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Workshop on Venture Capital and Antitrust, February 12, 2020
Venture Capital and Antitrust Transcript of Proceedings at the Public Workshop Held by the Antitrust Division of the United States Department of Justice February 12, 2020 Paul Brest Hall Stanford University 555 Salvatierra Walk Stanford, CA 94305 Table of Contents Opening Remarks ......................................................................................................................... 1 Fireside Chat with Michael Moritz: Trends in VC Investment: How did we get here? ........ 5 Antitrust for VCs: A Discussion with Stanford Law Professor Doug Melamed ................... 14 Panel 1: What explains the Kill Zones? .................................................................................... 22 Afternoon Remarks .................................................................................................................... 40 Panel 2: Monetizing data ............................................................................................................ 42 Panel 3: Investing in platform-dominated markets ................................................................. 62 Roundtable: Is there a problem and what is the solution? ..................................................... 84 Closing Remarks ......................................................................................................................... 99 Public Workshop on Venture Capital and Antitrust, February 12, 2020 Opening Remarks • Makan Delrahim, Assistant Attorney General for Antitrust, Antitrust Division, U.S. Department of Justice MAKAN -
Is China's New Payment System the Future?
THE BROOKINGS INSTITUTION | JUNE 2019 Is China’s new payment system the future? Aaron Klein BROOKINGS INSTITUTION ECONOMIC STUDIES AT BROOKINGS Contents About the Author ......................................................................................................................3 Statement of Independence .....................................................................................................3 Acknowledgements ...................................................................................................................3 Executive Summary ................................................................................................................. 4 Introduction .............................................................................................................................. 5 Understanding the Chinese System: Starting Points ............................................................ 6 Figure 1: QR Codes as means of payment in China ................................................. 7 China’s Transformation .......................................................................................................... 8 How Alipay and WeChat Pay work ..................................................................................... 9 Figure 2: QR codes being used as payment methods ............................................. 9 The parking garage metaphor ............................................................................................ 10 How to Fund a Chinese Digital Wallet .......................................................................... -
Sequoia Capital Invests in Klarna
May 05, 2012 12:10 BST Sequoia Capital invests in Klarna Sequoia Capital is investing in Klarna AB ("Klarna"), one of the Nordic region’s leading e-commerce payment solution providers, and will become Klarna’s largest single owner. Sven Hagströmer, Chairman of Investment AB Öresund ("Öresund"), has been named Chairman of the Board of Klarna, and Michael Moritz, Partner at Sequoia Capital, has been made a member of the board. During his tenure at Sequoia Capital, Mr Moritz has invested in companies such as Google, Yahoo and PayPal and has served on the boards of these companies. - Sequoia Capital has extensive expertise and many years’ experience in investing in and developing promising growth companies operating in industries that are exciting for successful global companies. We are now stepping up the pace of our international expansion, first in Europe and then