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SPAC: Investor Chamath Makes Bank From SoFi Market Debut

Chamath Palihapitiya is a name that rings bells in the world of special-purpose acquisition companies (SPACs). That's because he's like the biggest SPAC promoter out there and has participated in over a dozen SPAC deals. Personally, he's launched six SPACs on the public markets. One of Chamath's SPACs just completed a merger with fintech company SoFi and the merger was a successful one that saw SoFi's shares rise by over 10% on the first day of trading. That merger delivered a windfall for Chamath worth hundreds of millions of dollars. Precisely, Chamath's personal stake in SoFi is north of 33 million shares, according to an SEC filing. With SoFi closing up trading on Tuesday at $22.65, those shares are worth about $750mn. Chamath's personal shares in SoFi were gained as part of the shares usually granted to SPAC sponsors like him. Such sponsor shares, typically 20% of common stock, have proved lucrative for SPAC promoters like Chamath who don't even ha

SPAC: Fintech Startup Acorns To Go Public In $2.2B Deal

A major savings-investing app serving Millenials in the US market is the latest in a long line of fintech startups going public through a merger with a special-purpose acquisition company. That startup is Acorns , a banking app with over 8 million users. Merger Details Acorns has agreed to merge with Pioneer Merger Corp. (NASDAQ: PACX). The merger terms value the nine-year-old fintech startup at $2.2bn. Acorns' merger comes with a private placement round from a mix of institutional investors including BlackRock, Wellington Management, and TPG's The Rise Fund. Following its close, Acorns will be a public company with a $450mn cash balance. Acorns' merger is expected to be completed in the second half of 2021. Highlights Acorns is a banking app targeting everyday consumers. It offers a way for users to save money with dedicated debit and credit cards as well as invest spare change from purchases into index funds. On the investing side, Acorns has over $3bn under management.

Fintech Startup Marqeta Files For IPO

One of the hottest fintech startups in the US just newly filed with the SEC for an initial public offering. That startup is Marqeta , one that provides backend payments infrastructure for many of the services people use ranging from food delivery apps like DoorDash to 'buy now, pay later' lenders like Affirm. Marqeta has unveiled an S-1 filing for an IPO, with the S-1 document, as usual, giving a delve into the company's business with information not publicly known before. Revenue stats: Marqeta's S-1 shows that of a fast-growing company that more than doubled its revenue from 2019 to 2020 and Q1' 2020 to Q1' 2021. The company reported respective annual sales of $143mn and $290mn in 2019 and 2020, and $48mn and $108mn in Q1 2020 and Q1 2021. Marqeta isn't profitable on a net basis, reporting respective net losses of $58m and $48mn in 2019 and 2020. In Q1 2021, the company reported a small net loss of $13mn. Emphasized risks: From its S-1, it's shown tha

SPAC: Mortgage Startup Better To Go Public In $7.7B Deal

A startup offering home mortgages online is going public in a big merger deal with a special-purpose acquisition company (SPAC). That startup is Better.com, one that funded $24bn worth of mortgages on its platform in 2020 alone. Better.com was a major beneficiary of the hot US real estate market that came with the pandemic last year. It's in fact that it funded almost five times the mortgages it did in 2020 than in the previous year 2019. Details: Better.com has agreed to merge with Aurora Acquisition Corp. (NASDAQ: AURC) and become a publicly-traded company. The terms of the merger values Better at $7.7bn on a post-money equity basis. From its merger, Better is getting $220mn of cash held in trust by Aurora Acquisition Corp. plus a $1.5bn PIPE round led by SoftBank, a major investor in Better before now.  Out of the total $1.7bn cash that Better will get from its merger, $950mn will be paid out to its shareholders while it's left with $778mn for general corporate purposes. Be

Uruguay Fintech Startup DLocal Files For IPO

A major fintech startup from the Latin American region has filed for an IPO on the US markets. That startup is DLocal , which offers cross-border payment gateways for merchants doing business in emerging markets like its home region of Latin America. DLocal has filed an F-1 document with the US Securities and Exchange Commission (SEC) as required for foreign companies seeking to list shares on its markets. The F-1 as usual gives a great insight into DLocal's business with information not publicly known before. Details: DLocal's F-1 document shows that of a fast-growing startup with a history of profitability. It's unlike many companies in the recent crop of IPOs with little or no history of profitability. DLocal made $104mn in revenue in 2020, nearly double its $55mn revenue in the previous year. In 2020, the company reported $28mn in profit, nearly double its profit of $16mn in the previous year, 2019.  DLocal has made its mark as a fast-growing cross-border payment start

