Paytm’s annual loss doubles to $549M – gpgmail


Running a payments business in India is not cheap. Just ask Paytm . One of India’s largest payment companies reported a net loss of Rs 3959 crore ($549 million) for the financial year that ended in March, up 165% over 1490 crore ($206 million) in the same period last year.

During the same period, the company’s revenue rose to Rs 3232 crore ($448 million), compared to Rs 3052 crore ($423 million) in the year before. The firm’s debt also surged to Rs 695 crore ($96 million), One97 Communications, the parent firm of Paytm, told investors in its annual report.

One97 Communications also runs an e-commerce business, which recently raised money from eBay, and Paytm Money, that runs mutual funds business. On a consolidated basis, the 9-year-old firm reported an annual loss of Rs 4217.20 crore ($584 million), up from Rs 1604.34 crore ($222 million) from the year before.

Indian news outlet BloombergQuint first reported (paywalled) the financial performance of Paytm.

The loss should worry Paytm, whose CEO Vijay Shekhar Sharma said in a conference last week that the firm would begin to work on going public in the next 22 to 24 months. The level of competition that Paytm faces today is only about to increase in the coming future, and unlike earlier, the Indian firm is not facing off financially weaker local rivals.

Paytm, which has raised over $2 billion to date from a range of investors including SoftBank, Alibaba, and Berkshire Hathaway, continues to be the largest mobile wallet app provider in India, but increasingly users are moving to government-backed UPI payments infrastructure. In UPI land, Paytm competes with Flipkart’s PhonePe and Google Pay, both of which are heavily-backed.

As of July, both PhonePe and Google Pay commanded a bigger market share across UPI apps than Paytm.

Also in UPI land, you don’t make money on each transaction. So lately, every payments firm in India, including Paytm, has expanded it offering to include financial services such as a credit card, or loan, or insurance.

In many ways, this has created a level playing field for payment firms that did not dominate the wallet business.

In a statement, Paytm said it has been investing $1 billion per year for the last two years to “expand payments ecosystem in our country.” The company plans to invest a further $3 billion in the next two years.

“We believe India is at the inflection point of digital payments and Paytm’s sole focus is towards solving the merchant payments and offering them financial services. We will invest Rs 20,000 crore ($2.7 billion) in the next two years towards achieving this,” a company spokesperson said.

The biggest challenge for Paytm and other UPI payment apps has yet to emerge. Before the end of this year, WhatsApp, which has over 400 million users in India, plans to offer UPI payment option to all its years in the coming month.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

SoftBank mints QuintoAndar a new unicorn in Latin American real estate tech – gpgmail


QuintoAndar, the Brazilian real estate technology developer, has secured a massive $250 million Series D led by SoftBank, as the Japanese conglomerate continues to deploy its $5 billion commitment to the Latin American region. The round is the latest sign that startups in Latin America can get money if they’re developing technologies in specific areas that are massive painpoints for the geography’s nascent middle class.

QuintoAndar invented a marketplace that lets users search, book, rent and advertise rental properties in Brazil. The site manages listings and visits, transaction processing between tenants and landlords, and houses the digital contracts that bind these agreements together. QuintoAndar also developed a credit analysis system that negates the need for co-signers, deposits and rental insurance – barriers that have historically blocked deal flow in this industry.

Co-founder and CEO Gabriel Braga says QuintoAndar has now entered unicorn territory thanks to the SoftBank-led round. Dragoneer also participated, as well as return investors General Atlantic and Kaszek (which recently announced a fresh $600 million fund of its own). 

QuintoAndar, which literally translates from Portuguese to English as “fifth floor,” is an example of a Brazilian startup solving Brazilian problems. Those seeking long-term rentals in big cities like São Paulo and Rio de Janeiro are throttled by bureaucratic policies that enforce expensive deposits, co-signer requirements and skyscraper-high insurance fees. On the supply side, amateur landlords are tunnel visioned on making money from transactions, creating a terrible customer service experience for tenants, along with wasted hours of apartment hunting. QuintoAndar is billing itself as a modernized fix that lets users search, book, rent and advertise rental properties in Brazil. 