globally, said Sebastian Siemiatkowski, CEO of Klarna and previous CEO of Kreditor. Sequoia Capital’s previous investments include PayPal, Google and YouTube. E-commerce in Europe is growing rapidly, and Sequoia Capital sees great potential in Klarna. - Klarna has done a fabulous job serving the needs of merchants and consumers in Europe’s e-commerce market, said Michael Moritz, Partner at Sequoia Capital. With e-commerce growing rapidly across the E.U., where card based payments are only 1/3 that of the U.S., Klarna has an incredible opportunity to be the most trusted solution in the $40 billion global payments market. Klarna will also do a directed new share issue of SEK 70m in conjunction with the change of ownership. -
Paystack and Olumide Soyombo: Achieving Lift-Off for Nigerian Tech
Case study Paystack and Olumide Soyombo: Achieving Lift-off for Nigerian Tech COMPANY Paystack LOCATION Nigeria SECTOR Fintech ANGEL Olumide Soyombo STAGE Seed ENTRY 2016 EXIT 2020 ENTITY LeadPath www.africanangelacademy.com “PAYMENTS GIANT STRIPE HAS BOUGHT NIGERIAN PAYMENTS STARTUP PAYSTACK FOR AFRICAN EXPANSION” – QUARTZ AFRICA On 15 October 2020, the headlines a 1,400% return on investment have to be us again.” emblazoned across every major (ROI) – the largest exit for Nigerian By the time Shola had approached tech news platform carried the tech investors to date. For angel him for seed funding for Paystack same thrilling news about the investor Olumide Soyombo, in 2015, Olumide knew angels Nigerian fintech phenom Paystack. however, the exit was more than a would need to plan on a second The acquisition, reportedly valued lucrative cash out; it was a turning seed, or even a third, to get these at US$200 million, was a big deal point for the Nigerian tech sector startups to the growth round. But – a very big deal. For Stripe, a he had been helping to build out in the years after Olumide became Silicon Valley unicorn with global for more than a decade. Paystack’s first Nigerian investor, ambitions, it represented a major local investors were still slow on the strategic move. They were already Olumide had been part of the uptake, pushing Olumide to become on a growth streak that year, having Lagos tech ecosystem as an one of the most prolific early recently expanded services into entrepreneur since 2008, when he investors in Lagos, where he had five new European markets. -
IDC, the Business Value of the Stripe Payments Platform
IDC White Paper | The Business Value of the Stripe Payments Platform Sponsored by: Stripe The Business Value of the Stripe Authors: Jordan Jewell Matthew Marden Payments Platform March 2018 EXECUTIVE SUMMARY Business Value Over the past five years, IDC has witnessed a monumental shift as companies adapt their Highlights business models and strategies to meet the requirements of the digital economy. From traditional ecommerce to subscription software-as-a-service (SaaS) businesses to multisided Impact of Stripe (after marketplaces, digital commerce is enabling businesses to rethink what they sell, how they sell, deploying) and where they sell. Businesses are also rethinking how they transact with other businesses, 6.7% with consumers across borders, and with different currencies and payment methods. higher revenue The result is a dramatic shift in how companies engage online, meet increasingly demanding consumer and business expectations, and grow in a complex regulatory landscape by market. 59% Fickle consumer and business buyers have come to expect an intuitive and instantaneous higher developer productivity checkout process with support for multiple payment options. However, aging financial 24% infrastructure and complex interdependencies between numerous parties have historically lower cost of building/operat- made it difficult and expensive to accept payments online seamlessly and across markets ing online payments platform and currencies. In the early days of the internet, businesses wishing to succeed in the digital 81% commerce landscape had no choice but to make large investments in software, services, and fewer unplanned outages employees to build and support homegrown online payments systems. However, if we look at the current and expected pace of growth in the digital commerce market, this approach of building a “good enough” payments platform from scratch will no longer suffice. -
