: #Domain sale is valued at $8.1 million dollars including the matching trademark The sale of to Meredith Corporation involved the domain name and existing trademark. The transaction involved other assets as well, for a total of $ 15.9 million dollars. The transaction is recorded below: On September 1, 2019, Meredith completed an asset acquisition of certain intangible assets of, a websi…

“Received” equity over the last few years but no shareholder or RSU agreements – company now valued at $25M and eyeing a sale

I’ve been a contractor for a company for three years (by choice) that, when I began, was a complete mess. Through working with the founder over the years, I’ve helped grow the company and bring it out of the state it was in to something we’re all proud of. The most recent funding round valued the company at $ 25M.

At the beginning, the founder was terrible at all things legal and contracts. We agreed that I would receive equity based on a milestone that was achieved, but I received no tax paperwork or anything formal from the company detailing the number of units like a stock purchase agreement -just a percentage noted down on a very loose contract. I made sure when the cap table was released after the funding round immediately following the milestone that I was on it and the amount of shares allocated to me made sense – it did.

I received another 1% as part of my new post-funding contractor agreement to be vested over 3 years. Again no documents from the company detailing specifics on unit amount or shareholder rights – just a loose contract and the percentage detailed on the countersigned agreement.

I never filed an 83b with the IRS because of the lack of clarity or stock agreements, which I imagine is going to cost me dearly. Every time I ask for guidance from the company lawyer, he seems to have no idea what documents I need. I asked our interim CFO, who is now gone, and he had no idea either. I’m just trying to figure out what I was supposed to receive so I can take action.

Can anyone provide guidance on how things should’ve gone down (the co is a Del C Corp) and what steps I might need to take next? I have a feeling the company will be sold soon and I want to have my ducks in a row.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Quizlet valued at $1 billion as it raises millions during a global pandemic

As millions of students and teachers shift to learn from home in response to the novel coronavirus disease, modern-day flashcard business Quizlet has raised $ 30 million in a Series C round led by General Atlantic.

Quizlet’s chief executive officer Matthew Glotzbach said that the new funding values the business at $ 1 billion, up five times from its last funding round in 2018. Quizlet’s total known financing is more than $ 60 million.

The fresh funding comes off the heels of unprecedented usage for Quizlet, which connects students to virtual flashcards and study guides. Once a user makes a guide, they can share a unique link with friends and collaborate ahead of a test. School shutdowns due to COVID-19 have caused students to flock to the platform as they look for new ways to study, retain information and collaborate.

Students ask over 1 billion questions on Quizlet each week and more than 400 million virtual study guides have been created. The San Francisco-based startup is also seeing “massive international growth,” with 200% to 400% new user growth across its top international markets.

The company declined to share daily numbers, but said it sees over 50 million users every month, which is similar to a statistic it shared two years ago.

Glotzbach noted that more than two-thirds of high schoolers in the United States use Quizlet. At least half of U.S. college students have used the platform. That kind of market hold only comes from two aspects: volume and variety. The site’s curriculum spans from acid and bases in chemistry to the science of roller coasters to the art of sensation and perception.

As for why a flash card business could be worth a billion dollars, it isn’t. But an AI-powered tutoring platform could be, and that’s exactly what Quizlet is focusing on as a core product move in the foreseeable future. Quizlet Learn, Glotzbach says, is the most popular feature on the site and uses AI to help users study topics and learn mastery by a certain time.

Quizlet’s newest investor, General Atlantic, has invested in a number of edtech companies around the world, like OpenClassrooms, Ruangguru, Unacademy and, recently, Duolingo. Glotzbach said that Quizlet will continue to expand to new international markets, but does not have any “specific targets or names.” It is currently used in 130 countries across 19 localized languages, so it has a lot of room to grow.

Quizlet did not comment on profitability, but said its revenue is growing 100% year over year.

Quizlet views its closest competitor as Chegg, an online textbook company that went public in November 2013. Glotzbach says it has a larger audience and bigger footprint on education in the United States. He noted that other learning apps like Duolingo are vertical and subject focused, while Quizlet has a more broad curriculum.

While the new funding officially makes Quizlet a unicorn, Glotzbach said that when he announced the funding to his staff he compared the company more closely to a camel.

“We’ve built a very large-scale business with products that are easy to use, easy to get up and running and easy to share,” he said. “We use a low-cost subscription model that is very inexpensive so we get a lot of people upgrading to our premium product, and it drives economic business.”

Slow and steady is part of its founding story: Quizlet was founded in 2005 by a 15-year-old, Andrew Sutherland. It was fully bootstrapped until 2015. Glotzbach, who was previously an executive at YouTube, then joined in 2016.

But while it has humble roots, this new round was closed in the heat of a global pandemic.

