The Information

SoftBank founder Masayoshi Son stands next to a robot. Photo by Bloomberg.

SoftBank Leads $220 Million Round Into Chinese-German Robotics Startup Amid China Worries

By Shai Oster · Sep 9, 2021 4:48am PDT · 1 comment

SoftBank is leading a $220 million round into Agile Robots, a startup based in Munich and Beijing that says its systems will be deployed by Foxconn, the assembler of iPhones, to help build smartphones. The company will be worth about $1 billion after the fresh capital, according to a person familiar with the matter, as investors look to... SoftBank is leading a $220 million round into Agile Robots, a startup based in Munich and Beijing...

Google's Mountain View campus. Photo by Bloomberg.

Google’s Answer To Overheated Job Market: Demanding Proof of Rival Offers

By Sarah Krouse · Sep 8, 2021 6:01am PDT · 7 comments

Google has a message for job candidates who say rival companies are offering them higher pay: Prove it. In a competitive market for talent in which some technology workers are soliciting employment offers from several companies, Google recruiters increasingly take the unusual step of asking candidates for written proof of what rivals are... Google has a message for job candidates who say rival companies are offering them higher pay:...

Photo by Bloomberg

ByteDance in Talks to Borrow Up to $5 Billion to Fund Overseas Expansion

By Juro Osawa · Sep 7, 2021 11:30pm PDT

TikTok owner ByteDance is in talks with banks to borrow up to $5 billion in a syndicated loan to refinance debt and pay for overseas expansion, people with knowledge of the matter said, as the path to an initial public offering appears unlikely this year. ByteDance plans to use more than half of the money to refinance its existing debt to take... TikTok owner ByteDance is in talks with banks to borrow up to $5 billion in a syndicated loan to...

Fidji Simo. Photos by AP; art by Mike Sullivan

Can Instacart’s New CEO Deliver?

By Sylvia Varnham O'Regan and Berber Jin · Sep 6, 2021 11:57am PDT

Fidji Simo. Photos by AP; art by Mike Sullivan

Can Instacart’s New CEO Deliver?

By Sylvia Varnham O'Regan and Berber Jin · Sep 6, 2021 11:57am PDT

In late June, Instacart CEO and founder Apoorva Mehta had a message for DoorDash: After weeks of discussions between the two companies about a possible merger, Mehta told his counterparts at the meal-delivery company that the talks were off, according to several people with knowledge of the matter. But the talks weren’t off. In early July,... In late June, Instacart CEO and founder Apoorva Mehta had a message for DoorDash: After weeks of...

Photo of Agnes Chu by AP. Art by Mike Sullivan

Agnes Chu Tries to Bring Some Disney to Condé Nast. It’ll Be a Challenge.

By Sahil Patel and Mark Di Stefano · Sep 3, 2021 6:01am PDT

A year ago, executives at Condé Nast turned some heads when they hired Agnes Chu, a rising star who helped launch the Disney+ streaming service, to bring some entertainment mojo to magazine brands including The New Yorker, Vogue and Vanity Fair. The idea was to develop more films and long-form shows and documentaries that the company... A year ago, executives at Condé Nast turned some heads when they hired Agnes Chu, a rising...

Apple's campus. Photo by Bloomberg

Apple’s AR/VR Headset Will Need Connection to Other Device Such as iPhone

By Wayne Ma · Sep 2, 2021 9:08am PDT · 1 comment

New details of the custom chips designed by Apple for its forthcoming virtual reality and augmented reality headset indicate it will need to be wirelessly tethered to a phone or a similar device for the most advanced features, just as early versions of the Apple Watch required users to carry their iPhone with them. Apple completed work last year... New details of the custom chips designed by Apple for its forthcoming virtual reality and...

Photo of Katrina Lake (left) by Bloomberg; photo of Elizabeth Spaulding (right) by Stitch Fix; art by Mike Sullivan.

At Stitch Fix, Stylists and Algorithms Face Off

By Malique Morris · Sep 2, 2021 6:01am PDT · 7 comments

Last May, a Stitch Fix customer visited a section of the internet apparel retailer’s site called Complete Your Looks, where algorithms are supposed to recommend sweaters, shirts and other items that complement clothing the customer has bought in the past. On this visit, though, Stitch Fix didn’t offer any recommendations, a glitch... Last May, a Stitch Fix customer visited a section of the internet apparel retailer’s site...

