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<ul class="summary-list"><li>Reed Jobs, the son of Steve Jobs, launched Yosemite, a VC firm that will invest in cancer treatments.</li><li>The 31-year-old started the the fund after his dad died from complications with pancreatic cancer.</li></ul><a href="https://www.businessinsider.com/steve-jobs-billionaire-family-nepo-baby-eve-reed-secret-daughter-2023-1">Reed Jobs, Steve Jobs's oldest son</a>, is striking out on his own.Jobs, one of three children of the Apple cofounder and philanthropist Laurene Powell Jobs, is launching Yosemite, a venture capital firm that will invest in new cancer treatments, <a href="https://markets.businessinsider.com/news/stocks/emerson-collective-health-spins-off-to-form-new-investment-fund-yosemite-announces-first-close-of-oversubscribed-200m-fund-to-accelerate-transformative-cancer-ventures-1032501103">according to a press release</a>. The 31-year-old was inspired by his father to start the fund after <a href="https://www.businessinsider.com/steve-jobs-has-died-2011-10#:~:text=Terribly%20sad%20news%3A%20Apple%20founder,of%20people%20around%20the%20world.">Steve Jobs died from complications of pancreatic cancer</a> in 2011, he told <a href="https://www.nytimes.com/2023/08/01/business/dealbook/steve-jobs-son-venture.html" target="_blank" rel="noopener">The New York Times.</a>So far, Yosemite has raised $200 million dollars through investments from medical institutions like Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T, as well as from venture capitalist John Doerr, according to the Times.Jobs plans to raise $400 million for his firm's initial fund, <a href="https://affiliate.insider.com?h=cab7afa6286c0d32d8b7e9b1aeb0c4ccd2f6d7f6d0561e175dbb9149e7528be0&amp;postID=64c90968fa4d08025228a9e2&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Freed-jobs-to-start-400-million-vc-fund-testing-appetite-for-new-funds">The Information reported</a>, which is just about 10 times the average fund size of new venture capitalists last year, <a href="https://pitchbook.com/news/articles/emerging-managers-fundraising-venture-capital">according to Pitchbook.</a>The VC firm will incorporate a dual structure model of a for-profit business and a donor-advised fund, which will provide grants to scientists, <a href="https://markets.businessinsider.com/news/stocks/emerson-collective-health-spins-off-to-form-new-investment-fund-yosemite-announces-first-close-of-oversubscribed-200m-fund-to-accelerate-transformative-cancer-ventures-1032501103">according to a press release</a>. Scientists can use the grants for their research and then go back to Yosemite for venture funding.Jobs's latest business venture will build on his previous work as a managing director at the Emerson Collective, the mission-driven corporation founded by his mother. While he was leading Emerson's health care space, the company invested in healthcare enterprises like ElevateBio, a gene therapy startup, and GetLabs, an at-home diagnostics collector, <a href="https://www.emersoncollective.com/work/venture-capital/" target="_blank" rel="noopener">according to Emerson Collective's website</a>. He is bringing at least three high-ranking members from Emerson with him to Yosemite, The Information reported.While Jobs told the Times that starting a venture capital firm was never one of his career goals, he said that his new role will help scientists build and focus their research. "I had never ever wanted to be a venture capitalist," Jobs said. "But I realized that when you're actually incubating something and putting it together, you can make a tremendous difference in what assets are part of that, what direction it's going to take, and what the scientific focus is going to be."Jobs attributes his interest in the healthcare space, at least in part, to his father's death. "My dad succumbed to cancer when I was in college at Stanford," Jobs told the Times. "I was pre-med because I really wanted to be a doctor and cure people myself. But just completely candidly, it was really difficult after he passed away." Even though Jobs didn't study business or medicine — he ended up graduating with both a BA and master's in history, <a href="https://med.stanford.edu/minorconsult/reed-jobs.html">according to Stanford's website</a> — he may have learned a thing or two about business by time spent with his father.Before college, the Apple cofounder took his son on a business trip to Hawaii so he could "be in the room" with leaders like Apple executives and other high-level tech moguls, according to "Steve Jobs," a biography by Walter Isaacson.Yosemite didn't respond to Insider's immediate request for comment before publication.