The startup, which has grown into a 1,000 person São Paulo-based operation has now amassed a total of $345 million to date, including a $64 million Series C led by General Atlantic that closed just nine months ago. Braga declined to confirm the exact valuation of QuintoAndar, but says that it has crossed the threshold of billion dollar status. The company was founded in 2013. 

Why is this long term rentals startup accumulating so much capital? Brazilians are seeing home ownership as less of a long-term goal and are opting to rent, meaning more money in the bank and freedom to relocate. This, the founder believes, creates a big opportunity to make renting more efficient in a country where 62% of Brazilians are aged 29 or under, according to this review. Brazil’s population of 211,000,000 people has proven a hungry enough market for a startup like QuintoAndar to turn profitable, and to attract foreign investors like SoftBank. Co-founders André Penha and Braga were able to leverage these massive foreign investment checks to create a specific product to help generate liquidity for users in its home market. 

Braga says the company doesn’t measure success by volume of users or its newly minted unicorn status, but by number of property visits carried out on QuintoAndar. The company is projecting over 2 million visits scheduled through its platform in 2019, and is seeing 4,500 contracts signed per month. The CEO attributes QuintoAndar’s popularity to its ease of use, and the fact that the renting service is generating liquidity for brokers and sellers in the Brazilian long term rentals market. 

With the new funding, Braga intends to strengthen QuintoAndar’s userbase by acquiring new customers in more cities across Brazil. The company also intends to attract new talent and build out broker partnerships. In the long term, QuintoAndar envisions launching more financial products for its customers, and eventually using its suite of data to make recommendations for services like home renovations. 

QuintoAndar now joins Nubank, Loggi, Gympass and Stone in the growing club of billion dollar Brazilian tech companies, but its founder is more interested in keeping the momentum going than celebrating entrance into the Latin American unicorn club. “I’m more focused on the long term mission that we have, and not overly excited about being a unicorn. Tomorrow’s another day, we have to keep working,” says Braga. 


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

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.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

SoftBank-backed Getaround is raising $200M at a $1.5B+ valuation – gpgmail


Getaround, a used car marketplace and winner of gpgmail Disrupt New York Battlefield 2011, will enter the unicorn club with a roughly $200 million equity financing.

The deal values Getaround, founded in 2009, at $1.7 billion, according to an estimate provided by PitchBook. Getaround declined to comment, citing internal policy on “funding speculation.”

“Getaround and our investors work closely together on our growth strategy, and we’ll definitely plan to share more when we’re ready,” a spokesperson said in response to gpgmail’s inquiry Thursday morning.

The news follows the company’s $300 million acquisition of Drivy, a Paris-headquartered car-sharing startup that operates in 170 European cities.

Getaround closed a Series D funding of $300 million last year, a round led by SoftBank with participation from Toyota Motor Corporation. Existing investors in the business, which allows its some 200,000 members to rent and unlock vehicles from their mobile phones at $5 per hour, include Menlo Ventures and SOSV.

Assuming an upcoming $200 million infusion, Getaround has raised more than $600 million in equity funding to date.

Whether SoftBank has participated in Getaround’s latest financing is unknown. The business is an active investor in the carsharing market, with investments in Chinese ride-hailing business Didi Chuxing, Uber and autonomous driving company Cruise. We’ve reached out to SoftBank for comment.

In conversation with gpgmail last year, Getaround co-founder Sam Zaid emphasized SoftBank’s capabilities as a mobility investor: “What we really liked about [SoftBank] was they take a really long view on things,” he said. “So they were very good about thinking about the future of mobility, and we have a common kind of vision of every car becoming a shared car.”

