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The world of VC technology was effervescence Thursday when Neobank The chime has successfully become a public company. Chime raised $ 864 million in a lesson of $ 27, which arose, opening at $ 43.
It was not the biggest IPO of the year. Coreweave, for example, raised $ 1.5 billion in MarchAnd its market capitalization of the first day also reached around $ 14 billion. (Its course in action and evaluation have soared since).
However, the Cap de Chime table includes a who’s who of Silicon Valley investors, many of whom publicly and deprived victory for their portfolio company.
This includes Yoonkee Sull of Iconiq. He and his business investment partner at Iconiq, Greg Stanger, spent two years watching and continuing the chime before writing a check, Sull told Techcrunch.
Iconiq is, of course, well known in the valley under the name of family office of some of the most famous billionaires in the industry like Mark Zuckerberg. With 80 billion dollars of assets under management, he invests in everything, real estate shares and also has a venture capital arm, which largely invests in the growth stage. His wallet includes the bench, the canva, the databricks, glean, the concept and the ramp. If you have heard of a business, Iconiq probably has a participation.
Sull said he and Stanger met the chime co -founders for the first time Chris Britt and Ryan King in 2017. They even went to the Carillon offices for the meeting, not the opposite. ICONIQ VCs tend to prefer outgoing agreements with well-filled founders, rather than incoming pitch-to-US sessions.
However, Iconiq comes to call a year after Britt and King’s Humble 2016 was completely the turnaround. Chime lacked money in 2016. King was desperately desperate and refused by more than 100 VC, he told Techcrunch. Lauren Kolodny, then a partner in Apple Ventures, now co-founder of Acrew Capital, saved the company with a series of series A extension of $ 9 million.
Sull admits that this occasional meeting of 2017 “was the start at that time, but I think what they wanted to accomplish and do was crystal,” explains Sull about the founders. Chime is positioned as banking resources and credits for the average person and the working class – the opposite irony of the management of the heritage of bread and iconiq butter.
While the VC looked at the founders in the next two years “to deliver against the things they said they would do,” said Sull, Iconiq was convinced to go to bed in Chime’s Oversous writes 200 million dollars series D in 2019. Investors in series D paid $ 5.22 per share, Carillon revealed in its S-1 deposits.
“When we made our investment in 2019, there were literally a few dozen other competitors after a thesis or a similar idea,” said Sull. Iconiq chose the chime and participated in follow -up rounds, because investors thought that the founders were more concentrated and did not distract themselves by “brilliant new objects”.
For follow -up towers, investors in the E series paid around $ 41 and the F series at $ 60 per share, disclosed the carillon. So, even with a solid IPO, all private parts are not yet above the water.
Sull would not comment on the amount of iconiq for his participation, which is not large enough to be publicly disclosed. But he said Iconiq did not want to liquidate.
“We have our actions and we sell in the IPO,” he said. Existing shareholders, including employees, are now Subject to a 180 -day locking period.
Iconiq is one of the many donors in Chime, winning a victory tour when graduation of Chime to become a public enterprise. Investor Shawn Carolan, by Menlo Ventures, wrote in his congratulations blog Post: “As for most winners of consumer technology, which may have looked like a success overnight was in fact many difficult years.”
Then, there was Cathay Innovation, which led the B series of $ 15 million in chime in 2017 and sold with pleasure 3.75 million shares in the IPO of its participation of $ 15.3 million. The actions of the B series were at 47 cents, disclosed the chime.