Illustration by Mike Sullivan

Be Like Thiel: How Affluent Tech Workers Mimic the Tax Tricks of the Mega-Rich

By Sarah Krouse · Sep 1, 2021 6:01am PDT · 6 comments

Illustration by Mike Sullivan

Be Like Thiel: How Affluent Tech Workers Mimic the Tax Tricks of the Mega-Rich

By Sarah Krouse · Sep 1, 2021 6:01am PDT · 6 comments

Billionaire Peter Thiel turned heads when it was revealed that he had used a retirement account intended for the middle class to shelter some $5 billion in savings that grew from his investments in PayPal shares purchased at a discount. But similar tax-sheltering techniques have become commonplace among a less rarefied group of Silicon Valley... Billionaire Peter Thiel turned heads when it was revealed that he had used a retirement account...

An employee working at Alibaba's logistics unit Cainiao. Photo by Bloomberg

Alibaba Rival J&T Express in Talks to Raise $1 Billion from Tencent and Other Investors

By Juro Osawa · Aug 31, 2021 10:15am PDT

J&T Express, a fast-growing Asian startup that is challenging Alibaba’s logistics network in a brutal price war, is in talks to raise more than $1 billion from Tencent and other investors at a pre-money valuation of $20 billion, people familiar with the matter said. The investment could make J&T one of Asia’s most highly... J&T Express, a fast-growing Asian startup that is challenging Alibaba’s logistics...

FTC chair Lina Khan. Photo by Bloomberg.

FTC Chief Khan Faces New Pressure on Amazon Deal—From Progressives

By Josh Sisco · Aug 31, 2021 7:49am PDT

Two weeks ago, a $2.5 billion merger of two big U.S. food distributors closed without an in-depth antitrust review by the Federal Trade Commission. That surprised both of the companies, as well as some of FTC Chair Lina Khan’s key allies, who had expected her to challenge any major attempt at corporate consolidation. In a sign that... Two weeks ago, a $2.5 billion merger of two big U.S. food distributors closed without an in-depth...

Vice cofounder Shane Smith. Photo by Bloomberg

Vice Raises $85 Million as SPAC Talks End, Smith Yields Control

By Jessica Toonkel · Aug 31, 2021 6:00am PDT

Vice Media is raising over $85 million in fresh capital from existing investors, as talks to go public via a special purpose acquisition company have ended for now, according to people familiar with the situation. As part of the fundraising, Vice’s co-founder, Shane Smith, has agreed to give up his voting control, said the people. He... Vice Media is raising over $85 million in fresh capital from existing investors, as talks to go...

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 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...

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...

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

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...

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...

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...

Sequoia Capital China's Neil Shen. Photo by Bloomberg

Sequoia Capital’s China Affiliate Launches Hedge Fund for Health, Biotech Stocks

By Juro Osawa · Aug 24, 2021 12:51pm PDT

Sequoia Capital China, the Chinese affiliate of the Silicon Valley venture capital firm, has quietly launched a new fund to buy and sell shares of publicly listed health and biotech companies, according to two people with knowledge of the matter. This marks the firm’s second hedge fund as the traditional boundaries between public and... Sequoia Capital China, the Chinese affiliate of the Silicon Valley venture capital firm, has...

Dan Rose (left), Thomas Laffont (center) and Philippe Laffont (right) of Coatue Management. Photo of Rose and Philippe Laffont by Bloomberg. Thomas Laffont photo by Erin Beach.

Coatue’s Newer Growth Funds Return More Than 45% Annually, Internal Data Show

By Berber Jin · Aug 20, 2021 2:31pm PDT · 5 comments

The private tech funds of Coatue Management, the New York hedge fund that’s become one of Silicon Valley’s biggest investors, have started to outpace the returns of rival VC firms in recent years as the size of those funds swelled, according to internal data reviewed by The Information. Coatue’s third venture growth fund, which... The private tech funds of Coatue Management, the New York hedge fund that’s become one of...

A semitruck hauling Amazon cargo in February. Photo by Bloomberg

New Amazon Tracking Device to Monitor Trucker Safety, Collect Data

By Paris Martineau · Aug 20, 2021 6:06am PDT

A semitruck hauling Amazon cargo in February. Photo by Bloomberg

New Amazon Tracking Device to Monitor Trucker Safety, Collect Data

By Paris Martineau · Aug 20, 2021 6:06am PDT

Amazon is moving to more directly monitor the hours truck drivers spend transporting freight between its warehouses, which could give it better insight into possible safety violations—and capture a wealth of other data. The internet retailer has developed its own version of a technology, known as an electronic logging devices, to track... Amazon is moving to more directly monitor the hours truck drivers spend transporting freight...