Fintech Startup Flywire Files For IPO

Flywire, a Boston-based payments startup, has filed for an initial public offering on the US markets. It's unveiled its S-1 document filed with the US Securities and Exchange Commission (SEC). The S-1 as expected provides a peek into the company's business and financials with information not publicly known before. Flywire is a payments startup serving the education, healthcare, and travel industries. It's a platform for cross-border payments which's crucial in those industries. By the numbers: Flywire's S-1 prospectus shows that of a company with healthy and steadily growing revenue over the years. It reports $132 million in revenue in 2020, compared to $95 million in the previous year 2019. Flywire isn't profitable but reports losses not out of place for a fast-growing startup backed by venture money. It posted respective net losses of $11 million and $20 million in 2020 and 2019. Flywire is backed by venture funding to the tune of over $260 million which it&#

Deal: Affirm Buys Fintech Startup Returnly For $300M

After going public early this year, 'buy now, pay later' company Affirm has made its first acquisition as a publicly-traded company with the purchase of Returnly, a startup that handles payments collections for product returns for online retailers. Affirm is paying $300 million in cash and stock to buy Returnly making it its biggest acquisition yet. It was already an investor and shareholder in Returnly before striking a deal to acquire the company this past week. Returnly handles online returns and post-purchase payments for direct-to-consumer brands selling online. For the basics, it offers customers shopping with its merchants' instant store credit if they buy an item and decide to return them rather than wait long for cash refunds from the merchant itself. The instant store credits given to shoppers make them more likely to purchase another item from the merchant while waiting for their cash refund which's deposited once a return is confirmed by the merchant. For t

Deal: TPG's Rise Fund Invests $200M In Airtel Africa's Mobile Money Arm

The Rise Fund, a $5 billion impact investment fund formed by private equity giant TPG in partnership with Irish singer Bono and tech entrepreneur Jeff Skoll, has made its latest bet with a $200 million investment in the mobile money division of Airtel Africa plc. Officially, The Rise Fund will pay $200 million for a 7.5% stake in Airtel Mobile Commerce BV, which's the holding company for Airtel Africa's mobile money operations. The investment values Airtel Africa's mobile money business at $2.65 billion on a cash and debt-free basis. Airtel Africa announced The Rise Fund's investment in its mobile money arm with a filing to the National Stock Exchange of India . Following The Rise Fund's investment, Airtel Africa will continue to retain a majority stake in its mobile money business while the fund holds a 7.5% minority stake. With that, Airtel Africa notes that it's still in discussions with other unnamed potential investors to sell up to 25% of its mobile money

Trading Platform eToro To Go Public In $10B SPAC Deal

eToro, a popular online platform for trading stocks and cryptocurrencies, is the latest technology company to take the SPAC route towards an exit on the public markets. It's sealed an agreement to merge with  special-purpose acquisition company (SPAC)  FinTech Acquisition Corp. V (NASDAQ: FTCV) in a deal valuing it at $10.4 billion. FinTech Acquisition Corp. V is a SPAC launched by female business veteran Betsy Cohen. eToro is on a path to go public after nearly a decade and a half of existence, wherein it's grown into a major online trading platform that drew $605 million in gross revenue in 2020. Particularly, 2020 was a very good year for eToro, wherein it says it added 5 million new registered users. In 2020, eToro says that it executed 27 million trades each month on average, compared to an average of 8 million trades per month in 2019. Now in 2021, the company reports having added 1.2 million new registered users and executing 75 million trades in January alone. Altogethe

Stripe Raises Fresh $600M, Valued At $95B

Hot payments startup Stripe has closed a big new round of funding, announcing that it's raised a $600 million Series H round that values it at a whopping $95 billion, whereby such valuation makes Stripe now the most valuable private technology company in the US. Stripe's new round came from a mix of existing and new investors including Ireland’s National Treasury Management Agency (NTMA), Allianz X, Axa, Baillie Gifford, Fidelity, and Sequoia Capital.  With the new round, Stripe says that it'll bolster its European operations, particularly in Ireland where the company's two sibling founders, Patrick and John Collison, hail from. It's then no surprise that  Ireland’s National Treasury Management Agency  which's an investment fund of the Irish government chipped into Stripe's new funding round. Europe is a major market for Stripe, with 31 out of the 42 countries that the company is currently present in being from the continent. Over there, Stripe powers onlin