“We saw record drops in the stock market multiple days in a row while trying to both manage [the round] and move an entire company to remote work,” he detailed. “It was closed during such a volatile time.”

Glotzbach said that the round was more opportunistic, and that it didn’t “need an injection of capital to make ends meet.”

Therefore, Quizlet’s new shiny valuation is yet another example of how edtech has found both revitalization and green shoots during this catastrophic time, and how remote learning is going from a tool to a necessity for many learners.

Startups – TechCrunch

How are social networks valued?

Can somebody tell me how investors determine the value of a social networking app? I understand that there is a lot that goes into it. Due to their business model, they won't be generating cash right away. If an app had 1 million users, would it be reasonable for the founder(s) to value it $ 20M at minimum (which would be $ 20 per user)? I know that FB paid about $ 50 per user when acquiring WhatsApp.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Daily Crunch: Stripe now valued at $36B

Stripe raises new funding, Uber acknowledges financial uncertainty and a controversial facial recognition startup accidentally exposes its source code.

Here’s your Daily Crunch for April 17, 2020.

1. Stripe raises $ 600M at $ 36B valuation in Series G extension, says it has $ 2B on its balance sheet

The economy may be contracting as a result of the COVID-19 pandemic, but promising startups are still continuing to raise money to shore up finances for whatever may lie ahead.

The latest development: Stripe, a well-known payments unicorn, announced that it had raised another $ 600 million in new capital, money that it plans to use to continue investing in product development, further global expansion and strategic initiatives.

2. Uber withdraws 2020 guidance

“Given the evolving nature of COVID-19 and the uncertainty it has caused for every industry in every part of the world, it is impossible to predict with precision the pandemic’s cumulative impact on our future financial results,” Uber said in a statement.

3. Security lapse exposed Clearview AI source code

The controversial facial recognition startup allows its law enforcement users to take a picture of a person, upload it and match it against its alleged database of 3 billion images, which the company scraped from public social media profiles. And for a time, a misconfigured server exposed the company’s internal files, apps and source code for anyone on the internet to find.

4. Changing policy, Y Combinator cuts its pro rata stake and makes investments case-by-case

Under its new policy, the accelerator is reducing its pro rata investment size from 7% to 4% and is only investing on a case-by-case basis going forward. Apparently the portfolio has gotten too large for blanket investments, and some of the limited partners who back the accelerator’s operations are balking at making commitments to the pro rata program.

5. Announcing the Extra Crunch Live event series

First up: We’ll be chatting with Aileen Lee (former KPCB partner, founder and managing director at and coiner of the term “Unicorn”) and Ted Wang ( partner, former partner at Fenwick & West, and former outside counsel to Facebook, Twitter, Dropbox, Square and more) on Monday, April 20. And yes, you’ll need to be an Extra Crunch member to tune in.

6. NASA reveals ambitious multi-spacecraft plan to bring a piece of Mars back to Earth

NASA has said many times that it intends to collect a sample from Mars and return it to Earth. But how will the organization go about scooping up soil from the surface of a distant planet and getting it back here? With a newly-revealed plan that sounds straight out of sci-fi.

7. Facebook’s annual virtual reality conference goes virtual-only

Facebook announced that it will be shelving the in-person component of its virtual reality-focused Oculus Connect 7 conference due to COVID-19 concerns and focusing on a digital format. Although the company hadn’t announced dates for the event, the conference is typically held in late September or early October.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

Startups – TechCrunch

“Making employees feel valued and important is crucial”: Interview with CoachHub’s co-founder Yannis

Keeping your employees engaged and motivated is an important task at the best of times, let alone during a crisis.

It used to be that an offer of stability (including a regular salary, a health insurance package and pension contributions) would do the trick, but nowadays it’s a little more complicated. Employees seek a sense of purpose, belonging, inclusion and personal growth – they want to grow alongside of a community that is going somewhere, and doing something important.

So how do you address each employee’s individual growth plan? In 2018, entrepreneurs Yannis Niebelschuetz and Matti Niebelschuetz created CoachHub, a talent development platform that allows organizations to create a personalized, measurable and scalable coaching programme for the entire team, no matter seniority level. Benefits include higher productivity, performance, staff retention and more meaningful relationships.

We were able to sit down with CoachHub’s co-founder Yannis Niebelschuetz to ask him about the biggest de-motivators for teams, why founders should care about coaching their team, coaching leading to more diversity in leadership, and their survival tips during the coronavirus pandemic.

Thank you for joining us Yannis! We’re excited to learn from your experience at CoachHub. To start us off, could you briefly pitch us on why founders should care about coaching their team?

