Omnipresent raises $15.8M Series A for its platform to employ remote-workers globally
- Omnipresent, which helps companies employ remote-working local teams worldwide, has closed a $15.8M Series A funding round.
- The company said it closed the round five months after it’s July 2020 $2m in seed round.
- Founders Matthew Wilson and Guenther Eisinger started the company as part of Entrepreneur First’s London cohort in 2019.
- Omnipresent says it ensures the process of remote-hiring costs a fraction of what it would if the company did it on their own, by using Omnipresent’s platform to onboard employees compliantly in 150 countries.
- It provides employees with local contracts, tax contributions, and local and international benefits such as health insurance, pensions and equity options.
- The company competes with other firms like Remote.com and Boundless HQ.
- Omnipresent said its own employer surveys show that over 85% of employers will be employing remote or international employees in 2021.
Meet the power players in Carlyle's $53 billion lending division - Business Insider
- One of Kewsong Lee's biggest priorities as CEO of The Carlyle Group has been to build out a lending division that offers new financial products for investors and serves as a true equal to its long-standing private-equity team, which has bought thousands of companies over its 34 years of existence, from the luxury fashion brand Golden Goose to the digital-content company Getty Images.
- Riddhi Bhalla, a managing director who serves as the head of Europe investor relations for Carlyle Global Credit, joined the firm in August and is based in London.
- Before joining The Carlyle Group in January 2020, Boye was a managing director at HPS Investment Partners, a private-equity firm based in New York.
- Mark Jenkins is the global head of credit and the chief architect of Carlyle's credit group, whose assets under management have more than doubled, to $53 billion from $25 billion, during his four years at the firm.
Inside Hims' founder's journey to go public via SPAC - Business Insider
- Deals can be completed in six months compared to the 12-month timeline it typically takes for a traditional IPO, which let him focus more on Hims's growth, he added.
- Dudum took advantage of the option to sign up PIPE investors alongside his SPAC deal, which allows Hims to raise a set amount of money at an agreed valuation.
- In a typical SPAC structure, an individual from the SPAC partner might join the company's board, which was a perk that Dudum liked.
- While Oaktree didn't take a board seat with the company, the firm talked Dudum through going public, choosing other board members, and navigating the process of welcoming them, he said.
- While a growing number of startups are going public via SPAC, some individuals aren't familiar with the nuances of the process compared to the traditional IPO.
TripActions raises $155M at $5B valuation as corporate travel recovers from pandemic lows
- This morning TripActions, a software company whose tools help businesses book and manage corporate travel, announced a new $155 million investment.
- An up-round less than a year after layoffs is an impressive recovery, so TechCrunch wanted to learn more about the corporate travel market, TripActions’ bread and butter, and the pace of the venerable business trip’s recovery; as COVID-19 vaccines roll out, how quickly are employees getting back onto planes?
- According to a company spokesperson, the corporate travel market is at “20 percent levels as of this month,” while growing between 3% and 6% “week-over-week.” That pace of recovery could have given investors confidence that TripActions’ recovery to at least most of its former strength was merely a matter of time.
- Regardless, from pre-pandemic highs, to a COVID-19 trough, to today with a newly raised valuation and lots of new cash, TripActions’ last year is a future business case study in the making.
Billionaire investor Seth Klarman warns of massive market risks and says Tesla stock has surged 'seemingly beyond all reason'
- A billionaire investor heralded as "the next Warren Buffett" blasted the Federal Reserve and Treasury in a private letter this week, accusing the duo of disrupting the stock market and putting investors at risk.
- Seth Klarman told clients of his Baupost hedge fund that investors are behaving as if risks have "simply vanished" due to rock-bottom interest rates and wave after wave of government stimulus, the Financial Times reported.
- When a college student asked the Berkshire Hathaway CEO in 1992 who might be the next Buffett, he swiftly replied "Seth Klarman," according to the professor teaching the class.