SoFi Buys Small Bank To Hasten Bank-Charter Process

  In a bid to speed up its push to secure a national bank charter, digital finance company SoFi has reached a deal to buy a community bank in California, a publicly-traded one named Golden Pacific Bancorp. SoFi will pay $2.55 in cash for each share of the bank, summing up to an acquisition price of $22.3 million. As noted by SoFi itself, the company's play to buy  Golden Pacific Bancorp is being done to advance its efforts to  obtain a national bank charter from regulatory authorities. SoFi has applied for that and is still awaiting approval from the appropriate authority, the US Federal Deposit Insurance Commission (FDIC). But now, by acquiring a community bank, SoFi will now  switch from applying for a new bank charter to applying for a change of control from that of Golden Pacific to itself. Basically, SoFi is buying a bank with an approved charter rather than waiting to obtain a new charter which usually takes a longer time. If it gets a bank charter, SoFi will be able to hold

British Fintech TransferWise Rebrands As Wise, Ahead Of IPO

The British fintech company TransferWise has carried out a major rebrand, announcing that it'll now adopt only the second suffix of its name, Wise . TransferWise has launched a new homepage, Wise.com, and says that it'll roll over all its current customers into the domain name by next month March. TransferWise's rebrand as just Wise comes as the company has been reported to be pursuing a soon public offering. Just last month, a report from Sky News said that TransferWise had picked two major wall street banks, Goldman Sachs and Morgan Stanley, to serve as lead book-runners for a planned public offering, and it's expected that the company will list in its home base of London. That TransferWise is reported to be eyeing a soon public offering shouldn't be surprising.  Founded in 2010 as a mere money transfer service, the company has expanded rapidly into one of Europe's premier fintech companies with other services including digital bank accounts for individuals a

Stock Trading App Public.com Raises $220M, Valued At $1.2B

In an era of heightened stock trading from retail investors, it seems that the companies really doing good in this era are those selling shovels in a gold rush. This very month, the popular stock trading app Robinhood raised a single funding round of $3.4 billion  after reeling from the GameStop short squeeze saga . Now, another stock trading app has followed Robinhood's lead to raise a big new round. Public.com, a stock trading app for retail investors that launched only eighteen months ago, has announced that it's raised a new $220 million Series D round that values it at $1.2 billion. The round comes just two months after the company raised a $65 million Series C round and on the heels of it hitting a milestone of 1 million users according to its stats. A mix of big-name investors chipped into the $220 million round, including Tiger Global, electronic duo The Chainsmokers’ Mantis VC, superstar actor Will Smith’s Dreamers VC, Inspired Capital, Aglae Ventures, and YouTube sta

'Buy Now, Pay Later' Firm Affirm Posts First Earnings Report

After going public with a blockbuster listing last month, the 'buy now, pay later' company Affirm (NASDAQ:AFRM) has reported its first quarterly earnings as a public company and posted strong revenues in its fiscal year 2021 second quarter. Affirm posted total revenues of $204 million in its fiscal 2021 second quarter, a 57% increase over the year. The company boosted its gross merchandise volume (GMV) up by 55% over the year to $2.1 billion in the quarter.  Affirm isn't profitable, with a net loss of $31.6 million in its fiscal 2021 second quarter. This is slightly unchanged from a $31 million net loss that it posted in the same quarter last year. Affirm is fresh off an initial public offering that raised $1.3 billion before expenses for the company, and with that, it has enough cash to withstand losses as it works to expand. During the recent quarter which marked its first quarter as a public company, the company completed a major acquisition, purchasing the Canadian &#3

Mike Cagney's Figure Files For $250M SPAC

Figure, a blockchain lending startup founded by Mike Cagney of SoFi fame, is the latest company to form and launch its own special-purpose acquisition company (SPAC). It's filed with the US SEC to raise $250 million for an eponymous SPAC named  Figure Acquisition Corp. I . The SPAC formed by Figure and Mike Cagney hasn't yet indicated any areas of industry where it's seeking a merger target, but for a hint, being formed by a company rather than investment firms and individuals like most SPACs are formed, it's likely that Figure's SPAC will merge with a company with its industry, fintech and blockchain. Figure is a digital mortgage lending platform that says it adopts blockchain technology to make the lending process easier. Founded in 2018, the company has already raised over $200 million in venture funding and was valued at $1.2 billion from its most recent fundraising round. Before founding Figure, Mike Cagney founded the fintech giant SoFi first as a student lo

