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Showing posts from December, 2019

NIO Reports Q3 Results

Chinese electric car maker NIO just reported its financial results for the third quarter of this year, indicating $257 million in revenue but with a $357 million loss in the period. The company delivered 4,799 vehicles in the third quarter, compared to 3,553 deliveries in the preceding quarter. In reaction to the earnings reports, NIO's shares are up more than 50%, trading for $4.17 apiece as of writing.

According to Yahoo Finance, NIO's quarterly results surpassed analyst expectations, with revenue projections for the third quarter having hovered at around $231 million. NIO's $257 million in revenue happens to have beat that by a significant margin, but still amid steep losses. NIO has been losing lots of money as it spends to gain ground as a newer entrant to the electric car market.

The company was founded just five years ago and has delivered approximately 30,000 vehicles since inception, a significant number but a much smaller amount compared to that of other EV maker…

ClassPass Reportedly Raising $285 Million In Funding

According to a Reuters report, fitness subscription startup ClassPass is seeking to raise $285 million in new funding that could push its valuation above $1 billion. Citing a securities filing obtained from analytics firm Lagniappe Labs, Reuters reports ClassPass will issue 22.7 million 'Series E' shares as part of the funding.

A valuation above $1 billion would be a significant boost for ClassPass, which last raised funding at a valuation hovering around $536 million, according to Prime Unicorn Index. The company's last funding was an $85 million Series D led by Temasek last year, an investment that brought its total funding to north of $200 million.

New York-based ClassPass offers monthly subscription plans that provide access to more than 30,000 fitness studios and gyms globally. It's also partnered with large employers like Google, Southwest Airlines, Facebook, and Under Armour to offer corporate wellness plans.

ClassPass is available in 2500 cities across 27 coun…

Uber Co-Founder Kalanick Departs Board

Uber has announced the departure of co-founder Travis Kalanick from its board, effective on the 31st of December. The company's announcement says Kalanick is leaving to "focus on his new business and philanthropic endeavors", the business part likely being CloudKitchens, a shared kitchen space provider he took over after his previous resignation as Uber's CEO.

Kalanick's departure happens to come after he unloaded more than 90% of his shares in Uber, which went public just this year. His sell-off began early November up until the past few days. Currently, Kalanick holds about 5.8 million shares, substantially down from the 22.6 million shares he held before the sell-off.

Kalanick, who co-founded Uber alongside Garrett Camp, held the position of CEO for a long-time, a position that saw him become the poster-child for the company. However, mounting controversies from everything ranging from workplace culture to questionable business practices at Uber led to his ou…

Rivian Raises $1.3 Billion In Additional Funding

Not long after raising $500 million from Ford and an additional $350 million from Cox Automotive, electric car startup Rivian has announced $1.3 billion in new funding led by T. Rowe Price, with participation from BlackRock and existing investors Ford and Amazon. The additional investment is the fourth Rivian has raised this year, and comes a few months after Amazon announced it'll purchase 100,000 vehicles from the company as part of plans to make its delivery fleet run on renewable energy.

The additional investment brings the total raised by Rivian this year to a whooping $2.85 billion. In a statement, Rivian founder and CEO RJ Scaringe praised the investment as demonstrating "confidence in our team, products, technology and strategy". With the investment, Rivian now stands as one of the top-most financed electric car upstarts in what seems like a crowded market.

Rivian plans to begin selling vehicles next year, which may explain the additional funding at the tail-end…

Uber Ordered To Cease Colombian Ride-Hailing Operations

Uber has been ordered to cease its ride-hailing operations in Colombia by the country's Superintendency of Industry and Commerce, a regulatory agency in charge of regulating business practices. The Superintendency of Industry and Commerce (SIC) cites violated competition rules as the reason for the order.

Notably, this is Uber's third regulatory ban in the span of a month, the other two being in London and Germany. The city of London suspended Uber's operating license for the second time just few weeks ago, while a Germany court ban came just this week. In a statement, Colombia's SIC said Uber amassed “a significant advantage in the market” by offering transport services for individuals via its app, and ordered the company's ride-hailing services “through the use of the Uber application to cease immediately.”

