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00:10 | Tiger sells Cohere AI stock
- Tiger Global is close to selling shares in AI startup Cohere at a $3b valuation, 40% rise since Cohere’s last round in June
- Cohere, competing with Anthropic and OpenAI, focuses on AI for tasks like email and document processing

00:51 | Arm IPO
- British chipmaker Arm hints at an IPO despite 2.5% revenue decline and a 50% profit drop
- SoftBank's Vision Fund recently valued Arm at $64b by purchasing 25%; market speculation on whether this valuation will hold in public markets

01:26 | Coinbase invests in Circle
- Coinbase acquires minority stake in Circle, platform responsible for USDC stablecoin
- PayPal launches its own stablecoin

02:00 | Ramp’s down round
- Ramp raises $300 million in funding at a $5.8 billion valuation, down from $8.1b in April 2022, but sees a surge in annualized revenue to $300 million
- Starting as a corporate card startup, Ramp diversified its services, recently acquiring AI tool Cohere.io, and serves over 15,000 businesses as of Aug 2023

02:52 | Shein’s Sparc investment
- Shein acquires about a third of Sparc Group, enabling it to feature Forever 21 products; Sparc to gain a minority stake in $66 billion-valued Shein
- Shein's recent U.S. marketplace initiative targets popular brands, and the partnership may lead to its in-store presence in Forever 21 outlets

03:36 | Better down 90%
- Better.com's shares dropped 90%+ post-SPAC merger, with its valuation falling to $2.4b from a planned $7.7b in 2021 amid mortgage market shifts
- Despite setbacks and anticipated decline, CEO Vishal Garg remains optimistic about the housing market and Better.com's tech-driven mortgage solutions

04:32 | Big capital raises
- SafetyCulture (www.safetyculture.com) | $34m Series F, $2.70b valuation
- BitGo (www.bitgo.com) | $100m Series C, $1.75b valuation
- Jada AI (www.jada-ai.com) | $25m Series A, $415m valuation
- Viome Life Sciences (www.viomelifesciences.com) | $87m Series C, $359m valuation
- Pivotal Commware (www.pivotalcommware.com) | $87m Series D, $297m valuation

05:16 | Pre-IPO +0.75% for week
- Week’s winners: Deel +21.9%, Brex +6.1%, Chainalysis +5.9%, Snyk +3.1%, Stripe +2.7%
- Week’s losers: Ramp -4.9%, Flexport -3.6%, Reddit -3.3%, ConsenSys -3.3%, Plaid -2.7%
- Top 5 largest companies by valuation: ByteDance $209b, SpaceX $147b, Stripe $50b, Databricks $33b, OpenAI $33b

E60: Tiger sells Cohere AI stock, Arm IPO, Coinbase invests in Circle, Ramp’s down round, Shein’s Sparc investment, Better down 90% | Pre-IPO Stock Market Update – Aug 25, 2023

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