Payments Company Payoneer Joins SPAC Boom

As this new year and the previous have marked themselves as the years of the most mergers of technology companies with special-purpose acquisition companies (SPACs), the latest company to join the SPAC boom by sealing a merger deal is Payoneer, an American digital payments provider that allows people to send and money receive money worldwide. Payoneer has announced a merger agreement with FTAC Olympus Acquisition Corp (NASDAQ:FTOCU), a SPAC formed by the veteran female banker Betsy Cohen. Payoneer will merge with FTAC Olympus in a deal that values the company at $3.3 billion. From its merger, Payoneer is expected to receive $563 million in cash including a $300 million cash infusion committed by institutional investors like Fidelity, Franklin Templeton, Millenium Management, T. Rowe Price, and the Dragoneer Investment Group. As usual, the rest of the money will come from that held in trust by the SPAC that Payoneer is merging with, FTAC Olympus in its case. Payoneer is looking to go p

UK Clamps Down On 'Buy Now, Pay Later' Apps

The UK government has said that it'll place a close watch on the rising 'buy now, pay later' industry that provides a way for consumers to make steep purchases on credit and then pay back in installments to the lender.  The UK Treasury has said that buy-now-pay-later companies operating in the UK would now fall under the supervision of the country's Financial Conduct Authority (FCA), which will stipulate regulations like affordability checks before loans are made to consumers. The placement of buy-now-pay-later firms under closer regulatory watch follows concerns from consumer groups of customers, particularly young ones, getting lured into debt traps with the use of such services. These apps usually work like a credit card by providing loans to users to make purchases but without the steeper regulatory standards that credit card companies are held to. Providing easy-to-access loans, the main concern is that buy-now-pay-later products could encourage people to spend mor

Brazilian Digital Bank Nubank Raises $400M, Valued At $25B

Nubank, a digital banking company based in Brazil that's made its mark as one of the biggest in the Latin American market, has raised a new Series G funding round of $400 million that values it at a whopping $25 billion.  The Series G round came from a mix of new and existing investors including Singapore's GIC, Invesco, Ribbit Capital, Dragoneer, and Sequoia Capital. With it, Nubank has now raised a total of $1.2 billion in venture funding since it was founded. With a $25 billion valuation, Nubank appears to now be the highest-valued digital banking startup worldwide, speeding past American and European peers such as Revolut, Chime, and N26. It's very notable that the highest-valued digital banking company globally emerged from Latin America, a region that's not known to house a technology industry as big as that of other regions such as North America and Europe. Nubank has succeeded very well as a digital banking service since it was launched seven years ago. It's

Tastytrade Sells For $1B; 2nd Big Exit For Founder

Tastytrade is a popular platform that provides financial media and content for investors and traders as well as provides a platform for its users to trade options and derivatives. Now, it's the latest fintech startup to head for a big exit with a $1 billion sale to the British electronic trading company IGN Group. Tastytrade will be joining IGN in a deal valued at $1 billion net of cash held by Tastytrade. The price is split into $300 million in cash and the remainder with IGN stock. It represents a lucrative exit for Tastytrade which is backed by some $47 million in venture funding. Apparently, IGN, a British company that provides options and derivatives trading and brokerage services for professional investors, is betting that the appeal of retail investors that Tastytrade targets will boost its business. It's agreed to pay a big $1 billion for a company with more than 105,000 active trading accounts that'll then fall under its control. Tastytrade's $1 billion sale r

Digital Lending Startup Blend Raises $300M, Valued At $3.3B

Blend, a startup that makes software for mortgage and digital lending providers, has closed a $300 million Series G round that doubled its valuation to $3.3 billion compared to five months ago. The round was led by the investment firms Coatue and Tiger Global. It was only five months ago that Blend raised $75 million in a funding round that valued it at $1.7 billion. Now, five months later, that valuation has roughly doubled, hinting at very good business prospects for Blend. 2020 was a very good year for the mortgage and consumer lending markets and saw the US mortgage market volume top a record $4 trillion . In the same year, consumer debt hit a record of $14.3 trillion .  Obviously, Blend has benefitted from the lending market surge given it provides software used by the lenders. The company's software is used by over 285 financial institutions in the US including Wells Fargo and U.S. Bank, claiming to process over $4 billion in mortgages and loans each day. With its new funding

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Pokémon Go Creator Niantic Raises $300M, Valued At $9B

