Aquifer Tech Snapshot: Week of July 6-10
Updated: Jul 22
Joe Biden announces a $700B “Buy American” campaign.
Democratic candidate Joe Biden has a $700B proposal to bolster the American manufacturing and technology sectors.
Biden proposes a $400B in government spending for U.S. goods and services, and $300B in R&D for U.S. technology. Biden has not released how he plans to procure such funding, which may be an indication of deficit spending in order to ultimately save the U.S. economy.
Dozens of large companies have filed for Chapter 11 bankruptcy.
Gyms (24 Hour Fitness, Gold’s Gym), Entertainment (Cirque Du Soleil, CMX Cinemas), and Retail (J. Crew, Neiman Marcus, JCPenney) companies filed for Chapter 11 bankruptcy, due to a decrease in demand stemming from shelter-in-place policies set by state governments. Though bankruptcy is a financial restructuring of a company’s assets and affairs, it does not necessarily equate to going out of business. So what can we learn from this? It is vital for companies to invest in a strong finance team that can manage financial assets for the long haul.
Elon Musk is now richer than Warren Buffet.
Tesla CEO Elon Musk is now the 7th richest person in the world after Tesla’s stock (TSLA) rose 500% over the past 12 months, with a market value of $286.5B. Tesla is now the most valuable auto company in the world, but they have competition.
Rivian, a Michigan-based company designing fully electric pickups and SUVs that will rival Tesla and other carmakers, secured an additional $2.5B in funding from T. Rowe Price Associates, Amazon, Blackrock, Soros Fund Management, Baron Capital Group, and others.
Karana, a Singapore-based startup raised $1.7M in seed funding to launch a pork substitute product made from jackfruit. With pork being the most consumed meat product in Asia, Karana aims to leverage plant-based products from nature to sell to restaurants and retail stores.
Paige, a cancer research startup that is applying AI to better understand cancer pathology, closed Series B at $70M, with investments from Goldman Sachs and Healthcare Venture Partners. They assert the investment will be used for hiring talent, expanding partnerships with biopharmaceutical companies, and R&D.
We’re your next CFO. You need more than a bookkeeper and less than a full-time CFO. Accounting firms or bookkeeper simply do your yearly tax return but who can help you with the day-to-day accounting & finance complexities that every small business face? We’re the tenacious partner who will work closely with you to create a strategic path forward. A path that positions your startup for optimum performance, prolonged growth, and limited risks.
According to an article by The Fintech Times, 41% of businesses plan to scrap their banking providers due to slow support during COVID-19. If your business is having trouble with liquidity or managing banking relationships, visit us today at www.aquifermarket.com. Our track record speaks for itself. We've successfully raised over $65 million in VC funding and have 15+ years of finance experience under our belt. Our services include financial modelling, data analytics, capital fundraising, transaction advisory, and accounting system setup.
Still not convinced? Ask yourself this:
Is your financial system set up and organized?
Do you know your company's outlook in 3-5 years
Are you aware of key factors that impact your financials?
Are you prepared for tough questions from VCs?
Focus on generating revenue. Leave the rest to us. Contact us today for a free consultation.
Until next time,
Research contributed by Stephanie Heinsohn