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WeCash-out, before IPO
The WSJ today reported on how WeWork co-founder and CEO Andrew Neumann has extracted $700,000,000 in share sales and loans from his money-losing, pre-IPO unicorn. So far Neumann has purchased 4 homes around New York, funded an elementary school his kid goes to, and paid $14,000,000 for a 13,000 squarre foot crib in the Bay area that has a guitar-shaped romper room. He also buys properties and leases them back to WeWork. All very confidence instilling for…
Munchery is over.
On demand food delivery start-up Munchery is bankrupt and shutting down effective immediately. They’ve burned through $125 million in VC, their last round was $87 million in 2015 at a $300 million valuation.
Apparently the early effects of this …
AirBnB Pivots to “Virtual Experiences”, Lands $1 Billion Down Round
AirBnB, the tech unicorn that monetizes your spare room has been hit hard by the Coronavirus academic. As the company and the phenomenon grew, more and more “investors” levered up to buy more properties to rent out short term. Some becoming so-called “super-hosts”, running dozens or even hundreds of rental units. There even emerged a phenomenon, of “STR arbitrage“, which is Short Term Rental Arbitrage: taking out long term leases on properties you don’t own,…