Silicon Valley

Mexican venture firm ALL VP has a $73 million first close on its latest fund

Buoyed by international attention from U.S. and Chinese investors and technology companies, new financing keeps flowing into the coffers of Latin American venture capital firms. One day after the Brazilian-based pan-Latin American announced the close of its $150 million latest fund comes word from our sources that ALL VP, the Mexico City-based, early stage technology investor, has held a first close of $73 million for its latest investment vehicle. The firm launched its first $6 million investment vehicle in 2012, according to CrunchBase, just as Mexico’s former President Enrique Peña Nieto was coming to power with a pro-business platform. One which emphasized technology development as part of its strategy for encouraging economic growth. ALL VP founding partner Fernando Lelo de Larrea sai...

Silicon Valley’s sovereign wealth problem

John Vrionis Contributor It’s time to bring the conversation about where Silicon Valley gets its money from out into the open. Following recent revelations into Saudi Arabia’s extensive reach and influence in the US technology sector, the willful ignorance that has defined the relationship between venture capital firms and the limited partnerships (LPs) that fund them for years now isn’t going to cut it anymore. According to the latest reports from the Wall Street Journal, Saudi Arabia is now the single-largest source of funding for US-based tech companies. Since 2016, the Saudi royal family has invested at least $11 billion into US startups directly, and in August, the Saudi Arabian government committed $45 billion to Softbank’s $92 billion Vision Fund. To put that into context, the total...

Lessons from building Brex into a billion-dollar startup

Henrique Dubugras Contributor Henrique Dubugras is the founder Brex, the billion-dollar corporate credit provider for startups. When I think about my experience as an immigrant and entrepreneur in Silicon Valley, I remember growing up in Brazil and how we saw tech founders and CEOs as kings. We imagined what it would be like to assume the throne. But these weren’t just any kings. Silicon Valley was the kingdom of nerds and underdogs. We identified with these guys, they were just like us. We were fed the myth of a Silicon Valley meritocracy, and the illusion that all you needed was ambition, determination, and a good idea to meet the right person and get funded. What we didn’t understand was that this myth was not completely rooted in reality. Not everyone has access to the American Dream, ...

VCs say Silicon Valley isn’t the gold mine it used to be

In the days leading up to TechCrunch Disrupt SF 2018, The Economist published the cover story, ‘Why Startups Are Leaving Silicon Valley.’ The author outlined reasons why the Valley has “peaked.” Venture capital investors are deploying capital outside the Bay Area more than ever before. High-profile entrepreneurs and investors, Peter Thiel, for example, have left. Rising rents are making it impossible for new blood to make a living, let alone build businesses. And according to a recent survey, 46 percent of Bay Area residents want to get the hell out, an increase from 34 percent two years ago. Needless to say, the future of Silicon Valley was top of mind on stage at Disrupt. “It’s hard to make a difference in San Francisco as a single entrepreneur,” said J.D. Vance, the author of ‘Hillbilly...

In Bad Blood, a pedestrian tale of heuristics and lies

In a world where thousands and thousands of startups are started in the Bay Area every year, becoming a name that everyone recognizes is no small feat. Theranos reached that summit, and it all came crashing down. The story of the fraudulent rise and precipitous fall of the company and its entrepreneur, Elizabeth Holmes, is also the singular story of the journalist who chronicled the company. John Carreyrou’s tenacious and intrepid reporting at the Wall Street Journal would ultimately expose one of the largest frauds ever perpetrated in Silicon Valley. Bad Blood is the culmination of that investigative reporting. The swift decline of Theranos and its protective legal apparatus has done this story a lot of good: many of the anonymous sources that underpinned Carreyrou’s WSJ coverage are now ...

Safety and inspection bot startup Gecko Robotics adds $7 million to the coffers

Gecko Robotics aims to save human lives at our nation’s power plants with its wall-climbing robots. To continue doing so, the startup tells TechCrunch it has just secured $7 million from a cadre of high-profile sources including Founders Fund, Mark Cuban, The Westly Group, Justin Kan and Y Combinator. We first reported on the Pittsburgh-based company when co-founder Jake Loosararian came to the TechCrunch TV studios to show off his device for the camera. Back then, Gecko was in the YC Spring 2016 cohort, working with several U.S. power plants and headed toward profitability, according to Loosararian.  You can see the original interview below: The type of robots Gecko makes are an important part of ensuring safety in industrial and power plant facilities as they are able to go ahead of huma...