Uber on the other hand said in a statement that it doesn't accept the ruling and immediately filed an appeal. “This decision reflects an act of censorshi…

F5 To Acquire Shape Security For $1 Billion In Cash

F5 Networks has announced it's acquiring Shape Security, a Santa Clara-based fraud detection startup, for around $1 billion in cash. The announcement happens to come just three months after Shape Security raised funding at a $1 billion pre-money valuation. F5's acquisition is expected to be close in the first quarter of next year.

Shape Security as a company has raised $183 million in total funding. Its backers include top tier VCs such as Kleiner Perkins, Norwest Ventures Partners, HPE Growth, and Focus Ventures. Shape Security develops fraud detection software adopted by large enterprises to protect their online applications. Banks make up a substantial portion of its customer base, as fraud detection and prevention stands crucial to the online banking process. Altogether, Shape Security claims its fraud detection software detects and blocks up to 2 billion fraudulent or unwanted transactions daily.

Shape Security's fraud detection software offers cross-channel protecti…

Glovo Nabs $167 Million Series E

Glovo, a popular on-demand delivery service that currently operates in 26 countries, has raised 150 million euros ($167 million) in Series E funding led by Mubadala, the sovereign wealth fund of Abu Dhabi, with participation from existing investors Delivery Hero, Lakestar and Drake Enterprises. The funding values Glovo at more than $1 billion, marking it as the second Spanish startup, the other being Cabify, known to have crossed the valuation milestone.

As per Glovo CEO Oscar Pierre, the new funding will be put towards growing the company's headcount, with plans to hire 300 new engineers and developers by mid-next year. Barcelona-based Glovo also wants to make use of the new capital to expand into new markets, as it has consistently done since its founding in 2015.

The new funding happens to come less than a year after Glovo's last known funding, which was a $169 million Series D raised in April. Such situation speaks of Glovo's rapid expansion, with the company having e…

Lime Launches Weekly Subscription Service

Lime has announced the launch of a weekly subscription service for frequent riders of its e-scooters and bikes, first in cities across the U.S., Australia and New Zealand, followed by a roll-out in additional global markets by early January. The new service, dubbed LimePass, offers weekly unlimited scooter unlocks for a flat fee of $5. The idea behind such is to let frequent riders cut down on costs by out-rightly purchasing seven-day unlocks to Lime's shared scooters and bikes for a flat fee, as opposed to paying separately for several rides that would be taken over a week. For context, unlocks for Lime scooters and bikes costs $1 to its customers, who still have to pay per-minute rates to keep riding.

One might wonder, and reasonably so, that paying Lime separately for unlocks taken over a week would amount to more revenue for the company than paying a flat free of $5 for unlimited unlocks for a weekly period. However there's quite a catch, being that several persons who pa…

Intel Scoops Up Habana Labs For $2 Billion

Intel has announced it has acquired Habana Labs, an Israel-based startup that makes AI chips. The semiconductor giant is paying roughly $2 billion for Habana, one year after leading a $75 million Series B investment in the company. The acquisition represents another score for Habana co-founder and chairman Avigdor Willenz, a serial entrepreneur who previously founded and led Galileo Technology (acquired for $2.7 billion by Marvell Technologies) and Annapurna Labs (acquired for $350 million by Amazon). Unsurprisingly, both companies were chip makers, crowning Willenz as a whizz in the chip-making sector with sequential successful exits.

Prior to this acquisition, Habana had raised $120 million in funding from investors including Intel Capital, Battery Ventures, Bessemer Venture Partners and WRV Capital. As of November last year (when it last raised funding), Tel Aviv-based Habana had just over 120 employees. The company was founded in 2016, and maintains only two offices globally, one…

Zomato Reportedly In Advanced Talks To Acquire Uber Eats India

According to a report from TechCrunch, Uber has entered advanced stages of negotiations to sell its Indian food delivery arm, UberEats India, to competitor Zomato as it looks to reduce global spending. TechCrunch reports the negotiations currently values UberEats India at around $400 million, and could involve Uber investing between $150 million to $200 million in Zomato to be finalized. Rumors of Uber looking to offload its Indian food delivery arm are not new, with the company having been reported to have discussed selling UberEats India to another Indian food delivery competitor, Swiggy, early this year.

Indian news outlet Times of India first reported about Uber and Zomato's negotiations last month. The negotiations happen to come at a time Zomato is looking to raise up to $600 million in new funding, as made known by its CEO Deepinder Goyal.