Meet Reed Jobs, the Apple cofounder's son who just launched a VC fund to invest in cancer treatments

These 44 pitch decks helped fintechs disrupting trading, investing, and banking raise millions in funding

<ul class="summary-list"><li>In his new book, journalist <keyword id="13064871" type="UNKNOWN" weightage="60" keywordseo="sebastian-mallaby" source="Orion">Sebastian Mallaby</keyword> breaks down the structures and processes of modern venture capital.</li><li>But the book fails to mention the danger of funneling capital into a sector that seems destined to underperform.</li></ul>In his new book, <a href="https://www.amazon.com/Power-Law-Venture-Capital-Making/dp/052555999X/ref=asc_df_052555999X/?tag=hyprod-20&amp;linkCode=df0&amp;hvadid=509245866633&amp;hvpos=&amp;hvnetw=g&amp;hvrand=9340495377039463271&amp;hvpone=&amp;hvptwo=&amp;hvqmt=&amp;hvdev=c&amp;hvdvcmdl=&amp;hvlocint=&amp;hvlocphy=9001926&amp;hvtargid=pla-1322871736310&amp;psc=1">The Power Law: Venture Capital and the Making of the New Future</a>, respected journalist Sebastian Mallaby has paired a deeply researched history of the venture capital industry with a full-throated polemic in defense of the social value of a venture market that doubled in size in 2021, as over <a href="https://www.businessinsider.com/total-global-us-venture-capital-funding-in-2021-broke-records-2022-1">$600 billion dollars</a> in funding pumped into <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> around the world. . Coming just weeks after the <a href="https://www.businessinsider.com/elizabeth-holmes-trial-guilty-verdict-fraud-silicon-valley-culture-scam-2022-1">conviction of Theranos founder Elizabeth Holmes</a> reinforced the public's worst preconceptions of Silicon Valley arrogance, greed, and deceit, the book will undoubtedly spark vigorous debate. Mallaby sheds important light on the structures and processes behind what has become a powerful (and cloistered) force in American life. But although the accounts of the key figures that established modern venture capital are often fascinating, his own excellent reporting does not fully justify the observations and policy proposals in support of the industry — like providing tax breaks for venture investors and government incentives for startup employees. <h2>Understanding venture capital </h2>The "power law" of the title refers to the fact that venture funds cannot achieve success without at least one bet so extraordinary that its gains return the entire value of the fund to investors, like <a href="https://www.businessinsider.com/how-much-sequoia-made-on-whatsapp-2014-2">Sequoia's early investment in Apple</a>. A certain number of complete failures are to be expected, and precisely how well the rest that aren't home runs do is almost beside the point. "Each year brings a handful of outliers that hit the proverbial grand slam," Mallaby writes, "and the only thing that matters in venture is to own a piece of them."This is in sharp contrast to <keyword id="12061432" type="UNKNOWN" weightage="60" keywordseo="private-equity" source="Orion">private equity</keyword> investing, a much larger sector of the economy about which Mallaby says almost nothing. (In 2021, <a href="https://www.businessinsider.com/private-equity-2022-trends-investing-themes-hiring-recruiting-jobs-2021-12">private equity firms</a> raised almost three times as much as venture). Private equity investors more modestly target doubling or tripling their money, and losing the entire investment — known as a donut — can be career, or even fund, ending. Venture capitalists, on the other hand, don't get out of bed without the prospect of making ten times their money on an opportunity, and a venture capitalist who hasn't experienced multiple donuts just isn't doing his or her job right.<div type="image" title="Jonathan A. Knee" height="760" width="540" msid="89225995" hostid="261"></div>Venture startup investors back "businesses" that can sometimes be little more than a concept, but they need conviction that, if the idea works out, it will create massive value. In the absence of any track record, this process of selection does not lend itself to traditional economic analysis — what Mr. Mallaby calls "finance without finance" — and success is ultimately about identifying and attracting the only real asset these enterprises have: talented entrepreneurs. <h2>How the startup sausage gets made</h2>Where The Power Law is most enlightening is in its detailed descriptions of the diverse approaches of the most storied venture capital firms: <a href="https://www.businessinsider.com/accel-raises-3-billion-european-competition-2021-6">Accel</a> emphasized