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Investments

11

Portfolio Exits

1

About Vlad Tenev

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The financial startups bubble is bursting and pink slips are being handed out. Here are the fintechs that have announced layoffs so far, from Coinbase to Robinhood.

Jun 23, 2022

Robinhood cofounders Vlad Tenev and Baiju Bhatt were "visibly shaken" in announcing jobs cuts in April. Photo by Cindy Ord/Getty Images for Robinhood During the pandemic, so-called "meme stocks" from GameStop and AMC exploded as stuck-at-home investors armed with no-fee trading platforms looked for ways to spend their pandemic stimulus checks. As new users piled in, Robinhood hired rapidly. Between 2020 and 2021, the trading app's staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth ended up proving too much, too fast. In April, Robinhood was forced to slash headcount by 9% — more than 300 people altogether. See more here:  Blend Although Blend doesn't write home loans, its technology is used by major US lenders from Wells Fargo to US Bank, so its fortunes are tied closely to theirs. Blend's layoffs this spring affected roughly 200 people, many concentrated within Blend's title insurance business. Ahead of its IPO last July, Blend bought Title365, which has been particularly exposed to swings in refinance volumes, for more than $400 million. The size and pace of rate increases "is unprecedented, certainly in modern history," Tim Mayopoulos, the president of Blend, told Insider. Prior to joining Blend, Mayopoulos spent nearly 10 years at Fannie Mae, where he ultimately served as president and CEO of the mortgage giant. "These are big movements in a very, very big market," Mayopoulos added. "It shouldn't be surprising to any of us that everybody who's touching this market is having to think about how to bring their cost structure in line with market realities." See more here: A PayPal sign is seen at an office building in San Jose, California May 28, 2014. Thomson Reuters PayPal has laid off its security R&D team focusing on emerging technologies, Insider has learned. And a source with direct knowledge of the cuts believes it won't be the only unit to be affected as the payments giant undergoes an internal restructuring to cut spend. "There's a lot of restructuring, a lot of refocusing for the company. As you know, the last quarters haven't been really great from a financial perspective. I think there's a lot of tightening going on in the company," said the source, who asked to remain anonymous for fear of retribution. The source added that employees in other advanced security topics, such as threat intelligence, were also let go. Market conditions, like supply chain issues and rising inflation, have put downward pressure on growth, Schulman said. Meanwhile, eBay's migration to managing the end-to-end payments process "put $1.4 billion of pressure on our top line," Schulman said during the earnings call. Competition from fintechs like Stripe  and  Shopify  also continues to saturate the payments and e-commerce space. See more here:

Vlad Tenev Investments

11 Investments

Vlad Tenev has made 11 investments. Their latest investment was in Lightning Labs as part of their Series B on April 4, 2022.

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Vlad Tenev Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

4/5/2022

Series B

Lightning Labs

$70M

No

3

3/10/2022

Seed VC

Atlantic Money

$5M

Yes

2

1/13/2022

Seed VC

Seashell

$6M

Yes

12

12/9/2021

Series B

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$99M

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10

11/16/2021

Series B

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$99M

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10

Date

4/5/2022

3/10/2022

1/13/2022

12/9/2021

11/16/2021

Round

Series B

Seed VC

Seed VC

Series B

Series B

Company

Lightning Labs

Atlantic Money

Seashell

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Amount

$70M

$5M

$6M

$99M

$99M

New?

No

Yes

Yes

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Co-Investors

Sources

3

2

12

10

10

Vlad Tenev Portfolio Exits

1 Portfolio Exit

Vlad Tenev has 1 portfolio exit. Their latest portfolio exit was Robinhood on July 29, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/29/2021

IPO

$99M

Public

51

Date

7/29/2021

Exit

IPO

Companies

Valuation

$99M

Acquirer

Public

Sources

51

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