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<ul class="summary-list"><li><keyword id="11915967" type="UNKNOWN" weightage="60" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword>'s <keyword id="11915968" type="UNKNOWN" weightage="60" keywordseo="berkshire-hathaway" source="Orion">Berkshire Hathaway</keyword> invested about $250 million in <keyword id="12712054" type="UNKNOWN" weightage="60" keywordseo="nubank" source="Orion">Nubank</keyword>'s <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo" source="Orion">IPO</keyword> this week.</li><li>The investor's company plowed $500 million into the Brazilian <keyword id="11898487" type="UNKNOWN" weightage="60" keywordseo="fintech" source="Orion">fintech</keyword> earlier this year.</li></ul>Warren Buffett's <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a> bought close to 30 million shares of Nubank during its <a href="https://www.sec.gov/Archives/edgar/data/1691493/000119312521352703/d213207d424b1.htm">initial public offering</a> this week, <a href="https://www.bloomberg.com/news/articles/2021-12-08/brazil-s-nubank-said-to-price-ipo-at-top-of-range-at-9-a-share">Bloomberg reported</a>, likely costing it about $250 million at the IPO price of $9. The famed investor's conglomerate already <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-invest-500-million-nubank-brazil-fintech-2021-6">piled $500 million</a> into the Brazilian fintech in June.Berkshire may have invested partly because of Nubank's ties to <keyword id="11904329" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword>. The storied venture-capital firm — an early backer of Apple, Google, and Airbnb — provided seed funding to Nubank in 2013, and now commands a stake worth over $8 billion following the digital lender's IPO. Moreover, Nubank's cofounder and CEO, David Vélez, is a former Sequoia partner.Buffett and his business partner, Charlie Munger, have <a href="https://markets.businessinsider.com/news/stocks/warre-buffett-berkshire-hathaway-570-million-snowflake-ipo-rare-unicorn-2020-9">largely avoided</a> high-valued technology companies, lossmaking startups, overseas companies, and IPOs throughout their careers. However, Munger has repeatedly praised Sequoia's ability to find and back future world-beaters."The most remarkable investment firm in America is probably Sequoia," the 97-year-old investor <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-charlie-munger-quotes-stocks-frenzy-policy-investing-skills-2020-12">said last year</a>. "They have made more money than anybody, and they have the best investment record of anybody. It's perfectly amazing what they have done.""Warren and I are better at buying mature industries than we are at backing startups," Munger said at <a href="https://markets.businessinsider.com/news/currencies/charlie-munger-daily-journal-bitcoin-robinhood-spac-stock-market-speculating-2021-2">Daily Journal's annual meeting</a> this year. "I would hate to compete with Sequoia in their field. They would run rings around me."Sequoia's close ties to Nubank may have spurred Buffett and his team to bet on the digital bank, despite it losing nearly $100 million in the nine months to September 30, and commanding a $50 billion market capitalization that dwarfs its $737 million in revenue last year.On the other hand, one of Buffett's deputies, Todd Combs, has spearheaded investments in Indian mobile-payments group <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-paytm-ipo-profit-digital-payments-india-2021-7">Paytm</a>, Brazilian fintech <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-snowflake-ipo-110-percent-stoneco-gain-2020-9">StoneCo</a>, and US cloud-data platform <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-approach-200-percent-gain-snowflake-stock-2020-11">Snowflake</a> in recent years. He may have simply identified Nubank as a compelling investment, without Sequoia's involvement being a factor.Either way, Berkshire's decision to invest $500 million in a private, foreign, unprofitable tech company, then to inject another $250 million during the startup's IPO, suggests Buffett and his team are happy to follow Sequoia's example.

Warren Buffett's Berkshire Hathaway plowed about $250 million into Nubank's IPO, report says. The Brazilian fintech's ties to Sequoia Capital may help explain why.

