CEO’s Private Jet Takes Up Double Canoo’s 2023 Annual Revenue

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And it did reduce its loss from operations by nearly half, from $506 million in 2022 to $267 million in 2023. Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft. This could be chalked up to small monetary potatoes if Canoo reaches its revenue forecast for 2024 of $50 million to $100 million.

Ibotta’s Foray into Enterprise: A Promising Prelude to a Fruitful IPO

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The 13-year-old cash-back startup looks to make its public debut after turning profitable and recording impressive revenue growth in 2023. The company reported $320 million in revenue in 2023, up 52% from 2022 when it produced $210 million in revenue. Ibotta’s gross profits grew 68% from 2022, $164.5 million, to 2023, $276 million. According to the S-1, this partnership plays a big role in Ibotta’s revenue boost. “Our revenue growth significantly accelerated with the addition of new publishers to the IPN,” according to the S-1.

“Memecoin Craze Drives Solana to Reach $160 – Its Peak Since January 2022”

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The cryptocurrency passed $160 on Wednesday, marking its highest price since January 2022. So it’s not surprising that the growth and traction on its blockchain is also being transpired through to its token. Since mid-December, a number of Shiba Inu dog-themed tokens on the Solana blockchain like Bonk and dogwifhat have taken off. (Please note none of this is financial advice, but one of the reasons that could point to Solana’s price increase.) Memecoins in general have seen a huge rally as the crypto market continues to thaw from its most recent winter.

Turo’s Success in Car Rental Industry Remains Unshaken, But Growth Hit a Roadblock in 2023

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Profitable car rental service Turo is still ready for an IPO, but its growth cratered in 2023Turo, the venture-backed, peer-to-peer car rental service reported its fourth-quarter and full-year financial performance this week in an updated IPO filing. The company has put the capital to good use, posting quick revenue growth since 2019, positive operating income since 2021 and net profit since 2022. In 2021 Turo’s growth rebounded from 2020’s pandemic-driven woes impressively, rising 213% that year to $469 million. However, triple-digit growth was short-lived at the car rental company, which saw its revenue growth slow to 59% in 2022 when it recorded $746.6 million worth of total revenue. TechCrunch calculates that its Q3 2022 to Q3 2023 growth rate was 13.6%, while its Q4 to Q4 growth over the same time frame was a slightly sharper 14.3%.

“Rivian Implements Workforce Reduction Amid Increasing Pressure on EV Pricing”

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This is the third round of layoffs for the EV company since July 2022 when Rivian cut 6% of its workforce. On a full-year basis, Rivian reported revenue of $4.4 billion, up from $1.66 billion in 2022. It brought in about $39 million in the fourth quarter and $73 million for the full year from the sale of regulatory credits. On an adjusted basis, it reported a loss of $1.1 billion compared to a $1.5 billion loss in the same year-ago period. “We took significant steps towards driving greater efficiency in 2023 gross profit per vehicle improved by approximately $81,000 when comparing the fourth quarter of 2023 to the fourth quarter 2022,” Scaringe said on an earnings call Wednesday.

“Hypercal: The Newest Addition to ClickUp’s Productivity Platform”

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Tiger Global and a16z-backed productivity company ClickUp has acquired the calendar app Hypercal to boost its platform offering, TechCrunch has learned. As part of the acquisition, the app’s founder Ricardo Clerigo is also joining ClickUp as Head of Calendar. Hypercal also had a paid tier costing $10 per month for unlimited calendar and task integrations. We’ve already eliminated the need for many apps by building docs, whiteboards, dashboards, tasks, and AI natively into our platform. The calendar apps space has been busy in the last few months.

“Byju’s Valuation Slashed by BlackRock, Now Valued at Just $1 Billion”

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BlackRock has yet again cut the value of its holding in Byju’s, slashing the implied valuation of the Indian startup to $1 billion from $22 billion in early 2022, according to disclosures made by the asset manager. At the end of October last year, BlackRock said it valued Byju’s shares at about $209.6 apiece, down from the peak of $4,660 in 2022. This isn’t the first time BlackRock has cut the worth of its holding in Byju’s — and BlackRock isn’t the only investor that has severely downgraded how they value Byju’s, but the new adjustment is by far the most drastic. Prosus, which owns about 9% in Byju’s, said late last year that it valued Byju’s at “sub $3 billion.” At $22 billion, Byju’s ranked as India’s most valuable startup. The valuation markdown is a stunning reversal in fortune for Byju’s, once the poster child of the Indian startup ecosystem.

“Tomasz Tunguz of Theory Venture Predicts AI’s Dominance, the Revival of Web3, and the Future of Tech Investment in 2024”

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At the end of 2022, like many, I made some predictions about what 2023 would bring to the technology investing ecosystem. AI and data continue to dominate the funding landscape. U.S. VC deals fall from $275 billion in 2022 to $200 billion in 2023, and sustain at about $200-$220 billion next year. Valuations will remain relatively steady, except for AI businesses, which will command a premium of about 10-15% to the market. While VC deals fell dramatically between 2022 and 2023, 2024 won’t see as sharp of a decline.