Briefing

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

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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