Niantic , an augmented reality (AR) company whose products include the famous  Pokémon Go game, has raised a big new round of funding. It's raised $300mn in funding at a valuation of $9bn. All the funding came from just one investor; Coatue , a New York-based hedge fund famous for investing in many blue-chip tech startups. With its new funding, Niantic says it'll invest in current games and new apps and expand its AR developer platform called Lightship . The company says it's set on building the "real-world metaverse," jumping on the bandwagon popularized by Facebook's parent firm, Meta.  The base for Niantic's metaverse vision is the Lightship developer platform which it launched this month. It's a platform for developers to build augmented reality apps and experiences, drawing from Niantic's tools that helped create its hit  Pokémon Go game. To draw creators to Lightship, Niantic has also set up a $20mn venture fund to invest in AR startups

Deal: Workday Buys Ohio Startup Vndly For $510M

Workday (NASDAQ: WDAY), the famous HR/finance software vendor, has made a big new acquisition to support its platform. The company will acquire Vndly , a software platform for companies to manage contract workers. Vndly fits in well in Workday's overall software suite, and the rationale behind the purchase is clear. Vndly is an Ohio-based startup. Workday will pay $510mn to buy it, marking one of Ohio's biggest startup exits this year. Vndly has raised roughly $60mn from VCs, so a $510mn exit is very lucrative and more so for a startup founded just four years ago .  Before now, Vndly and Workday were already close allies. Vndly's platform is integrated with Workday's, with official certification to go. The Mason, Ohio-based startup is part of Workday's global network of endorsed software partners, so Workday didn't even have to look far to snatch its latest acquisition.  Vndly was founded in 2017 by two entrepreneurs,  Shashank Saxena and Narayana Surabhi .

Amazon, Apple Fined $230M For Reseller Collusion In Italy

Tech giants Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) have been handed sizeable fines by the Italian government following an investigation into alleged reseller collusion between both companies. Amazon was fined €135mn ($151mn) and Apple  €69mn ($78mn), totaling $229mn .  The fine was levied by the  Italian Competition Authority . According to the agency, Apple and Amazon had a contractual agreement to allow  select resellers to sell Apple and Beats products on Amazon's Italian marketplace. The agency said that the selection was applied in a "discriminatory" way that violated European Union rules and affected price competition. According to the  Italian Competition Authority, at least 70% of local consumer electronics purchases are made on Amazon, making it a dominant retailer. This dominance, therefore, demands a "level playing field" for retailers that sell on Amazon's marketplace, the agency said. This is the nth time Amazon is getting in the cr

Antitrust: US DOJ Sues To Block Major Sugar Industry Merger

The U.S. Department of Justice (DOJ) is freshly on the antitrust circuit, seeking to block a merger it deems detrimental to consumers. The agency has filed a lawsuit to block the sale of  Imperial Sugar , a leading American sugar producer, to rival  U.S. Sugar . The DOJ says the proposed deal will make just two sugar producers account for an "overwhelming majority" of refined sugar sales in the U.S. Southeast, U.S. Sugar being one of the two producers. This concentration of power would make consumers pay more for refined sugar, the DOJ says.  Imperial Sugar is owned by Louis Dreyfus Company, a privately-held agricultural giant based in the Netherlands. The company agreed to sell Imperial to rival U.S. Sugar for the sum of $315mn this March.  U.S. Sugar is another privately-held agricultural giant headquartered in Florida. It can produce up to 850,000 tons of sugar annually at its refinery plant in Florida, and buying Imperial would give it two more sugar plants in Kentuc

Alt-Meat Maker Impossible Foods Raises $500M In Fresh Funding

A leading maker of plant-based meat substitutes, Impossible Foods , has obtained a fresh cash infusion from VCs. It has  raised $500mn in new funding, bringing the total amount of funding it has raised since inception to $2bn.  The latest round was provided entirely by existing investors doubling down on Impossible Foods.  Mirae Asset Global , a Korean investment firm, led the round and was joined by other unnamed existing investors.  It's evident that investors are longing for Impossible Foods, a leading brand in the nascent market for plant-based meat substitutes. There's clearly huge potential for plant-based meat substitutes, driven by an increasing vegan population and the appeal to lower the carbon footprint that spurs from meat consumption. To that end, Impossible Foods is growing rapidly. Its products can now be found in more than 20,000 retail stores, compared to 150 as of March 2020, and 40,000 restaurants globally. Over the past year, Impossible has launched in ne

