The Briefing: Trump Launches Social Media Network, Winc Postpones IPO, And More More

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Trump announces media network, SPAC deal

Former President Donald Trump announced the rollout of Trump Media and Technology Group, a new social network and media platform touted as an alternative to the dominant companies in the space.

The company is planning to list on the Nasdaq through a merger with a blank-check acquirer, Digital World Acquisition Group, in a transaction that values the venture at up to $1.7 billion, CNBC reports. The move comes months after Trump was banned by Twitter and Facebook following his posts related to the Jan. 6 attacks on the U.S. Capitol building.

— Joanna Glasner

Winc postpones IPO

Digital wine club startup Winc postponed its IPO, previously planned for Thursday, according to Renaissance Capital. The Los Angeles-based company had filed to raise $75 million by offering 5 million shares at a price range of $14 to $16. (Read more about its investment history and financials here.)

— Joanna Glasner

GoTo eyes financing at $28.5B valuation

Indonesia’s GoTo, the super app used for ride-hailing, food delivery and other services across the region, is seeking to raise $1.5 billion at a valuation around $28.5 billion, according to a Financial Times report. The Abu Dhabi Investment Authority is reportedly leading the fundraising, planning to contribute $400 million to the $1.5 billion total.

— Joanna Glasner

Candy Digital raises $100M

Online sports retailer Fanatics raised a $100 million Series A for its NFT company Candy Digital, the company said Thursday. The funding, which was led by Insight Partners and SoftBank Vision Fund 2, values Candy Digital at $1.5 billion. Candy Digital is creating Major League Baseball‘s official NFT community, where fans can buy and trade officially licensed nonfungible tokens. Fanatics rolled out Candy Digital earlier this year.

— Sophia Kunthara

Illustration: Dom Guzman


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