specialization and research; <a href="https://www.businessinsider.com/inside-kleiner-perkins-fellowship-figma-startup-venture-capital-2021-7">Kleiner Perkins</a> incubated its own startups; <a href="https://www.businessinsider.com/leadership-shakeup-at-vc-firm-sequoia-capital-is-underway-2021-11">Sequoia</a> was brutally disciplined with both its partners and its founders; <a href="https://www.businessinsider.com/benchmark-still-barely-has-a-website-heres-why-2021-7">Benchmark</a> stayed small and highlighted its coaching and advising role; <a href="https://www.businessinsider.com/peter-thiel-founders-fund-growth-fund-airbnb-palantir-report-2019-10">Founders Fund</a> took a completely hands off approach.The detailed stories of how the most iconic companies of the current era, from Apple to Facebook and Google, got financed in the first place make for a compelling read. At a variety of key points in the historic narrative, however, The Power Law goes strangely silent. For instance, the book vividly relates how Yuri Milner, a quiet, unassuming Russian digital oligarch who started Russian clones of Amazon, Yahoo, and eBay, changed Silicon Valley by beating out the incumbent venture capitalists to take a major early stake in Facebook. We are told that Milner's father was a Soviet management professor and that Milner returned to Russia after studying in the US and losing his banking job in the financial crisis of 1998. But, despite extensive interviews with him, Mallaby provides no clues to the mystery that has followed Milner for decades: <a href="https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html">Where did his money come from in the first place?</a>With respect to the fall of Theranos, Mallaby argues that the episode actually represents "a vindication for VCs, because almost none of the money that Holmes raised came from Sand Hill Road practitioners," but instead was sourced from "billionaire Valley outsiders." Fair enough. But his broader call for venture capital tax breaks and incentives for startup employees is undercut by the data on the sector he provides.It turns out that not just venture investments follow the power law — the venture industry itself does as well. As Mallaby notes, "counting venture funds raised between 1979 and 2018, the median fund narrowly underperformed the stock market index, whereas the top 5 percent of funds trounced it." Indeed, unlike their private equity counterparts, the same few venture firms outperform over and over again. But these rarefied superstar funds have been closed to new investors for years. <h2>So what is left for the rest of us? </h2>Well, if the sector as a whole does worse than the market even incorporating the returns of these spectacular outliers, you don't need a finance degree to know that an invitation to participate in the remaining venture funds that are available should be politely declined. Yet the returns of the few increasingly attract the interest of the many as unprecedented sums of capital flow into the sector and unprecedented numbers of our most talented graduates eschew established companies for early-stage opportunities. The venture/startup euphoria has become so pronounced that even industry stalwarts have begun to send up loud flares. "The numbers just don't add up," Fred Wilson of Union Square Ventures <a href="https://www.wsj.com/articles/a-booming-startup-market-prompts-an-investment-rush-for-ever-younger-companies-11641119403">recently warned</a>, referring both to the early stage valuations and the amounts of capital being raised for speculative ventures with questionable business models. And the societal cost of misallocating our financial and human capital disproportionately to a sector that seems destined to underperform overall is not insignificant. The Power Law performs a useful service in revealing the roots and accomplishments of a poorly understood but increasingly significant economic sector and cultural bellwether. Its central urgent claim, however, that "governments must do everything possible to foster technology startups" makes little sense when we're likely in the midst of a startup bubble.Jonathan A. Knee is professor of professional practice at Columbia Business School and a senior advisor at Evercore. His most recent book is <a href="https://www.amazon.com/dp/0593189434?asc_campaign=commerce-pra&amp;asc_refurl=https%3A%2F%2Fwww.businessinsider.com%2Fcold-start-problem-by-andrew-chen-review-2021-12&amp;asc_source=browser&amp;tag=biauto-52377-20">"The Platform Delusion: Who Wins and Who Loses in the Age of Tech Titans." </a>