Getaround was expected to expand into international markets with its previous fundraise. Indeed, the company has moved into France, Germany, Spain, Austria, Belgium and the U.K. where it operates under the brand “Drivy by Getaround,” and in Norway under the “Nabobil” brand.

The business initially launched its car-sharing service in 2011, relying on gig workers, who can list their car on the Getaround marketplace for $500 to $1,000 a month in payments, depending on how often their car is rented.

Since Getaround entered the market, however, a number of competitors have entered the space with similar business models. Turo and Maven, for example, have both emerged to facilitate car rental with backing from top venture capital funds.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Elliptic banks $23M to shrink crypto risk, eyeing growth in Asia – gpgmail


Crypto means risk. To UK company Elliptic it also means business. The startup has just closed a $23M Series B to step up growth for a crypto risk-management play that involves selling tech and services to help others navigate the choppy darks of cryptocurrencies.

The round was led by financial services and asset management firm SBI Group, a Tokyo-based erstwhile subsidiary of SoftBank . Also joining as a new investor this round is London-based AlbionVC. Existing investors including SignalFire, Octopus Ventures and Santander Innoventures also participated. SBI Group’s Tomoyuki Nii and Ed Lascelles of AlbionVC are also joining Elliptic’s board.

Flush with a sizeable injection of Series B capital, Elliptic is especially targeting business growth at Asia — with a plan to open new offices in Japan and Singapore. It says client revenues in the region have risen 11x over the past two years.

We last spoke to Elliptic back in 2016 when it had just raised a $5M Series A.

The 2013-founded startup began by testing the crypto waters with a storage product before zeroing in on financial compliance as a pain-point worth its time. It went on to develop machine learning tech that screens transactions to identify suspicious patterns and, via them, dubious transactors.

Now it offers an integrated suite of products and services for financial institutions and crypto businesses to screen volumes of crypto-flows that sum to billions of dollars in transactions per day — analyzing them for links to illicit activity such as money laundering, terrorist financing, sanctions evasion, and other financial crimes.

It’s focused on selling anti-money laundering compliance, crypto forensics and cryptocurrency investigation services to the private sector — though has also sold tools direct to law enforcement agencies in the past.

Billions of dollars in financial services terms is of course just a tiny drop in a massive ocean of money movements. And growth in the crypto risk-management space has clearly required more than a little patience, from a startup perspective.

Three years ago Elliptic’s first blockchain analytics product had 10-20 Bitcoin companies as customers. That’s now up to 100+ crypto businesses and financial institutions using its products to shrink their risk of financial crime when dealing with crypto-assets. But the more three than year gap between Elliptic’s Series A and B is notable.

“To date, we’ve focused on product development and assembling the right team as the market has matured. This new funding will help us expand in the right way, namely by making the push into Asia without diluting our focus on the US and EMEA,” says co-founder and CEO James Smith when asked about the gap between financing rounds.

He declines to comment on how far off Elliptic is from achieving breakeven or profitability yet.

“We provide best-in-class transaction monitoring products for crypto-assets, which are trusted by crypto exchanges and financial institutions worldwide,” he adds of its product suite. “Our products are used as key components of larger compliance processes that are designed to minimise money laundering risks.”

With the addition of SBI Group to its investor roster Elliptic gains a strategic partner in Asia to help push what it dubs “bank-grade risk data” at a new wave of established financial institutions it believes are eyeing crypto with growing appetite for risk as larger players wade in.

Larger players like Facebook . Elliptic’s PR name-drops the likes of Facebook’s Libra cryptocurrency, Line Corporation’s LINK and central bank digital currencies, as markers of a rise in mainstream attention on crypto assets. And it says Series B funds will be used to accelerate product development to support “an emerging class of asset-backed crypto-assets”.

Regulatory attention on crypto — which has been rising globally for years but looks set to zip up several gears now that Facebook has ripped the curtain off of an ambitious global digital currency plan which also has buy-in from a number of other household tech and fintech names — is another claimed feed in for Elliptic’s business. More crypto implies growing risk.

