“Siri, show me up and to the right.”
DevOps platform GitLab had a wildly successful IPO! After pricing far above its initial estimate, the stock jumped 35% on the first day of trading. The company ended the week at a $16.5B market cap, less than a year after a secondary sale at $6B.
Fun fact: GitLab has been a fully remote company since its early days, with 1,200 employees spread across the world and no offices. The company was founded by two Ukranian software engineers and is built around open source software.
The graph above illustrates GitLab’s impressive growth in revenue run rate - more here on how its metrics compare to other enterprise software companies.
🇨🇳 LinkedIn leaves China. LinkedIn became the latest American tech company to pull out of China, citing a “challenging operating environment.” The platform had 45M users in the country, but struggled to adhere to the government’s requirements around censoring content. LinkedIn expects to launch a separate platform for the country focused entirely on job postings, with no social features.
💰 Coinbase explores NFTs. Crypto trading platform Coinbase is getting into the NFT business. The company announced that it will launch a marketplace for minting, buying, and trading NFTs, which will compete with existing platforms like OpenSea. There’s clearly significant consumer demand - the waitlist for this new product crossed 1M signups on the first day!
👎 Twitter shakes up replies. It was a tough week for reply guys, as some Twitter users started seeing the option to downvote replies. These downvotes aren’t yet public, but allow the platform to better identify content that users don’t find valuable. Twitter also announced that it will start showing ads after replies on mobile, and may even allow creators to earn a portion of the revenue generated.
Big news in the fitness world! Subscription platform ClassPass has been acquired by Mindbody - the terms of the deal were not disclosed. ClassPass was last valued at $1 billion in January 2020, but the company had to cut half its staff as fitness studios shut down due to COVID.
It’s a highly relevant acquisition, as Mindbody makes business management software for the wellness industry (studios, salons, and spas), and Classpass “fills the seats” for these companies!
The combined entity is also getting a $500M investment from Sixth Street. Mindbody is a private company owned by a private equity firm - could an IPO be in its future? 👀
what i’m following 👀
An SF neighborhood has been overrun by Waymo cars trying to turn around.
Apple is reportedly exploring ways to turn AirPods into a health device.
The Atlantic investigates what happens to the products you buy online and return.
Which business schools produce the most unicorn founders?
Olivia and I are excited to introduce a new Accelerated community tool - Intros!
We’ve hosted a few meetups, but know that some of you want to connect with other readers more often. On Intros, you enter info about industries you’re interested in and roles you want to learn about (e.g. engineer curious about design). Intros matches you with people who can help you out!
All intros are double opt-in, and you choose the frequency of new intros. There’s no pressure - it can be an email conversation, phone call, or a Zoom chat.
Sign up for Intros here! Olivia and I hope to see some of you there 🤝
P.S. This is the first of a few changes we’re making to “level up” the Accelerated community experience - keep an eye out for more! 👀
Hustle Fund - Portfolio Program Manager (Remote)
Stripe - M&A Investing (SF, Remote)*
Expa - Associate (Remote)
Figure - Biz Ops Analyst (SF, NYC)
Amplitude - Revenue Strategy & Ops Analyst (SF)
Primer - Growth PM (SF)
Snap - Analytics Associate, Global Biz Expansion (SF)
Adams Street Partners - Growth Equity Analyst (Menlo Park)
Toyota Ventures - Analyst, Climate Fund (Los Altos)
JPMorgan - Health Ventures Associate (DC)
The Athletic - APM, Subscriptions (NYC)
Alloy - Biz Ops Analyst (NYC)
*Requires 3+ years of experience.
DocuSign - Product Manager Intern (Remote)
Zendesk - Business Analyst Intern (Remote)
AppAnnie - Product Marketing Intern (Remote)
Opendoor - Summer Software Engineering Intern (Remote)
Quora - Data Science Intern (Remote)
Unity - Business Intelligence Intern (SF)
New Relic - Biz Ops & Analytics Intern (SF)
BMW Group - Intern, Technology Scout (Mountain View)
Snap - MBA Program Associate Intern (LA)
puppy of the week 🐶
Meet Kuba, a 9-month-old German Shepherd who lives in Northern Ireland.
His hobbies include exploring the outdoors, running around on the beach, and napping on the couch.
You can follow him on Instagram @kubagsd!