Hims & Hers goes public via SPAC. Direct-to-consumer healthcare unicorn Hims & Hers announced its plans to go public via special purpose acquisition company Oaktree Acquisition Corp. Oaktree first announced it would take Hims public four months ago, at the time the company was valued at $1.6 billion. The deal, led by Oaktree Capital Management, includes proceeds of around $280 million. Hims initially offered men help with issues like erectile dysfunction and hair loss but has since grown to include a women’s health division. [Built In SF]
Affirm commits to being “remote first.” Shortly before a successful debut on the stock market, fintech giant Affirm announced its plans to become a remote-first workforce. Once pandemic restrictions ease, the company will invite all of its remote employees back into its offices around the country. However, if an employee’s role doesn’t require a physical presence in the office, they can remain remote. Affirm’s headcount surpassed 900 last year and the company is looking to continue that growth. Affirm is now hiring for dozens of open remote positions spanning multiple departments. [LinkedIn]
It’s electric! Rivian rakes in $2.65B. The electric vehicle manufacturer is set to make its battery-powered pick-ups and SUVs available to the public this year. This latest funding round, led by T. Rowe Price Associates, will be used to help support the company as it continues to scale. Rivian has raised a total of $8 billion since the start of 2019. In addition to its commercial offerings, Rivian is working with Amazon to put 100,000 electric delivery vans on the road by 2030.
Of the company’s nearly 3,000-person team, close to 700 are based in the Bay Area. The company is now hiring for multiple open positions at its offices in Palo Alto and San Francisco. [Built In SF]
Dems push tech execs to take action. In letters addressed to the CEOs of Facebook, Twitter, and YouTube, several Democratic members of Congress called on the companies to make changes to their platforms in order to curb violent and extremist activity. Lawmakers accused the companies of using their algorithms to boost harmful content in order to increase engagement on their platforms. The companies have been subject to increased scrutiny in the wake of riots at the Capitol.
“These American companies must fundamentally rethink algorithmic systems that are at odds with democracy,” Representative Anna Eshoo, a California Democrat, said in a statement. [The Verge]
Patreon plans to go public. The tiered subscription service plugged by podcasters and other creators everywhere is considering a public listing as early as this year. The e-commerce platform has already met with several banks and special purpose acquisition companies interested in signing a deal. Following its Series E in September, the unicorn’s valuation reached $1.2 billion. The company, founded in 2013, has raised $256.8 million in financing to date, according to Crunchbase. Nearly six million creatives are signed on to the platform. [The Information]
Alphabet bursts a bubble. Alphabet announced it would shut down Loon, its division that provides internet access from giant, floating balloons. The parent company of Google launched Loon in June of 2013 and the company’s first commercial fleet took to the skies of Kenya in July of last year.
To support those who might be affected by the loss of Loon, the company is pledging $10 million to support Kenya-based nonprofits and businesses that are dedicated to “connectivity, Internet, entrepreneurship and education.” The company is working to place its employees in other roles at Google and Alphabet. [Medium]
