Social Capital is no longer accepting new investor capital, founder Chamath Palihapitiya announced via blog post. The fast-growing venture firm, which has seen a wave of partner departures in recent months, will become a technology holding company investing internal capital only.
Adobe announced that it will acquire marketing automation provider Marketo for $4.75 billion. The deal provides a big return for Marketo’s majority owner, Vista Equity Partners, which took the company private a couple years ago for $1.8 billion.
The two most famous startups in the scooter space, Bird and Lime, have each crossed the 10 million ride mark. Both are still growing into their massive valuations, however, with the two companies currently worth roughly $100 to $200 per served ride.
London-based online luxury retailer Farfetch priced shares for its U.S. IPO at $20 each, above the proposed range. The offering sets a preliminary public valuation of around $5.8 billion.
Online freelancing marketplace Upwork laid out a price range for its upcoming IPO that sets a valuation of $1 billion to $1.25 billion for the Silicon Valley-based company.
Postmates, a food delivery startup operating in major American cities, closed $300 million in a new funding round led by Tiger Global. The financing comes as the San Francisco-based company marches closer toward an anticipated 2019 IPO.
China-based peer-to-peer lending platform X Financial priced its IPO at $9.50 per share, on the lower end of the firm’s $9 to $11 per-share price range. The New York Stock Exchange offering raised an estimated $104.5 million.
Tencent Music Entertainment Group, China’s biggest music-streaming company, is reportedly seeking to raise about $2 billion in a U.S. listing, down from the up to $4 billion that had been touted earlier.
The U.S. Digital Service calls itself the White House startup. Founded in 2014, the organization draws upon strategies and talent of the private tech community to resolve problems at government agencies stemming from security breaches, poorly functioning software, and other technology-related glitches.