Amid calls for a dozen different global cities to replace Silicon Valley — Austin, Beijing, London, New York — nobody has yet nominated “nowhere.” But it’s now a possibility.
There are two trends to unpack here. The first is startups that are fully, or almost fully, remote, with employees distributed around the world. There’s a growing list of significant companies in this category: Automattic, Buffer, GitLab, Invision, Toptal and Zapier all have from 100 to nearly 1,000 remote employees.
The second trend is nomadic founders with no fixed location. For a generation of founders, moving to Silicon Valley was de rigueur. Later, the emergence of accelerators and investors worldwide allowed a wider range of potential home bases. But now there’s a third wave: a culture of traveling with its own, growing support networks and best practices.
You don’t have to look far to find startup gurus and VCs who strongly advise against being remote, much less a nomad. The basic reasoning is simple: No..
Lyft completed its long-awaited IPO this week, trading 21 percent higher Friday than its initial offering price of $72 per share. It closed its first day of trading at about $78 per share, up roughly 9 percent.
I spoke to IPO guru Brian Hamilton, the CEO of banking software company Sageworks, about Lyft’s offering to get a sense of how Wall Street views the buzzworthy tech unicorn. As I wrote earlier this week, Wall Street doesn’t seem to care about profitability, prioritizing growth instead. Lyft is definitely growing, quickly, and working hard to shrink its losses. Hamilton said the price per share was reasonable, and, given Lyft’s positive cash flows, he seemed confident the company will fare well on the Nasdaq this year.
He was especially clear about one thing: Lyft’s offering is nothing like Snap’s. “The camera company,” if you remember, had posted only $404.5 million in revenue ahead of its IPO, which valued it at $23.8 billion: “It’s not crazy land; it’s not nuts; it’s not Twi..
Restaurant sales hit $825 billion last year in the U.S., but with margins averaging at only three to five percent per business, they’re always looking for an edge on efficiency and just generally running things in a smarter way. A startup called Toast, which has built a popular platform for restaurant management, has closed a hefty round of funding to double down on that opportunity to do that.
The company has raised $250 million on a valuation of $2.7 billion, money that it will use to invest in building technology to help restaurants with marketing, recruitment and operational efficiency, as well as start to think about expanding to more territories outside the U.S.
The basics of the funding were flagged earlier today by Prime Unicorn Index and we reached out to the company to confirm. It is being led by TCV and Tiger Global Management, with participation from Bessemer Venture Partners and T. Rowe Price Associates funds and other existing investors.
This Series E is a big bump up ..