Boston-area startups are on pace to overtake NYC venture totals

Joanna Glasner Contributor More posts by this contributor Home run exits happen stealthily for biotech While tech waffles on going public, biotech IPOs boom Boston has regained its longstanding place as the second-largest U.S. startup funding hub. After years of trailing New York City in total annual venture investment, Massachusetts is taking the lead in 2018. Venture investment in the Boston metro area hit $5.2 billion so far this year, on track to be the highest annual total in years. The Massachusetts numbers year-to-date are about 15 percent higher than the New York City total. That puts Boston’s biotech-heavy venture haul apparently second only to Silicon Valley among domestic locales thus far this year. And for New England VCs, the latest numbers also confirm already well-ingrained ...

Scaling startups are setting up secondary hubs in these cities

Joanna Glasner Contributor More posts by this contributor What does it take to be a startup that raises huge sums quickly? Not a minimalist? Startups will gladly store, manage and deliver your items America’s mayors have spent the past nine months tripping over each other to curry favor with Amazon.com in its high-profile search for a second headquarters. More quietly, however, a similar story has been playing out in startup-land. Many of the most valuable venture-backed companies are venturing outside their high-cost headquarters and setting up secondary hubs in smaller cities. Where are they going? Nashville is pretty popular. So is Phoenix. Portland and Raleigh also are seeing some jobs. A number of companies also have a high number of remote offerings, seeking candidates with coveted s...

Special Report: New York’s enterprise infrastructure ecosystem

New York City is a marvel of infrastructure planning and engineering. There are the visible landmarks — the Brooklyn Bridge, the Lincoln Tunnel, the Empire State Building — and also the invisible ones that run the city beneath its crowded streets, such as one of the world’s most complex water tunneling and reservoir systems. That infrastructure was built for the economy of the 20th century, a market that emphasized the manufacturing and trading of goods. Infrastructure though has a very different meaning in the 21st century. The digital economy means we no longer measure the movement of products simply as tonnage on freight ships and trucks, but rather as bits and bytes flowing from data centers to devices. The shipping container once revolutionized 20th century global trade, and now conta...

Southern California needs to find its hub for it to develop its own tech ecosystem

Recognizing the tens of billions of dollars that the Southern Californian region leaves on the table, because it hasn’t taken its rightful place in the American technology industry, a new group called  the Alliance for Southern California Innovation has just released a report to analyze how SoCal can work to assume its pole position. Through interviews with 100 leaders of the technology ecosystem and an analysis of venture capital funding for the region, the organization has concluded (with the help of the Boston Consulting Group) that the promise of a regional rival to Northern California’s silicon valley won’t be fulfilled without the establishment of a geographic hub and a willingness to overcome regional differences. Founded by Steve Poizner last year to accelerate the growth of a star...

What Silicon Valley tech VCs get wrong about consumer investing

Ryan Caldbeck Contributor Ryan Caldbeck is the founder and chief executive of the consumer and retail investment marketplace CircleUp. More posts by this contributor: When I began fundraising for CircleUp six years ago, I encountered many investors whose eyes would glaze over when I mentioned “consumer.” These investors would fidget uncomfortably or drop their gaze when I explained that our platform would only provide capital to small CPG companies. I would often hear the skeptical comments, such as, “an energy bar company can’t really get that big,” “baby food isn’t scalable,” and my personal favorite, “I can’t name a single consumer company” (real quote from a VC). Today, of course, the tone is much different. Scroll through tech news and you’ll see everything from Greylock Partners sing...

The Last Episode of Crunch Report

This is the last episode of Crunch Report. It’s been an awesome journey but now to try other things. I’m not leaving TechCrunch, just to clarify. Watch the video and thank you. Credits Written by: Tito HamzeHosted by: Tito HamzeFilmed by: Joe ZolnoskiEdited by: Tito Hamze Notes: I don’t know what to wear on Crunch Report (It’s a hard decision and I suck at dressing myself). If you are a startup and want to me to wear something mail me an XL T-shirt and I’ll wear it in an episode. I’m not going to mention the company on the shirt in the episode but it will be there. No offensive stuff, it’s totally at my discretion if I wear it. Mail it to me. Thanks <3 Ok, bye. TechCrunch C/O Tito Hamze410 Townsend streetSuite 100San Francisco Ca. 94107

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