stefano · Jan 28, 2022 2:09pm PST · 2 comments

A bipartisan group of U.S. senators that has been trying to rein in Google and other big tech companies plans to introduce a bill that would regulate the shadowy world of online ads more like how the government regulates Wall Street. The draft bill, aiming to prevent potential conflicts of interest, would effectively force Google to sell or spin... A bipartisan group of U.S. senators that has been trying to rein in Google and other big tech...

Chinese premier Xi Jinping marks the centenary of the Chinese Community Party, July 1, 2021. Photo by Bloomberg

Top China VC Seeks U.S. Investors for $1.5 Billion Fund, Bucking Political Headwinds

By Juro Osawa · Jan 27, 2022 10:45am PST · 2 comments

Matrix Partners China, one of the most prolific early-stage venture capitalists in China, is looking to raise at least $1.5 billion, mainly from U.S. institutional investors, for its biggest-ever fund, according to people with knowledge of the matter. If successful, it would become one of the largest pools of money dedicated to young startups... Matrix Partners China, one of the most prolific early-stage venture capitalists in China, is...

Photo by AP.

Tiger Global, Alkeon Slash Startup Valuations Amid Public Stock Selloff

By Berber Jin and Kate Clark · Jan 26, 2022 6:28pm PST · 5 comments

For more than a year, startup founders have watched in awe and some trepidation as hedge funds and other large investors flooded private startups with big checks, pushing up valuations and making it easier than ever to raise money. Those freewheeling days may be numbered as a sell-off in public tech stocks bleeds into the startup world. Among... For more than a year, startup founders have watched in awe and some trepidation as hedge funds...

Snowflake CEO Frank Slootman (left) and Databricks CEO Ali Ghodsi. Photos by Snowflake, Bloomberg. Collage by Mike Sullivan

Snowflake vs. Databricks: How Onetime Friends Became Fierce Cloud Rivals

By Kevin McLaughlin · Jan 26, 2022 6:00am PST · 2 comments

Snowflake CEO Frank Slootman (left) and Databricks CEO Ali Ghodsi. Photos by Snowflake, Bloomberg. Collage by Mike Sullivan

Snowflake vs. Databricks: How Onetime Friends Became Fierce Cloud Rivals

By Kevin McLaughlin · Jan 26, 2022 6:00am PST · 2 comments

A few years ago, Snowflake and Databricks were up-and-coming cloud software startups that were so friendly, their sales teams regularly passed customer leads to each other. Both companies made unglamorous but critical components for businesses—from Shell Oil to DoorDash—that helped them boost sales or reduce costs by making better... A few years ago, Snowflake and Databricks were up-and-coming cloud software startups that were so...

Workers in an Amazon fulfillment center in Robbinsville, New Jersey, last November. Photo by Bloomberg

Amazon Pauses ‘Pay to Quit’ Offers for Warehouse Workers

By Paris Martineau and Mark Di Stefano · Jan 25, 2022 2:02pm PST · 1 comment

Faced with an increasingly tight labor market, Amazon has quietly paused a longstanding program through which it paid warehouse workers up to $5,000 to quit their jobs after the busy peak season, The Information has learned. Amazon instituted the program—known inside the company as Pay to Quit or simply The Offer—in 2014 to help the... Faced with an increasingly tight labor market, Amazon has quietly paused a longstanding program...

Pinterest headquarters office in San Francisco. Photo by Bloomberg

Pinterest Has Lost at Least 7 Senior Execs in Recent Weeks

By Jessica Toonkel and Sahil Patel · Jan 25, 2022 6:00am PST · 1 comment

Pinterest has lost at least seven senior executives in roles ranging from creator marketing to corporate development in recent weeks as the online scrapbooking app grapples with a drop in U.S. users and slowing ad revenue growth. Among the executives leaving are Gary Johnson, Pinterest’s head of corporate development, and Omar Seyal, head... Pinterest has lost at least seven senior executives in roles ranging from creator marketing to...

Container ships and bulk carriers offshore from Singapore. Photo by Bloomberg

Startup Powering China’s Consumer Export Blitz in Talks to Raise $800 Million

By Juro Osawa · Jan 24, 2022 12:28pm PST

Xingyun Group, a seven-year-old startup that helps Chinese makers of everything from Bluetooth speakers to laundry detergent sell directly to overseas consumers, is in talks with investors to raise $800 million, and it is seeking a pre-money valuation of $5 billion, according to two people with knowledge of the matter. The startup is... Xingyun Group, a seven-year-old startup that helps Chinese makers of everything from Bluetooth...

Art by Mike Sullivan

Tech’s Great Headhunter Shortage: Employers Shower Recruiters With Better Pay, Benefits

By Mark Matousek · Jan 24, 2022 6:00am PST · 2 comments

Art by Mike Sullivan

Tech’s Great Headhunter Shortage: Employers Shower Recruiters With Better Pay, Benefits

By Mark Matousek · Jan 24, 2022 6:00am PST · 2 comments

In the middle of 2020, not long after the Covid-19 pandemic began sparking layoffs across the country, Joe Price watched as eight members of the recruiting department at an automotive software company he worked for lost their jobs. It turned out to be a fleeting downturn in his field. By the end of the year, tech companies were bombarding Price... In the middle of 2020, not long after the Covid-19 pandemic began sparking layoffs across the...

