startup rundown

Startup News: JackThreads Gets an iPad App, SoundCloud Opens a NYC Office and BitPay Expands

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JackThreads Gets an iPads App Purveyor of men’s clothes and accessories JackThreads is attempting to seal up its lucrative mobile market. The company, described as ‘urbo-hipster’ by TechCrunch, is currently generating about 40 percent of revenue via its iPhone app. CEO Ben Lerer revealed how he was excited to “Roll out this beast to our guys.” Not sure if “beast” correctly describes a collection of blazers and jackets, but we wish them luck. Read More

Linkages

Booting Up: Pinterest Raises $200 Million at a $2.5 Billion Valuation

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Pinterest completed a $200 million funding round that values the company at $2.5 billion. Valiant Capital Management is said to have led the round, with previous investors Andreessen Horowitz, Bessemer Venture Partners and FirstMark Capital also participating. [AllThingsD]

IBM is making a push into mobile, and plans to provide customers with software, data and security services on mobile devices. [NYT]

Calling all youth correspondents: the social network Pheed is said to be gaining in popularity, especially with teens. [Forbes]

Facebook isn’t the only tech company to catch heat for using stock option deductions to avoid paying corporate taxes. The Center for Tax Justice says LinkedIn has used the deduction to avoid paying federal taxes for the last three years. [New York Post]

Eduardo Saverin talked about life after the Facebook, the challenges faces the social media company he helped found, and his decision to move to Singapore. “No, I did not rescind my citizenship for tax purposes,” is what he says. [WSJ]

Disruptions

Pheeding Phrenzy: New Star-Studded Social Network Pheed Launches an iPhone App

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Mr. Kobo (Photo: Admin5)

Launched just two weeks ago, the Los Angeles-based social networking startup Pheed has already seen a fair amount of ink spilled over it, perhaps most notably in a Forbes piece which wondered if the hyped platform was “the new Twitter.” With an iPhone app released today, that buzz is bound to build. But O.D. Kobo, a longtime internet entrepreneur and Pheed’s cofounder, argues that these comparisons are moot, and that Pheed is in fact blazing a brave new trail in the social networking world.

“I read one journalist compare us to App.net,” he told Betabeat, sounding slightly mystified. “We’re original. I think that’s obvious.” Read More

shameless rumormongering

Rumor Roundup: The World’s Most Cheapskate VC and 57 Is Spotify’s Unlucky Number

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I’ll Take Stingy for $5, Alex We’ve heard of venture capitalists who drive a hard bargain when it comes to their term sheets, but not so much when they drive off Sand Hill Road. So we were dismayed to learn that a VC at a very prominent 36-year-old venture capital firm asked the non-profit(!) meetup group Hacks/Hackers, which brings together journalists and technologists, to waive a $5 attendance fee for an event. To put that number in context: the firm has more than $400 million under management.

Hacks/Hackers has a very welcoming attendance policy and routinely waives fees for students so that no one gets shut out. But if your portfolio’s aggregate revenue teeters up into the billions, just pry your hands off the fiver, dude. Read More

Linkages

Booting Up: Embarrassing Airtime Stats Edition

(Photo: 4 the Media)

Ain’t nobody can hold Kim Dotcom down. [Wired]

Celebs are flocking to a new Twitter-like site called “Pheed” which allows them to charge monthly subscriptions or pay-per-view for content. [Forbes]

Google announced a $249 lightweight, durable Chromebook that it’s hoping can begin to corner the market on inexpensive laptops. [Google]

Airtime is flailing and its user stats are pretty depressing: “AppData, a service that collects data about sites and services that connect with Facebook, indicated that Airtime had just 400 users a day and 10,000 over the course of a month, but Mr. Parker and other executives at the company suggested those figures were off. Nielsen and comScore, two independent analytics firms, both said that traffic to Airtime was so small that it did not yet register on their charts.” [New York Times]

Apple’s logo is apparently considered blasphemous in Russia. [CNET]