Uber looking to sell its Indian food delivery arm doesn't sound startling, as the company faces significant competition from Swiggy…

A New Fast & Furious Game Is Launching Next Year

Japanese game studio Bandai Namco has announced a new title to be released next year that'll be based on the popular Fast & Furious movie franchise. The new game, dubbed Fast & Furious Crossroads, is described as a "team-based, vehicular-heist action game", and'll feature Fast & Furious stars Vin Diesel, Michelle Rodriguez and Tyrese Gibson, reprising their movie roles as Dom, Letty, and Roman. Also featured in the game are The Walking Dead's Sonequa Martin-Green and John Wick:Chapter 3's Asia Kate Dillon.

Fast & Furious Crossroads, scheduled to launch May next year, will be available on the PS4, Xbox One and PC. Unsurprisingly, the ninth installment of the Fast & Furious movie franchise is scheduled to launch on the same month as the newly announced game. Launching Fast & Furious Crossroads the same month as the movie, which conventionally draws huge viewers, would likely generate more buzz and in turn players for the game.

From curre…

Palantir Secures $111 Million U.S. Army Deal

Palantir has secured a new contract from the U.S. Army that involves the latter committing to spend $111 million next year on services from the former. The new deal deepens ties between Palantir, a data analytics company co-founded by tech veteran Peter Thiel, and the U.S. Army, coming several months after Palantir secured an earlier contract to deploy a complex battlefield intelligence system for the U.S. Army. As reported by the Washington Post, the value of that contract in its entirety could amount to more than $800 million.

Palantir's new contract was first reported by Bloomberg, which said it will represent about 10% of Palantir's revenue next year. According to Bloomberg, the deal is a first step in what could be a four-year running $440 million contract for Palantir. The contract involves Palantir providing software to connect human resources, supply chains, and other operations systems ran by the U.S. Army into a single dashboard, presumably for easier analytics.

Pal…

Apple Scoops Up U.K. Camera Startup

Public filings in the U.K. indicates Apple has acquired Spectral Edge, a U.K.-based camera startup that applies machine learning to improve the quality of images. The filings indicate Apple now controls Spectral Edge, evidenced by the appointment of one of its corporate lawyers, Peter Denwood, as a director at the company while its other advisers and board members were terminated.

Apple conventionally doesn't announce acquisitions but is known to purchase startups regularly, evidenced by a recent statement from CEO Tim Cook that Apple acquires a company every two to three weeks on average. Most of its known acquisitions, usually of small startups, were dug up from regulatory filings similar to that of Spectral Edge, a recent example being Apple's purchase of digital marketing startup DataTiger.

How much Apple paid for Spectral Edge could not be determined but for a hint, the U.K.-based startup raised $8.1 million in total funding according to Crunchbase data. Spectral Edge…

CuriosityStream Hits 10.5 Million Paying Subscribers

CuriosityStream, a streaming service founded by former Discovery chairman John Hendricks, has announced it has eclipsed 10.5 million subscribers, the count not including registrants who are under free trial. The announcement happens to come at a time media houses are debuting individual streaming services to better control their content and compete with streaming incumbent Netflix.

CuriosityStream happens to have drawn a high number of subscribers while being quite low-key in comparison to other newer streaming services. The streaming service, which focuses on subjects like science and nature, attributes its subscriber growth to bundled partnerships with already established cable distributors, a playbook newer streaming services can draw from. CuriosityStream has established partnerships with cable distributors across several countries, for example Altice USA and Suddenlink in the U.S., Airtel in India, and Multichoice’s DStv across Africa. The partnerships involve the distributors i…

Uber Said To Be In Talks To Acquire Foresight

According to a report from The Information, Uber is in advanced talks to acquire the team behind Foresight, a San Jose-based startup that develops simulation software for self-driving car prototypes. The report made no mention of the deal terms.

Foresight is quite the low-key startup, with its website containing substantial information on its core product but minuscule information about its team. Even Crunchbase spots little information about the company, with no mention of any investment or its team. However, Foresight's website mentions its CEO by name of Chang Yuan. A simple search led to a LinkedIn profile that indicates Yuan formerly worked at the likes of Microsoft, Lenovo, Amazon and Apple. His LinkedIn profile indicates he spent more than two years at Apple before leaving to start Foresight two years ago.

