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Uber’s IPO Filing By the Numbers: Term Sheet for Friday, April 12

NYSE:UBER

Nearly every email subject line in my inbox this morning has the word “Uber” in it, so I’m sure you’re tired of reading all the various hot takes on the ride-hailing company’s IPO filing. So I’ll try to make this as comprehensive, least hot take-y & easy to read as possible.

BY THE NUMBERS:

$20 billion: The total amount of funding (a combination of debt and equity) that Uber has raised to date.

$11.3 billion: Uber’s revenue for 2018, which is up from $7.9 billion in 2017 (Lyft’s revenue for 2018 was $2.16 billion.)

$14.3 billion: Costs and expenses, which are up from $12 billion in 2017

• $1.8 billion: Uber’s losses in 2018, which is the first full year under new CEO Dara Khosrowshahi. This figure represents an improvement from one year ago when it reported $2.2 billion in losses.

91 million: Monthly active riders as of Dec. 2018, which is up from 68 million in 2017

222 million: The number of of Uber shares that Softbank owns, which comes out to 16.3%. Benchmark Capital comes in second with 150 million shares, or 11%, and Travis Kalanick third with 117.5 million shares, or 8.6%.

100,000+: Hundreds of thousands of consumers who stopped using the Uber app within days of the #DeleteUber campaign.

20: The number of times Uber mentions Alphabet’s self-driving unit Waymo in its prospectus. For context, it only mentions Lyft a total of six times.

1: Unlike many of its peers, Uber is going public with a single class voting structure. That means one vote equals one share.

…AND SOME WORDS FROM UBER’S CEO:

Uber CEO Dara Khosrowshahi wrote a letter full of apologetic language and acknowledgment of the company’s shortfalls. Here’s an excerpt:

Some of the attributes that made Uber a wildly successful startup — a fierce sense of entrepreneurialism, our willingness to take risks that others might not, and that famous Uber hustle — led to missteps along the way. In fact, when I joined Uber as CEO, many people asked why I would leave the stability of my previous job for one that was anything but. My answer was simple: Uber is a once-in-a-generation company, and the opportunity ahead of it is enormous.

He ends with:

I want to close with my commitment to you: I won’t be perfect, but I will listen to you; I will ensure that we treat our customers, our colleagues, and our cities with respect; and I will run our business with passion, humility, and integrity.

Read more here.

TURNING DOWN SOFTBANK: OK I never thought this day would come, but there’s a founder out there who (kind of) turned down Masayoshi’s Son money. Cue the gasps.

Bhavish Aggarwal, the co-founder of Indian ride-hailing service Ola, has reportedly grown concerned with Softbank’s influence. Softbank was an early investor in Ola, but it then went on to back Uber, and then it encouraged the two companies to merge. Now, Bloomberg reports that Son struck a preliminary deal to put another $1.1 billion into Ola to boost his stake in the company to more than 40%. When Aggarwal tried to include terms to guarantee his own control over Ola, the deal ultimately fell apart.

“Bhavish is spurning SoftBank money as he doesn’t want to get diluted out of Ola,” Mohandas Pai, venture capitalist and former chief financial officer of Infosys, told Bloomberg. “Founders become employees when someone sits on your board and tells you how to run the show.”

This is an important point for founders to remember when considering taking money from Softbank. As you can see above, Softbank has the biggest stake in Uber. But then again, what would you do if you were told, “Fine, if you don’t take my money, I’ll give it to your rival instead.” As Uber’s CEO Dara Khosrowshahi famously said, “Rather than having their capital cannon facing me, I’d rather have their capital cannon behind me, all right.” I can’t imagine it’s easy, but it’s important to remember: Founders can become employees pretty quickly when they take money from someone who wants to direct the show.

VENTURE DEALS

Armis, a Palo Alto, Calif.-based enterprise IoT security company, raised $65 million in Series C funding. Sequoia Capital led the round, and was joined by investors including Insight Venture Partners, Intermountain Ventures, Bain Capital Ventures, Red Dot Capital Partners and Tenaya Capital.

