Episode 92: Tech Stocks Made Investors Optimistic
Strong earnings from tech stocks made investors optimistic ahead of reports next week from the biggest names in the sector. Twitter and Snap each jumped Thursday following better-than-expected second-quarter earnings reports. Twitter traded 3% higher, while Snap shot up 24%.
Duolingo, the creator of a language learning app, plans to offer 5.1 million shares at between $85 and $95 apiece on the Nasdaq. At the midpoint price, Pittsburgh-based Duolingo would raise around $459 million and be valued at $3.2 billion based on the number of shares outstanding. The company is backed by NewView Capital, Union Square Ventures, and CapitalG. It was valued at $2.4 billion last year, according to PitchBook data.
The co-working space The Wing is working to woo remote workers back after the pandemic and allegations of a racist and toxic work environment. Competition is fierce, now that the pandemic has shifted workers' relationship with the office, and The Wing is rolling out small changes—free tote bags, scented candles—and bigger ones—a diverse advisory board and more male members. New York Times
Index Ventures has raised a mammoth $3.1 billion across a trio of funds in a major boost to Europe's fundraising environment. The London-based firm will commit $2 billion to growth-stage startups and $900 million to early-stage investments, in addition to a previously announced $200 million seed vehicle.
Friday Market Close
Dow 30 35,061.55 +238.20 (+0.68%)
S&P 500 4,411.79 +44.31 (+1.01%)
Nasdaq 14,836.99 +152.39 (+1.04%)
Filed IPO/SPACs
Rent The Runway, a New York-based clothing rental company, said it's filed confidential IPO papers. The company has raised nearly $700 million from firms like Advance Venture Partners, Highland Capital Partners, and TCV. http://axios.link/MQcl
Robinhood, which touts its mission as “democratizing finance,” is trying out a new kind of I.P.O.: The online brokerage plans to sell as much as a third of its offering to customers through its app. Watch their roadshow here.
LATAM
Yummy, a Venezuelan food delivery app, raised a $4M funding round from Y Combinator, Justin Mateen, Canary, Hustle Fund, Necessary Ventures, and the co-founders of TaskUs.
Yummy is the first food delivery app in Venezuela and is completely free. The app expanded into other verticals including grocery, pharmacy, shopping, and ride-sharing, and is receiving more than 70,000 monthly orders.