Michael Rubin’s Fanatics Inc. last week announced new funding that raised its valuation to $18 billion. The Jacksonville-based company, a part of Rubin’s Conshohocken-based Kynetic LLC holding company, is widely viewed as a soon-to-be IPO candidate.
Now Fanatics is attempting to branch in two new directions that do not involve apparel sales, potentially adding to its growth and increasing margins.
Constellation Research, a Silicon Valley-based tech research & advisory firm headed by R “Ray” Wang, has just released its 2020-2021 “Business Transformation 150″, which Constellation describes as “an elite list that recognizes the top global executives leading business transformation efforts in their organizations. Nominations from peers, technology vendors, industry influencers, and analysts power this listing.”
The BT 150 is all about Digital Transformation.
The BT 150 has its share of Philly area people:
Sr. Director Technical Operations at Tendo Systems / ex – Jefferson Health
CIO at Sungard Availability Services
John T Marcante
Global Chief Information Officer Vanguard / Board member
CEO at Delta Think
Senior Director Product Management at Tendo Systems / ex- Jefferson Health)
Sr. Vice President and Chief Information Officer at Rutgers University
Chief Information Officer Bentley Systems
EVP and Group CIO Johnson & Johnson – A Drexel grad
Others mentioned include :
SVP – Global CIO Universal Parks and Resorts / Comcast NBCU
CIO at Aramark Uniform Services, AmeriPride Services, and Aramark Refreshment Services
There is more investment listed on this website than most of us in the New Jersey tech community are aware of, and it’s good to see how many startups in the Garden State are receiving backing from angels and venture funds.
Most of these investments come from out-of-state angels, venture funds, family offices, etc. In June, Princeton-based Edison Partners financed learning platform Northpass (Parsippany).
NJTechWeekly.com has decided to publish the angel and VC investment information in tech, healthtech, cleantech and other tech-related companies from the previous month, once a month. This article includes the startup funding for June 2021.
It’s interesting to note that the companies that were funded in June largely moved away from the healthcare field which was dominating investment during the pandemic. Now there seems to be money available for everything from financial marketplaces and sports betting to vehicle smart charging and software development tools.
This is a useful place for entrepreneurs to see which investors are funding companies like theirs, and for them to learn the scope of that funding. For those interested in economic development, remember that these are the companies that will likely be hiring in New Jersey.
All the information, including the listings on biotech and pharma companies, is available on the Angel and VC Investments website, here. As the NJEDA says, the list isn’t meant to be exhaustive.
The listings of the deals are compiled from outside sources, including Pitchbook and Crunchbase, as well as other sources that are available to the public. The NJEDA has marked with an asterisk the companies that it has helped. If we have covered the company’s newest funding round, we’ve added a link.
Company: Attentive Location: Hoboken, NJ Sector: Information Technology | Attentive empowers the most innovative brands to create meaningful interactions through personalized text messaging. Deal Synopsis: Attentive announced on June 24 that it had raised $59 million in venture funding. Investor(s): Undisclosed Crunchbase Profile Page: https://www.crunchbase.com/organization/attentive
Company: Northpass Location: Parsippany, NJ Sector: Computer Software | Northpass offers a learning platform that enables organizations to train employees, customers, and channel partners. Deal Synopsis: Northpass announced on June 15th that it had raised $4 million in venture funding. Investor(s): Edison Partners Crunchbase Profile Page: https://www.crunchbase.com/organization/northpass News Release: N/A
Company: 911inform Location: Wall, NJ Sector: Information Technology | 911inform develops a notification and security management platform intended to bridge the gap between first-responders and organizations during an emergency situation. Deal Synopsis: 911inform announced on June 14th that it has raised $550,000 in angel funding. Investor(s): N/A Pitchbook Profile Page: https://pitchbook.com/profiles/company/467526-07#overview News Release: N/A
Company: Hudson Space Systems Location: Hoboken, NJ Sector: Business Products and Services | Provider of microgravity research services intended to accelerate the speed of scientific advancement. The company’s service offerings include frequent sub-orbital launches, bespoke payload integration, end-to-end logistics and reasonable pricing through reusable launch vehicles, thereby enabling small businesses and research groups to flexibly perform microgravity research based on their requirements. Deal Synopsis: Hudson Space Systems announced on June 7th that it had raised $152,000 in equity crowdfunding. Investor(s): N/A Pitchbook Profile Page: https://pitchbook.com/profiles/company/439544-71 News Release: N/A
I had an odd and [in retrospect] rather amusing dream the other night.
I dreamt I was with an old software & systems firm I used to be CFO for. It was at the end of the quarter and it had been a slow one.