Bloomberg Briefs
Wednesday March 8, 2017 March 8, 2017 EIP Alpha Starts Asia Market-Neutral Strategy Quote of the Week By Klaus Wille EIP Alpha, a Hong Kong-based $406 million asset manager, has "This will have far-reaching started a new version of an Asia-focused market neutral fund that it wound down late last year. impacts, including lower beer The new $47 million EIP Asian Multi-Strategy Fund has an sales, as Generation Y expanded investment mandate that will allow it to invest in Japan gravitate towards the 'low and directly in China’s bond and equity markets through the firm’s carb' alternate." qualified foreign investor quota on the mainland, EIP’s Chief — Ben Cleary, co-manager of Tribeca Global Investment Officer Nicola Nicoletti said in an interview. The fund is a Natural Resources Fund, on the growing “repackaging” of the EIP Overlay Fund, which was closed in Nicola Nicoletti cannabis industry. Cleary's fund gained 145 November because the managers wanted to add to its investment percent last year in part by betting on scope. marijuana companies (see story) The new EIP fund targets positive returns in all kinds of markets with low volatility, Nicoletti said. The previous fund returned 6.4 percent per year since its inception in Inside 2002, he said. “With the development of the derivatives and borrowing markets in China, there Returns in Brief should be plenty of opportunities for us to generate alpha in a market-neutral fashion." Most February numbers are positive Nicoletti co-manages the fund with former Jardine Fleming Group banker Tobias for early-reporting Asia-focused Bland, who founded EIP in 2001 and Christopher Edwards, who previously worked with hedge funds. -
Ramsey V. Coinbase Global, Inc. Et
Case 3:21-cv-05634 Document 1 Filed 07/22/21 Page 1 of 25 1 John T. Jasnoch (CA 281605) SCOTT+SCOTT ATTORNEYS AT LAW LLP 2 600 W. Broadway, Suite 3300 San Diego, CA 92101 3 Telephone: 619-233-4565 Facsimile: 619-233-0508 4 [email protected] 5 Counsel for Plaintiff Donald Ramsey and the Proposed Class 6 [Additional counsel on signature page] 7 UNITED STATES DISTRICT COURT 8 NORTHERN DISTRICT OF CALIFORNIA 9 10 DONALD RAMSEY, Individually and on Case No. _______________ Behalf of All Others Similarly Situated, 11 Plaintiffs, CLASS ACTION COMPLAINT 12 v. 13 COINBASE GLOBAL, INC., BRIAN 14 ARMSTRONG, ALESIA J. HAAS, JENNIFER N. JONES, SUROJIT CHATTERJEE, PAUL 15 GREWAL, MARC L. ANDREESSEN, FREDERICK ERNEST EHRSAM III, 16 KATHRYN HAUN, KELLY KRAMER, GOKUL RAJARAM, FRED WILSON, AH 17 CAPITAL MANAGEMENT LLC, PARADIGM FUND LP, RIBBIT 18 MANAGEMENT COMPANY, LLC, TIGER GLOBAL MANAGEMENT, LLC, UNION JURY TRIAL DEMANDED 19 SQUARE VENTURES, LLC, and VISERION INVESTMENT PTE LTD. 20 Defendants. 21 22 23 24 25 26 27 28 CLASS ACTION COMPLAINT Case 3:21-cv-05634 Document 1 Filed 07/22/21 Page 2 of 25 1 Plaintiff Donald Ramsey (“Plaintiff”) makes the following allegations, individually and on 2 behalf of all other similarly situated, by and through Plaintiff’s counsel, upon information and 3 belief, except as to those allegations concerning Plaintiff, which are alleged upon personal 4 knowledge. Plaintiff’s information and belief are based upon, inter alia, counsel’s investigation, 5 which included, among other things, review and analysis of: (i) regulatory filings made by 6 Coinbase Global, Inc. -
Investing in Shipping Marine Capital’S Gihan Ismail Brings Shipping to the Institutional Investment Market
June 2015 AlphaFOR INSTITUTIONAL INVESTORS & ASSETQ MANAGERS CROWDFUNDING TIGER CUBS The new kid growing Sharpen their up on the block claws in the private markets INTELLECTUAL PROPERTY WINE SURVEY Mind the IP risks BNP Paribas reveals when doing the stats behind academic investing your glass of red MONETISING DATA STAMPS MANAGEMENT Using philately to Quality data breeds hedge inflation long-term success Investing in shipping Marine Capital’s Gihan Ismail brings shipping to the institutional investment market www.AlphaQ.world Source new investors Be the first to know about investors’ fund searches View performance of individual funds Customize performance benchmarks to meet your needs Access