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The forgotten ‘Facebook of China’ is sold for $20M

Renren, which was once heralded as the ‘Facebook of China’ and later became China’s answer to MySpace after falling out of fashion among its core young users, is selling its social networking business. Renren’s parent company Beijing Qianxiang Wangjing has agreed to sell all tangible and intangible assets of renren.com to Beijing Infinities Interactive Media,…

Snap is being probed over its IPO because some investors are salty about losing money

Here’s something I didn’t expect to read today. The U.S. Justice Department and Securities and Exchange Commission has subpoenaed Snap for details on its IPO apparently in connection with a lawsuit from disgruntled shareholders who claim the company played down its rivalry with Instagram. Reuters first reported on the subpoenas which Snap has confirmed. Precise details…

Biotech holding company Roivant Sciences raised $200M in funding at a whopping $7B valuation

Roivant Sciences has had a bumpy couple of years, but that isn’t stopping investors from pouring more money into the four-year-old company, which aims to one day be a giant parent company for dozens of independent biopharmaceutical spinoffs — and is fulfilling that vision by creating one independent company at a time. Roivant’s newest financing…

Skincare startup Heyday raises $8M

Heyday, a startup aiming to make facials more affordable and personalized, announced today that it has raised $8 million in Series A funding. I first wrote about the company a year ago, when it raised its $3 million seed round. At the time, co-founder and CEO Adam Ross said his goal was to offer something…

Meet the Magecart hackers, a persistent credit card skimmer group of groups you’ve never heard of

There have been few hacker groups that have been responsible for as many headlines this year as Magecart. You might not know the name, but you probably haven’t missed their work — highly targeted credit card skimming attacks, hitting Ticketmaster and British Airways, as well as consumer electronics giant Newegg and likely many more sites that…

Blue Apron lays off 4 percent of employees as it seeks profitability next year

Meal kit company Blue Apron announced small layoffs today as part of its Q3 2018 financial results. The layoffs, which affected four percent of Blue Apron’s workforce, are part of Blue Apron’s path to profitability. “We are taking decisive actions to prioritize our highest-impact opportunities and build a stronger, sustainable business,” Blue Apron CEO Brad…