The Information

Justin Zhu, Former Iterable CEO. Photo provided by Iterable

Before CEO’s Ouster for LSD Use, Iterable Investor Sold Stake to Silver Lake

By Kate Clark · Apr 27, 2021 4:47pm PDT · 6 comments

Weeks before the board of Iterable pushed out its CEO Justin Zhu for violating a company drug policy, one of the company’s biggest investors sold about half its stake in an unusual move that could signal its dissatisfaction with his leadership. Earlier this month, venture capital firm Index Ventures sold about $92 million worth of shares... Weeks before the board of Iterable pushed out its CEO Justin Zhu for violating a company drug...

Image: Gopuff

Gopuff Revenue Triples, but Growing Competition to Test Expansion

By Cory Weinberg · Apr 26, 2021 9:01am PDT · 1 comment

Online delivery service Gopuff more than tripled revenue last year to $340 million as the pandemic sent demand for deliveries soaring, according to a person familiar with the matter and an internal presentation viewed by The Information. Gopuff has told employees it expects to nearly triple revenue again this year to about $1 billion, as it... Online delivery service Gopuff more than tripled revenue last year to $340 million as the...

Stripe's offices in San Francisco, left, and a Lyft drivers' lounge in Oakland, Calif. Photos: Bloomberg

Stripe and Lyft Speed Up Equity Payouts to First Year

By Sylvia Varnham O'Regan and Sarah Krouse · Apr 26, 2021 6:01am PDT · 12 comments

Lyft and Stripe have changed their compensation packages so employees vest their entire stock awards in one year, doing away with a long-standing Silicon Valley custom of requiring staff to stick around for four years before they have their full compensation in hand. Stripe, an electronic payments startup that could go public as soon as this... Lyft and Stripe have changed their compensation packages so employees vest their entire stock...

Slack employees at the company's New York office. Photo provided by Slack

Slack’s Investigation Into Executive Highlights Diversity Challenges

By Kevin McLaughlin · Apr 23, 2021 6:00am PDT · 5 comments

Slack employees at the company's New York office. Photo provided by Slack

Slack’s Investigation Into Executive Highlights Diversity Challenges

By Kevin McLaughlin · Apr 23, 2021 6:00am PDT · 5 comments

Earlier this week, Slack revealed that underrepresented minorities have begun leaving the company at higher rates than in the past, disclosing the trend as part of a broader report about the diversity of its workforce. It’s a particularly sensitive issue for Slack’s CEO, Stewart Butterfield, who has long been a vocal proponent of... Earlier this week, Slack revealed that underrepresented minorities have begun leaving the company...

Rapyd's office in Mountain View, Calif. Photo: AP

Fintech Startup Rapyd Doubles Valuation Again to Over $5 Billion

By Kate Clark · Apr 21, 2021 4:23pm PDT

Rapyd, a startup whose technology helps businesses embed financial services into their own apps, is raising money in a round that would double its valuation to more than $5 billion, just four months after unveiling its last fundraising, according to two people familiar with the deal. Existing investors including European venture firm Target... Rapyd, a startup whose technology helps businesses embed financial services into their own apps,...

DataRobot founder and former CEO Jeremy Achin in a screengrab from a company promotional video via YouTube

Conflict Over IPO, Sales Led to CEO Ouster at DataRobot

By Kevin McLaughlin · Apr 21, 2021 6:01am PDT · 2 comments

Jeremy Achin had had enough of the questions about an initial public offering. Late last year, Achin—then the CEO of DataRobot, a nine-year-old artificial intelligence startup valued at nearly $3 billion by blue-chip investors—presided over a virtual company meeting in which he responded pointedly to employee questions about when... Jeremy Achin had had enough of the questions about an initial public offering. Late last year,...

Illustration by Mike Sullivan

‘Truly extraordinary’: Unicorn Startups Boast 300X Valuations

By Kate Clark · Apr 20, 2021 6:00am PDT · 3 comments

Orca Security’s March funding round made the two-year-old software startup a unicorn—and gave it an unusual claim to fame. With approximately $4 million in annualized revenue when it briefed investors early this year, the cybersecurity company’s $1.2 billion valuation translated to 300 times that revenue, according to two... Orca Security’s March funding round made the two-year-old software startup a...