<ul class="summary-list"><li>Argentina produced a stunning comeback to beat South Africa in the <keyword id="6457171" type="UNKNOWN" weightage="60" keywordseo="Rugby">rugby</keyword> sevens QF at the Olympics. </li><li>Captain Gaston Revol was sent off early, leaving him to watch on from the sidelines in tears.</li><li>After the win, Revol again could not contain his emotions, crying as he celebrated with teammates. </li></ul>An Argentina rugby star who was sent off for a horrific tackle watched on from the sidelines crying as his teammates saved his bacon with an astonishing comeback win against South Africa. Argentine captain Gaston Revol was shown a red card just shortly after South Africa had opened the scoring early on in the two nation's Rugby sevens quarterfinal clash at the Tokyo Olympics. The 34-year-old had clothes-lined Selvyn Davids after the ball had gone, leaving the Blitzboks star requiring medical treatment. After exiting the field, Revol broke down into tears on the sidelines.While the Argentine likely feared his dismissal would hamper his country's chances of making the last four - it instead did the opposite. Fullback Marcos Moneta quickly scored two wonderful tries to send Los Pumas into half-time with an unlikely 14-7 lead.Santiago Alvarez extended Argentina's lead after the break to seemingly wrap up the game, before a dramatic late penalty try to South Africa saw Lautaro Bazan Velez sent to the bin and Argentina have to play out the dying stages with just five men. Santiago Gomez Cora's side held on, however, to secure a historic 19-14 win.After the final whistle, a relieved Revol ran on to the pitch to celebrate with his teammates. He again could not hold back the tears, though this time for different reasons."We had a tough match, but we demonstrated what a team is," Moneta said."We thought of every little thing that we have left behind to be here, we are missing our families and friends, and with the pandemic it has been all the more difficult."Argentina face favourite Fiji in the semifinals on Wednesday, July 28.

An Olympic rugby star cried 2 times in an emotional whirlwind of a game, getting kicked out for a horror tackle before his teammates saved his bacon with a heroic win

Bengaluru-based neo-banking startup <keyword id="8555470" type="UNKNOWN" weightage="20" keywordseo="EpiFi">Epifi</keyword> on Monday said it has raised USD 13.2 million (around Rs 93.4 crore) in a seed funding round led by <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword> and <keyword id="2126501" type="PERSON" weightage="20" keywordseo="Ribbit-Capital">Ribbit Capital</keyword>. The company said it will utilise the funds to build its core technology platform, drive sales as well as marketing initiatives and expand its technology team. The seed funding round that was led by Sequoia India and Ribbit Capital also saw participation from Hillhouse Capital and angel investors, including David Velez, the founder of Nubank, and Kunal Shah, Founder and CEO, CRED, the statement said.
 Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company.
 Founded in May last year by Google Pay top executives Sujith Narayanan and Sumit Gwalani, Epifi is a fintech startup that provides digital banking solutions.
 "Millennials are a digital-first generation who are reshaping the world's economy, pushing companies to re-examine the way they do business.... Through epiFi, our mission is to provide digital natives a new-age platform that uses customer insights and deep tech to simplify their banking journey and help them take a big step towards achieving financial freedom," Epifi Co-foundersaid Sujith Narayanan said. SID DRR

