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Zip surges on eBay deal

eBayZip shares jumped to a record after announcing a move into business lending, on the back of a partnership with eBay Australia.

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Zip shares jumped 25 per cent to a record after announcing a move into business lending, on the back of a partnership with eBay Australia.

A day before announcing its full-year results, Zip on Wednesday launched Zip Business, distinguishing itself from main rival Afterpay and rival buy now, pay later providers whose sole focus is consumer lending.

The partnership with eBay will allow Zip to offer working capital finance to 40,000 small businesses using the eBay platform. Products will be designed around cash flow management and it will provide access to lines of credit.

The deal will see Zip come onto the turf of non-bank lenders Prospa and Moula, along with Judo Bank. Those fintechs are all seeking to tackle the major banks, which have struggled over the years to provide innovative products for small business customers.

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Source: Zip surges on eBay deal

Source: https://australianfintech.com.au/zip-surges-on-ebay-deal/

Private Equity

Venture Capital: Toast Valued At $8B In Secondary Share Offering By Employees

Toast, which makes software for restaurants, has rebounded from the pandemic like a phoenix. Consider this: In February, shortly before the pandemic, the start-up raised $ 400 million at a valuation of $ 4.9 billion. After the virus, in April, Toast faced up to the economic devastation and cut its workforce by 50% through layoffs and furloughs. It also was forced to cut executive pay, freeze hiring, and halt bonuses. However, the startup’s software for takeout orders enabled in-house dining restaurants to pivot to the alternative mode of service. Result: business is good again.

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Venture Capital: Toast Valued At $8B In Secondary Share Offering By Employees

https://platodata.net/wp-content/uploads/2020/11/venture-capital-toast-valued-at-8b-in-secondary-share-offering-by-employees.png

Vested shares held by employees sold at $75 each.

Toast, which makes software for restaurants, has rebounded from the pandemic like a phoenix. Consider this: In February, shortly before the pandemic, the start-up raised $ 400 million at a valuation of  $ 4.9 billion. After the virus, in April, Toast faced up to the economic devastation and cut its workforce by 50% through layoffs and furloughs. It also was forced to cut executive pay, freeze hiring, and halt bonuses. However, the startup’s software for takeout orders enabled in-house dining restaurants to pivot to the alternative mode of service. Result: business is good again. (CNBC)

Toast valued at $8 billion

In a nutshell, despite the ravages from the virus pandemic, Toast managed to hike its valuation from nearly $ 5 billion in February to $ 8 billion in November.

With business now booming, Toast did not forget its employees. It allowed them to encash some of their shareholdings by selling up to 25% of their vested shares for $ 75 each in a secondary sale.

People with knowledge of the matter told CNBC that the secondary offer was for 800,000 shares worth about $ 60 million.

“In order to support our employees and former employees as they navigate the impact of Covid-19, we did complete a secondary offering recently,” a company spokesman confirmed to CNBC, though he refused to reveal the identity of the buyer(s) or the valuation.

A sea change in Toast’s fortunes

According to CNBC, recent bids in the secondary market have valued Toast significantly above this $ 8 billion valuation.

The company also rehired many of the personnel it had laid off earlier.

Meanwhile, the market considers the start-up as a candidate for an IPO in 2021.

Related Story:  Restaurant Software Maker Toast Raises $400 Million

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Source: https://dailyalts.com/toast-valued-at-8b-in-secondary-share-offering-by-employees/

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Venture Capital

To Regulate Social Media, Forget Net Neutrality

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The conservative Federalist Society’s virtual national convention recently hosted a panel on “Regulating Social Media” featuring a prominent cast of government officials and outside experts. I tuned in, expecting a robust discussion on privacy, data portability, algorithmic bias and content moderation.

It was a disappointment. They spent most of the time relitigating the merger between Sprint and T-Mobile and the net neutrality debate around broadband internet service providers.

Source: https://www.theinformation.com/articles/to-regulate-social-media-forget-net-neutrality

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Venture Capital

Digital Divide

On July 27, 1998, at the New York Historical Society, Silicon Alley Reporter put on the first Rising Tide Summit. The threesome behind this event were Jason Calacanis, Gordon Gould and me. The event began at 830am and ran until 1130pm. It was the first of these kind of events that are now the norm. […]

The post Digital Divide appeared first on Gotham Gal.

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On July 27, 1998, at the New York Historical Society, Silicon Alley Reporter put on the first Rising Tide Summit. The threesome behind this event were Jason Calacanis, Gordon Gould and me.

The event began at 830am and ran until 1130pm. It was the first of these kind of events that are now the norm. Interactive conversations between the attendees and speakers. We covered technology and each vertical technology had touched. If technology had not changed an industry, it certainly was going to at one point. After the last presentation, the party began. We were not lost on having this event at the New York Historical Society.

The last presentation of the day was given by Andrew Raseij. He was the co-founder of MOUSE. An organization which I became the first Chairperson of. He brought 15 Black, Brown and Latino kids on the stage. None of them had access to a computer in their home. That still sticks with me today.

You would think that 30 years later that this problem would have been solved. All you need is WIFI and a computer. Seems pretty simple, right? COVID has forced education to change to online learning and many students do not have access to WIFI. They are living in places where there isn’t any. They are finding themselves doing their work on their phones in places where they can at least access the hotspots.

It is unacceptable. Every building should have WIFI. Every city should have free WIFI. There should be no zones in any place in this country where you lose service at any time. There is zero reason why we can’t have mesh networks that allow each city to amplify WIFI throughout each street, store, library, apartment, home, office, garage, restaurant, etc. How is it that 30 years later under-served communities are still falling short of access to a tool that has become part of our daily lives and businesses? We should all be connected.

It is time for elected officials to make this a priority. Everybody should have access to WIFI. And as we move into the future, our education system is going to be blended, more online and less in brick and mortar. Why should some fall behind simply because of no access to WIFI. We should want every kid to have the ability to succeed and not having access is unjust.

The digital divide still exists today and there is absolutely no reason it should. It is utterly appalling. Shame on us.

Source: https://gothamgal.com/2020/11/digital-divide/?utm_source=rss&utm_medium=rss&utm_campaign=digital-divide

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