Airbnb files IPO. Last week, Airbnb filed for a $1 billion IPO following a successful Q3 during which the home rental company reported $219 million in profits. The company confidentially filed to go public in August. Bookings rebounded on the platform due to an array of online programming launched earlier this year in addition to increased interest in rural vacations from city dwellers. [Axios]
Affirm files IPO. Founded and led by PayPal co-founder Max Levchin, the online installment loan company filed its IPO prospectus with the Securities and Exchange commission last Wednesday. Earlier this year, the company announced a partnership with Shopify. Affirm currently works with 6,500 merchants including Peloton, Expedia and Walmart. [CNBC]
Surprise! Another IPO. Gaming company Roblox just filed to go public as well. The Roblox platform offers up free-to-play games in addition to doubling as a game development space. Its developer and creator pool earned $72.2 million in the first three quarters of 2019 and this year that number more than doubled with $209.2 million. [Tech Crunch]
Silicon Valley’s most epic soap opera continues. Mark and Jack took to the congressional stage again last Tuesday to defend the steps that their companies have taken to mitigate election misinformation. Testifying remotely (and backed by a collection of fine ceramic dishware), Dorsey (and his epic beard) told the committee that Twitter flagged 300,000 tweets between October 27 and November 11 for “disputed and potentially misleading” information about the election. Meanwhile, Zuckerburg, also testifying remotely (sans dishware), emphasized his company’s efforts to highlight authoritative sources of information in users’ feeds as well as its voter registration campaign. Both CEOs said that their companies are studying the data surrounding this year’s election and will share their findings publicly. [NPR]
Deloitte announces its #Fast500. On Wednesday, the global accounting and consulting firm unveiled its latest ranking of the 2020 Technology Fast 500. All in all, 38 companies made the list from San Francisco. This marks an increase from last year’s ranking, when 34 San Francisco companies made the cut. At the top of the list for the San Francisco market this year was Bolt, which ranked 22nd nationally with its 9,727 percent revenue growth. [Built In SF]
Sanitizer, toilet paper and bread kits ... oh my! Postmates revealed its ordering trends of 2020 and topping the list are an array of items you may have purchased yourself during this never ending March. Unsurprisingly, on-demand orders for hand sanitizer spiked 9,987 percent (YoY) and toilet paper saw an increase of 619 percent (YoY). Those with lofty dreams of becoming a baker led to a 600 percent (YoY) increase in sourdough bread starter kits. Other noteworthy tidbits include a 5x increase in orders to Black-owned businesses and a champagne sales spike following Election Day. [PRNewswire]
A big bite out of Apple. The company announced last Wednesday that it would slash the fees it charges app developers from 30 percent to 15 percent if the developer made less than $1 million in the prior year. More than 97 percent of iOS app publishers generate less than $1 million a year in app-based consumer spending, according to app metrics firm Sensor Tower. The change will go into effect on January 1. [CNN]
Turo offers interest-free loans. Car-sharing marketplace Turo has teamed up with nonprofit Kiva to offer interest-free loans to underserved communities in order to buy and share cars. The $1 million commitment aims to address the issue of wealth inequality in the United States. Those who are eligible can raise up to $15,000 via crowdfunding and Turo’s matching program. Through Kiva, prospective car buyers can raise up to $7,500 and Turo will then match up to $7,500. [TechCrunch]