It also points to the intergovernmental Financial Action Task Force’s global regulatory framework for crypto-assets as an example of some of the wider risk-based requirements and now wrapped around those dealing in crypto.

The focus on Asia for business expansion is a measure of relative maturity of interest in opportunities around crypto-assets and localized attention to regulation, according to Smith.

“Revenue growth is certainly very strong in this region. We have been working with customers in Asia for a number of years and have seen first-hand how vibrant their crypto-asset ecosystems are. Countries such as Singapore and Japan have developed clear crypto-asset regulatory frameworks, and businesses based in these countries are serious about meeting their compliance obligations,” he says.

“We have also found that traditional financial institutions in Asia are particularly keen to engage with crypto-assets, and we will be working with them as they take their first steps into this new asset class.”

“We believe that crypto-assets will play an increasingly important role in our everyday lives and are shaping the future of banking. Our investment in Elliptic is a further commitment to this belief and to SBI Holding’s appetite to help build the digital asset-related ecosystem,” adds Yoshitaka Kitao, CEO of the SBI Group, in a supporting statement.

“Elliptic’s pioneering approach is enabling the transparency, integrity, and trust necessary for this vision to become reality. We are seeing a growing demand for their services across our portfolio of crypto-assets related companies and view Elliptic as best-placed to meet this considerable opportunity.”

While Elliptic’s business is focused on reducing the risk for other businesses of inadvertently transacting with criminals using crypto to launder money or otherwise shift assets under the legal radar, the proportion of transactions that such illicit activity represents in the Bitcoin space represents a tiny fraction of overall transactions.

“According to our analysis, approximately $1BN in Bitcoin has been spent on the dark web, so far in 2019, on items ranging from narcotics to stolen credit cards. This represents a very small share of all Bitcoin activity — less than 0.5% of Bitcoin payments over this period,” says Smith.

Not that that diminishes the regulatory risk. Nor, therefore, the business opportunity for Elliptic to sell support services to help others avoid touching the hot stuff.

“Crypto money launderers are continually developing new techniques to cover their tracks — from the use of mixers to transacting in privacy coins such as monero,” Smith adds. “We are also constantly innovating to keep pace with this and help our clients to detect money laundering. For example our work with researchers from MIT and IBM demonstrated the application of deep learning techniques to the identification of illicit crypto-asset transactions.”


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Kaszek Ventures raises $600 million in two funds as Latin America’s startup market booms – gpgmail


Kaszek Ventures, the investment firm that has been one of the primary architects of the recent boom in startup financing and growth in Latin America, has just raised $600 million across two new funds.

The new commitments (raised in roughly two months) put Kaszek’s total capital under management at roughly $1 billion, making the firm the first local early stage investor to hit that milestone.

In the eight years since Hernan Kazah and Nicolas Szekasy launched Kaszek Ventures in 2011 the startup ecosystem in Latin America has experienced a renaissance, with investments in the region surging to nearly $2 billion in 2018.

Much of that growth has come on the back of Kaszek portfolio companies like Gympass, the provider of corporate-sponsored gym memberships and perks; Konfio, the Mexican small business lending platform; Nubank, the Brazilian consumer credit company now worth roughly $10 billion; and Loggi, the Latin American logistics company with the billion-dollar valuation.

For Kazah and Szekasy, the growth of their nearly eponymous venture fund marks a successful reinvention of two of the most prominent executives of Latin America’s most highly valued tech startup, MercadoLibre.

The former chief operating officer and chief financial officer of the region’s leading e-commerce marketplace, initially launched their firm to see if they could replicate their success as entrepreneurs from the other side of the table and bring the expertise and wisdom they’d amassed from their time running what is now a $29.2 billion dollar company (by market capitalization).

“We thought we could identify many more MercadoLibres and identify teams that were outstanding and would have a very ambitious vision in a very large market,” says Szekasy. “I thought I could have more impact if I moved and started working on the investing side.”

