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Google Fiber halts plans. New e-commerce unicorn filing. Twitter shuts down Vine.

Hola, 

A new filing this week indicates e-commerce unicorn Wish has authorized a new round of financing. 

Here are the relevant parts of the filing, which we identified as part of our Enhanced Valuation capability. Note: the company is actually called ContextLogic and is dba Wish. 

There was no price per share indicated in the Oct. 24 filing in Delaware, so the new price can't be known for sure. But a clause shows that preferred shares like those sold in the Series F convert to common in an IPO of $6B or more, so that could be an indication on the high end of where this round was valued. Wish was reportedly valued at $3B in its May 2015 Series E. 

Interestingly, the terms also show Series F investors have special liquidation preferences. They are entitled to be paid ahead of any other investor, including other preferred shareholders in rounds A through E. That means that in a bad exit they would be made whole before any other type of shareholder is paid.

Here's a look at Wish's CB Insights profile for context:



Here's a look at our filings tab where subscribers with Enhanced Valuation access can view more than 10 of Wish's filings:



Whatever the valuation, Wish had to give Series F backers generous terms, and that's in keeping with the overall tighter funding climate. 

There has also been on average one unicorn downround or down exit a month this year (see This Week in Data, below). 

We'll be taking a close look at valuations and the terms investors are getting in the months ahead. 


Our friends in the media can apply for our select Early-Access Media group (must use your business email) for embargoed versions of new unicorn filings. 

Have a nice weekend.

Marcelo
@ballve


The Week In Data

  •  16: Sixteen points is the difference in voting right now in the contest between Bill Gates and Larry Page in Round 4 of our CEO/founder bracket. Voting ends October 30th. Cast your vote here.


     
  • 55%: Though the company as a whole disappointed Wall Street by missing profit expectations, Amazon Web Services pulled in $3.23B in revenue in Q3’16, giving it 55% year-over-year growth. The division earned $861M in profit, making it Amazon’s main profit engine. 
     
  • 131: The 21 media corporates that are most active in private company investing — including Comcast, The Walt Disney Company, Viacom, The New York Times, and others — are on track to participate in 131 deals to startups in 2016, more than any previous year, according to our analysis of big media’s private market bets released this week. They have also acquired 25 private companies in 2016 year-to-date. 


     
  •  9%: This week, Google Fiber, the company’s multi-city internet broadband service, announced plans to lay off 9% of its staff and halt ambitious expansion plans. The company also announced that it would organize its self-driving car project as its own business division. These moves are in keeping with the focus on profitability and taming of moonshots that we highlighted in our Google Strategy Teardown.
     
  • -30%: Apple had a bad quarter, with revenue declining 9% in the last quarter, according to results announced this week. The revenue decline was particularly pronounced in the Greater China region, where it sank by 30% compared to a year earlier. 
     
  • $200M: Daqri, an LA-based maker of AR systems for workplaces, is seeking to raise as much as $200M in funding. We previously compared funding to AR and VR, and which area is driving more investment.
     
  • 1 billon: Giphy, creators of the first GIF search engine and GIF API, serves more than 1 billion GIFs per day, and growing. The company most recently raised a $55M Series C round in February of this year.


     
  •  4 years: Twitter announced this week it would shut down the Vine app, 4 years and 18 days after acquiring it in early October 2012. Vine reached the 200M monthly active user-mark under Twitter. The shedding of Vine was seen as part of a wider wave of cost-cutting and layoffs. Revenue only grew 8% at Twitter in Q3’16, according to quarterly results also released this week.
     
  • 91.3%Xiaomi announced a November release date for its Mi Mix Android phone in China. The 6.4-inch ceramic device's display covers 91.3% of the available surface area and is said to be priced around $515. Xiaomi was recently included on our list of the most well-funded VC-backed tech companies in the Asia-Pacific region.
     