Deal: KKR Makes $37B Buyout Offer For Telecom Italia

Private equity giant KKR (NYSE: KKR) has ventured into Italy for its latest buyout deal. The firm has offered to buy Telecom Italia (BIT: TIT), the largest telecom provider in Italy, in a deal worth  €33bn ($37bn), including debt. KKR offered 0.505 Euros in cash for each outstanding  Telecom Italia share, a 46% premium to the last closing share price before the offer. That sums up to  €10.7bn ($12bn) in cash to be paid for Telecom Italia, and including the telecom firm's large net debt of €22.5bn ($25bn) sums up to $37bn in total.  KKR's offer is non-binding and must be approved by Telecom Italia's board members and majority shareholders before the deal goes through. Approval must also come from the Italian government, which was veto power over the takeover of the formerly state-owned telecoms firm.  Telecom Italia gave no indication that it'll approve the deal. If approval is given, it'll mark one of the biggest buyout deals of a European company by an America

Earnings: Nvidia Is On A Tear

Chipmaking giant Nvidia (NASDAQ: NVDA) has unveiled the financial results for its latest fiscal quarter ended October 31, 2021. The company reported a sharp rise in sales that can only be described as being on a tear. Nvidia posted $7.1bn in revenue in the quarter, up 50% year-over-year . The large growth was driven mostly by the company's data center sales, which increased 55% year-over-year to $2.9bn. Similarly, Nvidia's gaming revenue rose 42% year-over-year to $3.2bn. Net income for the quarter was $2.5bn , up 4% from the same period last year. It was an outstanding quarter all-around for Nvidia, a beneficiary of the recent massive growth of the gaming industry and data center boom. Nvidia's GeForce graphics cards are very popular with gamers, and data center operators patronize Nvidia's high-performance graphics processors for artificial intelligence applications.  Save for data centers and gaming, Nvidia has other minor product lines, including automotive chip

Cyber: Apple Sues NSO Group Over Spyware Hacks

Tech giant Apple (NASDAQ: AAPL) has filed a lawsuit against NSO Group , a controversial Israeli company that sells smartphone hacking tools and has been  implicated in the hacks and surveillance of many notable persons, including journalists, activists, and business executives, by state-sponsored actors. Apple has sued NSO Group for infecting iPhones with spyware to track users of interest. As part of the suit, the tech giant seeks a permanent injunction to ban NSO Group from using any Apple products. NSO Group is best known for its Pegasus spyware that can be covertly installed on mobile phones running most versions of iOS and Android. The company exploits vulnerabilities in both operating systems to introduce spyware into a phone without the user's knowledge. Pegasus was the center of a Washington Post investigation called "The Pegasus Project," revealing that the spyware was used to surveil over 1,000 identified notable individuals across countries with shoddy hu

Markets: Retail Giant Authentic Brands Scraps IPO Plans

Authentic Brands Group , a New York-based retail conglomerate, has suspended its plans for an initial public offering (IPO) after already filing an S-1 document with the US SEC. The company has instead opted to raise private funding to fund expansion in the main time. Authentic Brands Group's portfolio retail brands include apparel retailer Forever21 , men's suit maker Brooks Brothers , and department store chain Barneys New York . The company is akin to an old people's home where once-vibrant retail brands go to stay after they've gone past their peak. Authentic buys these befallen retail companies and makes money from what's left of them through licensing deals.  Over the years, Authentic has relied on hefty venture funding to assemble its constellation of old-guard brands. An IPO was supposed to raise even more money for expansion but has been set aside in favor of private funding.  Authentic is  rather selling  equity stakes to private equity firm CVC Capital

Markets: IoT Startup Samsara Files For IPO

The latest tech startup to board the IPO train is Samsara , a VC-backed startup that makes internet-of-things (IoT)-based fleet monitoring hardware and software for logistical operators. It has unveiled an S-1 filing with the US SEC, showing its intention to list on the New York Stock Exchange (NYSE). Samsara has raised nearly $1bn from VCs including Andreessen Horowitz, Tiger Global, and General Catalyst, with a valuation of $5.4bn from its last funding round. The company's co-founders sold a previous startup named Meraki to Cisco for $1.2bn . As expected, Samsara's S-1 filing gives a deep glimpse into the company's business with information not publicly disclosed before. The company has been rather secretive over the years, making this long-awaited information. We've extracted some important information so you don't have to, mostly the financial stuff. Samsara brought in $303mn in revenue in the nine months ended October 2021, compared to $174mn in the same