The first fund was a relatively modest $95 million investment vehicle, but one of its first investments would go on to show the potential for outsized returns that existed in the Latin American market. That company would be Nubank, and Kaszek was among the first money into the company (alongside Sequoia Capital) when it was little more than a pitch deck and an entrepreneur — David Velez.

“They had very relevant experience in scaling a tech company to multiple countries in the region,” says Velez of the decision to take cash from Kaszek. In the early days, the firms partners were involved in all stages of the company’s growth, helping recruit talent like country managers in different regions, to localizing the pitch for different countries. “They were very active also and continue to be very active around marketing and product. They helped us develop our first website and craft our pitch to consumers and eventually develop a lot of the digital marketing muscle,” Velez says. 

The local knowledge that Kaszek provided was a great compliment to the global perspective that Sequoia brought to the table, says Velez.

For Matias Muchnick, a co-founder and chief executive of NotCo, the experience of Kaszek’s founders and the breadth of their network provided incalculable help as the company expanded beyond Chile to Latin America more broadly — and as it was fundraising.

From a Kaszek-sponsored retreat at Stanford University, Muchnick was introduced to a professor who became an advisor to the company. The professor then put Muchnick in touch with Bezos Expeditions through a connection and the firm wound up investing.

Nubank may have been the firm’s first success story to come from its portfolio, but Kaszek would notch multiple other wins from its later funds.

Standouts from the firm’s $200 million third investment vehicle include the The Not Co, a new food company working on a range of products from vegetarian ice cream and mayonnaise to replacement meat patties. That company managed to attract the attention of Jeff Bezos and his Bezos Expeditions investment fund. Two other standouts in Mexico are Kavak, a car marketplace and Credijusto, an online lending company which raised $42 million from Goldman Sachs and other investors earlier today. 

Now the firm has added to its firepower with the close of a $375 million main fund and its first “Opportunity Fund” a $225 million investment vehicle that will enable the company to maintain its stakes in later stage companies as they raise increasingly large rounds.

Kazah expects that the firm will invest a bit larger amounts in roughly the same number of companies, with the fund making between 25 and 30 new investments, he said.

And increasingly large rounds are becoming the norm in Latin America just as they’ve done in other rapidly maturing technology ecosystems.

Screen Shot 2019 08 29 at 7.02.31 AM

Chart courtesy of Crunchbase News

That rapid growth has been parlayed into returns that represent an 8x multiple on invested capital for the first Kaszek Ventures fund, a 5x multiple on the second fund, and a 2x return for the firm’s third fund — already, according to a person familiar with the firm. 

“We have been investors in Kaszek Ventures since 2011 and are thrilled to continue this partnership” said Du Chai, Managing Director at Horsley Bridge Partners, in a statement. “Kaszek has been a top performer while building a great platform with talented individuals.”

In part, Kaszek’s success is an extension of broader macroeconomic trends that were bound to transform the region, according to Szekasy.

“We were looking at Silicon Valley and looking at what was happening in China and saw that Latin America was a very large region with a large population and GDP and the right demographics and a fast pace of adoption of new technologies,” says Szekasy.

One of those new technologies that helped speed up the adoption of new technology services across Latin America was the rollout of 4G, says Kazah.

Screen Shot 2019 08 29 at 7.40.18 AM

The mobile internet was always going to be the way that Latin Americans went online, thanks to the penetration of mobile phones across the continent. But high speed internet transformed the types of companies and services that could be on offer, Kazah says.

“In 2011 we had 10% 4G penetration… now more than 90% of the cell phones purchased have been cellphones with 4G access,” according to Kazah. “That really changed the entire ecosystem… companies can aspire to have more sophisticated products… in the last couple of years they started to accelerate their growth.. We finally got to a point where there’s critical mass.”

Not only has the technology improved, but increasing political stability and the rise of a middle class market in countries like Colombia and Mexico mean that there’s more opportunities for new businesses in countries across the continent.