February's Super Bowl. Photo by AP

Sports Site Action Network Looks for Buyer as Online Betting Grows

By Jessica Toonkel · Apr 19, 2021 9:01am PDT

February's Super Bowl. Photo by AP

Sports Site Action Network Looks for Buyer as Online Betting Grows

By Jessica Toonkel · Apr 19, 2021 9:01am PDT

Several sports media firms are looking for buyers or investors, hoping to cash in on the expansion of online sports betting across the U.S. The Chernin Group’s The Action Network, a news and data source for sports betting, has tapped boutique bank Moelis & Co. to explore a sale, according to people familiar with the situation. The... Several sports media firms are looking for buyers or investors, hoping to cash in on the...

Dion Foxworth, co-host of the “Stock Market Moves” show, uses the Clubhouse app. Photo:Bloomberg

Andreessen Horowitz Values Clubhouse at $4 Billion With DST, Tiger

By Alex Heath · Apr 16, 2021 6:20pm PDT · 6 comments

Andreessen Horowitz is valuing the social media app Clubhouse at $4 billion in a round of financing with new investors DST Global and Tiger Global Management, according to a person familiar with the matter. The round triples Clubhouse’s valuation from January, in a deal Andreessen Horowitz also led, and comes as rivals Twitter and Spotify... Andreessen Horowitz is valuing the social media app Clubhouse at $4 billion in a round of...

Dapper Labs CEO Roham Gharegozlou. Art by Mike Sullivan

NFT Startup Dapper Labs Raising Money at Over $7.5 Billion Valuation

By Kate Clark and Alex Heath · Apr 16, 2021 1:38pm PDT · 2 comments

The rush of enthusiasm for blockchain-based collectives is driving an extraordinary surge of investor interest in Dapper Labs, the developer of collectibles like NBA Top Shot. Just a few weeks after Dapper Labs raised $305 million at a valuation of $2.6 billion, the company is raising a new round at a valuation above $7.5 billion, according to a... The rush of enthusiasm for blockchain-based collectives is driving an extraordinary surge of...

IRL CEO Abraham Shafi. Image: Mike Sullivan

Social App IRL in Talks to Raise Funds at $1 Billion Valuation

By Alex Heath · Apr 16, 2021 11:21am PDT · 3 comments

Group messaging app IRL is in talks to raise more than $50 million at a $1 billion valuation, 10 times the level of its last round, according to two people familiar with the matter. The funding for IRL, which has caught on quickly in recent months among teenagers in the U.S., follows a resurgence in competitive deals for social media startups... Group messaging app IRL is in talks to raise more than $50 million at a $1 billion valuation, 10...

Marc Andreessen and Ben Horowitz. Art by Mike Sullivan.

‘These Guys Are Very Different’: Inside Andreessen Horowitz’s Rise

By Kate Clark and Amir Efrati · Apr 16, 2021 6:01am PDT · 9 comments

Marc Andreessen and Ben Horowitz. Art by Mike Sullivan.

‘These Guys Are Very Different’: Inside Andreessen Horowitz’s Rise

By Kate Clark and Amir Efrati · Apr 16, 2021 6:01am PDT · 9 comments

As recently as two years ago, the performance of Andreessen Horowitz’s investments in tech startups were average, despite the firm’s outsize public profile. But its partners had placed bigger bets on cryptocurrencies than almost anyone else, and they did so during moments when most investors had soured on the field. The firm’s... As recently as two years ago, the performance of Andreessen Horowitz’s investments in tech...

Anduril co-founder Palmer Luckey. Photo by Bloomberg.

Anduril Raising New Round That Will Double Valuation to Over $4 Billion

By Berber Jin and Alex Heath · Apr 12, 2021 2:50pm PDT

Anduril Industries, a defense technology startup aiming to take on large U.S. contractors like Lockheed Martin Corp., is raising a new round of funding that will more than double the firm’s valuation to between $4 billion and $5 billion, two people familiar with the talks said. The Irvine, Calif.-based startup, valued at $1.9 billion last... Anduril Industries, a defense technology startup aiming to take on large U.S. contractors like...

A Didi Chuxing autonomous car on display in 2019. Photo by Bloomberg.

Didi Chuxing Aborted $1 Billion Acquisition of Aurora Amid Concerns of U.S. Officials

By Juro Osawa · Apr 12, 2021 6:01am PDT

After defeating Uber in China’s brutal ride-hailing war in 2016, Didi Chuxing had an even more ambitious goal: Win the global race to develop robotaxis. A year later, Didi quietly struck a $1 billion deal to acquire Aurora Innovation, the high-profile self-driving-car firm led by Chris Urmson, a pioneer in the field who started... After defeating Uber in China’s brutal ride-hailing war in 2016, Didi Chuxing had an even...

