The Information

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...

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 Ninebot electric scooter in 2018. Photo by Bloomberg.

How Sequoia’s U.S. Investors Won Big From Segway Owner’s IPO—in Backwater China Market

By Shai Oster · Feb 15, 2022 7:50am PST · 3 comments

U.S.-based investors spent tens of billions of dollars buying shares of private tech companies headquartered in China, such as TikTok owner ByteDance, dronemaker DJI and fashion retailer Shein. But getting the money out has become tougher, now that U.S. stock exchanges are effectively off limits to many of these Chinese companies. But... U.S.-based investors spent tens of billions of dollars buying shares of private tech companies...

Payhawk CEO Hristo Borisov (l), CTO Boyko Karadzhov (center) and CFO Konstantin Djengozov (r). Photo: Business Wire

Lightspeed Leads Deal for Brex Rival Payhawk at $1 Billion Valuation

By Kate Clark · Feb 14, 2022 3:15pm PST

Payhawk CEO Hristo Borisov (l), CTO Boyko Karadzhov (center) and CFO Konstantin Djengozov (r). Photo: Business Wire

Lightspeed Leads Deal for Brex Rival Payhawk at $1 Billion Valuation

By Kate Clark · Feb 14, 2022 3:15pm PST

Lightspeed Venture Partners is leading an investment of $100 million in London-based corporate card startup Payhawk, according to two people familiar with the matter. The deal values the startup, founded in 2018, at $1 billion including the new money, the people said. The new capital gives Payhawk ammunition to expand to the U.S., where it will... Lightspeed Venture Partners is leading an investment of $100 million in London-based corporate...

Art by Mike Sullivan

TikTok Wants to Avoid Facebook’s Mess. Its Corporate Culture Could Complicate That

By Sarah Krouse and Jessica Toonkel · Feb 14, 2022 6:00am PST

Two years ago, a team of TikTok employees in China—where the hit video-sharing app’s parent company, ByteDance, is based—were excited to show their colleagues in the U.S. a preview of some new features they’d been working on. But the Americans were troubled when they saw one of them, which would let TikTok users darken or... Two years ago, a team of TikTok employees in China—where the hit video-sharing app’s...

Photo by AP

Tom Brady’s Media Company Looks to Raise $50 Million as Demand for Sports Content Surges

By Jessica Toonkel · Feb 11, 2022 10:23am PST

Superstar quarterback Tom Brady is freshly retired from football, but he’s got plenty else to keep him busy. His production company, Religion of Sports, is looking to raise around $50 million, according to people familiar with the situation. Such a deal would value the four-year-old company, co-founded by Brady, former NFL star Michael... Superstar quarterback Tom Brady is freshly retired from football, but he’s got plenty else...

From left, Alibaba co-founder Trudy Dai, CEO Daniel Zhang, and co-founder Jack Ma. Photos by AP; Bloomberg. Art by Mike Sullivan

Jack Ma’s Alibaba Heir Faces Growing Doubts

By Juro Osawa · Feb 11, 2022 6:00am PST · 1 comment

Alibaba and its CEO, Daniel Zhang, face what could be a year of reckoning. The share price of the company, sometimes referred to as the Chinese equivalent of Amazon, plummeted over the past year under the onslaught of aggressive regulators and competitors it had overlooked, eroding morale. And chatter in the cafeteria of Alibaba’s... Alibaba and its CEO, Daniel Zhang, face what could be a year of reckoning. The share price of the...

Apple ad announcing new privacy options for blocking mobile ad tracking.

Ad Tech Startup Branch Raises $300 Million as Sector Survives Apple Crackdown

By Sarah Krouse · Feb 10, 2022 6:00am PST

Apple ad announcing new privacy options for blocking mobile ad tracking.

Ad Tech Startup Branch Raises $300 Million as Sector Survives Apple Crackdown

By Sarah Krouse · Feb 10, 2022 6:00am PST

When Apple launched a sweeping iPhone privacy change last year, it spelled trouble for the entire online ad industry, including companies that help advertisers and app developers measure whether mobile ads prompted consumers to make purchases. Facebook owner Meta Platforms and other ad sellers took a hit, but the intermediaries that measure... When Apple launched a sweeping iPhone privacy change last year, it spelled trouble for the entire...

Illustration by Jesus Escudero

From TikTok to Twitch, Employees Juggle Conflicts While Moonlighting as Influencers

By Kaya Yurieff · Feb 9, 2022 6:00am PST

When Jenna Palek applied for a sales position at TikTok in the spring of 2020, she did something creative to help her get hired: She posted a 58-second clip of herself on the short video–sharing app highlighting her qualifications while performing dance moves popularized on TikTok. It worked. Palek nabbed the job after the video went... When Jenna Palek applied for a sales position at TikTok in the spring of 2020, she did something...

Photo by Bloomberg

Uber and Its Delivery Rivals Reveal Closely Guarded Data to Antitrust Investigators

By Josh Sisco · Feb 7, 2022 6:00am PST

Last October, Uber completed its $1.1 billion purchase of alcohol-delivery startup Drizly and began integrating the business into its Uber Eats food-delivery operation. But the Federal Trade Commission isn’t done reviewing the acquisition. A team of FTC lawyers in New York is scrutinizing the deal as part of a broader probe of whether Uber... Last October, Uber completed its $1.1 billion purchase of alcohol-delivery startup Drizly and...

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

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

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

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

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 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...