Airbnb’s losses balloon to $4.6B in 2020

Despite the luster of its eye-popping IPO, Airbnb reported a $4.6 billion net loss in 2020 in its first earnings report as a public company. The hospitality startup, which is banking on a travel rebound, generated $3.4 billion in revenue last year, a 30 percent year-over-year decline. Although the pandemic whalloped the travel industry, Airbnb’s net loss was also driven by $2.8 billion worth of stock compensation expenses it incurred in its IPO in December.

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The definitive real estate SPAC tracker

Blink and you’ll miss a new SPAC. With billions of dollars flowing into blank-check firms, a growing number of real estate players are targeting proptech. As an alternative to the traditional IPO, special-purpose acquisition companies made a comeback last year with 248 blank-check firms going public, raising $83 billion, according to SPACInsider. This year is shaping up to be even bigger for SPACs. Along with names like Bill Ackman, Alec Gores and Chamath Palihapitiya, New

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Real estate VR tech firm Matterport to go public via SPAC

The VC-backed real estate tech company Matterport, which designs software that allows virtual walkthroughs, is the latest firm to explore going public via a blank-check company. The company is in talks to list via a merger with Gores Holding VI, a special-purpose acquisition company founded late last year by investment firm the Gores Group, Bloomberg News reported. The companies confirmed the deal in a press release Monday morning. The deal is expected to close in

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Adam Neumann invests in mortgage servicing startup

WeWork co-founder Adam Neumann has a new investment: Valon Mortgage. The startup, which promises to cut mortgage servicing costs by half, raised $50 million in Series A funding from a group of investors that includes Neumann and venture capital firm Andreessen Horowitz, according to Bloomberg News. Valon, which was previously known as Peach Street, was founded in 2019 and previously raised just over $3 million in seed funding. The company has an ambitious goal: to

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Divvy, which helps renters become owners, raises $100M

 Rent-to-own startup Divvy Homes has raised $100 million to meet a wave of demand from customers who cannot secure a traditional mortgage. The Series C was led by Tiger Global Management with participation from GGV Capital, Moore Specialty Credit, JAWS Ventures and others. According to Divvy, the infusion of cash will accelerate its geographic expansion and support the launch of new products, including brokerage and title insurance. “We’re starting to build out services [for] an

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SoftBank’s Miami bet, the startup backed by Lizzo and A-Rod

Silicon Valley, who? SoftBank is following the deal train to Miami, where it plans to launch a $100 million fund to back tech companies in the Magic City. COO Marcelo Claure announced the initiative Jan. 28 on Miami Mayor Francis Suarez’s Cafecito Talk series, streamed live on Twitter. Suarez has been courting entrepreneurs and investors, including Elon Musk, Keith Rabois and Jon Oringer, who are flocking to Miami from tech hubs like San Francisco. SoftBank’s

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SoftBank launches $100M Miami tech fund to invest in startups

SoftBank Group COO Marcelo Claure is launching a $100 million initiative to fund Miami-based tech companies and those moving to the Magic City. Claure, who is also CEO of SoftBank Group International and executive chairman of WeWork, made the announcement on Miami Mayor Francis Suarez’s Cafecito Talks series, streamed live Wednesday on Twitter. Claure, a Miami Beach resident, said SoftBank will invest $100 million into venture capital-backed tech companies in Miami, and announced that it

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Rhino raises $95M and eyes IPO

Rhino, a startup offering an alternative to security deposits, has raised $95 million after a surge in demand sparked by the need for more affordable housing. The round, led by Tiger Global Management, values the New York startup at nearly $500 million, the company said Tuesday. Kairos and Lakestar also participated in the round, which is likely to be the final one before Rhino goes public, according to co-founder Ankur Jain. “There are 43 million

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Knock hires ex-Lyft, Uber exec as first CFO

Knock, a startup that helps people buy new homes before selling their old ones, has tapped a former Lyft and Uber executive as its new CFO. The company said Michelle DeBella will report directly to Knock’s co-founder and CEO Sean Black, who previously co-founded Trulia. Her focus will be on driving “profitable growth” for Knock’s Home Swap program, which pre-funds mortgages to give homeowners more flexibility when buying and selling a home. DeBella was most

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