A new book defends venture capital against detractors. But should we really be fueling the bubble?

<ul class="summary-list"><li>On Monday, the startup Codefresh announced a $27 million funding round led by Red Dot Capital Partners, with participation from Shasta Ventures and other existing investors.</li><li>Codefresh builds a continuous integration and continuous delivery platform, meaning it helps developers release code faster and more often.</li><li>Codefresh is specially built for cloud software like <keyword id="5960762" type="UNKNOWN" weightage="60" keywordseo="Kubernetes">Kubernetes</keyword>, a popular open source cloud computing project created at Google.</li></ul>Early on, when Codefresh cofounder and CEO Raziel Tabib was pitching to VCs, one potential investor would butt in every two or three minutes to say something along the lines of, "You know what? I can do it in Jenkins, too."Jenkins is one of the oldest and most widely used <a href="https://www.businessinsider.com/what-is-ci-cd-software-development-2018-11">continuous integration</a> and continuous delivery tools on the market These tools, referred to as CI/CD, are meant to help developers build and release code faster and more often. While Jenkins has long been the well-known name, Tabib says that Codefresh is "more modern and more aligned with not only the latest technologies but also the extension of the role of the developers," while <a href="https://www.businessinsider.com/launchable-jenkins-creator-cloudbees-atlassian-2020-1">Jenkins</a> is "really getting outdated." Codefresh's platform is specially built for apps that run on the popular open source, Google-created cloud computing system <a href="https://www.businessinsider.com/what-is-kubernetes-google-cloud-2019-1">Kubernetes,</a> and the company has had success reeling in customers that are looking for something more modern.At that early meeting where an investor kept bringing up Jenkins, Tabib at one point fired back that the VC should imagine Zoom CEO and founder Eric Yuan pitching to investors and getting endless rebuttals that everything he had pitched could be done with WebEx. "It's not about what you can or cannot do with Jenkins," Tabib said. "You can script yourself to death, but is it easy to retain? Is it convenient for your team to work with it? Is it easy to build?"Codefresh is, Tabib says. The company says it's had great success reeling in users to try out Codefresh's free version. Many then convert to a paid plan later on. Its popularity among users helped Codefresh land $27 million in fresh funding, announced Monday, with the round led by Red Dot Capital Partners with participation from Shasta Ventures and other existing investor. The startup's total funding has more than doubled to $42 million and while it declined to disclose its valuation, it says it "has increased substantially." <a href="https://my.pitchbook.com/profile/99354-70/company/profile#insights">PitchBook lists Codefresh</a> as valued at $36 million after its last fundraise in July 2018. "The usage of our platforms is going above and beyond our expectations," Tabib told Business Insider. "It's a strong signal that there is a huge value with the product. If you accelerate and grow the customer base with expansion, it can grow even more."