Alex Wilhelm
Oct 26, 2020
7 min
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.
This is Equity Monday, our weekly kickoff that tracks the latest big news, chats about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself there—you don’t forget to check out last Friday’s episode that includes some high-quality Quibi jokes, if I recall correctly.
https://techcrunch.com/2020/10/22/quibis-shortform-life/
This was a busy morning, with lots to talk about it. Here’s what we got into:
Headlines this morning that caught our eye included falling global stock markets in the wake of rising COVID-19 cases; SAP torched tens of billions of market cap by missing earnings expectations and cutting its forecast; and Ant Group will raise a bajillion dollars in its impending IPO.
Unicorn news
Databricks is prepping an IPO that we already know a lot about, and Airbnb’s shares are splitting ahead of its own IPO, a deal we’re expecting any day now. The PrimaryBid round was super cool, with TechCrunch covering the $50 million deal. I spoke with the company’s CEO last week about the deal, sharing some of those notes on the show. And VSPN raised nearly $100 million in an esports round that was more than cool.
On the SAP front
Here’s the question: Is the earnings miss and forecast miss a one-off, or something that a number of tech companies are going to suffer from? If the former, it’s not that big of a deal. If the latter, SAP could be the harbinger of a reset in tech valuations.
Shout-out to Lewis Hamilton and that G2 series. OK, chat Thursday!
Equity drops every Monday at 7:00 a.m. PT and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify, and all the casts.
Why VCs are dumping money into insurance marketplaces
Alex Wilhelm
Senior Reporter
Alex Wilhelm was a senior reporter for TechCrunch covering the markets, venture capital and startups. He was also the founding host of TechCrunch’s Webby Award-winning podcast Equity.
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Why VCs are dumping money into insurance marketplaces
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Databricks IPO updates
Databricks, a leader in data engineering and machine learning, has been closely watched for its upcoming IPO. The company has already raised millions of dollars through its Initial Public Offering (IPO) process, solidifying its position as a key player in the tech and finance industries.
The IPO is expected to raise up to $1 billion, with proceeds going toward expanding the company’s product offerings and services. Databricks’ strong financial performance has made it one of the most attractive investments in the tech ecosystem, and its success story continues to grow.
Airbnb splits shares
Airbnb has announced that it will split its shares into two classes: Class A and Class B. The company is expected to raise up to $10 billion through this process, with proceeds going toward repaying existing debt and expanding its platform.
The split is part of Airbnb’s efforts to improve its financial performance and provide more value to shareholders. The company has been under significant pressure from investors who are looking for higher returns on their investments in the tech giant.
The PrimaryBid round
TechCrunch covered the PrimaryBid round, which was a huge success. The round included $50 million raised, with proceeds going toward developing new features and improving the platform’s user experience.
The deal was signed by Databricks’ CEO and COO, who expressed their excitement about taking control of the company and leading it into the next phase of its growth.
VSPN raises $100 million
VSPN, a gaming startup focused on virtual reality and augmented reality experiences, has raised $100 million in a Series A funding round. The funds will be used to expand the company’s product offerings and bring new features to its platform.
The company is expected to go public soon, making it one of the fastest-growing startups in the gaming industry. VSPN’s success story continues to grow as it looks to dominate the virtual reality market.
Ant Group IPO updates
Ant Group, China’s largest fintech company, has announced its upcoming IPO on the Hong Kong Stock Exchange. The company is expected to raise up to $50 billion through the IPO process, with proceeds going toward repaying existing debt and expanding its operations in the global financial markets.
The IPO is a major milestone for Ant Group as it looks to solidify its position as a leader in the fintech industry. The company has been closely watched by investors and analysts due to its rapid growth and expansion into new markets.
Conclusion
This was an exciting week with updates from some of the biggest names in the tech and fintech industries. From Databricks’ IPO to Airbnb’s share split, there’s no shortage of developments that are shaping the future of these companies.
Make sure to check out all the latest news and analysis on Equity as we continue to break it down for you.
