Betabeat » sequoia capital

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

Fri, 19 Oct 2012 18:58:37 -0400

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.

App Maker, App Maker, Build Me an App "Did you know Spotify only has 53 apps?" a tipster wrote in Betabeat earlier this week. We had not. But considering how quickly third-party apps helped grow sites like Twitter and Facebook, it didn't seem like a good sign. That might be why the tipster reported that Spotify is asking big publishers to help them get saturation. Perhaps the meetings went well. At last count, Spotify's app store is now up to 57.

Scobleized After that phreakin Pheed Forbes piece was passed around, prolific blogger and "technology evangelist" Robert Scoble decided it was time to sign himself up for the new social network, which has gained popularity with celebs like Miley Cyrus and Paris Hilton and purports to rival Twitter. "Great, another social network. Yes I Pheed," he tweeted, almost like a humblebrag, along with a link to his Pheed feed. But the new site didn't seem to live up to the Scobleizer's exacting standards. "I am on Pheed but so far I prefer Facebook," he wrote on his Pheed. " Personally it is Twitter's fault that this was born. Twitter refuses to innovate. Lists, there, suck, for instance. It is why I moved much of my time to Facebook. Anyway, now I can say I Pheed too!"

Power tweeter and Radar writer Alex Howard (a.k.a. @digiphile) took Mr. Scoble to task for his impolite introduction. "You came here just to say you prefer other places and that Twitter features 'suck?' Ouch. Wonder how people here will interpret that introduction. :)" Hey, it wouldn't be an early social network if the tech elite weren't arguing on--and about--it.

Thiel Treasure Facebook and Paypal investor Peter Thiel is apparently having investment discussions with Airbnb. If all goes well, a $150 million or so investment from Mr. Thiel would make Airbnb very valuable, to the tune of $2.5 billion. Citing sources familiar with the matter, the Wall Street Journal reports details of the deal are still up in the air, but Airbnb investors Andreessen Horowitz and Sequoia Capital are still on board for the second round as well. Now if only we could convince Mr. Thiel to list his mansion on Airbnb...

Sing Me to Sleep Gizmodo blogger Sam Biddle shared an earnest college memory with his devoted Twitter followers. "You're my favorite TV channel, no lie," he tweeted at MTV Jams, a hip hop music video channel from MTV. "I spent a sad amount of time watching MTVJ in my apt. senior year." Perhaps Mr. Biddle should consider becoming a Rap Genius site member?

As always: Overheard a juicy tidbit about impending departures or imminent acquisitions? Dying to dish about startup blunders or frothy financing? Holler at your girls: tips@betabeat.com We've also implemented an anonymous tip box for you covert tipsters out there; you can find it on the top-right corner of our homepage.

Swedish Startup Execs Arrested for Alleged Sexual Assault Against a 19-Year-Old at the W Hotel

Nitasha Tiku — Wed, 08 Feb 2012 18:07:45 -0400

Mr. Adalberth via Crunchbase

Early this morning, the New York Post reported that two "Swedish tourists" were arrested for allegedly molesting a 19-year-old Texas woman at the W Hotel on Lexington Avenue and East 50th Street. The alleged attack occurred at 8 p.m. on Saturday.

Case details on the New York State Court site confirm that Niklas Adalberth, 30, was one of the men arrested. The Post reports that Jens Saltin, 31, was also arrested. "Adalberth allegedly straddled her body while he and Saltin ripped off her clothes and fondled her," the paper said. According to the document, the arrests occurred Saturday night around 10.30 p.m.

Both Mr. Adalberth, a former economics student, and Mr. Saltin are executives at the Swedish startup Klarna, which, based on this news, was trending just under Pinterest on Crunchbase earlier this afternoon.

A copy of the complaint obtained by Betabeat says both defendants are accused of one count of "sexual abuse in the first degree." The complaint says:

"Defendant Adalberth straddled informant, both defendants removed informant's clothes, and defendant Adalberth grabbed informant's breast. Deponent is further informed that she did not consent to said conduct."

Klarna, a payment solution for e-commerce that helps assess and minimize credit risk, has raised a total of $166 million in funding, most recently a $155 million pre-IPO round from General Atlantic and Yuri Milner's Digital Sky Technologies. Storied Sand Hill Road firm Sequoia Capital was behind Klarna's $9 million series B round in 2010, after which Sequoia partner Michael Moritz, who previously invested in Google, PayPal, and Zappos, joined Klarna's board.

In a post about its latest funding this past December, TechCrunch said, "The new round almost certainly puts Klarna’s valuation within spitting distance of Europe’s billion-dollar tech club." At the time, Klarna had 600 employees and was processing $2.5 billion worth of payments.

Mr. Adalberth is listed as Klarna's COO and one of three co-founders. Business Insider points to Mr. Saltin's LinkedIn profile, which lists the former Goldman Sachs intern as Klarna's vice president of sales in the Netherlands.

PC World says both men were released on a $10,000 bail and are due back in court on Friday. In a statement to TechCrunch, Klarna offered the following:

"We are aware of the alleged incident in New York City involving Niklas Adalberth and Jens Saltin. Both Mr. Adalberth and Mr. Saltin maintain their innocence and have taken temporary leave from the company while the matter is being investigated."

In the meantime, it looks like someone finally told TechCrunch to take "klarna-execs-rape" out of their URL. It now reads "klarna-execs-crime."

Charlie O’Donnell Explains How First Round Capital Made the Grade For Most Active VCs in 2011

Nitasha Tiku — Tue, 05 Jul 2011 14:42:02 -0400

Mr. O'Donnell

Thomson Reuters Venture Capital Journal just released its list of top VCs and deals thus far this year, with First Round Capital and Draper Fisher Jurvetson joining the ranks of Kleiner Perkins Caufield & Byers and Sequoia Capital. First Round, from its New York outpost on Park Avenue, and Draper, from DFJ Gotham's suite on West 31st St., both have a strong presence in New York City.

In total, peHUB says DFJ 's network is responsible for 28 deals from January to June, tying with Sequoia for the No. 3 slot. First Round's network is responsible for 27 deals through June. Among First Round's investments this year are homegrown start-ups like AdKeeper, GroupMe, and 33Across. DFJ Gotham plunked down cash for Made In NYC ventures like Seamless Receipts, Yipit, Altruik, and Solvate.

Betabeat asked First Round principal Charlie O'Donnell how much of its $130 million fund, raised in 2010, was geared towards New York companies. "As a seed/angel stage investor, we're always on the most active lists and a lot of it is NYC, but a lot of it is our great SF office, too," he responded, via email.

"We see a pretty balanced stream of opportunities on both sides... but obviously when you're on the most active list, if have of your deals are in one place, you're going to be one of the most active local folks too. Personally, I think of it as a testament to reputation, too. You're not going to do a this many quality deals unless you see a lot, and you're not going to see a lot unless you're thought of as a great partner."