Coaching is proven to be the most effective people development method to ensure long-term behavioural changes and the targeted transfer of learning. Personalised coaching not only develops employee skills and improves company efficiency, but it also boosts employee satisfaction and talent retention. In times of change, individual coaching promotes successful adaptation and gives your workforce sustainable development opportunities that benefit the individual as well as the business as a whole.

Historically, coaching has only been available to the most senior employees in large businesses, due to cost and logistical challenges of hosting sessions. However, that is no longer the case, as technology like CoachHub democratises this access to expertise in a way never before possible.

You’ve talked before about the drivers behind employee satisfaction and engagement evolving over time. We’ve gone from caring about our paycheck, to wondering about the impact of our work. Could you tell us more?

There have been lots of studies linking purpose to productivity, and it’s no secret that people are now realising that money in the bank is far from the most important thing in a job. It’s not about one thing or the other though – paying well and providing tangible benefits, such as extra holiday, is still very important. But the advantage of tailoring your offering to help people find job satisfaction is that engaged employees are not only happier and therefore more likely to stay, but are also more productive for the business.

On the other side, what do you think are the biggest de-motivators at work nowadays?

On the flip side, the killer of productivity is poor internal communication. It underpins everything that a business does, and is the key to ensuring your employees feel valued and, crucially, that they know what they are working towards. A lack of belief or understanding about the bigger organisational goal, and where each individual fits within the greater team, is usually a trigger for disengaged and disinterested employees.

In a nutshell, how do you think founders can make sure their remote team members can stay engaged and productive?

Again, the most important thing is communication – it’s easy to underestimate how much communication takes place in an office, whether catch ups round the proverbial water cooler, or even just the cues we get from tone or body language. Founders should make an extra effort to have regular face time with their staff and make sure the team dynamic isn’t lost.

Making employees feel valued and important is crucial to maintaining engagement and productivity, but it is also important to remember that in these times of immense change, not everything will stay the same. Keeping to routines is important, where possible, but founders should remember that not everyone will be working from the same situation. Adjust your standards accordingly and always try to remember that there is a human behind every screen.

Given that many teams are now working remotely due to the pandemic, how do you see this playing out? And how is tech adapting to the challenge?

This is undoubtedly the biggest challenge of our lifetimes, both medical and economic. That said, I have always been a huge believer in the ability of talented people to find solutions to every challenge and this is no different. As we are seeing with the huge switch to remote working, there are a number of innovations emerging to help tackle the challenges of living and working in isolation from your friends and colleagues.

We certainly don’t expect to see everything revert to how it was, once this is over. It has taken some extreme circumstances to force digitalisation across industries, but in many cases, these tech solutions will become the established norms. This crisis has unfolded extremely quickly, so it is understandably taking a little while for technology to adapt and catch up. But it will do, and we are likely to see some significant advances in innovation in the course of this year.

How has your startup been specifically affected, and do you have any survival tips for founders?

All businesses have been affected, and CoachHub is no different. Our team is all working remotely, of course, but, given that we provide a technology solution, we’ve not seen a dip in our sales. There have certainly been some sectors where conversations have slowed, and others which have thrived. It’s a case of staying as agile as possible, being sensible with managing outgoings and, crucially, trusting in your processes, your product and your team.

The workforce of the future could be quite different to what we are used to today. What do you predict for the next 5-10 years, and how do you think HR tech will need to evolve?

The major challenge facing HR tech is achieving personalisation at scale. The core value of HR is always going to be the ‘human’; traditional analogue methods worked well on a small scale, but are ineffective in larger situations. Coaching is a prime example of this – the cost and logistics of organising face-to-face coaching means that it isn’t a viable option at scale. Equally, the human element of coaching has to remain, as people don’t want to talk to a chatbot. The challenge is how you can effectively take this human element to everyone.

AI and machine learning is developing in use cases in the sector, but are still both best applied to supplement a personalisation or human element. The evolution of HR technology will see this personalised and predictive element installed across the sector, providing truly tailored offerings to each and every employee.

Thinking now about leadership, what advice do you have for startup founders leading their first team?

Communicate and delegate. Starting a business can be an all-consuming job, and it becomes your life. But the urge to shoulder everything yourself must be tempered – share updates with your teams and trust them to do their jobs. Make sure everyone knows what the vision is and that everyone is pulling in the same direction to achieve a common goal.

Taking into consideration more diversity in leadership, do you think coaching could have a hand in levelling the playing field?

Coaching is a brilliant development tool because it deals with the individual, and we all have different strengths and weaknesses. But coaching has traditionally only been open to the select few in senior positions, who are statistically more likely to be white, middle-class men. With digital coaching, the aim is to democratise personal development and enable anyone, at any level in a business to improve their skills, and therefore help the next generation of leaders to emerge.