Alphabet’s Drummond steps down from Uber board
Alphabet executive David Drummond has left Uber’s board as the two tech companies increasingly clash over the future of transportation and logistics. The Wall Street Journal reported that Drummond, the senior vice president of corporate development at Alphabet who joined Uber’s board in 2013, stepped down several weeks ago as concerns over conflicts of interest mounted.
VC-backed IronPlanet acquired for $758M
Ritchie Bros. Auctioneers, a publicly traded industrial auctioneer and equipment distributor, said it has agreed to acquire IronPlanet, an online marketplace for used heavy equipment, for approximately US$758.5 million. Pleasanton, Calif.-based IronPlanet, founded in 1999, prevously raised about $89 million in venture financing from backers including Accel and KPCB.
Drive Capital said to raise $300M for second Midwest-focused fund
Drive Capital has launched a $300 million second fund, the Chicago Tribune reports. Based in Columbus, Ohio, Drive was founded by Mark Kvamme and Chris Olsen, two former Sequoia Capital partners who left Silicon Valley to tap into what they describe as “the opportunity of our lifetime” investing in Midwestern startups.
VCs pour millions into pre-owned sneaker app
Lots of startups attempt to pivot their way into a fundable business model. But few pull off a switch as dramatic, or unexpected, as GOAT, an app for selling pre-owned and collectible sneakers. The Los Angeles company, which just announced a $5 million round led by Matrix Partners, started out as a group dining app, Recode reports. As reserves dwindled, founders shifted to sneakers, drawing more than half million members to the service since launching mobile apps just over a year ago.
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