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Month: February 2015

Chamath Palihapitiya’s Social+Capital Raising $450M For New Fund, Filing Shows

Social+Capital Partnership, the investment firm founded by former Facebook executive Chamath Palihapitiya, is raising $450 million for its third fund, dubbed “Social Capital Partnership III, L.P.,” according to regulatory documents filed today. The new fund represents a significant boost in size from Social+Capital’s second fund, which targeted a $325 million raise beginning in early 2013. Social+Capital’s first fund, which began raising in 2011, was $275 million in size. It’s important to note that Social Capital Partnership III seems to be in the initial stages of fundraising: While the offering amount is pegged at $450 million, zero dollars worth of stock have been sold as of today, the filing states. Historically, Social+Capital has targeted a range of investments, with an especially notable focus on companies in the healthcare, education, and financial tech spaces. Its portfolio includes Slack, Wealthfront, OneLogin, and Ringly, to name a few. Article source:...

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Airbnb Is Raising A Monster Round At A $20B Valuation

Airbnb — the platform that lets travellers book private spare rooms and entire homes as an alternative to traditional hotels — is doing some booking of its own. Airbnb is in the process of raising another round of funding that will value it at $20 billion, according to sources familiar with the situation. The company is believed to be in the process of raising a war chest of close to $1 billion — with about half of that secured. We’ve heard that Airbnb has been courted by investors out of Asia, as well as larger private-equity groups. We’ve not been able to confirm the exact names yet, but one that has come up is Fidelity. Previous investors in the company include TPG, T. Rowe Price, Dragoneer, Founders Fund, Sequoia, DST and more. Airbnb, founded in 2008 and based in San Francisco, has been on a growth tear in the last several years. It’s one of the leading players in the rise of sharing economy startups, built on the idea of everyday consumers leveraging their own resources — in this case, rooms in their homes, or the whole home itself — in a wider marketplace. That marketplace is powered by Airbnb’s tech, which makes it very fast and easy for hosts to list, and visitors to find, book and pay for a room or home. Airbnb is currently active in 34,000 cities in 190 countries. It has over 1 million listings on its...

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White House Drops ‘Consumer Privacy Bill Of Rights Act’ Draft

In a late-Friday release, the White House published a draft of its proposed Consumer Privacy Bill of Rights. You can read the full text here. The bill sets out to, in its own words, “establish baseline protections for individual privacy in the commercial arena and to foster timely, flexible implementations of these protections through enforceable codes of conduct developed by diverse stakeholders.” The proposal details what an individual should be able to expect from a service that they use, including how security is managed. It also deals with data deletion, and the revocation of consent on the part of a user. A service would have 45 days to comply with a deletion request. Also enumerated is a restriction of what sort of information that can be collected: The proposal also allows for consumers to request the private data held by a third party. That point, however, is moot if the individual’s request is, and I quote, “frivolous or vexatious.” Reaction to the proposal has been unsurprisingly swift. Berin Szoka, the president of TechFreedom, a foe of the FCC’s Title II-based net neutrality rules, said the following: “[T]oday, the White House proposed new rules on how Internet companies use consumer data that would fundamentally change the way Internet businesses work[.] […] The good news is: this bill is dead in the water. That much should be obvious from the timing of the...

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Inside KITH’s "West Coast Project" Installations

In 2013, KITH and Ronnie Fieg released a footwear/apparel collection entitled the “East Coast Project,” which opened the floodgates for mass awareness of the brand’s  aesthetic. Since then, KITH has evolved into a full-fledged apparel brand, and developing a plan to extend their brand across the country, KITH introduced their latest venture, a sequel to 2013’s “East Coast Project,” aptly named – the “West Coast Project.” After releasing the assortment of limited product at the brand’s new Venice Beach pop-up earlier in February, Fieg explained his inspirations:  “California is one of my favorite places. It’s teeming with culture, and [Los Angeles is] a key city for fashion. There had been a growing demand for our presence on the West Coast, and I wanted to make sure we delivered a one of a kind experience when we finally made the move.” After the  success of this cross-country move Ronnie Fieg and KITH are set to bring their West Coast Project home this week, with installations at each of their New York locations and in the Los Angeles area. To mark the collection’s return to New York, KITH’s SoHo flagship store was revamped, as new installments exhibit each piece thoroughly. A visual breakdown of each garment is detailed on a set of staircases, while the main entryway is lined with glass-cased mannequins each wearing a different ensemble from the collection. Meanwhile, in Venice, CA, the custom build-out is an...

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SECOND/LAYER 2015 Fall/Winter Lookbook

Los Angeles-based contemporary label SECOND/LAYER, has served up some more monochrome goodness for Fall/Winter 2015. Loose fitting pants, T-shirts and a fine selection of outerwear –including a blazer, bomber, leather jacket and zip hoodie – build the rest of the collection. The color palette is largely dominated by black, white and navy, with only a touch of green to contrast the brand’s signature understated lightweights. Check out the lookbook above and head over to SECOND/LAYER’s website to peruse its current selection.   Article source:...

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