When Mallun Yen started Operator Collective last year, she wanted to build an investment firm for people who didn’t have a voice in Silicon Valley. That meant connecting women and people of color with operators who have been intimately involved in building companies from the ground up, then providing early-stage investment.
She then brought in Leyla Seka as a partner. Seka helped build the AppExchange at Salesforce into a powerful marketplace for companies built on top of the Salesforce platform, or that plugged into the platform in some meaningful way to sell their offerings directly to Salesforce customers. Through that role, she met a lot of people in the startup world, and she saw a lot of inequities.
Yen, whose background includes eight years as a VP at Cisco, and co-founder of Saastr with Jason Lemkin, wanted to build a different kind of firm, one that connected these operators —
Fringe is a new company pitching employers on a service offering lifestyle benefits for their employees in addition to, or instead of, more traditional benefits packages.
“We didn’t think it made sense that employees need to be sick, disabled, dead or 65+ to benefit from their benefits,” wrote Fringe chief executive Jordan Peace, in an email.
The Richmond, Virginia-based company was founded by five college friends from Virginia Tech rounded up by Peace and Jason Murray, who serves as the company’s head of Strategy and Finance. The two men previously owned a financial planning firm called Greenhouse Money, which worked with small businesses to set up benefits packages and retirement accounts.
During that time, the two men had a revelation… employees at these small and medium-sized businesses didn’t just want retirement or healthcare benefits, they wanted perks that were more applicable to their day-to-day lives. Because Murray and Peace couldn’t
As expected, fintech company nCino has raised its IPO price range. The North Carolina-based banking software firm now expects to sell its shares for between $28 and $29 per share, far more than its initial price range of $22 to $24 per share.
At its $28 to $29 per-share price interval, nCino is worth $2.50 billion to $2.59 billion, sharply more than its preceding $1.96 billion to $2.14 billion range.
The valuation makes more sense for the company, given its growth rate, revenue scale and how the market is currently valuing similar companies. As TechCrunch wrote earlier this week, concerning the SaaS company’s scale and value (emphasis ours):
Annualizing the company’s Q1 (the April 30, 2020 period) revenue results, nCino’s $178.9 million run rate would give it a revenue multiple of 11x to 12x at its expected IPO prices, a somewhat modest result by current standards.
Indeed, as nCino
Bradford K. Newman Contributor
Mr. Newman is the chair of Baker McKenzie’s North America Trade Secrets Practice. The views and opinions expressed here are his own.
More posts by this contributor Society needs the Artificial Intelligence Data Protection Act now Artificial Intelligence Poses A Greater Risk To IP Than Humans Do
As a long-time proponent of AI regulation that is designed to protect public health and safety while also promoting innovation, I believe Congress must not delay in enacting, on a bipartisan basis, Section 102(b) of The Artificial Intelligence Data Protection Act — my proposed legislation and now a House of Representatives Discussion Draft Bill. Guardrails in the form of Section 102(b)’s ethical AI legislation are necessary to maintain the dignity of the individual.
What does Section 102(b) of The AI Data Protection Act provide and why the urgent need for the federal
Nanoleaf essentially created a new smart lighting category with its connected light panels, and since then it has iterated with its pixel-like Canvas and, most recently, its new Shapes Hexagons. The Hexagons already seem to be proving popular with customers, as they’re currently waitlisted, but I got the chance to spend some time with them and have found them to be a unique, interesting and very pleasing addition to my home decor.
The Nanoleaf Hexagons don’t change the basic formula of Nanoleaf’s products: They’re individual light panels, which connect to one control unit that has a hardware controller and connects to the power supply. Each one has an electronic connector that snaps into a two-sided connection module that you can then use to connect another panel, in whatever configuration you desire. The panels attach to walls by way of 3M strips, which are pre-mounted on a plastic pad
If you’re an iPhone user, odds are fairly good you spent a frustrating portion of the morning attempting to reopen apps. I know my morning walk was dampened by the inability to fire up Spotify. Plenty of other users reported similar issues with a number of apps, including Pinterest and Waze.
The issue has since been resolved, with Facebook noting that the problem rests firmly on its shoulders. A log page notes a sudden spike in errors stemming from Facebook’s iOS SDK, dating back several hours. Facebook says the issue is the fault of a change in code.
“Earlier today, a code change triggered crashes for some iOS apps using the Facebook SDK,” the developer team writes. “We identified the issue quickly and resolved it. We apologize for any inconvenience.”
While the issue was addressed relatively swiftly (though a few hours can feel like a lifetime, depending on how reliant