profiles for over 17,200 hedge funds Conduct market research and competitor analysis Develop new business Find out how Preqin’s Hedge Fund Online can help your business: www.preqin.com/hedge [email protected] | +44 (0)20 3207 0200 alternative assets. intelligent data. EDITORIAL elcome to the second edition of Global Fund Media’s AlphaQ, the digital magazine focused on skill-based, risk adjusted Wreturns. We have a plethora of subjects in this issue. Our cover story focuses on shipping, which provides institutional investment managers with true diversification. We look at the shipping industry and the fund route to investment. From here, our attention turns to crowdfunding which is rapidly maturing from its homespun origins to holding its own alongside its more traditional Private Equity and Venture Capital peers. Our piece explains how it can work for institutional investors. Stamp collecting has come a long way from its image of earnest ELEANOR ROSTRON youngsters, albums and pots of glue. -
Linkedin Corporation 10-K
10APR201419231192 April 2016 To Our Stockholders: In 2015, we delivered a strong year of innovation focused on further connecting our members and customers to opportunity. For members, we made significant progress by focusing on two core value propositions: staying connected and informed, and advancing members’ careers. • In December, we launched our re-imagined flagship mobile application, the culmination of a year-long focus to create a dramatically simplified core LinkedIn experience. Since launch, we have seen meaningful increases in feed engagement, messages sent, and content interaction. • With respect to careers, we spent much of the year working on fundamental building blocks including doubling the number of jobs on LinkedIn to more than six million, improving jobs relevance, and re-launching the jobs experience on the desktop. This work resulted in a significant increase in overall engagement with jobs throughout 2015 compared to 2014. For customers, we focused on innovating the core value drivers in each product line: • Within Hiring, we announced the re-launch of Recruiter, the first full refresh of our flagship product since its original launch. The new Recruiter will rollout to customers throughout 2016 alongside the new Referrals product. The goal is that these products will further strengthen and extend our competitive position within the talent acquisition space in the coming years. • Within Marketing Solutions, Sponsored Updates increasingly evolved into the core of our advertising business, contributing approximately half of total ad revenue in 2015. Digital marketing remains a fast-evolving and competitive landscape, evidenced by the significant decline in our display ad revenue in 2015. To that end, we believe our primary focus on Sponsored Updates will continue to make LinkedIn the most effective platform for marketers to engage professionals. -
Detroit-Based Stockx Closes $110M Series C Led by DST Global, General Atlantic and GGV Capital; Names E-Commerce Veteran Scott Cutler CEO
Detroit-based StockX Closes $110M Series C Led by DST Global, General Atlantic and GGV Capital; Names e-commerce Veteran Scott Cutler CEO Largest VC funding round in Michigan history Co-founder Josh Luber to remain on executive leadership team and board of directors Detroit, Michigan - June 26, 2019 StockX, the world’s first ‘stock market of things’, has closed on a $110 million Series C funding round from investment firms DST Global, General Atlantic, and GGV Capital. The company also announced today the appointment of Scott Cutler as CEO. Cutler succeeds co-founder Josh Luber, who will continue to serve on the executive leadership team and board of directors. The raise, in which current investors GV and Battery Ventures also participated, represents the largest in Michigan VC history to date and values StockX at over $1 billion. The company, which surpassed a $1 billion annual GMV run rate in less than three years, plans to leverage the new investment to further expand its international growth with a specific focus on Europe and the Asian markets. StockX has customers in nearly 200 countries and upwards of 15 million monthly active users. The funding will also allow the brand to diversify its product categories and extend its offline reach with brick-and-mortar locations in key international markets. The first-of-its-kind online ‘bid/ask’ marketplace will focus heavily on product development and will continue to collaborate with some of the world’s foremost brands to release products directly on the StockX platform through its “initial product offerings.” “GGV Capital has long seen the value of investing in e-commerce disruptors and StockX is no exception. -
