Venture

The Crunchbase News Briefing: Fri., Oct. 2

The Briefing

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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Roblox reportedly eyes US IPO

Online gaming platform Roblox is reportedly working with investment banks to prepare for a public offering on a U.S. exchange as soon as early next year.

The offering could potentially double the recent $4 billion valuation Silicon Valley-based Roblox fetched as a private company, Reuters reported.  The company has not decided whether to pursue a traditional IPO or go with a direct listing, which has been a popular route to public markets of late for tech unicorns.

Plans for an offering come as online gaming revenues hit new highs as the pandemic leaves more consumers spending on entertainment at home.

Funding rounds

Public offerings

  • Hyliion goes public via SPAC: Hyliion, a developer of electrified powertrain solutions for Class 8 commercial vehicles, announced it has completed its business combination with Tortoise Acquisition Corp. With the business combination complete, the company has been renamed Hyliion Holdings Corp., with its common stock listed on the New York Stock Exchange under the ticker symbol HYLN.

Other news

  • Senate panel to subpoena tech CEOs: The U.S. Senate Commerce Committee voted unanimously Thursday to approve a plan to subpoena CEOs of Twitter, Alphabet’s Google and Facebook for a hearing likely to be held before the election. The hearing will discuss reforming Section 230 of the Communications Decency Act, which offers tech companies protection from liability over content posted by users.

Illustration: Dom Guzman

 

 

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