In addition to WeWork, we also have updates from Bitcoin Co, Binance, and Terafunding
WeWork expected to postpone IPO – The Wall Street Journal
The We Company, the parent company behind US-based office-sharing startup WeWork, is expected to postpone its IPO following concerns about its corporate governance and company valuation, The Wall Street Journal reported.
Citing people familiar with the matter, the report detailed that the company was supposed to begin a roadshow to market the shares on Monday, ahead of its trading debut next week. But the IPO is likely to be shelved until “at least next month.”
The decision reflects the difficulty that the company and its co-founder and CEO Adam Neumann have been facing, even after “dramatically” slicing its valuation and revamping its governance.
Confusion ensues Bitcoin Co’s shutdown – Bangkok Post
Confusion amongst cryptocurrency users and enthusiasts ensues after Bitcoin Co, which is said to be Thailand’s largest digital asset exchange, announced its shutdown on September 2, Bangkok Post reported.
Bitcoin Co said that it plans to cease operations at the end of September to “focus on other business opportunities.” In addition to igniting price slump for digital assets traded on the exchange, the announcement also led to speculation over the real reason of the shutdown.
“The company will not seek to hold a Securities and Exchange Commission [SEC] licence for digital asset exchanges for 2020, and we ask all customers to withdraw their funds before November 1, 2019,” the company announced.
It also stated that after November 1, the company will operate its bx.in.th as a platform to contact about outstanding issues. All deposits will also be disabled after September 6.
Also Read: What WeWork has taught me about people
South Korean P2P lending platform Terafunding raises US$18M in Series B – Press Release
Terafunding, South Korean real-estate-focussed P2P lending platform, announced the completion of a US$18 million Series B in August.
In a press statement, the company said that the funding round included investors such as KB Investment, Hana Ventures, and IBK Industrial Bank. It included the participation of Woomi Construction as a strategic investor.
The company has been focusing on providing reasonable financing solutions for local developers who have limited access to development loans from the financial institutions, forcing them to rely on private financing with high-interest rates that are often over 30 per cent per annum.
Terafunding plans to focus on acquiring talent from the real estate, finance, and IT sectors while working to accelerate its advancement on project screening systems and risk management processes.
Indian logistics tech startup Blowhorn raises funding from Venture Catalysts, others – Press Release
Catbus Infolabs Pvt. Ltd, the Bangalore-headquartered intra-city tech-logistics company that operates the Blowhorn platform, today announced that it has raised an undisclosed funding round led by a “prominent” undisclosed investor.
It included the participation from existing investors Chiratae Ventures and Dell Foundation as well as new investors that include Venture Catalysts, James Lee Sorenson, and Japanese VC firm Dream Incubator.
The startup aims to connect logistics service users to mini-truck drivers through a website and a mobile app.
It claimed to have grown its revenue over 500 per cent since its previous Series A funding round while enhancing its industry-leading margin. It also claimed to have expanded to over 30 cities and now has over 25,000 driver partners on its platform.
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