An acquisition, or moreover an acqui-hire, after two years doesn't sound far-fetched. Uber pulled a similar move earlier this year when it acquired Mighty AI, a Seat…

TikTok Chief To Meet With U.S. Lawmakers

As first reported by the Washington Post, TikTok chief Alex Zhu is set to make a trip to Washington to meet with U.S. lawmakers in an effort to tackle concerns of privacy, security and censorship risks emanating from the app's Chinese origins. Such trip would indicate efforts by TikTok to maintain its spike in popularity at a time when U.S.-China relationships are strained and U.S. officials are cautious about Chinese companies gaining foothold in U.S. markets where domestic companies have long dominated.

Such a trip could also see TikTok's head Zhu, who is based out of Shanghai, face some of the app's biggest critics, in the form of U.S. lawmakers. The Washington Post reports Zhu has sought a meeting with senators Marco Rubio, Tom Cotton, and Josh Hawley, each of whom have questioned TikTok's independence from Chinese influence. Zhu is also said to be planning to meet with senator Marsha Blackburn, who has pushed for TikTok to better protect children online in regard…

Chime Raises $500 Million At A $5.8 Billion Valuation

As first reported by CNBC, Chime, a San Francisco-based digital bank, has raised $500 million in Series E funding that values it at $5.8 billion, a significant increase from a $1.5 billion valuation when it raised funding just nine months ago. DST Global, which led the previous round that valued Chime at $1.5 billion, is said to have led the $500 million Series E. According to CNBC, Chime CEO Chris Britt plans on putting the new capital towards developments of new products and doubling the company's workforce by the end of next year.


$500 million in a single round marks the biggest single equity investment known so far for a digital bank, surpassing a previous record set by Nubank when it raised $400 million in July. This round included, Chime's total funding since inception now stands at $809 million, according to Crunchbase data.

A near quadruple in valuation in the space of nine months may be explained by Chime's remarkable growth, with CNBC stating that the company ha…

JFrog Said To Haved Hired Banks For An IPO

According to a Bloomberg report, JFrog, a San Francisco-based company that makes software for software developers, has hired JPMorgan Chase and Morgan Stanley to lead an initial public offering that's aimed for next year. Bloomberg reports JFrog could seek a valuation of $2 billion or more for its listing, compared to a $1 billion+ valuation when it raised funding last year.

Founded in 2008, JFrog makes software used by software developers to deploy and manage software. The company's flagship product is known as "Artifactory", being a repository manager that supports several software package formats. JFrog also offers security, distribution, and pipelining software for developers. The company has attracted more than 4,500 customers so far, including top tech companies like Google, Facebook, Amazon, and Netflix.

According to Crunchbase data, JFrog has raised $227 million in total funding, its most recent being a $165 million Series D raised last year October. Having …

Sequoia Leads $65 Million Series C For Gong

Gong, a San Francisco-based "revenue intelligence" startup, has announced $65 million in Series C funding led by Sequoia Capital, with participation from Battery Ventures, Cisco Investments, Norwest Venture Partners, NextWorld Capital, Wing Venture Capital, and cyber-security veteran Shlomo Kramer. All aforementioned investors excluding Sequoia were already previous investors in Gong.

The funding brings the total raised by Gong to $134 million. The San Francisco-based company says it'll use the capital to invest in its product, engineering, and go-to-market teams. Under the terms of the funding, Sequoia partner Carl Eschenbach, who previously served as President and COO of VMWare for more than a decade, will join Gong's board. This marks an addition to other board seats he holds at top tech companies like Workday, Zoom, Snowflake Computing and Palo Alto Networks.

According to Israeli financial newspaper Globes, Gong's new funding values it at $750 million, a qui…

Lucid Motors Flags Off Construction Of Arizona Factory

Lucid Motors, an electric car startup that secured a $1 billion investment from Saudi Arabia's Public Investment Fund last year, has officially flagged off construction of a $700 million factory in the state of Arizona. The factory, chosen after a search spanning 13 U.S. states and more than 60 sites, is where Lucid intends to produce its first car, the Lucid Air. The first phase of the construction will cost Lucid more than $300 million, an investment that's expected to get it ready to begin producing the Lucid Air. The aforementioned $700 million figure is what Lucid expects to put towards full completion of the factory.


