VCs pour funding into logistics startups | Steve Case wants VCs to look beyond coastal states | Online lender Elevate Credit kicks off 2nd attempt to go public
March 28, 2017
NVCA SmartBrief
News for the startup ecosystem
The Lead
VCs pour funding into logistics startups
The successes of logistics startups have prompted venture capitalists to step up their funding for tech companies entering the tradition-bound freight business. In 2013, venture funding for the logistics sector totaled only $60 million, but last year, nearly $200 million was invested, according to PitchBook data.
The Wall Street Journal (tiered subscription model) (3/27) 
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Capital Call
Steve Case wants VCs to look beyond coastal states
Investor Steve Case, best known for founding AOL, has been crisscrossing the country to meet with entrepreneurs and business leaders from regions that see relatively little venture capital investment. Case hopes his "Rise of the Rest" campaign brings attention and seed funding to startups in these overlooked cities, particularly companies outside the software industry.
Axios (3/27) 
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Online lender Elevate Credit kicks off 2nd attempt to go public
Elevate Credit, an online lender that makes loans to US and UK consumers with less-than-ideal credit histories, is making a second attempt to launch an initial public offering. The company canceled an IPO more than a year ago when confronted with unfavorable market conditions.
Business Insider (3/27),  The Wall Street Journal (tiered subscription model) (3/27) 
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Snap gets a wave of positive ratings from analysts
With the expiration of the waiting period that barred underwriters from making public their research on Snap, the messaging company that recently went public is getting a lot of favorable recommendations from Wall Street analysts. So far, 41% of analysts are rating Snap a "buy," 38% are giving it a "neutral" rating, and 21% categorize it as a "sell."
Bloomberg (3/27) 
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Uber wants parts of dispute with Waymo decided privately
Uber is asking a federal judge to order the portions of the lawsuit brought against it by Alphabet's Waymo that deal with unfair competition and trade-secret theft to be fought privately in arbitration proceedings. At the same time, Uber wants the patent infringement claims decided in court.
Bloomberg (3/27) 
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View from Abroad
China's Didi Chuxing reportedly evaluating $6B SoftBank investment
Didi Chuxing, the Chinese ride-sharing startup, is trying to decide whether to accept a $6 billion investment led by SoftBank Group, people familiar with the matter said. In its present form, the terms of the deal would dilute the equity stakes held by earlier investors, they said.
Bloomberg (3/27),  TechCrunch (3/27) 
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Middle East's top online retailer, Souq, acquired by Amazon
Amazon has bought Souq, the biggest online retailer in the Middle East, for an undisclosed sum after the company rejected an $800 million offer from a state-backed investor. Souq, which is based in Dubai, is active in Egypt, the United Arab Emirates and Saudi Arabia.
The New York Times (free-article access for SmartBrief readers)/The Associated Press (3/28) 
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UK printing-tech startup Kite bought by Canon Europe
Kite, a British software startup that created technology that lets developers add print-on-demand capabilities to their apps, has been acquired by Canon Europe. Kite's technology has been incorporated into more than 500 websites and apps.
TechCrunch (3/28) 
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Take action in DC at the 2017 NVCA Annual Meeting
With a new administration in Washington, now more than ever it is imperative that the venture capital community come together to advance NVCA's pro-innovation agenda. Join us for the 2017 NVCA Annual Meeting May 10-11, 2017 in Washington, DC for two days of industry education, data and research, public policy discussions, and advocacy on Capitol Hill.
Corporate Venture Capital
TV recommendations startup acquired by Spotify
Spotify logo
(Jason Davis/Getty Images)
Music streaming service Spotify says it has acquired MightyTV, a startup that developed an app that makes suggestions to viewers about what TV shows and movies to watch. Spotify said the company's technology will help it target specific groups for advertising.
Bloomberg (3/27) 
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Sector Spotlight: Tech
Uber restarts self-driving-vehicle tests
Uber has resumed testing its self-driving cars in Arizona, Pittsburgh and San Francisco. The tests were briefly suspended after a collision in which a non-Uber vehicle was at fault.
The New York Times (free-article access for SmartBrief readers)/The Associated Press (3/27) 
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Make our public markets great again at NVCA Annual Meeting
The median number of venture-backed IPOs per year has dropped precipitously over the last 15 years. The JOBS Act was a great first step to help venture-backed companies on-ramp to the public markets, but more needs to be done to ensure they are successful once there. Explore why the U.S. IPO markets have declined and what we can do to reopen the public markets for startups at the 2017 NVCA Annual Meeting May 10-11 in Washington. Get your tickets now and participate in crucial discussions on capital markets policy!
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Convening the ecosystem through the NVCA events calendar
As part of our mission to serve our members and the broader innovation economy, NVCA promotes, shares and participates in a diverse range of events connecting the various constituencies in the startup ecosystem that are critical to driving entrepreneurship. Visit NVCA's events calendar to learn more.
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Failure has to be an option. ... No important endeavor that required innovation was done without risk.
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