Brazil has always been an economic powerhouse, but now Mexico, Colombia and even countries like Argentina and Chile are showing signs of increasingly vibrant startup ecosystems.

Attention from international investors is also helping to drive the region to new heights. Earlier this year Softbank announced that it would create a new Latin America fund with $5 billion to invest in startup companies. DST and Tiger Global are also active investors in the region.

“One of the reasons Latin America was lagging was that the region was not at a critical mass inflection point technologically, but it was also the lack of capital,” says Kazah. “Softbank on the one hand provides capital but  on the other hand it has opened the eyes of others as well.”

 


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Energy Vault raises $110 million from SoftBank Vision Fund as energy storage grabs headlines – gpgmail


Imagine a moving tower made of huge cement bricks weighing 35 metric tons. The movement of these massive blocks is powered by wind or solar power plants and is a way to store the energy those plants generate. Software controls the movement of the blocks automatically, responding to changes in power availability across an electric grid to charge and discharge the power that’s being generated.

The development of this technology is the culmination of years of work at Idealab, the Pasadena, Calif.-based startup incubator, and Energy Vault, the company it spun out to commercialize the technology, has just raised $110 million from SoftBank Vision Fund to take its next steps in the world.

Energy storage remains one of the largest obstacles to the large-scale rollout of renewable energy technologies on utility grids, but utilities, development agencies and private companies are investing billions to bring new energy storage capabilities to market as the technology to store energy improves.

The investment in Energy Vault is just one indicator of the massive market that investors see coming as power companies spend billions on renewables and storage. As The Wall Street Journal reported over the weekend, ScottishPower, the U.K.-based utility, is committing to spending $7.2 billion on renewable energy, grid upgrades and storage technologies between 2018 and 2022.

Meanwhile, out in the wilds of Utah, the American subsidiary of Japan’s Mitsubishi Hitachi Power Systems is working on a joint venture that would create the world’s largest clean energy storage facility. That 1 gigawatt storage would go a long way toward providing renewable power to the Western U.S. power grid and is going to be based on compressed air energy storage, large flow batteries, solid oxide fuel cells and renewable hydrogen storage.

“For 20 years, we’ve been reducing carbon emissions of the U.S. power grid using natural gas in combination with renewable power to replace retiring coal-fired power generation. In California and other states in the western United States, which will soon have retired all of their coal-fired power generation, we need the next step in decarbonization. Mixing natural gas and storage, and eventually using 100% renewable storage, is that next step,” said Paul Browning, president and CEO of MHPS Americas.

Energy Vault’s technology could also be used in these kinds of remote locations, according to chief executive Robert Piconi.

Energy Vault’s storage technology certainly isn’t going to be ubiquitous in highly populated areas, but the company’s towers of blocks can work well in remote locations and have a lower cost than chemical storage options, Piconi said.

“What you’re seeing there on some of the battery side is the need in the market for a mobile solution that isn’t tied to topography,” Piconi said. “We obviously aren’t putting these systems in urban areas or the middle of cities.”

For areas that need larger-scale storage that’s a bit more flexible there are storage solutions like Tesla’s new Megapack.

The Megapack comes fully assembled — including battery modules, bi-directional inverters, a thermal management system, an AC breaker and controls — and can store up to 3 megawatt-hours of energy with a 1.5 megawatt inverter capacity.

The Energy Vault storage system is made for much, much larger storage capacity. Each tower can store between 20 and 80 megawatt hours at a cost of 6 cents per kilowatt hour (on a levelized cost basis), according to Piconi.

The first facility that Energy Vault is developing is a 35 megawatt-hour system in Northern Italy, and there are other undisclosed contracts with an undisclosed number of customers on four continents, according to the company.

One place where Piconi sees particular applicability for Energy Vault’s technology is around desalination plants in places like sub-Saharan Africa or desert areas.