Lucid held an official event to celebrate the start of construction of its electric vehicle facility. Attendees at the event included executives of the company and Arizona Governor Doug Ducey, alongside officials of the state. Lucid says the factory is expected to create 4,800 direct and indirect jobs by 2029, and bring along an estimated $32 billion revenu…

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Velodyne Aims For Reverse Public Listing

Velodyne, the lidar manufacturer backed by among others Ford and Chinese search giant Baidu, is in talks for a reverse listing with Graf Industrial Corp in order to debut on the public markets, according to a source familiar with the matter. Graf is working with an adviser on a possible merger with Velodyne, according to our source. Last year, Velodyne was reported to have hired bankers to spearhead a possible public listing but it seems the company has decided to take the "backdoor" method of going public by merging with a Special Purpose Acquisition Corporation (SPAC). SPACs, in this case, are corporate entities taken public for the sole purpose of merging with another private company.

As a private company, Velodyne has raised some $225 million in funding. The company's last-known private funding gave it a valuation of $1.8 billion, a valuation Velodyne may be seeking to surpass on the public markets. Graf Industrial, the intended SPAC for Velodyne, held an initial pu…

Xpeng Begins P7 Deliveries

Just a short while after unveiling a new electric sports sedan named the P7, Chinese electric vehicle upstart Xpeng has begun making deliveries, notably a few weeks after the company formally opened a new factory to produce the new vehicle. Production has apparently begun at the newly opened plant and Xpeng says it aims to produce 100,000 P7 sedans annually. Xpeng surely moves fast, being a company founded only six years ago. The China-based company launched and begun making deliveries of its first vehicle, the G3 SUV, in 2018, four years after its launch. The P7 sports sedan is the company's second-ever vehicle. A picture below gives an encouraging look of a large number of P7 sedans awaiting delivery into customers' hands;


The Xpeng P7 costs anywhere between $32,000-$49,000 "post-subsidies", quoting Xpeng. It's available in 3 versions and 8 configurations. The vehicle's best feature happens to be its range, which Xpeng pegs at up to 706km on full-charge. T…

Tesla Now World's Most Valuable Carmaker

Electric car maker Tesla has been on a tear as of late, with its share price having shot past $1,100 a pop and given the company status as the world's most valuable automaker. Currently (as of writing), Tesla has a market capitalization hovering around $208 billion, beating the likes of Ford, GM, and Toyota which actually manufacture way more cars and mint much more revenue. Before now, Toyota had been the automaker with the largest public market capitalization. Toyota (as of writing) has a market capitalization hovering around $203 billion, a bit lower than Tesla's.

Investors seem to be drooling for Tesla shares given its valuation despite minting lesser revenue than other traditional automakers. For a quick comparison, Tesla delivered 367,500 vehicles last year while Toyota delivered 10 million, about 27 times Tesla's. Investors seem to have much courage in Tesla's future potential, given it's a company that only debuted on the public markets 10 years ago. The l…

DoJ Indicts VC Michael Rothenberg

The U.S. Department of Justice has announced an indictment of investor Michael Rothenberg, a once high-flying venture capitalist whose wings seemingly got clipped after the U.S. Securities and Exchanges Commission (SEC) accused him of misappropriating $19 million of investors' funds. Rothenberg was slapped with more than $31 million in fines from the SEC as a result, but it appears authorities are still pushing for more, as the Justice Department has filed charges of fraud against him. The DoJ alleges Mike Rothenberg "orchestrated multiple schemes to defraud his victims", victims, in this case, being investors in Rothenberg Ventures, the eponymous venture capital firm Rothenberg founded.

The Justice Department accuses Rothenberg of bank fraud and defrauding investors. As for bank fraud, it's alleged that Rothenberg made false statements about his wealth to his bank while refinancing his home mortgage and obtaining a personal loan. As to allegedly defrauding investor…

Peloton Launches On Roku

Fitness sensation Peloton has formally launched its app on the Roku streaming platform, entailing its live fitness classes can now be streamed by Roku users in the comfort of their homes. The Peloton channel has been made available on the Roku Channel Store, enabling users to stream live fitness sessions for a fee. Payments will be processed on the Roku Pay platform, making signing up much easier for users. Existing Peloton subscribers can also automatically log-in using their credentials and gain access to live fitness sessions.

