High-profile tech founders back $111m London startup fund November 30, 2020 A string of big-name tech founders including former Google boss Eric Schmidt are backing a new fund to invest in startups in the US and across Europe. London-based Firstminute Capital today unveiled a $111m (£83m) venture capital fund after securing support from some of the world’s top tech executives. More than 70 founders of billion-dollar [...]
Week in Sportbiz: Premier League still No1 in China; Leeds boss keeping busy; Matchroom’s media move; Wimbledon optimism; London 2012 gold for sale January 28, 2021 The Premier League’s ongoing dispute with a Chinese broadcaster doesn’t appear to have affected its popularity in the Far East. England’s top division has been named the most popular football league in China by a new report ranking digital performance. It had 80 per cent more engagement on leading social media platform Weibo than La [...]
Tech resale site Music Magpie plots London stock market float October 28, 2020 Resale site Music Magpie is plotting an initial public offering in London after enjoying a bump in revenue during the coronavirus lockdown. The company has tapped investment banks Peel Hunt and Shore Capital to lead the float, which is expected to take place next year. Music Magpie allows customers to exchange their old electronic devices, [...]
Flying taxi startup Lilium raises $240m in funding round March 23, 2020 German flying taxi firm Lilium has raised an extra $240m (£207m) in funding from backers such as Chinese tech firm Tencent. The new funds mean that the startup has now raised more than $340m, which it will use for further development of its prototype jet as well as preparing its facilities to begin production. The [...]
David Beckham’s e-sports team Guild to float in London September 9, 2020 David Beckham’s e-sports company is to list on the London Stock Exchange this autumn, raising £20m at a valuation of £50m. If successful, Guild Esports would become the first company of its kind to float in London. Former England captain Beckham is an original shareholder of the group, which was founded in September and launched [...]
Will pressure on Chinese tech firms spark renewed interest in value stocks? February 26, 2021 The flotation of Ant Group in December last year was supposed to be a landmark event. The initial public offering (IPO) was set to raise $37 billion, valuing Ant at over $313 billion and making it the biggest IPO ever. It was due to list in Hong Kong and Shanghai, rather than having a US [...]
Tiktok owner Bytedance sees revenue surge to £4.4bn, according to sources June 17, 2020 Bytedance, the Chinese company behind social media platform Tiktok, has seen a surge in first-quarter revenue to 40bn yuan (£4.4bn), according to two people familiar with the matter. The revenue boost marks a 130 per cent year-on-year increase, according to Reuters, citing two sources with knowledge on the matter who declined to be identified. Bytedance [...]
Wall Street flat and FTSE 100 slips into the red as Archego default hits banks March 29, 2021 Wall Street closed flat and the FTSE 100 slipped into the red today as fears of potential losses from a major US hedge fund defaulting on margin calls held back stocks. While the Dow Jones gained 0.3 per cent, the S&P 500 was 0.09 per cent lower and the tech-heavy Nasdaq closed down 0.6 per [...]
Wework sells control of China arm for $200m in global pullback September 24, 2020 Wework is selling control of its Chinese division to one of its investors, in a deal that further reduces the office space provider’s global presence after the coronavirus pandemic worsened its financial troubles. Private equity firm Trustbridge Partners will pay the company $200m (£157m) for majority ownership of the unit, as Wework retreats from a [...]
Tiktok threatens legal action over Trump executive order August 7, 2020 Tiktok has said it is considering legal action after US President Donald Trump signed an executive order banning the app in 45 days’ time. The short-form video app said it was “shocked” by the order. It added that it would it would “pursue all remedies available” to “ensure the rule of law is not discarded”. [...]