Backing Energy Vault’s new storage technology are a clutch of investors, including Neotribe Ventures, Cemex Ventures, Idealab and SoftBank.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

WeWork reveals IPO filing – gpgmail


WeWork, now known as The We Company, released its IPO prospectus Wednesday morning months after filing confidentially to go public.

Backed by billions by SoftBank and its mammoth Vision Fund, the exit is expected as soon as next month.

The New York-based company, valued at $47 billion earlier this year, has long been rumored to be plotting a massive IPO despite towering losses. The business recently disclosed steep 2018 net losses of $1.9 billion on revenue of $1.8 billion. To convince Wall Street it’s a business worthy of their investment will be a challenge, to say the least.

In its filing, WeWork disclosed revenue north of $1.5 billion in the six months ending June 30 on losses of $904.6 million.

WeWork has raised a total of $8.4 billion in a combination of debt and equity funding since it was founded in 2011. Its IPO is poised to become the second-largest offering of the year behind only Uber, which was valued at $82.4 billion following its May IPO on the New York Stock Exchange.

WeWork plans to sell shares of its stock under the ticker symbol “We” with the share price yet to be determined.

SoftBank, unsurprisingly, and Benchmark are to be the big winners of the upcoming exit. The investment funds own roughly 114 million and 33 million pre-IPO shares.  Benchmark, a venture capital fund, led a $17 million financing in the business in 2012.

Seven years later, WeWork operates 528 co-working spaces in 111 cities across 29 countries, with a total of 527,000 memberships. 50% of members are outside the U.S.

Even with fast growth and a global presence, WeWork is often referenced as the perfect example of Silicon Valley’s tendency to inflate valuations. WeWork, a real estate business with tech-enabled services built on top, burns through cash rapidly and will has had a tough time plotting out a clear path to profitability.

“We have grown significantly since our inception,” the company writes in the S-1.” Our membership base has grown by over 100% every year since 2014. It took us more than seven years to achieve $1 billion of run-rate revenue, but only one additional year to reach $2 billion of run-rate revenue and just six months to reach $3 billion of run-rate revenue.”

As it gears up to transition into the public markets, WeWork, planning to open co-working spaces in an additional 169 locations, says it’s targeting 149 million potential members and a potential addressable market of $945 billion.

WeWork is also backed by T. Rowe Price, Fidelity, Goldman Sachs and several others.

This story is updating

 


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Last chance for early-bird tickets to TC Sessions: Enterprise 2019 – gpgmail


It’s down to the wire folks. Today’s the last day you can save $100 on your ticket to TC Sessions: Enterprise 2019, which takes place on September 5 at the Yerba Buena Center in San Francisco. The deadline expires in mere hours — at 11:59 p.m. (PT). Get the best possible price and buy your early-bird ticket right now.

We expect more than 1,000 attendees representing the enterprise software community’s best and brightest. We’re talking founders of companies in every stage and CIOs and systems architects from some of the biggest multinationals. And, of course, managing partners from the most influential venture and corporate investment firms.

Take a look at just some of the companies joining us for TC Sessions: Enterprise: Bain & Company, Box, Dell Technologies Capital, Google, Oracle, SAP and SoftBank. Let the networking begin!

You can expect a full day of main-stage interviews and panel discussions, plus break-out sessions and speaker Q&As. gpgmail editors will dig into the big issues enterprise software companies face today along with emerging trends and technologies.

Data, for example, is a mighty hot topic, and you’ll hear a lot more about it during a session entitled, Innovation Break: Data – Who Owns It?: Enterprises have historically competed by being closed entities, keeping a closed architecture and innovating internally. When applying this closed approach to the hottest new commodity, data, it simply does not work anymore. But as enterprises, startups and public institutions open themselves up, how open is too open? Hear from leaders who explore data ownership and the questions that need to be answered before the data floodgates are opened. Sponsored by SAP .

