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Wednesday, 4 December 2019
Ford GoRide Health shifts to autonomy and shuts down in five cities
Game of Thrones season 8 deleted scenes bring Dany and Missandei together - CNET
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Google Photos adds in-built conversation feature
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Setting politics aside, Sequoia raises $3.4 billion for US and China investments
Noted Silicon Valley venture capital fund Sequoia Capital has raised nearly $1 billion for later-stage U.S. investments and roughly $2.4 billion for venture and growth deals in China, according to paperwork filed with the U.S. Securities and Exchange Commission on Tuesday.
The firm, famous for its investments in U.S. companies like Google, Instagram, Dropbox, LinkedIn, Snap and WhatsApp, is also an investor in some of China’s most successful startups.
These are companies like Alibaba, China’s e-commerce answer to Amazon; Ant Financial, a multibillion-dollar financial services powerhouse; JD.com, another e-commerce powerhouse; ByteDance, the owner of America’s latest social media sensation, TikTok; and Yitu, one of the national leaders in the development of machine learning applications.
These investments have not come without their share of controversy abroad. Yitu has been linked to the technology dragnet currently in place in Xinjiang, where an estimated 1 million religious and ethnic minorities are currently interned. Meanwhile, TikTok’s popularity in the U.S. has come with accusations of censorship in its treatment of posts that were supportive of both Xinjiang’s imprisoned population and the dissidents protesting mainland China’s increasing control over Hong Kong politics.
U.S. senators have already called for an investigation into TikTok, and Yitu was blacklisted by the U.S. Department of Commerce in October for its role in human rights violations in Xinjiang.
Setting politics aside, Sequoia has brought in $1.8 billion for its Sequoia Capital China Growth Fund V and about $550 million for Sequoia Capital China Venture Fund VII, per filings with the Securities and Exchange Commission.
It’s a sign that when valuations are concerned (ByteDance alone is now worth $78 billion, according to some reports), investors can overlook the potential political pitfalls of dealing with China.
Sequoia, led by Doug Leone, Michael Moritz, Roelof Botha and others, recently sought $8 billion for a global fund, its largest-ever fundraise, holding a first close of $6 billion in June 2018. In addition, the firm operates Sequoia Capital India, with offices in Menlo Park, Bengaluru, Mumbai, New Delhi, Singapore, Tel Aviv, Beijing, Hong Kong and Shanghai.
News of the fund comes at the tail end of another strong year for venture capital fundraising in the U.S. Firms, including 41-year-old NEA, filed to raise as much as $3.6 billion for a single fund. Meanwhile, Norwest Venture Partners, DCVC and Accel all closed new vehicles exceeding $500 million.
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Scientists develop artificial nerve cells which behave just like real cells - CNET
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Netflix's The Witcher: Critics praise the first episodes - CNET
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Four fired employees plan to file charges against Google. Here’s what’s next
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Samsung Galaxy Watch Active 2 review: A bite out of Apple
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How to add family members to your Apple Music subscription
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Beats Powerbeats Pro review: Great design, with a flaw
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The best Android apps (December 2019)
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Fitbit Versa 2 review: The subscription smartwatch
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Shark IQ Robot R101AE Self-Emptying Robot Vacuum review
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The MacBook Pro is getting a killer feature iPhone users can only dream about
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The best Nintendo Switch games
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Best Cyber Monday deals 2019: The final list of sales still available this week
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How to clean your AirPods or AirPods Pro case
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Samsung’s Galaxy Note 10 Plus Review: Renaissance Phone
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Fronted, from former Bud, Monzo and Apple employees, wants to make life easier for renters
Fronted, a new London-based startup aiming to make life easier for renters, is breaking cover today.
The company, founded by Jamie Campbell, Simon Vans-Colina, and Anthony Mann — former employees at Bud, Monzo and Apple, respectively — will launch early next year with a fintech product to help renters finance their rental deposits.
The plan is get accepted into the FCA “sandbox” program (run by the U.K. financial services regulator) to begin lending cash that can only be used for a rental deposit.
The thinking is that by using Open Banking and other financial technology and offering a credit product designed to finance deposits directly, Fronted can lend more cheaply than existing options, such as credit cards, pay-day lenders, and overdrafts, or insurance-backed membership schemes, and at lower risk.
“Renting sucks — anyone who rents knows it,” Fronted CEO Jamie Campbell tells me. “There are so many problems to solve and we intend to tackle them all bit by bit. But first, we are going to pay people’s rent deposits for them so they can pay us back in bite-size manageable amounts. Deposits are a large upfront expense and most people either use mum and dad to sort it out or stay where they are (in the worst cases they do to pay-day lenders)”.
In a call late last week with Campbell and CTO Vans-Colina, the pair explained that renters that apply to use the Fronted service will be asked to link their bank using Open Banking, therefore sharing their recent transaction data, and provide details of the property they wish to rent. Then, once Fronted has run the required checks and agreed to provide credit, the startup sends the money directly to the estate agent to be placed in the U.K.’s Deposit Protection Scheme, meaning that the loan never touches the renter’s hands (or wallet).
“Customers will have a direct debit to pay us back over a set schedule, or they can pay it all off when they have the money to do so, [and] we don’t charge any fees,” says Campbell. There is also a planned “holiday mode” that will allow customers to temporarily reduce their monthly payments in order to help avoid falling into financial difficulty.
“Ultimately this first product is designed to be very convenient and we believe people will opt for this more manageable alternative to a normal deposit,” adds Campbell. “There are customers of ours that will be in ‘hidden households’ unable to move because of the upfront fees… Deposits can [also] sometimes take a long time to be returned from the schemes (something the government recently launched an enquiry into). Fronted wants to serve people who might otherwise be ‘double-exposed’ by deposits. We hope this first product increases social mobility by providing liquidity when people need it”.
Initially, Fronted will generate revenue through interest charged. It then plans to extend its fintech product offering with additional money-advance services “to help smooth out the bumps of renting”.
“We also intend on rolling out a ‘turn up and turn on’ service for utilities and internet,” says the Fronted CEO.
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Larry Page and Sergey Brin Hand Over Alphabet’s Reins
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