Image: Gopuff

Inside Gopuff’s Ambitious and Costly Bid to Dominate European Instant Delivery

By Mark Di Stefano and Berber Jin · Jan 21, 2022 6:00am PST

Executives at Gopuff, a U.S. instant-delivery company that has planned to go public this year, recently told investors that its foray into Europe, which began last year, has topped expectations: The business is on pace to generate $100 million in annual revenue there, or about 5% of its overall revenue currently, and is growing three times... Executives at Gopuff, a U.S. instant-delivery company that has planned to go public this year,...

Nick Tran. Photo by Hulu. Art by Mike Sullivan

TikTok’s Global Marketing Chief Abruptly Departs

By Jessica Toonkel and Sarah Krouse · Jan 18, 2022 1:50pm PST

TikTok’s leaders have pushed out Nick Tran, the company’s head of global marketing, two people familiar with the situation told The Information. Since joining in 2020, Tran has spearheaded TikTok’s efforts to build hype by helping top video creators launch non-fungible tokens, promoting new ways for users to interact with... TikTok’s leaders have pushed out Nick Tran, the company’s head of global marketing,...

Art by Mike Sullivan

Inside the Battle for Streaming’s Home Screens: Hollywood Egos Collide With Algorithms

By Jessica Toonkel · Jan 18, 2022 6:00am PST · 2 comments

Last summer, executives at Eurosport—a London-based live sports TV network owned by U.S. media company Discovery—couldn’t believe their eyes. Discovery+, a new streaming service from Eurosport’s parent company, wasn’t promoting live events from the Tokyo Olympics on the home screen of the service in European... Last summer, executives at Eurosport—a London-based live sports TV network owned by U.S....

An Amazon worker receives a Covid-19 vaccine. Photo by Bloomberg.

Amazon Paying U.S. Workers $40 to Get Vaccine Booster

By Mark Di Stefano · Jan 13, 2022 1:23pm PST · 1 comment

An Amazon worker receives a Covid-19 vaccine. Photo by Bloomberg.

Amazon Paying U.S. Workers $40 to Get Vaccine Booster

By Mark Di Stefano · Jan 13, 2022 1:23pm PST · 1 comment

Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get the vaccine booster shot. One of the country’s biggest employers, Amazon is continuing to use financial incentives to ensure that low-paid hourly workers are fully vaccinated. Amazon told its army of hourly workers, which includes some 750,000... Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get...

Illustration by Jesus Escudero

When the Crypto Founder Is Real but the Name Is Fake

By Kate Clark · Jan 12, 2022 6:00am PST · 5 comments

Last year, Nader Al-Naji, founder of a crypto startup called BitClout, began using a pseudonym online—Diamondhands—to mask his true identity. In fact, he was so determined to conceal his real name that he bought a $500 piece of hardware to manipulate his voice so no one would recognize him during podcast and press interviews. ... Last year, Nader Al-Naji, founder of a crypto startup called BitClout, began using a pseudonym...

Nisa Leung, managing partner at Qiming Venture Partners. Photo by Bloomberg.

After China Tech Bloodbath, Top VC Tests U.S. Appetite For $1.2 Billion Fund

By Juro Osawa and Shai Oster · Jan 11, 2022 6:00am PST

Are American investors going to keep putting money into China? Western investors and Chinese entrepreneurs are anxious about the world’s second-largest tech startup market after a bruising six months in which Beijing’s crackdown on domestic tech companies escalated and political tensions between the U.S. and China grew. Americans are... Are American investors going to keep putting money into China? Western investors and Chinese...

Art by Mike Sullivan

Crypto Talent Wars Fuel Sweeter Salaries, Better Perks for Employees

By Mark Matousek · Jan 10, 2022 6:00am PST

It used to be that crypto startups could count on their missionary appeal to woo and retain top-notch talent, along with the possibility of a big payoff from tokens and equity they doled out to employees. In exchange, many employees didn’t mind missing out on some standard job perks or even taking slight haircuts on salary. Now though, as... It used to be that crypto startups could count on their missionary appeal to woo and retain...

The Athletic founder Alex Mather.

NYT To Buy The Athletic for $550 Million

By Jessica Toonkel · Jan 6, 2022 7:15am PST · 9 comments

The Athletic founder Alex Mather.

NYT To Buy The Athletic for $550 Million

By Jessica Toonkel · Jan 6, 2022 7:15am PST · 9 comments

The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal valued at around $550 million, the company announced, confirming The Information's report earlier today. The deal is a major acquisition for the Times, giving it a new pocket of subscription customers to the New York Times, which has set an ambitious... The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal...