Startup Digest Reading List: Public Filings: Robinhood, Blend, Circle & Data Infrastructure Landscape

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Startup Digest Reading List

A curated list of the top stories in technology, startups, and venture capital.

Two exciting things to share this week:
1) Very excited to announce our fund, Race Capital co-led the $9.5M seed investment in Opaque Systems, Ion Stoica’s (the founder of Databricks) latest company, that came out of the RISELab in UC Berkeley.
The team is building a full stack data infrastructure platform to do analysis on encrypted data. They are hiring engineers, PM, and a developer evangelist.
2) Race Capital is hiring a director of operations for our fund. If you or someone you know is interested I’d love to hear from you.
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Written by Chris McCann, General Partner @ Race Capital, former Greylock Partners. More about me.

Tech News
  • Uber, Lyft, and a multitude of other gig worker platforms are having a harder time attracting workers on the platform.
  • Blend recently filed their S-1 to go public and Alex Johnson wrote a great teardown of the filing including the two big bets Blend is making to expand their TAM. 
  • Github recently released Copilot which gives suggestions for code directly inside your editor, and the reception has been controversial to say the least
  • Circle, best known for their USDC stablecoin product, filed to go public via a SPAC at a $4.5B valuation. For 2021, Circle is projecting $115M in revenue, $35B in circulation for USDC, with the vast majority of all revenue generated via interest on their accounts.  
  • Robhinhood recently filed their S-1 to go public and I wrote a short teardown of the filing. A short summary in emoji form is below: 
💰 18M total funded accounts
📈 $959M in revenue (2020)
🏦 $81B of assets under custody
♻️ 80% of their revenue through payment for order flow
⚠️ 34% of revenue comes from Citadel 
💲ARPU is $137
₿ Crypto trading grew 23x
🐶 Dogecoin was 34% of Crypto Rev
Deep Dive Posts
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This Startup Digest Reading List goes out to a wide membership base of founders, technologists, investors, and operators. Feel free to share with others, sign up here: https://startups.startupdigest.com/
Techstars Startup Digest Startup Digest Reading List is curated by:
Chris McCann Chris McCann - General Partner @ Race Capital, former Greylock Partners
chris@startupdigest.com
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