If investment is on your mind, don’t miss the Investor Q&A. Some of greatest investors in enterprise will be on hand to answer your burning questions. Want to know more? Check out the full agenda.

Maximize your last day of early-bird buying power and take advantage of the group discount. Buy four or more tickets at once and save 20%. Here’s a bonus. Every ticket you buy to TC Sessions: Enterprise includes a free Expo Only pass to gpgmail Disrupt SF on October 2-4.

It’s now o’clock startuppers. Your opportunity to save $100 on tickets to TC Sessions: Enterprise ends tonight at precisely 11:59 p.m. (PT). Buy your early-bird tickets now and join us in September!

Is your company interested in sponsoring or exhibiting at TC Sessions: Enterprise? Contact our sponsorship sales team by filling out this form.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

SoftBank-backed Fair taps three executives to lead vehicle subscription app expansion – gpgmail


Fair, the vehicle subscription startup backed by SoftBank, is loading its executive team with veterans in the tech, venture and automotive industries as it seeks to build out its Uber leasing program and expand beyond North America.

Fair.com today announced three key hires to lead the development of its car subscription app, financing department and leasing program with Uber.

Jay Trinidad, a former Google and Discovery Networks executive, is now chief product officer. Trinidad will direct the company’s app development and technology efforts. Former chief accounting officer of TrueCar John Pierantoni has been hired as senior vice president of finance and risk.

Pat Wilkison, general partner of venture firm Exponential Partners — an early investor in Fair — will run the startup’s Uber program.

The three hires are critical additions for the three-year-old startup as it tries to convince consumers to try its car-as-a-service platform over buying or leasing a vehicle from a traditional dealership or other online sales upstarts. The advantage for Fair, aside from the $1.5 billion treasure chest it has amassed — is the platform itself.

The company was founded by automotive, retail and banking executives, including Scott Painter, former founder and CEO of TrueCar, on the premise that today’s consumers, including those in the gig economy, want flexibility.

Fair has tweaked the traditional lease to give consumers more options. Users can subscribe to the program and switch vehicles through the term of their “lease.”

It’s a capital-intensive business model that requires the kind of experience that Painter believes these three executives can deliver.

The hires will help drive Fair’s aggressive efforts around payment, infrastructure and financial planning as it scales its flexible car ownership model internationally and tries to make a name for itself on the global stage.

“A critical part of our transformation effort is deepening our bench of talented executives to set us up for success now and into the future,” Painter said.

The three hires come on the heels of rapid growth, a critical acquisition and huge Series B funding round of $385 million led by SoftBank, with participation from Exponential Ventures, Munich Re Venture’s ERGO Fund, G Squared and CreditEase.

“After closing $385M in our Series B, it’s time to put that capital to work for us to buy cars and propel growth—with this new executive team providing us with important insights and leadership.” Painter said in a statement. “Jay will eliminate execution risk and bring in operational and strategic expertise, Pat is an investor-turned-employee crusader, while John is a world-class financial and accounting expert around whom we can build a sound subscription business and strong auto insurance division.”

Fair acquired in January 2018 the active leasing portfolio of Xchange Leasing, a service Uber first established in 2015 to lease new and nearly new vehicles to drivers who did not come to the service with their own cars.

That acquisition laid the foundation for what has become a big piece of Fair’s business today. Some 45% of Fair’s cars are used by Uber drivers today.

Fair also has aspirations to expand beyond the U.S., Trinidad told gpgmail in a recent interview. The company hasn’t publicly disclosed which countries it might go to first. Europe and Asia, particularly considering Trinidad’s long background in the region, would be the most likely markets for Fair.

In the next year, the company hopes to move into international markets and grow its workforce, which will likely mean moving into a bigger office, Trinidad said.

“I really think in a year’s time, at least in the markets we’re targeting such as Los Angeles and San Francisco, you’ll start to hear ‘Why not Fair a car instead of buying or leasing one?’ It will be a third option people consider.”


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something