Softbank plans £35bn emergency asset sale to cut debt amid coronavirus rout March 23, 2020 Softbank is launching an emergency ¥4.5 trillion (£35bn) asset sale to buy back shares and reduce debt in a bid to restore investor confidence as the global stock market rout pummels its shares and portfolio companies. The measures come as the Japanese investment giant and its $100bn Vision Fund, which has recorded two consecutive quarterly [...]
Uber shares surge by almost 40 per cent after torrid week March 19, 2020 Uber’s stock price has surged by nearly 40 per cent today, after its chief executive said the company would have billions in cash at the end of the year even in the worst case scenarios. Dara Khosrowshahi told analysts today that the ride-sharing app would have $4bn in cash at the end of 2020, and [...]
Coronavirus: Uber suspends pool service in London March 18, 2020 Uber has suspended its pool service in London to help limit the spread of coronavirus. The ride-sharing app made the call last night to suspend the service in London, Paris, the US and Canada. The pool option allows users to share their Uber ride with other people heading in the same direction, but going to [...]
City Moves for 11 March — Who’s switching jobs at Wavemaker, Waypoint Capital and CapitalRise? March 11, 2020 Today’s City Moves includes Wavemaker, Waypoint Capital and CapitalRise Wavemaker Wavemaker UK has announced the appointment of Elliott Millard as head of planning. Based in London, Elliott will lead a team of 65 planners, taking responsibility for the strategic element of key new business pitches. Elliott brings over 18 years of media industry leadership experience [...]
Ex-Uber self-driving chief Anthony Levandowski declares bankruptcy March 5, 2020 Uber’s former self-driving unit boss Anthony Levandowski has declared bankruptcy, after being ordered to pay Google $179m. Anthony Levandowski has been engaged in a long-running battle with Google’s parent company, Alphabet, after it was alleged he stole secrets from the company’s autonomous driving unit Waymo. Levandowski had been an engineer for the self-driving project, before [...]
Driverless car startup Five raises $41m investment from Direct Line and Airbnb backer March 4, 2020 London tech firm Five has today closed $41m in funding from a slew of new investors, including Trustbridge Partners, Direct Line and Sistema VC. The series B fundraising was supported by existing backers Lakestar, Amadeus Capital Partners, Kindred Capital and Notion Capital — which between them have backed the likes of Airbnb, Klarna, Graphcore and [...]
Electric chauffeur service Havn launches in London March 3, 2020 An all-electric premium chauffeur service that gives passengers the options to adjust playlists, temperature and chauffeur interaction launches in London today. Havn launches with a fleet of all-electric Jaguar I-PACEs which can be booked via an app or an online portal. The service is backed by Jaguar Land Rover’s investment vehicle Inmotion. Unlike similar ride-hailing [...]
Coronavirus jeopardises Airbnb stock market listing March 2, 2020 Airbnb’s much-anticipated float could be in danger following the outbreak of the rapidly spreading coronavirus. Airbnb has been working towards floating on the stock market this year and was looking to start the process in March or April, according to Bloomberg sources. It could now be pushed back as consumers and businesses cancel travel plans [...]
Court date set for Uber’s London ban appeal February 27, 2020 The court date for Uber’s appeal of its London ban is set for 6 July, with a judge deciding today that the capital’s largest taxi union can take part in the proceedings. Chief Magistrate of England and Wales Emma Arbuthnot ruled today that the Licensed Taxi Drivers’ Association (LTDA) are an “interested party” in the [...]
Zoopla investor ploughs £3.3m into London gig economy startup’s seed round February 25, 2020 Collective Benefits, a gig economy startup which is set to exit Facebook’s London accelerator next month, has closed £3.3m in seed funding. The round was led by Stride.VC, a backer of Zoopla, Secret Escapes and Pill Pack, with participation from Delin Ventures and Insurtech Gateway. Collective said a number of angel investors also joined the [...]