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It’s like the TV show Friends but better: We uncovered how some venture capital firms have co-investment “buddies” and also look at those that don’t.
You can learn about the hidden alliances of these VC firms in the full article or scroll down for a summary.
But first, today’s quick news bytes:
1️⃣ WeWork gets $1.1 billion from SoftBank
After a great second quarter with US$882 million in revenue and a cash burn rate that’s been slashed almost in half compared to the end of 2019, co-working firm WeWork received a US$1.1 billion commitment from majority owner SoftBank.
2️⃣ ByteDance gets more time
President Trump has given ByteDance 90 days to sell or spin off its US TikTok business. Under this new executive order, all TikTok data attached to US users are expected to be deleted.
3️⃣ China to test digital currency in Hong Kong
It plans to trial its digital currency in areas such as Beijing, Shenzhen, Hong Kong and Macau. Ride-hailing company Didi Chuxing and food delivery giant Meituan-Dianping were reportedly already planning tests on their platforms.
4️⃣ Facebook gets TikTok-fied in India
After adding a TikTok-like feature called Reels on Instagram recently, Facebook has also started to test a Short Videos feature on its main platform in India.
5️⃣ Epic Games gains support for lawsuit against Apple and Google
The cliques and besties in the VC world
The worst year yet for this fintech startup
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