NVCA blog: Being different can really pay off | Soft pricing brings Stitch Fix IPO down to $120M | NVCA applauds House tax bill provisions
November 17, 2017
NVCA SmartBrief
News for the startup ecosystem
The Lead
NVCA blog: Being different can really pay off
Among entrepreneurs and scientists, those who are different from those around them are the ones who challenge the status quo and deliver the greatest innovations, writes Carmichael Roberts, founder and managing partner at Material Impact and general partner at North Bridge Venture Partners. "If founders demand to work with diverse firms that share their values, and if LPs prioritize diversity as part of their diligence process, perhaps we can move the needle," he writes.
NVCA Blog (11/16) 
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Capital Call
Soft pricing brings Stitch Fix IPO down to $120M
Stitch Fix suggested an $18 to $20 share price for its initial public offering, but the shares ended up pricing at $15. That brings the IPO down to $120 million, although it could go $18 million higher if the underwriters exercise their option to acquire additional shares.
TechCrunch (11/16) 
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Now Accepting Nominations for 2018 VC Awards
The Lifetime Achievement in Venture Capital, Rising Star and Firm of the Year awards are just three of the awards that will be presented at the 2018 NVCA Leadership Gala on March 15th at the Rosewood Sand Hill in Menlo Park, CA. If you know of an individual or firm deserving of a VC award, make a nomination today.
Inside the Beltway
NVCA applauds House tax bill provisions
NVCA is happy to see that the tax bill passed by the House on Thursday includes several provisions that support entrepreneurs, said Bobby Franklin, NVCA's president and CEO. "Throughout the process, we have been championing tax reform recommendations that would encourage new company formation, and we are pleased to see some of those incorporated into the House bill," he said.
WRAL-TV (Raleigh, N.C.) (11/16) 
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View from Abroad
Hong Kong IPO raises $870M for Chinese online car dealer
Yixin Group, China's biggest internet-based auto dealer, raised $870 million in a Hong Kong initial public offering. The portion of the offering open to retail investors was 560 times oversubscribed.
South China Morning Post (Hong Kong) (11/17) 
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Prominent investors putting money into Argentina's startups
Under business-friendly President Mauricio Macri, startups in Argentina are attracting more new venture funding than those in Brazil and Chile. Big-name investors joining the trend include billionaire George Soros and the family office of hedge fund manager Steve Cohen.
Reuters (11/16) 
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Chinese ticketing startup Maoyan gets $150M investment from Tencent
Tencent is making a $150 million investment in Chinese cinema ticketing startup Maoyan. Through the deal, Maoyan and Tencent are challenging Taopiaopiao, a rival service backed by Alibaba.
Reuters (11/14),  TechCrunch (11/16) 
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UK home-rental startup Accomable bought by Airbnb
Airbnb has acquired Accomable, a British home-rental startup that specializes in short-term accommodations for people with disabilities. Airbnb says it has hired Accomable's founders and most of its staff and that they will help expand its inventory of wheelchair-accessible housing.
VentureBeat (11/16),  Reuters (11/16) 
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UK prime minister explains strategy for encouraging startups
Britain is committed to supporting entrepreneurs and innovators and will compete for the best talent in the world to help them, British Prime Minister Theresa May says. The government backs the expansion of the tech sector across the UK, not just in London, she added.
Wired online (UK) (11/16) 
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Corporate Venture Capital
Williams-Sonoma to pay $112M for imaging startup Outward
Williams-Sonoma has agreed to acquire Outward, a startup that developed a high-quality 3D imaging technology, in a $112 million all-cash deal. The startup will continue to do business as a subsidiary of Williams-Sonoma.
Recode (11/16) 
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Ziff Davis reportedly will pay about $50M for Mashable
Tech media startup Mashable reportedly has agreed to be acquired by Ziff Davis for roughly $50 million. In its last funding round, which was less than two years ago, Mashable had a valuation of $250 million.
The Wall Street Journal (tiered subscription model) (11/16),  TechCrunch (11/16),  Adweek (11/16) 
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Join NVCA today to impact policy
Joining NVCA is the best way to advance public policy that fosters a healthy environment for high-growth startups and to engage on the policy and industry issues that are important to VCs and your portfolio companies, including: immigration reform that welcomes qualified immigrant entrepreneurs; tax reform that promotes entrepreneurship and capital formation; making public markets work for small cap companies again; and smarter regulations for the startup economy. Become a member today.
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A man may truly live in his dreams, his noblest dreams, but only, only if he is worthy of those dreams.
Harlan Ellison,
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