Troubles keep mounting for the We Company as Softbank reportedly calls for shelving the IPO – gpgmail


The troubles for We Company and its main business WeWork are mounting as the Financial Times is reporting that the company’s main backer, Softbank, is pushing for the company to put its troubled public offering on hold.

Citing sources familiar with the company and its main investor, the Financial Times said that the cool reception We Company has received from public market investors.

The company needs to raise at least $3 billion in the public offering to trigger a $6 billion in debt financing from the very bankers architecting its IPO. If it fails to cross that $3 billion threshold and not have access to that debt, it would be a significant roadblock to the We Company’s global expansion plans. And those plans are vital to the company’s success, since it’s the growth story that the company is selling to public market investors.

Over the weekend, the Wall Street Journal reported that the company was thinking about reducing the amount it would seek in a public offering below the $20 billion figure that had been previously reported.

The We Company had last raised money at a valuation of over $47 billion and the constant reductions in the company’s value may create a self-fulfilling prophecy that pushes the share price down even further should the company go ahead with a public offering.

The company has even taken steps to roll back some of the more egregious financial arrangements that made investors look at the company askance. It added a woman to its board of directors after much public outcry over the board composition and unwound a nearly $6 million agreement the company had made with its chief executive Adam Neumann over the licensing rights to the brand “We”.

Still, Neumann’s control over the company and the mounting losses of the core business sub-leasing long term commercial rental space to short term tenants have made public investors balky on the We Company’s longterm prospects.


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Nyca Partners raises $210M to invest in fintech startups – gpgmail


Nyca Partners, a firm with investments in financial technology businesses including PayRange, Trellis, Affirm and Acorns, has collected another $210 million for its third venture capital fund.

Located in New York, Nyca’s debut fund closed on $31 million in 2014. Its second fund, a similarly focused fintech effort, raised $125 million in 2017.

Venture capital investment in fintech is poised to reach new heights in 2019, according to PitchBook. So far this year, investors have bet $8.6 billion on U.S.-based fintech upstarts. Last year, investment in the space reached an all-time high of more than $12 billion, with Robinhood, Coinbase and Plaid all raising multi-hundred-million-dollar rounds.

Nyca managing partner Hans Morris has a long history in the financial space. Most recently, he was managing director at General Atlantic; before that, he served as president of Visa and spent nearly three decades at Citigroup in roles including chief financial officer and head of finance.

The firm is also led by Ravi Mohan, partner and chief operating officer, who spent 25 years at Citigroup and JP Morgan Chase .

As part of the new fundraise, Nyca has promoted David Sica to partner. Prior to joining Nyca, Sica was a director at Visa.

Nyca announces its new fund just days after Oak HC/FT, another fintech-focused fund, raised $800 million to invest in the space.


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