Crypto News

Employer.com scoops up another fintech in purchase of MainStreet.com

Employer.com has acquired MainStreet.com for an undisclosed quantity, the most recent fintech startup to get snapped up by the workforce management company.

In a post on X, Employer.com Chairman and co-founder Jesse Tinsley mentioned the 2 firms have been “merging forces to simplify enterprise again workplace options into one powerhouse platform.” Tinsley confirmed the acquisition to TechCrunch.

MainStreet, a San Jose, California-based startup based in 2019, constructed a enterprise round serving to startups uncover analysis and growth tax credit. The startup generated income by taking a put from the pool of credit. MainStreet had some success in its first year, crossing the $1 million ARR run fee threshold and serving to the common consumer save $51,000. In 2021, MainStreet’s income crossed $15 million, per industry newsletter Not Boring.

Indicators of potential hassle appeared in 2022 when MainStreet laid off about 30% of its staff, citing “an extremely tough market.” At its prime in 2021, MainStreet was valued at $500 million. The corporate was mentioned to have closed on a financing in 2022 at a $200 million valuation. (In line with PitchBook, the corporate raised $31 million of Collection B enterprise funding from Alumni Ventures, Ethos Fund and Scribble Ventures that June).

It’s unclear what MainStreet’s steadiness sheet seemed like instantly previous to this acquisition, though Tinsley informed TechCrunch in an interview the corporate was worthwhile. In complete, MainStreet raised almost $96 million in recognized enterprise capital from traders corresponding to SignalFire, Tusk Ventures, Shrug, Moxxie Ventures, Weekend Fund, Gradient Ventures, Sound and SV Angels.

Certainly one of MainStreet’s traders launched the corporate to Employer.com, in keeping with Tinsley. MainStreet’s 15-person staff can be becoming a member of Employer.com as a part of the transaction, which has about 500 staff throughout all its firms.

With the acquisition, Employer.com is valued at simply north of $700 million, Tinsley mentioned.

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The San Francisco-based firm has been on a procuring spree not too long ago.

In late 2024, Employer.com introduced it was acquiring Bench, a VC-backed accounting startup that left hundreds of consumers locked out of their accounts after it suddenly shut down, in a hearth sale. Final week, Bench performed a round of significant layoffs. And in January, Employer.com had offered to acquire Level, a fintech startup that abruptly shut down after failing to discover a purchaser however that deal didn’t undergo.

“Once we initially began Employer.com after which purchased Bench, the overarching theme… is mainly automating an end-to-end platform for the G Suite for the enterprise again workplace,” he informed TechCrunch in an interview. Shopping for MainStreet is according to that objective, Tinsley mentioned.

In late January, Tinsley and Employer.com was reportedly teaming up with YouTuber MrBeast and others to save lots of TikTok by submitting an all-cash bid for the app, in keeping with a report in Bloomberg. It’s unclear what occurred to that alleged buyout try though Tinsley publicly confirmed in March that he was a part of that $30 billion bid.

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Mira Murati’s Thinking Machines Lab closes on $2B at $10B valuation

Pondering Machines Lab, the secretive AI startup based by OpenAI’s former chief expertise officer Mira Murati, has closed a $2 billion seed round, in keeping with The Financial Times. The deal values the 6-month-old startup at $10 billion.

The corporate’s work stays unclear. The startup has leveraged Murati’s status and different high-profile AI researchers who’ve joined the staff to draw buyers in what could possibly be the biggest seed spherical in historical past. In line with sources accustomed to the deal cited by the FT, Andreessen Horowitz led the spherical, with participation from Sarah Guo’s Conviction Companions.

Murati left OpenAI last September after main the event of a number of the firm’s most distinguished AI merchandise, together with ChatGPT, DALL-E, and voice mode. A number of of her former OpenAI colleagues have joined the brand new startup, together with co-founder John Schulman.

Murati is one in every of a handful of executives who left OpenAI after elevating considerations about CEO Sam Altman’s management in 2023. When the board ousted Altman in November of that 12 months, Murati served as interim CEO earlier than Altman was rapidly reinstated.

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What Happens to BTC After Trump? Hedge Funds Worry: Eric Semler

Eric Semler, chairman of healthcare tech agency Semler Scientific Inc., says lots of his hedge fund friends are skeptical about Bitcoin’s future as soon as US President Donald Trump leaves workplace.

“I believe that they assume it’s a fly-by-night idea and that it’s most likely going to, after the Trump administration, return down rather a lot,” Semler told Coin Tales host Natalie Brunell on Thursday.

Semler is assured that Bitcoin is a significant play

Semler, who additionally based hedge fund TCS Capital Administration in 2001, made his feedback amid skepticism within the crypto industry about how lengthy political assist for crypto will final after US President Donald Trump’s administration ends. Whereas Trump recently signed off on a Bitcoin (BTC) Strategic Reserve, some, like JAN3 founder Samson Mow, are involved that assist could probably unravel beneath a future president.

Nevertheless, it isn’t a priority for Semler, who has doubled down on the asset. In Could 2024, Semler Scientific grew to become the second US publicly traded firm to undertake a Bitcoin treasury technique.

On Thursday, Semler Scientific introduced plans to extend its Bitcoin holdings by nearly 23 times within the subsequent two-and-a-half years, rising its holdings from 4,449 Bitcoin to 105,000 Bitcoin. Semler is aiming to carry a complete of 10,000 Bitcoin by the tip of this yr.

Semler sees doubt from the standard finance trade as a bullish sign.

“If you’re having a bet on one thing that almost all doesn’t consider in, and also you’re proper, you make a lot extra money,” Semler mentioned.

01978fd4 0691 786f 90f7 e3161ec78e91 — *Eric Semler spoke to Natalie Brunell on Thursday. Supply:* *Natalie Brunell*

“I believe we acquired nice alternatives to indicate those that principally they’re lacking out on an awesome alternative,” he added.

Semler mentioned he has constructed a profession on going in opposition to the grain. “The most effective investments I’ve ever made have been in issues that I’m form of the lone voice crying within the wilderness,” he mentioned.

“These are the forms of investments which have the best returns,” he mentioned.

“I like the negativity; I’m a contrarian investor.”

Surveys present hedge funds are turning to Bitcoin

In October 2024, the Different Funding Administration Association and PwC conducted a survey revealing that 47% of hedge fund managers buying and selling in conventional markets are uncovered to cryptocurrencies.

Associated: Bitcoin threatens $104K ‘rug pull’ as trader says major move yet to come

Crypto publicity was 29% in 2023, whereas about 37% of the respondents mentioned that they had publicity to crypto in 2022.

Curiously, again in June 2021, an Intertrust World surveyed chief monetary officers from 100 hedge funds worldwide about their intention to buy crypto belongings.

About 98% of them responded that they count on their hedge funds to have invested 7.2% of their belongings in cryptocurrencies by 2026.

Journal: Arthur Hayes doesn’t care when his Bitcoin predictions are totally wrong