This week, point-to-point “microtransit” service company Lime announced it raised $310 million in a Series D round, which valued the company at $2.4 billion, post-money. That is pretty impressive for a startup founded just a couple of years ago. Since 2017, Lime has raised more than $765 million in venture funding, which is due in part to the pretty daunting economics of the bike and scooter business. It takes a lot of capital to acquire and deploy that hardware.
Lime isn’t the only company to raise supergiant ($100 million or more) VC rounds right out of the gate. Despite the fact that supergiant venture capital rounds have recently become an almost everyday occurrence, the age at which companies close their first nine-figure funding deal hasn’t really changed over the past several years.
In the chart below, we plot the distribution of startups’ age at the time of their first supergiant venture round of $100 million or more. (The age of a company at any subsequent supergiant round was excluded.) In prior reporting, we found that supergiant deal volume began accelerating in 2013, which is why we chose that year to start. For reasons we’ll explain after the chart, it’s best to think of the numbers presented here as a very good estimation rather than a highly precise measurement. There are still lessons to learn though.
Note from the get-go that company ages were calculated by finding the number of days elapsed between their founded date listed in Crunchbase and the date on which the company’s first supergiant VC round was announced. It sometimes takes several weeks between when a deal is finalized and when it’s publicly announced (even in the case of these really big deals). We excluded companies with no listed founding date. Also note that the founding dates listed in Crunchbase are often not precise, so that introduces some fuzziness as well.
However, these caveats aside, there are some general trends to be found here. The mix of companies raising their first really big rounds hasn’t changed all that much over time. On average, a little less than half of supergiant rounds are raised by companies roughly five years old or younger. Some years, like 2016, had above-average representation of younger companies raising their first nine-figure deals. Perhaps coincidentally, 2016 was also a year where supergiant VC (and, indeed, venture activity in general) slowed slightly.
If a company is going to raise their first supergiant VC round (which, recall, are still exceedingly rare), a majority of companies do so within the first five or six years in business. Of nearly 888 first supergiant rounds (raised since 2013) we analyzed, the largest number were struck between years three and five. There is a long tail of companies that raise their first nine-figure deals more than a decade after being founded.
Generally, this isn’t too surprising. Most VC funds operate on a 10-year cycle, as do many startups. Many companies raise their first big rounds of funding within the first few years after launch. Some of these rounds are bigger than others, and that’s what’s reflected above.
In entrepreneurial finance, up-front costs matter. Founded in December 2016, Elon Musk’s tunnel-digging endeavor The Boring Company was a little less than 15 months old when it raised $113 million in venture funding in April of 2018. Tunnel boring machines aren’t cheap. The company aims to dig tunnels for the low, low price of $10 million per mile.
It’s not just Mr. Musk who can raise supergiant sums so speedily. Some sectors are more capital-intense than others, requiring some companies to seek large funding deals early, to bring a product or service to market. For example, a number of companies cropped up in the residential real estate space with the goal of streamlining the home-buying process. In practice, it means that the company acquires the home itself, before ultimately signing it over to the homeowner. Ribbon is one such venture. The fintech company was founded in September 2017 and raised $225 million in Series A funding a little over one year later, in late October 2018.
Most companies aren’t a good fit for VC funding. Of those that try to raise VC funding, most fail. Of those that do raise VC money, the surpassing majority of those deals are less than $100 million. To be clear: We’re talking about very rarified air here. But it helps to confirm another side of a trend we found earlier, through some trial and error. Startups aren’t really raising money any faster than they used to. There’s just more of them. And the rounds are bigger.
Don’t Freak Out When Your Phone And TV Start Blaring This Week
It’s important to know the test is coming so that you don’t panic when it’s conducted. Earlier this year, many Floridians were startled awake when a test emergency alert was sent to their phones at 4:45 a.m. local time — though the test was only intended to be broadcast to televisions.
An even scarier incident infamously occurred in 2018, when a false warning of an incoming ballistic missile was sent to the citizens of Hawaii. Nobody was warned of the test because it wasn’t actually a test — someone at the emergency operation center evidently pushed the wrong button (and was eventually fired for their mistake).
In addition to false alarms or poor timing, FEMA officials have warned that the software used for the Emergency Alerts System could potentially be vulnerable to hackers, who could send out false alarms, among other things. While there’s currently no evidence of this, FEMA recommends keeping the software updated on mobile phones, TVs, and other devices to better keep malicious hackers out of the system.
After all, the purpose of the EAS, WEA, and nationwide tests of both is to better prepare the public in the event of a real emergency, minimizing confusion and maximizing the dissemination of information. “The purpose of the Oct. 4 test is to ensure that the systems continue to be effective means of warning the public about emergencies, particularly those on the national level,” said FEMA in an official statement.
2023 Mercedes-AMG SL 43 Review: Better Bar The Badge
Make no mistake, for while it may be more frugal, the SL 43 isn’t lacking in fun. There is a reason, after all, that rear-wheel drive sports cars are still prized. Though the absence of the 4MATIC all-wheel drive standard on the SL 55 and 63 may steal a little sure-footedness (and all-season usefulness), there are decided upsides to be considered, too.
Weight is a big one: the SL 43 tips the scales at 3,825 pounds, making it 353 pounds less than the SL 63. That obviously pays dividends for heft in the corners and general poise, but the rear-wheel drive SL also distributes its weight better: 52% front and 48% rear versus 54% front and 46% rear on the SL 63. While the AMG Performance 4MATIC+ system in the SL 55 and 63 can push all the power to the rear wheels if the situation demands it, you’re still carrying all the hardware.
In Comfort mode, the SL 43 cruises with firm aplomb. There’s still a pleasing gurgle from the engine — sounding, frankly, outsized to its actual capacity and cylinders — and the exhausts will bark gruffly if you lean into the gas. AMG doesn’t offer air suspension here, with the SL 43 getting AMG Sport Suspension as standard. Its steel springs are dialed in on the stiff side but not obstinately so, keeping the roadster level in corners but not getting uncomfortably bumpy on poor-quality surfaces.
Rivian’s Dual-Motor EVs With Max Range Are Now Up For Sale
Compared to the rest of the EV trucks on the market, the maximum range battery pack for Rivian’s R1 series has a substantial lead. For example, the extended battery pack on the F-150 Lightning offers up to 320 miles of range — almost 100 miles less than the R1T. The closest to the R1T’s range is the GMC Hummer EV pickup, at a max range of 329 miles.
Competition among seven-seater SUVs is a bit tighter. The R1S’s popular competitor, the Tesla Model X, provides a range of up to 348 miles on its biggest battery.
The max range battery for the R1 lineup can be added to either the Dual-Motor AWD drive system or the pricier Performance variant. When paired with the highest-tier battery, both engines will provide the same maximum range. The standard Dual-Motor variant offers 533 horsepower, 610 pound-feet of torque, and a 0-60 time of 4.5 seconds for the R1T and the R1S. This model with the Max battery starts at $89,000 for the R1T, and $94,000 for the R1S.
The Performance drive system provides 665 horsepower, 829 pounds of torque, and a 0-60 time of 3.5 seconds for the vehicles. You can snag this variant with the Max battery at $94,000 for the R1T, and the R1S for $99,000.
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