While the SEC didn’t name the board member in the complaint, the regulator said the board member stepped down in March 15, 2019-exactly when Lyft said in SEC filings that Jonathan Christodoro of Patriot Global Management resigned from Lyft’s board. One of Lyft’s board members at the time (an investor) oversaw the transaction. Investor at center of new SEC charges against Lyft…The SEC yesterday charged Lyft for failing to disclose information about a $424 million pre-IPO share sale in advance of the company’s public listing in March 2019. Price discovery gets pretty important the closer you get to an IPO, where you can rack up losses pretty fast. Instacart is a case in point of why some firms have been leaning on early-stage investments during the downturn. (The Wall Street Journal has a good story laying out some of those investors here) Rowe Price and General Catalyst-should be posting losses on their Instacart investments, absent a remarkable valuation recovery on the public markets before those firms sell their stakes. What we do know is that investors that only backed Instacart in its last few rounds-i.e. All that to say, we don’t know whether D1’s collective 36.8 million shares are worth more or less than what the firm first paid for them. But then it also co-led two subsequent rounds, one in 2020 at a $17.7 billion valuation and one in 2021 at a $39 billion valuation, though the amount of capital raised in those rounds was smaller. The firm first invested in 2018, according to PitchBook, leading a $871 million round at a $7.9 billion valuation. It’s unclear how hedge fund D1 Capital Partners, for one, will fare in the listing. Only Sequoia and D1 Capital Partners, as the two largest venture shareholders, had to disclose their total positions in the IPO filings, though they don’t have to break out the size of all the checks they wrote into each round they joined. VC and other investment firms have barreled at least $790 million into the company since then.Īs for the losers, it’s not quite so cut and dried, as some investors have backed Instacart in both early and late-stage rounds. Garry Tan, Sam Altman, SV Angel, and Haystack all invested very early on.Īny investments made into Instacart in 2020 and beyond-when Instacart was valued at $13.8 billion and above-are hurtling towards losses.
#CRYPTO VC JOBS SERIES#
Sequoia Capital, which led the Series A, is Instacart’s largest investor. Then there is Khosla Ventures, which led the seed for Instacart that same year, and then participated in the A, B, and C rounds. Y Combinator would be one, which welcomed a fledgling Instacart into its batch ( albeit late) in 2012. Mehta remains chairman of the board, though Simo will replace him as chair post-listing.)īut the clear winners are also Instacart’s earliest backers, who I imagine would be raving over any valuation superseding $1 billion, as it will be a windfall however you look at it.
Obviously, there is Instacart’s founder, Apoorva Mehta, who will still own 10% of the company post-IPO (Mehta stepped back as CEO in 2021, with Fidji Simo replacing him as chief executive, as Fortune detailed in a 2021 feature story. But, let’s be clear, there are winners and there are losers with this IPO.
Last night, it officially priced its shares at $30, giving it a $9.9 billion valuation. Instacart is still a decacorn (okay-almost).
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