Briefing Venture

The Briefing: DoorDash Boosts IPO Range, DOJ Sues Facebook Over H1-B Practices, And 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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DoorDash boosts IPO price range

Food-delivery platform DoorDash has raised the proposed price range for its upcoming public offering to between $90 and $95 a share. At the high end of that range, the company would raise up to $3.14 billion in its IPO.

Previously, DoorDash was targeting a range of between $75 and $85 per share. The expectation of broader demand for shares follows several months of sharp growth for the company, which has seen usage spike as more people order restaurant delivery at home amid the COVID-19 pandemic.

At top end of its range, DoorDash would reportedly have a public valuation of around $30 billion.

Justice Department charges Facebook with H-1B violations

The U.S. Department of Justice has filed a complaint charging Facebook with illegally reserving jobs for immigrant employees rather than searching adequately for U.S. workers who could fill those roles.

The complaint claims there were over 2,600 positions that were the subject of Facebook’s alleged discrimination, offering an average salary of approximately $156,000.

The lawsuit follows a nearly two-year investigation into Facebook’s practices. The suit charges that Facebook intentionally created a hiring system in which it denied qualified U.S. workers opportunities to learn about and apply for job.

Funding rounds

  • Moov banks $27M for embedded financial services: Moov raised $27 million in Series A funding led by Andreessen Horowitz. The investment comes on the heels of a $5.5 million seed round led by Bain Capital Ventures in August. Moov’s open source platform enables banks and credit unions, SaaS companies and fintech providers to quickly deploy basic financial service tools to seamlessly receive funds, store value and remit payments.
  • Codi secures $7M for remote office spaces: Codi, a San Francisco-based company offering access to nearby daytime workspaces in private homes, announced $7 million in funding from several investors. including NFX, and will expand to New York.
  • Argentina’s Henry raises $1.5M to teach coding: Buenos Aires-based Henry,  an online school for training software developers, announced it has raised $1.5 million in seed funding in a round led by Accion Venture Lab.

Public offerings

    • LiDAR startup Innoviz eyes SPAC merger: Israeli startup Innoviz, a developer of LiDAR sensors used in autonomous vehicles, is reportedly in talks to go public through a merger with blank-check acquisition company Collective Growth Corp.

Illustration: Dom Guzman

 

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