Former Warner executive Jessie Henderson at a film premiere in 2019. Photo by AP.

Apple Hires Former Warner Exec as Part of Film Push

By Jessica Toonkel · Apr 9, 2021 9:21am PDT · 1 comment

Apple has hired a former WarnerMedia executive to beef up its original film production, as part of a broader effort by the iPhone maker to ramp up the programming selection on its Apple TV+ streaming service, according to two people familiar with the situation. Jessie Henderson, who until last fall was executive vice president of feature films... Apple has hired a former WarnerMedia executive to beef up its original film production, as part...

A promotional image provided by Greenlight

Kid Debit Card Startup Greenlight Valued at $2 Billion in Andreessen-Led Round

By Kate Clark · Apr 8, 2021 2:48pm PDT · 5 comments

A promotional image provided by Greenlight

Kid Debit Card Startup Greenlight Valued at $2 Billion in Andreessen-Led Round

By Kate Clark · Apr 8, 2021 2:48pm PDT · 5 comments

Andreessen Horowitz is leading a new round of funding in Greenlight Financial Technology, a startup that offers debit cards meant for children, at a $2 billion valuation, according to two people familiar with the deal. The new funding comes as two rivals—Current and Step, which both offer specialized charge cards to... Andreessen Horowitz is leading a new round of funding in Greenlight Financial Technology, a...

A screenshot of a recent Snapchat augmented reality feature that lets users virtually try on Gucci sneakers. Photo provided by Snap

Snap Acquires Screenshop App to Fuel Shopping Push

By Alex Heath · Apr 7, 2021 6:01am PDT · 1 comment

Snap is planning a bigger push into online shopping with a new feature in the Snapchat app that will recommend clothes users can buy based on photos they upload to the messaging app, according to two people with knowledge of the matter. And last fall, the company secretly acquired a startup once associated with Kim Kardashian West to help make... Snap is planning a bigger push into online shopping with a new feature in the Snapchat app that...

From left, Chase Coleman III, Scott Shleifer, and John Curtius. Photos by Bloomberg. Art by Mike Sullivan

Inside Tiger Global’s Deal Machine

By Kate Clark · Apr 6, 2021 6:00am PDT · 7 comments

In early 2018, Tiger Global Management hired retired U.S. Army colonel Greg Gadson to speak at the hedge fund’s offsite conference at Miraval, a luxury resort and spa in Arizona’s Sonoran Desert. Gadson, who lost both legs to an explosion in Baghdad, shared this advice on overcoming intense adversity: “Focus on what you can do... In early 2018, Tiger Global Management hired retired U.S. Army colonel Greg Gadson to speak at...

Clockwise from top-left: A parking lot at Citi Field, Photo by chrisswann26/ Flickr; A Kmart sign; photo by JeepersMedia/ Flickr; Amazon trailers parked outside of an Amazon delivery station in Newark, photo by Bloomberg; the former Orange County Register building in Santa Ana, photo by ksablan/ Flickr.

Amazon’s Hunger for Delivery Hubs Hits New Heights

By Paris Martineau · Apr 5, 2021 6:01am PDT · 2 comments

What do stadium parking lots, defunct Kmarts, an old toxic mill site and the former printing plant of California’s Orange County Register have in common? All of them have recently joined Amazon’s vast distribution network as delivery hubs, smaller shipping facilities that function as local post offices for Amazon packages. During the... What do stadium parking lots, defunct Kmarts, an old toxic mill site and the former printing...

Tempo’s at-home fitness setup. Image: Tempo

SoftBank to Invest More Than $100 Million in Fitness Startup Tempo

By Kate Clark and Cory Weinberg · Apr 2, 2021 4:58pm PDT

Tempo’s at-home fitness setup. Image: Tempo

SoftBank to Invest More Than $100 Million in Fitness Startup Tempo

By Kate Clark and Cory Weinberg · Apr 2, 2021 4:58pm PDT

Tempo, a 2-year-old startup trying to challenge Tonal, Mirror and Peloton in the at-home fitness market, is finalizing a more than $100 million investment led by SoftBank, two people familiar with the matter said. The deal shows that even as people return to gyms as the pandemic ebbs, venture capitalists are betting consumers will continue to be... Tempo, a 2-year-old startup trying to challenge Tonal, Mirror and Peloton in the at-home fitness...