  • 8: Just this year at least 8 unicorns including Home24, Global Fashion Group, NantHealth, LivingSocial, Gilt, and Jawbone raised flat or downrounds or exited at prices lower than their private market valuations. That’s not even counting companies like Zenefits that slashed its valuation or those facing valuation pressure due to legal or regulatory troubles (or dumpster fires like Theranos and POWA Technologies). 
     
  • 15: Comma.ai, the Andreessen Horowitz-backed driver-assistance technology company, said it had canceled development of its first product, the Comma One, a kit that would have allowed traditional cars to gain some driver-assistance features. Comma.ai’s founder George Hotz said he had made the decision after the National Highway And Traffic Safety Administration had asked for responses to 15 different questions regarding the technology. 
Tweet of The Week

Here's what the team at CB Insights has been talking about.

Mosaic Momentum Alerts

These startups saw the biggest uptick in their Mosaic momentum scores in the last week. 

The CB Insights Mosaic algorithm is a National Science Foundation-backed score that tracks the health of private companies using public data.

 
1. goTenna+310
goTenna is building a hardware-software product that uses smart protocols and radio waves to send messages off-grid.

2. Gummicube+250

Gummicube offers full service app store optimization solutions.

3. Neumob+210
Neumob is a mobile-first technology company focused on making apps faster, more reliable, and more accessible to users everywhere.


4. BloomReach+170
BloomReach is a marketing and merchandising analytics platform. Investors include Battery Ventures, Lightspeed Venture Partners, and New Enterprise Associates.

5. Catchafire+170
Catchafire makes skills-based connections between professional volunteers and other non-profits. 


6. Cybereason+160
Cybereason develops software that aims to track the actions of would-be cyber attackers.

7. Purch+150 
Purch has a portfolio of content and commerce sites. Investors include ABS Capital Partners and Village Ventures.

8. Shyp+110
Shyp is a package shipping service. Investors include Machine Shop Ventures and Kleiner Perkins Caufield & Byers.

9. LendingHome+110
LendingHome combines technology, consumer experience, data analysis, and a private investment platform to provide real estate loans.


10. Janrain+100
Janrain provides technology to leverage the popularity of social networks and identities for user acquisition, engagement, and customer intelligence.
The Week's Top Deals

We tracked over 581 deals this past week. Here's the top 10. Run this search to see them all. 
 
In London's biggest IPO of 2016, the UK-based medical technology company went public at a $5.36B valuation.

2. ZTO Express raises $1.4B IPO round
The China-based express delivery firm went public at a $12B valuation. Previous backers included Sequoia Capital China, Hillhouse Capital Management, Standard Chartered Private Equity, and Warburg Pincus.
 
Based in Germany, the laser-based commercial 3D printing company was bought by General Electric. We've detailed GE's recent buying spree in our post on 3D printing M&A.

4. Arc International raises $271.5M Private Equity round
The France-based glass tableware maker raised from CDC International Capital, and Russian Direct Investment Fund. The proceeds will go to a state-of-the-art glassware plant in Kaliningrad.
Focused on longevity, the biotech company aims to eliminate aging cells in a technique that could potentially prevent many age-related diseases. Backers in the round included ARCH Venture Partners, Baillie Gifford & Co., Bezos Expeditions, Fidelity Investments, Mayo Clinic, Partner Fund Management, Venrock, and WuXi Venture Fund.
 
As the 9th biotech startup to go public this year, the Cambridge, Massachusetts-based company exited at a $279M valuation.
 
The AI-enabled smart home device maker raised from IDG Capital Partners and Walden International.
 
The China-based ed tech platform raised from media company SINA Corporation. The platform boasts 1,800 universities (spanning 10M college students) as members.
 
The Sweden-based developer of an injectable bone graft substitute raised from AP3, Carl Westin, HealthCap Venture Capital, Industrifonden, Kreos Capital, Lundbeckfond Ventures, and Tellacq.
 
The AI company uses visual recognition for an image-tagging API. Backers in the round included Menlo Ventures, Osage Partners, Qualcomm Ventures, and Union Square Ventures.
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