Download PDF # Return to the Little Kingdom: Steve
2BPAH8OWNNWE < PDF > Return to the Little Kingdom: Steve Jobs, the Creation of Apple and... Return to the Little Kingdom: Steve Jobs, the Creation of Apple and How it Changed the World Filesize: 6.51 MB Reviews This publication is fantastic. We have read through and i am certain that i will planning to read yet again yet again down the road. You wont feel monotony at at any time of your respective time (that's what catalogs are for concerning when you request me). (Alec Langosh) DISCLAIMER | DMCA PEBXXDBHGR91 « Book » Return to the Little Kingdom: Steve Jobs, the Creation of Apple and... RETURN TO THE LITTLE KINGDOM: STEVE JOBS, THE CREATION OF APPLE AND HOW IT CHANGED THE WORLD To download Return to the Little Kingdom: Steve Jobs, the Creation of Apple and How it Changed the World eBook, make sure you refer to the web link below and save the document or gain access to additional information which might be related to RETURN TO THE LITTLE KINGDOM: STEVE JOBS, THE CREATION OF APPLE AND HOW IT CHANGED THE WORLD book. Gerald Duckworth & Co Ltd. Paperback. Book Condition: new. BRAND NEW, Return to the Little Kingdom: Steve Jobs, the Creation of Apple and How it Changed the World, Michael Moritz, Almost thirty years ago, Michael Moritz, then a young journalist at "Time" magazine, was allowed exclusive access to the inner workings of a cutting-edge technology company to tell the story of its first decade in business. "The Little Kingdom: The Private Story of Apple Computer" brought readers into the childhood homes of Steve Jobs and Steve Wozniak, showed how they dropped out of college and founded Apple in 1976, and charted the company's rise from basement brainstorming to colossal empire. -
The Private Equity Review
The Private Equity Review Second Edition Editor Kirk August Radke Law Business Research The Private Equity Review Reproduced with permission from Law Business Research Ltd. This article was first published in The Private Equity Review, 2nd edition (published in April 2013 – editor Kirk August Radke). For further information please email [email protected] The Private Equity Review Second Edition Editor Kirk August Radke Law Business Research Ltd THE LAW REVIEWS THE MERGERS AND ACQUISITIONS REVIEW THE RESTRUCTURING REVIEW THE PRIVate COmpetITION ENFORCEMENT REVIEW THE DISPUTE RESOLUTION REVIEW THE EMPLOYMENT LAW REVIEW THE PUBLIC COmpetITION ENFORCEMENT REVIEW THE BANKING REGUlatION REVIEW THE INTERNatIONAL ARBItratION REVIEW THE MERGER CONTROL REVIEW THE TECHNOLOGY, MEDIA AND TELECOMMUNICatIONS REVIEW THE INWARD INVESTMENT AND INTERNatIONAL TAXatION REVIEW THE CORPOrate GOVERNANCE REVIEW THE CORPOrate IMMIGratION REVIEW THE INTERNatIONAL INVESTIGatIONS REVIEW THE PROJECts AND CONSTRUCTION REVIEW THE INTERNatIONAL CAPItal Markets REVIEW THE REAL Estate LAW REVIEW THE PRIVate EQUITY REVIEW THE ENERGY REGUlatION AND Markets REVIEW THE INTELLECTUAL PROpertY REVIEW THE ASSET MANAGEMENT REVIEW THE PRIVATE WEALTH AND PRIVATE CLIENT REVIEW THE MINING laW REVIEW THE EXECUTIVE REMUNeratION REVIEW THE ANTi-BRIBERY AND ANTi-CORRUPTION REVIEW THE Cartels AND LENIENCY REVIEW THE TAX DISPUTES AND LITIGatION REVIEW THE LIFE SCIENCES laW REVIEW www.TheLawReviews.co.uk PUBLISHER Gideon Roberton BUSINESS DEVELOPMENT MANAGERS Adam Sargent, Nick Barette MARKETING MANAGERS Katherine Jablonowska, Thomas Lee, James Spearing PUBLISHING ASSIstaNT Lucy Brewer PRODUCTION COORDINATOR Lydia Gerges HEAD OF EDITORIAL PRODUCTION Adam Myers PRODUCTION EDITOR Anne Borthwick SUBEDITORS Anna Andreoli, Harry Phillips EDITOR-in-CHIEF Callum Campbell MANAGING DIRECTOR Richard Davey Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2013 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply.