Month: October 2018

02 Oct 2018

Opera Touch is a solid alternative to Safari on the iPhone

Browser company Opera is back doing what it does best, offering you beautifully-designed alternatives to the stock browsers from the likes of Google and Apple . This week the company brought its ‘Opera Touch’ browser to iOS to give iPhone owners a new alternative to the basic Safari browser.

The app was first launched for Android in April and, as we noted at the time, it reinvents a lot of the established paradigms to work well on mobile and particularly large screens that don’t have a home button — which is steadily becoming every premium devices on the market today.

Touch for iOS — which you can download here — will be particularly of interest to owners of the iPhone X or Apple’s newest iPhone XS, iPhone XS Max and (upcoming) iPhone XR devices since it is optimized for one-handed use. That’s to say it employs the same nifty user interface seen on the Android app (see below), which lets you open or close tabs, switch to search, go back or forward using a menu bar located at the bottom of the screen. One thing it is missing, for now, is more comprehensive management of bookmarks.

The app also includes Opera’s ‘Flow’ technology which lets a user pass links, images and notes from their phone to an Opera browser on their computer using a “secure and private” connection.

As ever, the Opera browser comes with ad blocking built-in and there’s the company’s usual protection from cryptojacking — that’s the process of being hacked and having your CPU used to mine crypto for someone else.

All in all, the browser is worth taking for a spin if you have Apple’s new home buttonless devices and seek an alternative to the pre-loaded Safari browser. Other options might include Google Chrome, recently given a redesign for its tenth anniversary, as well as Mozilla, UC Web, Dolphin and Brave.

01 Oct 2018

Stitch Fix tumbles 20% in after-hours trading following lukewarm earnings report

Shares of Stitch Fix plunged more than 20 percent in after-hours trading on Monday following the release of a tepid fourth-quarter earnings report.

The subscription-based retailer and personal styling service’s adjusted earnings exceeded analyst expectations, but its revenue and active users fell short of estimates. In the quarter ending July 28, Stitch Fix reported a net income of $18.3 million, or 18 cents per share, up from analyst’s 4 cents per share estimate. Its reported net revenue of $318.3 million, a 23 percent year-over-year increase, failed to meet analyst expectations of $318.6 million.

The San Francisco-based company’s user base grew 25 percent YoY, to 2.7 million, another disappointment to Wall Street, which was looking for more than 2.8 million.

Stitch Fix, which has a market cap of nearly $4.4 billion, also reported fiscal year 2018 earnings. In its first year as a public company, Stitch Fix had $1.2 billion in net revenue, $44.9 million in net income and an adjusted EBITDA of $53.6 million.

Founder Katrina Lake took the company public on the Nasdaq in November 2017 in a highly anticipated consumer IPO. The company raised $120 million in the process, selling 8 million shares after making a last-minute decision to downsize its offering ahead of its first day of trading.

Following the release of its first-ever earnings report in December, shares of Stitch Fix similarly took a huge hit, plunging down 10 percent on the news.

The company usually finds its footing and, overall, its stock has continued to climb since its IPO. Stitch Fix had its best day yet on September 18 when its stock was valued at $52.44 apiece, up from the initial price of $15 apiece.

Alongside its earnings report, Stitch Fix announced the upcoming launch of Stitch Fix U.K., its first-ever international market expected to be available to consumers by the end of FY 2019. Following the release of its Q3 earnings report, the company announced the hire of Deirdre Findlay as its new chief marketing officer, as well as the launch of Stitch Fix Kids.

On the earnings call Monday, Lake emphasized how both services, Stitch Fix Kids and Stitch Fix U.K., will augment Stitch Fix’s total addressable market.

“We believe our ability to create a uniquely personalized shopping experience is something that will resonate with consumers and brands outside of the U.S.,” Lake said in a statement.

01 Oct 2018

Lime’s e-scooters are going to Canada

Lime plans to release a small fleet of e-scooters in Waterloo, Ontario, in what will be the startup’s first scooter-share pilot program in Canada.

The dockless bike and scooter company has paired up with the University of Waterloo to facilitate the launch. Lime’s scooters will be the first of any startup-owned e-scooters to hit the pavement in Canada.

“Over the past several months, we have spent time in Waterloo to understand how our Lime-S e-scooters can help this progressive city reach its smart transportation goals,” Lime’s vice president of strategic development Andrew Savage said in a statement. “We are committed to meeting the unique needs of cities across Canada and are excited to continue expanding our global footprint.”

Lime didn’t say which other Canadian markets are next on the list.

It will be interesting to see how the scooters are received in Waterloo. According to a recent report from Canada’s The Globe and Mail, Toronto transportation leaders are hesitant to invite e-scooter startups to the city, which isn’t too surprising considering the drama that’s followed them in recent months. Toronto, still, as the largest city in Canada, is likely a very desirable market for the e-scooter startup trio: Lime, Bird and Spin.

This isn’t Lime’s first foray across borders. It launched its dockless bikes in Europe, specifically Frankfurt, Germany and Zurich, Switzerland, late last year and in June, the company debuted its scooters in Paris. The San Mateo-based company is now active in 100 markets across seven, soon-to-be-eight, countries.

Lime announced last week that it had recorded 11.5 million scooter and bike rides, just a few months after it surpassed the 6 million-ride mark. The company launched just over a year ago and has since raised $467 million in venture capital funding at a valuation north of $1 billion. Lime is backed by GV, Andreessen Horowitz, IVP, Section 32, GGV Capital and more.

01 Oct 2018

Google’s head of its $110B+ ads and commerce business is leaving for Greylock Partners

Sridhar Ramaswamy, Google’s head of commerce, is leaving the company after more than 15 years and will be joining Greylock Partners, sources inside the company told us and Google confirmed. Ramaswamy will become a venture partner at Greylock Partners . At Google, his position will be filled by Prabhakar Raghavan, who was previously the company’s VP of apps for Google Cloud.

While at Google, Ramaswamy oversaw virtually all of Google’s Ads and Commerce products — that is, basically everything outside of the Google Cloud that makes the company most of its money. Ramaswamy joined Google as an engineer, but quickly moved up in the company’s ranks. He took his current position back in 2014, after Susan Wojcicki moved to YouTube.

At Greylock, Ramaswamy will focus on earlier-stage entrepreneurial projects.

Prabhakar Raghavan, vice president of engineering and products at Google Inc., speaks during the company’s Cloud Next ’18 event in San Francisco, California, U.S., on Tuesday, July 24, 2018.

Google’s advertising revenue still accounts for 84 percent of the total revenue of Alphabet. Last quarter, Google’s advertising revenues came in at over $28 billion. Annual revenue for 2017 was over $110 billion. It’s no secret, though, that Google has struggled to build a stronger commerce business, with projects like Google Express falling relatively flat as its competitors continue to grow.

Raghavan, who will take his place, joined Google in 2012, after a seven-year stint as executive VP and head of Yahoo Labs, which he founded. Like Ramaswamy before him, Raghavan will focus on products while Philipp Schindler will continue in his role as Google’s Chief Business Officer, working side-by-side with Raghavan.

Before Yahoo, Raghavan was the chief technology officer at Verity and worked at IBM Research. He is also the author of two computer science textbooks.

01 Oct 2018

There’s a secret text adventure game hidden inside Google. Here’s how to play it

Google loves a good Easter egg. There are dozens upon dozens of different eggs hidden across Google’s product portfolio, from using Google Search to flip a coin to exploring the Doctor’s TARDIS in Google Maps.

Think you’ve seen them all? A seemingly new egg has just been discovered: a playable text adventure game, hidden right within Google Search.

Here’s how to play it:

    1) Open Google.com in Chrome. (It might work in other browsers, but it was a bit glitchy when I tried it elsewhere.)
    2) Search for “text adventure” without the quotes.
    3) Open the Javascript developer console by pushing Command+Option+J on a Mac, or Ctrl+Shift+J on Windows.
    4) You should see a prompt asking if you “Would like to play a game?”. Type yes and push enter, and the game will start!

From here, you’ll be playing as the “big blue G” of the Google logo, searching for your fellow alphabetical pals one command at a time. Don’t expect to dump days into this one — it’s no Zork. But for a lil’ gag that managed to stay hidden for who-knows-how-long within one of the world’s most trafficked websites, it’s pretty neat.

(Shout out to redditor attempt_number_1 for being the first to spot this.)

01 Oct 2018

Tesla shares rebound, erasing losses from SEC-Elon Musk showdown

Tesla shares popped more than 17% on Monday, erasing losses from last week’s tussle between CEO Elon Musk and the U.S. Securities and Exchange Commission.

That “tussle” might have cost Musk $20 million (ands Tesla another $20 million) and his chairman of the board seat. But after an initial shock, investors have apparently recovered. Perhaps it was Musk’s leaked internal email (later filed as an 8k with the SEC) that stated Tesla is “close to achieving profitability.”

Or maybe investors believe the SEC settlement won’t fundamentally change the company. Musk’s tweets might have more lawyerly oversight and he may no longer be chairman, but he’ll remain CEO, is still the largest shareholder and has a board seat.

Even the late-night tweets (yup, there already was one at 1 a.m. PT Monday) haven’t gone away.

In other words, “plus ça change, plus c’est la même chose.”

Either way, some including Barclays analyst Brian A. Johnson, saw the Monday’s rebound coming.

“With 90 days to comply with the settlement, Tesla is likely in our view to strike a typically bullish tone on the 3Q sales release, shareholder letter and conference call,” Johnson wrote in a research note published Monday. “As a result, we would not be surprised to see the stock rebound over the next few weeks. Nevertheless, we reiterate our UW and $210 price target.”

tesla shares october 1 2018

Tesla shares recover Monday, October 1, 2018.

There are other material items that are right around the corner. Tesla and Musk pulled out all the stops (even tapping Tesla owners to volunteer) to close out September with a record number of produced and delivered vehicles.

The company’s third-quarter production numbers will show whether Tesla was able to maintain the previous quarter’s goal of 5,000 Model 3 vehicles per week.

01 Oct 2018

A former U.S. President walks into a blockchain conference…

In a sign of the major cryptocurrency players’ continued influence and ability to pay premium speaking fees, the keynote speaker for Ripple’s two-day Swell conference was none other than former President Bill Clinton.

In what felt like a very odd cameo for Clinton, the former President largely meandered through an hour-long conversation about his new James Patterson book, gun regulation, backroom stories regarding the Oslo Treaty, and a couple loosely-connected points about the cryptocurrency space tossed in there for the audience.

Clinton expectedly did not dive into the regulatory intricacies facing multi-billion dollar enterprises like Ripple (the company), but he did offer a bit of caution to those responsible for where the industry moves next through the lens of what he experienced in the late 90’s dealing with internet companies.

“I think it’s very important that people like you who live on the edge of this will not get so carried away with the immediate financial rewards and sense of empowerment that you forget that one rule nobody’s repealed is that if things sound too good to be true they probably are,” Clinton said. “In a modern world you need a way of determining that and hedging against it without killing the goose that laid the golden egg. That means you have to be clever about what regulatory or other structures that you set up.”

While Clinton certainly did not appear to be a Shingy-esque blockchain evangelist onstage, he delivered a targeted amount of enthusiasm about new technologies like blockchain and artificial intelligence in enhancing accessibility and shaping the country’s economic future.

“This whole blockchain deal has the potential it does only because it is applicable across national borders and income groups, the permutations and possibilities are staggeringly great,” Clinton said.

XRP year-over-year via CoinMarketCap

It’s an understatement that Ripple (the company) has had a staggeringly great calendar year since its last Swell conference as Ripple (the currency) has come to rest 3x where it was a year ago, though, in the meantime it surged astronomic multiples beyond the growth seen by other volatile cryptocurrencies like Bitcoin and dove downward nearly as quickly.

Though Clinton was verbose on plenty of topics unrelated to the conference’s topic at hand, his  few words regarding “not killing the golden goose” with premature or overreaching legislation seemed to be a popular point with investors and entrepreneurs in the crowd who have bought into the concept that XRP is perhaps the “safer” choice for betting on a future financial structure shaped by cryptocurrencies.

01 Oct 2018

Assassin’s Creed Odyssey falls far short of its own wondrous sandbox

It’s hard to imagine a better demonstration of the state of AAA gaming today than Assassin’s Creed Odyssey, a game where the whole of the wine-dark Classical Aegean is available for you to ply with your oars — but which operates according to a risible, cartoonish video game logic that seems, if possible even more anachronistic. Should you play it? Absolutely.

(Very minor spoilers ahead.)

In case you haven’t been following the Assassin’s Creed… well, odyssey, the last few years, the game took some time off following the lavishly produced but ambivalently received Unity and Syndicate games, set in revolutionary Paris and Victorian London respectively. The series, critics said, was wearing itself a bit thin despite the fabulous set dressing.

You can imagine everyone’s surprise when AC returned in Origins, set in an enormous swathe of ancient Egypt. New systems nudged the game from the stealth action of its roots towards the expansive, open-world RPG currently in vogue. It was a little rough around the edges but the scale was welcome, as was the shift away from the increasingly turgid Assassins vs Templars secret society scramble.

The news that the next game would take place in Ancient Greece at the time of the Peloponnesian War thrilled me to no end. I’ve always been a fan of the Classical era, Homer and Herodotus and Periclean Athens and all that. I’ll also admit to an unironic love of 300 and the story of Leonidas’s last stand — the graphic novel, not the movie, which was awful.

Are you kidding me? Look at this.

Here, then was that world brought to life with all the fidelity that Ubisofts hundreds of artists and modelers could bring, with a narrative combining secret societies with classical warfare, historical figures, and high-seas adventure (I loved the pirate-themed AC Black Flag). On paper this is the greatest game ever to grace the screen.

And in a way, it is. Ubisoft’s rendering of the Classical world is so beautiful, so massive, so obviously a labor of love and skill and intensive research that I have spent much of my time in the game simply gawking.

The costumes! The statues! The landscapes! The light! It’s a feast of details at every location, from the idyllic backwater of Kephallonia, where your hero begins their story to the sprawling, bustling Athens just approaching the zenith of its glory. I (that is to say, my character) walked past the Theatre of Dionysus in its construction, which I have visited in person (now ruined and restored, of course), and on up to the Acropolis, where I scaled the Parthenon and looked out over the tiled roofs under one of which, for all I know, I may find Plato sitting and writing the Symposium.

Seriously.

Then I meander to the harbor, board my black ship, and split the seas to explore any of the islands in the entire Aegean — any of them. The whole Aegean! Well, most of it, anyway. Enough that you won’t ask for more. Here be mythical creatures, political machinations, stormy seas and sunny shanties.

The world that Assassin’s Creed: Odyssey in habits, I feel confident in saying, is the largest and most impressive that I have encountered, with special credit given for having to reflect reality to a certain extent, which is not a limitation shared by its eminent competition in the open-world genre, like Horizon: Zero Dawn and Breath of the Wild.

In my opinion, both as a gamer and a lover of antiquity, it is worth the price of admission to experience this world, to see and hear Ancient Greece in a way that was heretofore impossible, and simply to revel in the almost inconceivable level craft that was so obviously put into this mind-boggling world.

And now, having made that judgment, I will proceed to trash the game I just recommended for about two thousand words.

The game itself

Assassin’s Creed: Odyssey, the game itself, is embarrassing to play. The characters you interact with and the minute-by-minute gameplay are so uneven that I truly believe that Ubisoft simply didn’t have time to adequately play-test it. It feels like the game was just too big to run through once they’d made it so they just shipped. If someone from Ubisoft were sitting next to me as I played, I would expect them to be cringing constantly.

It’s an incredibly lopsided collection of old and new ideas, balanced and unbalanced systems, good and bad UI, intuitive and baffling combat, beautiful and repulsive graphics, and excellent and laughable voice acting. I haven’t finished the game, let alone all the side quests, but although I expect to encounter more good things as I go, the bad things were apparently pretty much from the first few minutes and haven’t abated.

The AI of the people in this game seems to have regressed ten years to a simpler age. They are truly idiots all, from people on the street to elite soldiers.

Good old Adrastos the Logician, engaging in hand to hand combat.

One of the first things that happened when I got my horse and learned to have it follow a road was that it mowed down a few laborers. This, I found, would happen everywhere I went: every character in the game walks right in the center of the road and dives madly out of your way as you canter down it, screaming and cursing. Wild animals cluttered the road, and reacting confusedly as I approached and throwing themselves under the hooves of my steed, Phobos.

This was my first taste of what would become a theme. Why, I asked myself, wouldn’t these people just walk on the side of the road? The developers clearly accounted for horses riding down it, and have behaviors and barks for when that happens. But it’s so weird, so unrealistic, so video gamey. Surely in this lovingly rendered world it is not unusual for a horse to run down a mountain road? Why then do they behave in this way? Because the people were not created intelligently — it’s as simple as that. None of them.

I once emptied a military camp of guards and then set about looting the place. A woman was being held captive in a cage — not an uncommon thing to find — so I let her out. As she escaped, thanking me, I turned to take the items out of a nearby chest. The woman, mid-escape, screamed with rage at me for this theft, snatching a nearby spear and rushing me in righteous anger. What?

Perhaps I can’t expect every peasant to be a genius, but guards too (of all ranks) are unbelievably dense. They will step over the corpses of their fellow men to get to their post and not say a word. They will fail to hear the clashing of swords, or not notice a guy being violently flipped over and disemboweled, a matter of feet away. They will follow you one by one around corners where you can dispatch them individually and fail to see or care about the ever-widening pool of blood. They are as dumb as the dumbest guards from games that came out 10 years ago.

“Mother of Spiders”

Not much better are the much-ballyhooed mercenaries, who come after you if you do too many bad things. It’s not really clear what the bad things are, but eventually you’ll see a red helmet icon on your map and know you’ve been naughty. They’re basically guards with special weapons and a few characteristics like “weak to fire” or “takes 20 percent less ranged damage.” Technically they have backstories but you have to drill down to their description to find them, and by the time you’re doing that you’ve probably already killed them. You can recruit them for your ship, like you can recruit anyone, but they generally amount to stat bonuses with funny names like Demos the Drunk. He didn’t act drunk — just had a spear I wanted, so I took him out. I mean, the variation is welcome, but it’s nothing like, for example, the nemesis system in the Mordor series.

Combat is a real mix. You are no longer a fragile assassin who can be killed from a few good hits, but a powerful warrior with supernatural skills like instant mid-battle heals and teleportation. This is combat between equals, but your equals are generally stiff types with two or three attacks they repeat over and over, glowing a bright red or gold before doing so.

A slippery-feeling dodge system zips you through these attacks, or you can parry some of them, then slash away at your attacker. Some guards or targets, especially if they’re a level or two above you, will take minutes of patient slashing before they drop. I was sent on a hunt to kill a legendary boar that I gave up on after a couple minutes because I had only taken its health down by a quarter while not being hit myself.

Compared with other action RPGs it’s pretty listless stuff. More appealing is the stealth, which the fools of guards are obviously there to encourage, since you can empty a camp or fort of its occupants systematically and it can be quite satisfying. But with the perfect knowledge effected by scouting such a place with your eagle’s x-ray vision, it feels more like bullying than anything.

The Peloponnesian War is going on around you, though you’d be hard-pressed to notice most of the time. You don’t exactly take sides, since whatever area you’re in, your enemies are the ones in control. You can weaken the faction in power by various means and force a battle (a melee in which the combat, now against dozens, feels frustratingly sloppy), but ultimately the guards and camps feel much the same as one another — Spartans have different helmets from Athenians.

I thought at first this would be deeper than it is. I had looted a variety of armor pieces, several of which suggested I could use them to blend in among the Athenians whom I was at that moment working to undermine. So I donned them and headed to the nearest camp, hoping to walk about unsuspected, Hitman-style, sowing chaos by releasing caged animals and setting fire to supplies. Nope: I was immediately attacked on approaching the gate, before I’d even come in or done anything suspicious. The guard that had never seen me before apparently recognized me as the bloodthirsty mercenary who’d wiped out a camp a mile or so away, minutes earlier. No espionage for me.

It’s never really clear who you’re fighting or why, because the locations and people are just names. It doesn’t matter if they’re Athenian or Spartan, just that they’re the ones between you and the treasure chest. I guess that’s the life of a mercenary, but it doesn’t make you care a lot.

That was a quest?

The RPG elements, from gear to abilities, have almost no integration with the game itself. From the very beginning you can see your whole skill tree, including things involving the magic spear that you don’t yet know is magic. You gain new abilities and upgrade your ship not through interesting quests or meeting interesting people, but simply by spending points and resources.

When your ship’s captain says the hull ought to be upgraded, it’s not the start of a quest to find some cool big trees or visit his hometown where he left his ship-building tools and pals. It’s literally just a reminder to stock up on wood and iron and press the button to upgrade in the pause screen.

When you meet a talented carpenter whose brother is being held by bandits, it isn’t a quest to reunite these guys for a power team that enables a ship repair superpower. He just turns out to be a regular guy who increases your hull strength by a couple percentage points.

Quests, talked up ahead of release as being fully voiced and emergent, as though you’re receiving a request from help from a needy merchant or the like, are nothing of the sort. Every one I’ve encountered so far has been a variant of: Kill these five wolves specifically. Kill these three Spartan elite guards specifically. Kill these bandits. Sink these ships.

Each has a flimsy justification (they’re blocking the road; they stole money from me) and are often atrociously acted. In one I found the quest giver asleep; he obligingly woke me up to say he wanted to take the fight to some bandits who had been demanding money from him. As soon as I agreed, those very bandits appeared not ten feet away and instantly ran him through. Quest failed.

There are deeper side quests, to be sure. But the hundreds of quests you’ll see on quest boards or appearing randomly in the wild are like this, and rarely give more than a spritz of XP and gold. Sometimes you can recruit the quest-giver, though they might or might not be helpful on your crew.

I wish that they had taken the time and effort that went into creating 20 or 30 of these quests and made one single side quest with multiple steps, characters that mattered a bit, and provided substantial rewards like a new ability for your ship.

Even main story quests, such as the targets you’ll be taking on, can be disappointingly shallow. You’re supposed to be following threads and clues, but several are just handed to you: Here’s some lady. Here’s her exact location. Go kill her. No dialogue, no footwork, no alternatives. Stab this person and take their shiny thing. Shouldn’t I at least try to get some information out of her? Why isn’t there even a death cutscene like in so many of the other games?

The writing is hit and miss. The main story and its immediate side quests are fine — I’m perhaps 25 hours in and I’m interested to see where it’s going, even if it’s not particularly surprising. And it helps that the writing and voices for the main characters are leaps and bounds above the rest.

I chose to play as Kassandra, as opposed to Alexios, for a lot of reasons. And I love her. She’s well-acted, her writing is funny and occasionally realistic, and I like that she is indistinguishable from her male alternative in every way. Your companions, especially Herodotos and your exuberant captain Barnabas, are great.

Yet other characters are ridiculous: badly written, worse acted. Even major ones. I remember one exchange with a soon-to-be-target who was pressuring me to torture some poor sap. His voice acting was so bad, especially compared to his interlocutor Kassandra’s, that I was laughing out loud. He was far from the only example of this.

Games like The Witcher 3 have spoiled us on the quality of the writing and quests, but that should be a new bar to meet, not a high-water point. It’s sad that Ubisoft hasn’t upped its game here, so to speak; it feels like 90 percent of the game I’ve played so far is purely mechanical, and even at its best it sits like a layer of butter spread thinly across an enormous Greek piece of toast. But what toast!

It’s tantalizing to see how good a game like this could be, only to be let down again and again with elements that would feel out of date ten years ago. I’m having a great time when I’m not shaking my head at it, and enjoying the scenery when I’m not being attacked by one of the evidently 50,000 bears out for my blood in the Classical world.

As I wrote earlier, to me it is worth buying just for the good parts. But as someone who cares about games and loves the idea of this one, I can’t help but observe how dated and baffling it is at the same time. It doesn’t live up to the world it was created to inhabit, but that world is practically a complete game in itself, and one that I immediately loved.

01 Oct 2018

After much drama, LendingClub founder Renaud Laplanche get a slap on the wrist by the SEC

In May of 2016, LendingClub CEO Renaud Laplanche faced the most embarrassing outcome imaginable for a founder. He was forced to resign from the peer-to-peer lending company he had created, just 18 months after taking it public in a splashy debut that saw its shares soar 56 percent, and its market cap hit an a stunning $8.5 billion.

Laplanche, said LendingClub’s board at the time, had taken out loans on the platform for himself and family members without being transparent about them. Laplanche reportedly also did not disclose a personal stake in an investment firm in which LendingClub had considered making an investment.

It was a stunning turn of events as they unfolded. Today, however, it looks like the biggest victim was not Laplanche but 12-year-old LendingClub, whose market cap now hovers around $1.6 billion. Not only has Laplanche moved on to a new funding startup called Upgrade that he founded soon after leaving LendingClub and for which he has already raised $142 million from investors, but a two-year-long SEC investigation concluded Friday with a settlement that saw Laplanche neither admit nor deny wrongdoing. Instead, he agreed to pay a $200,000 fine and to be barred from the securities industry for three years.

The last will not, as you might imagine, impact his role as CEO of Upgrade. Though, Jina Choi, the longtime head of the SEC’s San Francisco unit, has called “barring people from their industries” one of the SEC’s “most impactful remedies,” in Laplanche’s case, the ban seems mostly for show as it bars him from very specific securities activities in which he is not currently involved. To wit, he can’t serve as registered investment advisor or a broker dealer or as municipal bond trader, but he isn’t doing any of these things anyway at Upgrade, which purely manages institutional capital.

The SEC wrung a tougher settlement out of LendingClub Asset Management, an investment management unit of LendingClub and a registered investment advisor, which must pay a $4 million fine.

Carrie Dolan, LendingClub’s former chief financial officer, will separately pay $65,000.

According to the SEC, a division of LendingClub under Mr. Laplanche’s direction had adjusted how the funds were managed without telling investors. A source familiar with the situation says there was an imbalance between three-year and five-year loans in a since-shuttered fund that was among several dedicated to investing in notes originated by the platform.

Laplanche declined to talk with us today about the settlement, instead emailing a statement that reads:

I am pleased to have worked out a settlement with the SEC to put to rest any issues related to compliance lapses that might have occurred under my watch at Lending Club. Consistent with SEC policy, I have agreed not to admit nor deny the specific narrative of the events contained in the settlement order.

I am glad that we can now put these issues behind us and focus on the important goals of making credit more affordable to consumers and delivering attractive returns to investors through disciplined underwriting and exciting product innovation. With the benefit of my prior experience, I feel better equipped to establish a strong culture of compliance and effective internal controls under the supervision of capable professionals.

Laplanche did comment on the settlement that Tesla CEO Elon Musk reached with the SEC this past weekend, in which Musk agreed to step down as Tesla’s chairman and pay a $20 million fine after being charged with making “false and misleading statements” to investors on his Twitter account when he said he had secured funding to take the company private.

Musk, too, settled without admitting or denying the allegations of the complaint.

“I understand his decision of just taking the settlement and putting the issue behind him as opposed to going through a lengthy court process,” said Laplanche. Seeming to draw a comparison between himself and Musk, Laplanche added: “He might have prevailed. But it would have taken another two to three years. Sometimes it’s better to settle, to admit no wrongdoing, and move on.”

01 Oct 2018

Benchmark is staying focused, targeting $425M for ninth fund

VC powerhouse Benchmark has filed to raise $425 million for its ninth flagship fund.

While other firms close billion-dollar venture funds despite a history of smaller fundraises, Benchmark is sticking to its guns. The firm, known for its early bets on Twitter, Uber, Snap and WeWork, hasn’t fallen victim to the SoftBank effect.

Longtime Benchmark general partners Bill Gurley and Peter Fenton are listed on the filing alongside three newer members of the partnership. Benchmark staples Mitch Lasky and Matt Cohler, who joined the firm in 2007 and 2008, respectively, are noticeably absent.

Lasky’s departure doesn’t come as a shock. He stepped down from Snap’s board of directors in June just after Recode reported that he was “widely expected to not sign up for another round of deals.”

Cohler, for his part, joined Benchmark a decade ago from Facebook where he was a vice president. At Benchmark, he was responsible for investments in Dropbox, Domo, Duo Security and others.

In June 2017, he replaced Gurley on Uber’s board of directors. Gurley stepped down from the ride-hailing giant’s board following a well-publicized fight to remove founder Travis Kalanick from the c-suite.

Cohler and Lasky are expected to keep their board seats, according to Axios.

Sarah Tavel, Chetan Puttagunta and Eric Vishria will replace the pair in fund nine. Puttagunta joined the storied VC firm from NEA in July. Tavel, Benchmark’s first-ever female partner, was hired about a year ago from Greylock Partners and Vishria, the co-founder of social browsing startup Rockmelt, joined in 2014 as the fifth member of the firm’s partnership.

Despite the personnel shake-ups, Benchmark is shaping up to having a pretty stellar 2018. Two of its portfolio companies, Upwork and Elastic, submitted their S-1 registration statements to the SEC in September. Benchmark is the largest shareholder in both companies.