- Baupost's latest portfolio update revealed a $400 million stake in Bill Ackman's special-purpose acquisition vehicle, Pershing Square Tontine, as well as a $52 million position in Redball Acquisition Corp, another SPAC that is co-chaired by "Moneyball" star Billy Beane.
Financial forecasting startup Springbox AI launches its apps and raises $2M
- Springbox AI, an AI-powered financial forecasting application designed to replace financial market investment service and aimed at the average financial markets trader, has launched on iOS and Android.
- It’s been built by a team of founders who previously worked at Deutsche Bank, Credit Suisse, UBS, and BNP Paribas.
- It’s so far raised $2M in funding from private investors in Europe.
- The app costs $49 a month, and includes a range of tools including market forecasting; live market screening of stocks, forex, and futures markets; and trading news.
- Springbox competes with trading apps like eToro, but eToro focuses on social trading and following a strong investor from the community.
- Springbox is designed for slightly more sophisticated traders, say the founders.
Stock Futures Rise as Tech Leads Charge
- U.S. stock futures rose on strong earnings and renewed investor enthusiasm for big technology companies.
- Futures tied to the tech-heavy Nasdaq-100 led markets, rising 0.4%, indicating the index may climb further after notching its third record high this year on Wednesday.
- Contracts tied to the broader S&P; 500 rose 0.2%, and those linked to the Dow Jones Industrial Average edged up 0.1%.
- Railroad operator Union Pacific will post earnings before the opening bell, along with several regional banks, including KeyCorp and Fifth Third Bancorp.
- Chip giant Intel and International Business Machines are slated to announce quarterly results after markets close.
- Investors are watching earnings closely to see if they support the strong run across markets in recent months.
- Many have bet on an economic recovery this year, as Covid-19 vaccinations ramp up, increasing prospects for future earnings.
Curtsy, a clothing resale app aimed at Gen Z women, raises $11 million Series A
- Curtsy, a clothing resale app and competitor to recently IPO’d Poshmark, announced today it has raised $11 million in Series A funding for its startup focused on the Gen Z market.
- However, the current process for listing your own clothes on resale apps can be time consuming.
- The app uses a combination of machine learning and human review to help the sellers merchandise their items, which increase their chances of selling.
- When sellers first list their item in the app, Curtsy will recommend a price then fill in details like the brand, category, subcategory, shipping weight and the suggested selling price, using machine learning systems training on the previous items sold on its marketplace.
- This process helps to standardize the listings on the app across all sellers, giving everyone a fair shot at having their items discovered and purchased.
Global fundies' positioning points to 'imminent' correction
- Investor sentiment is bullish, readings on earnings per share, yields, inflation and emerging markets are at record highs and cash holdings are at an eight-year low, according to a survey of global fund managers.
- Bank of America said the survey found a net 87 per cent of fundies expect global profits to improve over the next 12 months, the best outlook for profits since February 2002.
- While US equities have rallied to start 2021, the survey found that a record net 62 per cent of fundies are "overweight" emerging markets.
- In his second inauguration on March 4, 1865, Lincoln sought to begin the healing of a divided country emerging from a bloody Civil War. Sophisticated investors are so bullish that a correction in risk assets is "imminent", according to Bank of America.
Monzo founder Tom Blomfield is departing the challenger bank and says he's ‘struggled’ during the pandemic
- However, having been given the time and space to consider his long-term future at the bank he helped create six years ago, and with a refreshed executive team now in place, he says it is time to “hand over the baton”.
- Monzo’s total weekly revenue is now 30% higher than pre-pandemic, helped no doubt by over 100,000 paid subscribers across Monzo Plus and Premium in the last five months (sources tell me the company surpassed £2 million in weekly revenue in December for the first time in its history).
- Blomfield also says that Anil and Bhatia and other members of the Monzo executive team have specific skills — that he simply doesn’t have — related to scaling and managing a bank approaching 5 million customers.