Triplebyte, a recruiting and technical screening platform for tech companies, raised $35 million in Series B funding. YC Continuity and Founders Fund co-led the round, and were joined by investors including Caffeinated Capital and Initialized Capital.

LumApps, a Paris-based developer of a social intranet for the enterprise, raised $24 million in funding. Idinvest led the round.

Flexa, a New York-based crypto payments network, raised $14.1 million in funding. Investors include Pantera Capital, 1kx, Nima Capital and Access Ventures.

HiMama, a Toronto-based early childhood technology startup, raised C$7.25 million ($5.4 million) in Series A funding. Round 13 Capital led the round.

Trint, a developer of an automated transcription and editing platform, raised $4.5 million in funding. Horizons Lab led the round, and was joined by investors including TechNexus and the Associated Press.

Flyreel, a Denver-based provider of artificial intelligence solutions for property insurance, raised $3.85 million in funding. Gradient Ventures led the round.

Back Office, a Florida and California-based automated bookkeeping platform for small businesses, raised $1.8 million in seed funding. Active Capital led the round, and was joined by investors including 500 Fintech and PlugNPlay Ventures.

Gather, an events platform for the hospitality industry, raised funding of an undisclosed amount of funding, from Enlightened Hospitality Investments LP.

HAPPE Spine, a Grand Rapids, Mich.-based provider of PEEK interbody implants, raised funding of an undisclosed amount, from cultivate(MD).

Ampere Computing, a Santa Clara, Calif.-based computer hardware manufacturer, raised funding of an undisclosed amount.The Carlyle Group led the round, and was joined by investors including Arm, a subsidiary of SoftBank Group.

HEALTH AND LIFE SCIENCES DEALS

Inozyme Pharma Inc, a Boston-based biotechnology company, raised $67 million in Series A2 funding. Pivotal bioVenture Partners and Sofinnova Investments led the round.

Fauna Bio, a San Francisco, Calif.-based biotechnology company, raised $4.1 million in seed funding. True Ventures led the round, and was joined by investors including Longevity Fund, Pacific 8 Ventures, Boom Capital and Beagle Ventures.

PRIVATE EQUITY DEALS

H.I.G. Capital made an investment in Medusind Solutions, a provider of revenue cycle management solutions. Financial terms weren’t disclosed.

GED Capital made an investment in Aircraft Interior Refurbishment España, a Spain-based specializes in the maintenance, repair and overhaul of aircraft cabin interiors. Financial terms weren’t disclosed.

OTHER DEALS

MTY Food Group agreed to buy Papa Murphy’s Holdings Inc (Nasdaq:FRSH) for $6.45 a share or about $190 million.

IPOs

Nexi, an Italian payments firm, raised $2.3 billion in a European IPO. Read more.

Jumia, an Berlin-based African e-commerce platform, raiseed $196 million in an offering of 13.5 million ADS priced at $14.50, near the midpoint of its range. The firm posted revenue of $150 million on 2018 and loss of $194 million. Firms including MTN and Rocket Internet back the company. Morgan Stanley, Citi, Berenberg Bank, and RBC Capital Markets are underwriters . It plans to list on the NYSE as “JMIA.” Read more.

Axcella Health, a Cambridge, Mass.-based biotech firm focused in dysregulated metabolism, plans to raise $86 million in an IPO. The firm has yet to post revenue, and reported a loss of $36 million in 2018. Flagship General Partners, Fidelity, and Nestlé Health Sciences back the firm. Goldman Sachs, J.P. Morgan, and SVB Leerink are underwriters. It plans to list on the Nasdaq as “AXLA.” Read more.

General Lithium, one of China’s biggest producers of Lithium based in Hubei, is planning an IPO, per Bloomberg.

EXITS

Amazon.com Inc on Wednesday said it had acquired Canvas Technology, a robotics startup in Boulder, Colorado, that has built autonomous carts that can move goods around warehouses.

FIRMS + FUNDS

PetroCap Partners, a Dallas-based oil and gas investment firm, raised more than $300 million for its third fund, according to an SEC filing.

PEOPLE

Southfield Capital promoted Brandon Pinderhughes to principal.

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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here.