Rivian Automotive, an Amazon-backed maker of electric trucks and utility vehicles, filed for a stock market listing on Friday as it prepared to ramp up manufacturing and deliveries. The California-based company said that it has filed for an initial public offering (IPO) on a confidential basis, in accordance with a provision that allows it to keep its financial data private. The offering’s size and pricing range were not disclosed. Rivian has garnered more than $10 billion in investment since its inception in 2009, notably from Amazon, which has committed to…
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Facebook to launch digital wallet this year
Facebook confirms that the firm is preparing to create a digital wallet that would allow users to store cryptocurrency. The director of Facebook’s crypto team, David Marcus, told the information News site that company officials “feel pretty committed” to launching the Novi digital wallet this year. Marcus stated that he would have wanted to release Novi concurrently with Diem, a digital currency connected to the dollar that the company is also developing, but Diem’s release date remained unknown. “In theory, Novi could launch before Diem, but it would mean launching without Diem and…
Read MoreSelf-Flying planes are coming to you: Autonomous planes by merlin startup
Autonomous flight startup merlin lab announced their partnership with aircraft provider Dynamic Aviation earlier this year. The Boston-based company now revealed its plan to launch autonomous planes. The company said their software & hardware is capable to work in any plane and it has conducted many test flights with the autonomous plane but with a safety pilot. Merlin CEO Matthew George says he is in this industry to “make air space safer and more efficient.” The startup is planning to load packages onto autonomous planes. Autonomous planes are a relief…
Read MoreNetflix’s Big move: Offers video games
Netflix Inc is pushing itself beyond the boundaries by offering video games. The company has hired former Electronic Arts and Facebook executive Mike Verdu, as its Vice President of Game Development. Netflix has been expressing its interest in expanding into the video gaming industry for a while now. They recently announced the launching of two new features (Kids Recap email, and Kids Top 10 row) for grabbing more audience among kids. The games at Netflix will appear as a new programming genre without any extra charge. Netflix expects the latest…
Read MoreSneaker and streetwear empire GOAT hits $3.7 billion valuation in Series F raise
The GOAT Group parent company shared today that it has raised $195 million in a Series F raise valuing the fashion giant at some $3.7 billion. The raise was led by a handful of hedge funds and P/E firms including Park West Asset Management, Franklin Templeton, Adage Capital Management, Ulysses Management and funds & accounts advised by T. Rowe Price Associates. GOAT has surgically defined a corner of fashion commerce outside of Amazon’s purview while growing the appeal of street wear and sneakers to a broader audience of consumers. GOAT Group…
Read MoreSnackpass valued $400M+, Crosses 500K users
While every food delivery company is trying to get an edge on its rivals with discount codes, faster service, and a turn into the realm of spooky with ghost kitchens and dark stores, a startup built on a lighter, social concept — letting people see what their friends are chomping on, making it possible to order food and drinks for each other and group order, with buyers picking it all up for themselves — has just raised a substantial Series B and says that it is already profitable in a…
Read MorePrinceton Alum’s Startup Raises $51 Million to Help People Plan for An Easy Retirement
Are you aware that you could boost your retirement outlook by using this new startup’s no-cost service? SmartAsset’s free, five-minute tool makes it easy to find qualified financial advisors in your area or who serve your area. Our exclusive tool matches you with up to three fiduciary financial advisors who have passed a rigorous vetting process. Unlike broker-dealers, stockbrokers and insurance agents, fiduciary advisors are legally bound to work in your best financial interest. With over 110 million Americans over age 50, it’s no wonder this Princeton alum’s startup has…
Read MoreSelf-Driving Truck Startup Plus to Go Public Through $3.3 billion SPAC Deal
Plus said on Monday it would go public through a merger with blank-check company Hennessy Capital Investment Corp. V in a deal that values the self-driving truck technology startup at $3.3 billion. The combined company will get proceeds of $500 million from the deal, including a private investment of $150 million. Investors in the deal include BlackRock and D.E. Shaw group, among others. In February, Plus raised $200 million in a funding round, co-led by brokerage Guotai Junan International and private equity firm CPE, according to data from Pitchbook. Founded…
Read MoreForeign Entrepreneurs to Gain More Access to Immigration Program
The Biden administration plans to revive an immigration program that lets foreign entrepreneurs work in the U.S. by withdrawing a Trump administration proposal that aimed to kill the program. The International Entrepreneur rule, proposed by President Obama’s administration three days before he left office in 2017, allows foreign entrepreneurs to work in the country for up to five years, so long as their startups attract at least $250,000 in U.S. venture capital, hire 10 employees or meet other benchmarks.
Read MoreZomato may Invest $100 million in Grofers as e-Grocer Shelves US IPO Plan
Food delivery app Zomato is in talks to invest around $100 million in e-grocer Grofers, two people in the know told ET, after discussions of a possible merger between the two fell through last year at the onset of the Covid-19 pandemic. Zomato’s investment is likely part of a larger financing round and may value the Gurugram-based online grocery firm at around $1 billion, sources said. This time the talks have centred around a capital infusion, unlike last year when Zomato would have likely acquired Grofers in an all-stock deal….
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