The coronavirus pandemic has largely driven people away from public gyms towards home fitness activities, and such, online fitness streaming activity has seemingly shot through the roof. According to Roku, streaming on its Health & Fitness category grew more than 130% in May alone. Peloton happens to be a benefit of the large pivot towards home fitness, thanks to its stationary bikes and treadmills with live-streamed fitness sessions that have garnered a…

Uber Reaches To Buy Postmates: Report

Uber is in talks to acquire food-delivery competitor Postmates in a $2.6 billion deal, according to a report from the Wall Street Journal, which notes that a deal could be announced by next week or even sooner. Postmates has been said to be targeting an initial public offering but while also shopping itself around to potential buyers. Uber is notably fresh off an attempt to acquire Grubhub, another food delivery competitor which was, however, sold to British food delivery company Just Eat Takeaway.com.

Postmates has raised about $900 million in funding so far, valued at $2.4 billion as of its last funding round. The company had confidentially filed for a public listing in February of last year but didn't follow up with a public filing. In the past, Postmates is said to have shopped itself to companies including Walmart and food-delivery competitor DoorDash. Postmates is known to be unprofitable, so the public markets may not favor the company as much as a private sale and it seem…

TuSimple Seeks New Funding

Self-driving truck startup TuSimple is seeking up to $250 million in new funding and has hired investment bank Morgan Stanley to help it raise that amount, as first reported by TechCrunch. Morgan Stanley is said to have sent out informational packets to potential investors in a bid to seek funding for TuSimple. Already, TuSimple has raised about $300 million in total funding but happens to be seeking more. The San Diego-based company last raised funding in September of last year.

TuSimple was founded in 2015, at a time when most of the self-driving industry was focused on passenger cars rather than big trucks. The company has managed to secure significant funding and attention since then, with backers including UPS, CDH Investments, and China's Sina Corp. Although based out of San Diego, TuSimple currently tests on public roads in the state of Arizona and also in Shanghai, China. The company is aiming to make a dent in the $800 billion U.S. trucking industry.

As of its last fundi…

Amazon Hands Bonuses To Frontline Workers

The coronavirus pandemic largely boosted the need for e-commerce and, in turn, the fortunes of Seattle-based e-commerce giant Amazon. It's such that Amazon hired 175,000 additional people to keep up with increased demand. Now, Amazon has announced it's doling out $500 million in combined bonuses to its frontline workers, who were employed at the company throughout the month of June. The bonus is divided into various grades, including $500 for full-time warehouse workers, $250 for part-time warehouse workers, $1,000 for warehouse leads, $3,000 for delivery service partners, and $150 for each Amazon Flex driver who drove more than 10 hours in June. The bonuses for warehouse workers also covers Whole Foods employees.

The bonus dole-out was announced by Dave Clark, Amazon's famed logistics chief, who has been instrumental in setting up and overseeing the company's mammoth logistics operations. Amazon dubs the bonus as a "Thank You" bonus for its workers, many of…

Tesla Delivered 90,650 Vehicles In Q2

As anticipated, Tesla just released its production numbers for the second quarter of this year and indicated it delivered 90,650 vehicles, a slight (4.8%) drop from the previous quarter. Tesla actually managed to beat expectations despite a pandemic that led it to suspend operation for weeks at its main production facility. The majority (80,050) of Tesla's deliveries were Model 3 and Model Y vehicles, its less expensive models, while Model S and Model X vehicles, the more expensive ones, accounted for a minority (10,600).

Analysts had anticipated lower delivery numbers as a result of the coronavirus pandemic, with some even forecasting as low as 39,000 deliveries in this quarter. A concord of analysts polled by FactSet indicated an average forecast of 72,000 vehicle deliveries for the quarter.

The release of Tesla's latest production results comes on the heels of the company surpassing Japanese automaker Toyota to become the world's most valuable automaker.





Pharrell Williams Eyes Venture Investing

It seems celebrities across the U.S. have heard of good fortunes being reaped in the world of venture investing and are out to get their own share. Many music, movies, and sports bigwigs, including the likes of Kevin Durant, Lebron James, The Chainsmokers, Snoop Dogg, and Shawn "Jay-Z" Carter, have slightly ventured away from their main business into investing in tech startups, some reaping sizeable returns as a result. Now, it seems another celebrity is about to join, as The Information [paywall] reports that famed musician Pharell Williams is teaming up with Ron Conway, a prominent angel investor, to launch a venture fund that'll mainly target startups led by underrepresented minorities.

The Information reports Pharell Williams and Ron Conway are currently in discussions with limited partners for the new fund, which is notably being planned on the heels of nationwide protests against police brutality and racism across the US. Venture funds that primarily target startup…