Neo-banking startup Epifi raises $13.2 mn from Sequoia India, Ribbit Capital

<ul class="summary-list"><li>"<keyword id="11493517" type="AGENCY" weightage="60" keywordseo="summer-of-soul">Summer of Soul</keyword>," a new film directed by <keyword id="838507" type="PERSON" weightage="60" keywordseo="Questlove">Questlove</keyword>, hit theaters and <keyword id="191565" type="CITY" weightage="60" keywordseo="Hulu">Hulu</keyword> on July 2.</li><li>The movie centers on the Harlem Cultural Festival, the forgotten "Black Woodstock" of 1969.</li><li>Questlove didn't even know it existed before he was shown footage of the <keyword id="6354530" type="CITY" weightage="60" keywordseo="music">music</keyword> event.</li></ul>Hulu's "Summer of Soul" has all the trappings of a Questlove film, starting in the first five minutes of the <keyword id="35012" type="PERSON" weightage="60" keywordseo="documentary">documentary</keyword>.Those opening moments show an energetic 19-year-old Stevie Wonder, dressed in a snazzy brown suit and mustard-colored shirt, beating tom tom drums, hi-hats, and cymbals at 1969's Harlem Cultural Festival. It was a conscious decision not to simply show footage of Wonder performing his usual wizardry at the keyboard, according to The Roots drummer and filmmaker Ahmir "Questlove" Thompson, who directed the film. Opening on this moment highlights something many may not have known about Wonder's artistry, setting the stage for a film that serves as a vital education in Black music history in the span of 117 minutes."I figured this was the best way for me to crash land into your lives as the director without it really being about me," Questlove told Insider of the film's introduction during a virtual press conference ahead of its July 2 release. "We haven't seen Stevie Wonder in this light as a drummer. That was the perfect beginning."<h2>'Summer of Soul' centers on the Harlem Cultural Festival</h2>As depicted in the documentary, in 1969, New York City's Parks Department hired local entertainer and connector Tony Lawrence to organize and promote summer programming.The resulting festival lineup was a who's who of music, with a series of free concerts dominating Sunday afternoons from June to August in Harlem's Mount Morris Park. Long before Coachella, Afropunk, and Rolling Loud, the Harlem Cultural Festival delivered must-see performances by Gladys Knight &amp; The Pips, Sly &amp; The Family Stone, Eddie Ruffin, Mahalia Jackson, The Staple Singers, and Ray Barretto. It was also unapologetically Black, from the fashion to the hairstyles to the vibrant activism.<div type="image" title="A still from Questlove's &quot;Summer of Soul&quot; documentary" height="4172" width="3129" msid="84254342" hostid="261"></div>Coming on the heels of the Civil Rights Movement, the Vietnam War protests, and the assassinations of Malcolm X and Martin Luther King Jr. in 1965 and 1968, respectively, the concert featured politically active artists, including Abbey Lincoln &amp; Max Roach, Hugh Masekela, and Nina Simone.The documentary features a particularly searing clip that's emblematic of the festival, where the incomparable Simone asks a sea of rapt faces, "Are you ready, Black people? Are you really ready? Ready to do what is necessary? To do what is necessary to do?" The crowd collectively screams, "Yeah!" Music from Simone, Masekela, Lincoln, Roach, and others became the soundtrack for political unrest.While the festival entertained, moved, and ministered to a total of 300,000 people, it was overshadowed by <a href="https://www.insider.com/how-woodstock-50-anniversary-festival-fell-apart-2019-7">Woodstock</a>, which happened 100 miles away that same summer in Bethel, New York. What was a huge cultural moment in music history practically faded from collective memory.Even Questlove, the ultimate soul music fan, didn't know this piece of Black music history existed."I inadvertently saw the footage back when The Roots first went to Tokyo in 1997. And my translator for that tour, who knew I was a soul fan, took me to the Soul Train Café," he told reporters. "Unbeknownst to me, I watched two minutes of Sly &amp; The Family Stone's performance."He continued: "I didn't know I was watching the Harlem Cultural Festival. I just assumed that all festivals in the '60s were from Europe, because America really didn't have that culture yet." <h2>'Summer of Soul' was crafted from hours of original video footage of the festival - but it's only a small portion of what exists on film</h2><a href="https://www.nytimes.com/2017/09/14/arts/television/hal-tulchin-90-dies-documented-a-little-seen-black-woodstock.html">Filmmaker and TV veteran Hal Tulchin</a> captured 40 hours worth of performances, featuring a blend of soul music, salsa, and free jazz, but Questlove said only 10 to 15 percent of that treasure made it into the film.Tulchin shot the historic event on video with hopes of selling it to TV, but there weren't any takers. He gave up around 1978 and the film canisters lived in a dry room - in pristine condition - in Tulchin's basement until his death four years ago. Then, Hollywood producers David Dinerstein and Robert Fyvolent, who'd <a href="https://www.tampabay.com/life-culture/arts/movies/2021/07/01/summer-of-soul-producer-who-grew-up-in-tampa-talks-about-new-movie/">approached Tulchin about his shelved footage</a> in 2006, asked Questlove to direct what would become "Summer of Soul (…Or, When the Revolution Could Not Be Televised)."<div type="image" title="summer of soul movie questlove" height="1800" width="2400" msid="84254343" hostid="261"></div>He was hesitant. Out of all of the Philadelphia son's creative projects - he's an author, podcaster, and Jimmy Fallon's "Late Night" musical director - this one made him nervous. Why? Because artists can be neurotic, "living inside our heads," he said. The Roots frontman also said he's more comfortable behind the invisible shield between him and his audience. Or so he thought.After wrapping "Summer of Soul," the beloved drummer admitted that spearheading the film helped him "develop as a human" and respect the power of editing. The first cut of "Summer of Soul's" was almost four hours long. But it had to be trimmed to a succinct two hours to "hit you in the gut." It cleverly weaves performances with news coverage of Apollo 11 landing on the moon and interviews with festival-goers, musicians, and activists, like Marilyn McCoo and Billy Davis Jr. (of the 5th Dimension); Denise Oliver-Velez (The Young Lords Party); Cyril "Bullwhip" Innis Jr. (Black Panther Party) and Rev. Jesse Jackson.The film earned the Grand Jury Prize and the Audience Award <a href="https://www.sundance.org/blogs/news/2021-sundance-film-festival-awards-announced">at 2021's Sundance Film Festival</a>, so don't expect this to be Questlove's only directorial foray. "This is not my last rodeo with telling our stories," he said. "If anything, I'm more obsessed now more than ever to make sure that history is correct.""Summer of Soul" is now in theaters and streaming on Hulu.

In 1969, Woodstock overshadowed a groundbreaking Harlem music festival. Questlove's 'Summer of Soul' rescues it from the forgotten pages of history.

