A Singapore-based venture capital firm backed by tech and banking experts has launched its first London office and on Thursday unveiled plans to invest some £24 million in startups here. Antler said a team of 10 employees based in Old Street will look to invest £120,000 each into some 200 small businesses in London over the next four years. The firm was set up Magnus Grimeland, who co-founded Singapore-based fashion online retailer Zalora. Backers include Spotify’s former chief technology officer Andreas Ehn, economist Lawrence Summers who was the former US secretary of treasury for President Clinton, and ex Goldman Sachs director Andrea Hajdu-Howe. Grimeland said: “London is a truly dynamic, entrepreneurial city brimming with fantastic business talent. We think London is, and will continue to be, a global hub for entrepreneurs with ambition and drive . The city is full of opportunity and energy.” The company is also expanding into Amsterdam and … [Read more...] about Venture capital firm Antler makes London debut to invest in startups
Who invest in startups
State lawmakers and Gov. Tim Walz want to replenish funding for a lapsed program that gave tens of millions in tax breaks to investors who helped start businesses in Minnesota. The state could spend up to $20 million a year on investors who support startups, under a proposal in the Legislature. Walz did not commit to an exact amount, but told members of the TwinWest Chamber of Commerce on Friday that the tax credits will be part of the budget he unveils Feb. 19. The angel investment program previously operated from 2010 through 2017, and the state doled out about $101 million in tax breaks over the years. The 431 business owners who qualified for the credit during that time used it to entice people to invest in their companies, and netted a total of $422 million in investments. Businesses that participated created 1,533 jobs, according to the tax credit program’s most recent annual report. Stillwater-based POPS! Diabetes Care, which helps people with diabetes manage their care … [Read more...] about Tax credits proposed to spur business investments in Minnesota
Minnesota Gov. Tim Walz has grand plans for the state’s technology sector while in office. At a “Session Priorities” dinner hosted by the Minnesota Chamber of Commerce in January, the DFLer told the crowd that when people think about cities with thriving tech scenes, he hopes they won’t envision “just Palo Alto, Seattle or Austin. It needs to be Minneapolis.” To help the state meet that lofty goal, Walz specifically mentioned one item on his agenda that could nudge Minnesota in the direction of Silicon Valley: reviving an “angel” tax credit for those who invest in early-stage businesses. From 2010 to 2017, Minnesota had such a program, which rewards what can be a high-risk bet on entrepreneurs and nascent startups. Supporters of the angel credit say it can keep young companies with good ideas and little cash afloat long enough to succeed. Detractors of programs around the country argue it amounts to a tax break for the wealthy. … [Read more...] about The ‘angel’ tax credit for investors in startups could be on its way back to Minnesota
Snoop Dogg is no stranger to business investment. Photo: Paul R. Giunta/Invision/AP Swedish fintech giant Klarna got an unlikely minority owner on Thursday in the form of American rapper Snoop Dogg, who will also front the company's marketing campaign. Forbes reports that the artist, whose real name is Calvin Broadus, will also change his name to Smoooth Dogg when he becomes the new face of Klarna's "smoooth" concept – following in the footsteps of, among others, a video of a long-haired swimming dog which became a viral sensation when it launched. The value of the deal was not disclosed, but the rapper, who has previously invested in startups such as Californian marijuana delivery business Eaze, Reddit and trading app Robinhood, said he planned to continue to invest in a range of businesses in Europe. "I've been doing business in Europe for years with fashion brands, telecommunication companies, and more," he told Forbes. "I've endorsed them, advised them, and now I'm … [Read more...] about Snoop Dogg just invested in Klarna, ya dig?
Minnesota and the nation set a record in 2018 for attracting venture capital in U.S.-based startup companies, according to the PitchBook-National Venture Capital Association Venture Monitor. After a somewhat slow first half, venture investors staked $130.9 billion in U.S.-based startups, surpassing the previous all-time high in 2000. “The venture ecosystem continued to slash records in 2018 … illustrating the maturation of the venture capital asset class, but also raising questions about the sustainability and health of these activity levels moving forward,” said CEO John Gabbert of PitchBook. “Some [venture investor partnerships] have expressed concern that excess capital has led to inflated round sizes and valuations. In the event of any adjustments in the global economic or political backdrop, valuations may see a correction from their currently elevated levels, but private market investment activity will likely continue unabated.” Minnesota … [Read more...] about Minnesota, nation raise more VC investment in 2018