<h2>Codefresh's cofounders came up with the idea while they worked at HP</h2>Codefresh, now based in Mountain View, California, originally launched out of Israel in 2014. Prior to Codefresh, Tabib and co-founder Oleg Verhovsky worked at Israeli software company Mercury, which was eventually acquired by HP. There, they started talking about building a new CI/CD platform, since the team at HP was struggling with legacy products. What's more, Tabib and Verhovsky felt that their ability to make an impact on the company diminished as Mercury merged into HP. Eventually, they left HP to start Codefresh, convincing an HP manager to invest some seed money into the startup early on. "We felt strongly about what we wanted to do and where the market was going," Tabib said. Tabib says he learned to aim high while building Codefresh and not compromise when it comes to building a "brilliant" team. Still, it's been a challenge to build a platform for technical customers who had high expectations for performance. "We were aiming for excellence, and it's something we set for ourselves as a high bar," Tabib said.<h2>What Codefresh plans to do with its funding</h2>Tabib says Codefresh was able to attract investors because VCs could see that his team knew the market "inside out." In addition, many of the world's largest companies are adopting <a href="https://www.businessinsider.com/priyanka-sharma-gitlab-head-cloud-native-computing-foundation-kubernetes-2020-5">Kubernetes</a>, making Codefresh's products especially relevant.Isaac Roth, partner at Shasta Ventures who previously led the creation and growth of Red Hat's <a href="https://www.businessinsider.com/keybank-google-cloud-anthos-kubernetes-2020-4">Kubernetes</a> platform <a href="https://www.businessinsider.com/ibm-red-hat-vmware-kubernetes-battle-2019-11">OpenShift</a>, says <a href="https://www.businessinsider.com/vmware-to-acquire-security-startup-octarine-kubernetes-2020-5">Kubernetes</a> has become popular because it allows companies to run their applications anywhere they want, whether in private data centers or on the cloud. Read more: <a href="https://www.businessinsider.com/what-is-kubernetes-google-cloud-2019-1">Everything you need to know about Kubernetes, the Google-created open source software so popular even Microsoft and Amazon had to adopt it</a>When you throw Codefresh into the mix to help run these applications, it helps make the development process much more efficient, he says."That's really special, something no other vendor is providing," Roth told Business Insider. "It's why we think it will be a huge business."With the new round of funding, Codefresh plans to double-down on the product's security and form a strategy to take the company to the next level. It's also putting effort into expanding the apps Codefresh works with and strengthening the product."If we can make software engineers more effective, that means every single company has enormous value in our product," Dan Garfield, chief technology evangelist at Codefresh, told Business Insider.Tabib says some customers were particularly impacted by the coronavirus crisis, and closing deals has taken longer in some cases. Other customers are seeing more demand, and they expect to grow through the pandemic.It's a good opportunity to invest in these efforts while the market is slow because once things are back to normal, Codefresh can support a much larger customer base, Tabib says. "We're also super excited with the funding that will allow us to accelerate even more," Tabib said, "And put more effort into the product, technology and success with customers."Got a tip? Contact this reporter via email at <a href="mailto:rmchan@businessinsider.com">rmchan@businessinsider.com</a>, Signal at 646.376.6106, Telegram at @rosaliechan, or Twitter DM at <a href="https://twitter.com/rosaliechan17">@rosaliechan17</a>. (PR pitches by email only, please.) Other types of secure messaging available upon request.