Suddenly, in one department I noticed some fresh produce ready to ship to customers (notwithstanding that we were in the software biz). I asked people where it had come from, but nobody could say.
I began counted items for the end-of-quarter close, though I didn’t think this stuff would make a difference. But then I walked downstairs to a different work area and there was much more produce ready to ship out. Some of this was corn, which makes sense because the building the business was housed in was next to a cornfield. Overall this produce was a big surprise, and it looked like the quarter might end well.
Counting produce is something I did in a summer job working in a grocery store, so maybe that’s where that came from
Founded last year, Dija currently operates in three European countries: The UK, France and Spain. Along with previously acquired UK-based Fancy, the acquisition of Dija adds to Gopuff goals for pan-European expansion.
Through the acquisitions of Dija and Fancy, “Gopuff plans to operate in three European countries with about 40 micro-fulfillment centers and 200 employees in the region, with additional plans for continued, rapid expansion.”
Gopuff has also added management talent to Europe, including executives having backgrounds with Amazon and Revolut.
Dija, which has a vertically integrated operating model similar to Gopuff’s, “will continue to operate under the Dija name in the near-term as the two companies create an integration plan.”
The transaction is anticipated to close within 30 days. Terms were not disclosed.
Gopuff’s discussions with Dija had been generally reported.
It would make sense for Gopuff to look next at a possible acquisition in Germany or elsewhere to the East in Europe.
Gopuff recently confirmed an additional $1 billion funding.
“We were failing to attract data center developers to Pennsylvania because our tax policy was driving development to other states,” said state Sen. John Yudichak, a co-sponsor of the legislation. “The implementation of new tax policies that leverage private investment and encourage private sector job growth demonstrates Pennsylvania is stepping up its economic game and competing for high-wage technology jobs.”
“When I was at Comcast, I remember meeting with a [white] woman and being really intrigued with her business,” Crowder said. “But I had to tell her ‘I love what you are doing but I can’t invest because this is a diversity fund.’ It was the most ridiculous thing for a Black man to have to say that because of your race, we cannot invest.”
William Crowder, a lead investor for Comcast Ventures’ Catalyst Fund for five years, on setting out on his own [co-founded] $75 million fund.
When asked whether the renovations were in any way intended as a carrot for the Sixers, Camillo said: “We’re not thinking about our transformation in terms of enticing the Sixers to stay. We’re thinking about it in terms of every guest who comes into the building, and the Sixers are certainly part of that. But we also host Flyers games, concerts, family events, shows. This is an investment in the city, in the community, in the stadium district. We want to provide the city of Philadelphia a world-class arena.
Some industry observers warn that Big Tech’s extended geographic reach could stifle innovation. Bhaskar Chakravorti, dean of global business at the Fletcher School at Tufts University said sectors like artificial intelligence are already heavily concentrated among a small number of companies.
“If you imagine Google and Facebook and Apple and Amazon and Microsoft, they start hiring AI talent from Philadelphia, Houston and so on and so forth, those tiny startups, which also are a critical part of the AI ecosystem, they are not going to be able to get that talent,” he said.
A critical component to making the shorter week work is that employees need to relearn how to work in a more focused way, said Justine Jordan, head of marketing at a Philadelphia software company that first allowed employees to work 32-hour weeks starting in 2017. That means fewer meetings and avoiding day-to day distractions, she said. Most at the 30-person firm, Wildbit, take Friday off; some take Monday; and a smaller group, mostly parents, spread their time off across five days, she said.
“Amazon Web Services, grew its revenue 37% in the second quarter, faster than 32% growth in the previous quarter. AWS revenue came in at $14.81 billion in the quarter, surpassing analysts’ estimated $14.20 billion.”
“German-speaking users’ experiences with old on-premise SAP systems have been really good,” he said. “They got a lot of things done. They have good processes, but they also experienced some problems with integrating with cloud technology, and I think that’s one of the reasons why our membership is a little bit cautious about RISE with SAP, right now, because they just want to see if that’s really going to work. The experiences they’ve had were not so good all time. It’s up to SAP to prove they are a cloud company and can deliver on their promises.
[KOP-based] CMI and Compas both have seen double-digit growth year over year for the past several years and added lots of staff to serve their pharma and health clients. CMI added 215 people last year and already added another 154 in the first half of 2021, while Compas added 26 last year and another 21 so far this year.
“Strategically we think this deal makes a lot of sense, driving deeper integration and in-house capabilities, but we suspect the market will have a different opinion on the [nearly 87%] premium being paid,” analysts at KeyBanc Capital Markets said.
Analysts commenting on Penn National’s announced $2 billion acquisition of Canadian tech gaming firm Score Media.