Codefresh just raised $27 million to help developers release code faster for apps that run on the Google-born cloud computing project Kubernetes

<ul class="summary-list"><li>Developer startup <keyword id="9262143" type="UNKNOWN" weightage="60" keywordseo="rapidapi">RapidAPI</keyword> announced a $25 million funding round on Thursday led by Andreessen Horowitz, DNS Capital, Green Bay Ventures, M12 (Microsoft's Venture Fund), and Grove. </li><li>The company has seen a faster rate of signups during the coronavirus pandemic because of more people working remotely, RapidAPI founder and CEO Iddo Gino told Business Insider. </li><li>The company will invest the new funding in its product and online marketplace, as it tries to work with larger companies.</li></ul>The developer startup RapidAPI just closed a new round of funding amid the ongoing coronavirus pandemic even though it had plenty of money left in the bank.It's platform allows developers to easily find, share, and use application programming interfaces (APIs) they need when building apps. APIs essentially allow products to access features or data from another app, like how Uber and Lyft use Twilio's APIs to allow drivers make calls and send texts, while Spotify and Tinder use Facebook APIs for logging in.On Thursday, RapidAPI announced a $25 million Series B funding round led by Andreessen Horowitz, DNS Capital, Green Bay Ventures, M12 (Microsoft's Venture Fund), and Grove, <a href="https://www.businessinsider.com/rapidapi-m12-microsoft-andreessen-horowitz-25-million-2019-6">bringing its grand total to $62.5 million in funding.</a> While RapidAPI declined to share its current valuation, it said that its Series B was not a "down-round," meaning that its valuation is now higher than it was after its last fundraise ($80 million). <a href="https://www.businessinsider.com/andreessen-horowitz-a16z-invests-in-rapidapi-2016-11">RapidAPI</a> plans to invest its new funding in engineering and growing its online marketplace, which now has over 20,000 APIs used by over 300,000 developers. It's also focusing on working with larger companies. While RapidAPI still had most of its money from its last funding round in June 2019, founder and CEO Iddo Gino said the company decided to raise more money to speed up the its growth. It also wanted to take advantage of interest at a time when <a href="https://www.businessinsider.com/vc-investors-say-funding-deals-could-fall-apart-2020-4">investors are generally feeling cautious</a>, and <a href="https://www.businessinsider.com/tech-companies-covid19-layoffs-furloughs-benefits-2020-5">other startups are cash-strapped.</a>"There was some uncertainty we saw around where we were going with the virus," Gino told Business Insider. "Given the opportunity to raise, we figured it was the right thing to do."While the process had its difficulties, since Gino couldn't meet investors in person, it took less than two weeks from start to finish, he said. <h2>The coronavirus crisis seems to be driving growth for RapidAPI </h2>While many companies have taken a hit during the coronavirus crisis, RapidAPI saw a faster rate of new signups in March and April that it did in the earlier part of the year, Gino said. He believes that that's because many engineering teams are pushing out new software more quickly now that they've moved to remote work. Also, RapidAPI targets customers in industries like financial services, insurance, and e-commerce, which haven't been as impacted by pandemic. The company has had 30,000 paid subscribers sign up this year, and its product RapidAPI for Teams, which helps teams share and collaborate on APIs, is now used by more than 18,000 teams, with more than 1,000 new ones created every week.Still, the company isn't resting on its laurels and Gino knows that the coronavirus-related uncertainty is real. "The first quarter of the year for us was really strong and we are able to go above the initial projections we have," Gino said. "But I think for now, things are a bit influx to understand how this will evolve. Our business is going strong so far but there's a component of uncertainty about what the rest of the year will look like from a macroeconomic perspective."Got a tip? Contact this reporter via email at <a href="mailto:rmchan@businessinsider.com">rmchan@businessinsider.com</a>, Signal at 646.376.6106, Telegram at @rosaliechan, or Twitter DM at <a href="https://twitter.com/rosaliechan17">@rosaliechan17</a>. (PR pitches by email only, please.) Other types of secure messaging available upon request.Read the original article on <a href="https://www.businessinsider.com/startup-rapidapi-closes-25-million-funding-coronavirus-crisis-2020-5">Business Insider</a>

The CEO of RapidAPI, which just raised $25 million in funding, says its developer tool is seeing a faster rate of signups during the coronavirus crisis

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Meet Reed Jobs, the Apple cofounder's son who just launched a VC fund to invest in cancer treatments

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These 44 pitch decks helped fintechs disrupting trading, investing, and banking raise millions in funding

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A new book defends venture capital against detractors. But should we really be fueling the bubble?

Jonathan A. Knee

Codefresh just raised $27 million to help developers release code faster for apps that run on the Google-born cloud computing project Kubernetes

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The CEO of RapidAPI, which just raised $25 million in funding, says its developer tool is seeing a faster rate of signups during the coronavirus crisis

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