Inside the epicenter of America's Great Resignation: Kentuckians lay out the 4 forces driving the state's labor shortage — and explain why it's here to stay

<ul class="summary-list"><li>Ingresse CEO Gabriel Benarrós took a well-travelled tech founder route when he dropped out of Stanford University to start his company in 2013. </li><li>But Benarrós chose to leave the global hub of tech innovation to establish Ingresse back home in Brazil. </li><li>To the young tech executive, the perks of founding a company in Brazil go beyond simply returning home: there are more opportunities to disrupt longtime establishments and institutions than in Silicon Valley. </li><li>Benarrós's departure is part of a growing trend: Silicon Valley is beginning to <a href="https://www.businessinsider.com/silicon-valley-exodus-of-young-employees-recruiting-getting-harder-brunswick-survey-2019-4">lose its shine to the best and brightest minds of the tech world. </a></li><li><a href="https://www.businessinsider.com/prime">Click here to read more stories on BI Prime</a>.</li></ul>Ingresse CEO Gabriel Benarrós took a big gamble in leaving Silicon Valley in 2013 to start a company in his native Brazil. The South American country was less welcoming to tech startups, and funding was less readily available.But for Benarrós, working in the capital of the global tech industry made little sense for a startup with the kind of mission he had in mind. "I always knew I wanted to come back. I wanted to do something for Brazil and in Brazil," the Stanford-educated executive said. "I guess that's a little bit patriotic of me," he added laughing. "But I also knew that there was more impact to be made here." Benarrós co-founded Ingresse, a live experience platform that lets people discover and buy tickets to concerts, movies, plays, nightclubs and parties. And the company has grand plans for broadening its offerings to revolutionize the live experiences market in Brazil. Ingresse raised its third round of funding of 90 million Brazilian Real ($21.5 million USD) this December, according to its press release. Its pipeline of projects to invest that money include initiatives like developing cashless wallets for customers to use to buy food and drink at the events they bought tickets to. It also plans to make a foray into the fintech world by co-creating a fund that will invest in the live entertainment market itself. (Benarrós compared the latter plan to something like the Netflix model: investing deeply in projects to create its own original content.)Investors in the company include ticketing company Rival, which is currently headed by former Ticketmaster CEO Nathan Hubbard. Rival's buy-in is also a strategic partnership that will allow the two companies to share research and development, and, the companies say, bolster their positions throughout the Americas. <h2>Trading off between Brazil and the Silicon Valley</h2>Back when Benarrós founded the company, he says that the tradeoff between Silicon Valley and Brazil was difficult. "On one hand [Silicon Valley] is an amazing environment, he said. "You have some of the smartest people in the world and you learn so much." And funding was hard to come by in Brazil, where capital was far less abundant according to Benarrós. But ultimately, the decision boiled down to the magnitude of impact that Benarrós could create. Opportunities to innovate are less plentiful in Silicon Valley, and he didn't want to work on software that offered specific solutions or ways to optimize. He wanted to do something "more disruptive," he said. "There are so many more fundamental problems to be solved in Brazil. People haven't 'solved' delivery, logistics, banking ... ticketing, telecommunications, the things you talk about on a daily basis haven't really been 'solved' yet by tech. I think that's really exciting," Benarrós explained. Brazil's tech ecosystem is currently concentrated among a few elite. "A lot of Stanford folks are involved, it's the equivalent to the PayPal mafia here," Benarrós laughs, citing leaders in Sao Paulo's tech ecosystem like NuBank's David Velez and Movile's Fabricio Bloisi. "That's different from India, or China, or a lot of emerging markets right now." But as venture capital funding has grown in Latin America, it is an exciting moment to run a startup in Brazil. A new study tracking VC investment in Brazil estimated funding reached $2.7 billion, an almost 200% rise in funding from 2017, <a href="https://www.forbes.com/sites/angelicamarideoliveira/2020/01/24/the-brazil-tech-and-innovation-roundup-vc-investment-reaches-new-high/#29dee3ced896">Forbes reported</a>. "People are more oriented toward companies that are more cash cautious, and that benefits us enormously," Benarrós said. "I think we're reaching a healthy balance between growth and burn, unless you were doing business with funds that were somehow connected to WeWork. Unless that's the case, I think everyone else that survived so far is going to benefit from this moment." <h2>The great startup migration </h2>By choosing to leave the San Francisco Bay Area, Benarrós may have been an early trendsetter. Although Silicon Valley has long been the global hub for tech and innovation, pricey rents and a soaring cost of living have caused its <a href="https://www.businessinsider.com/silicon-valley-exodus-of-young-employees-recruiting-getting-harder-brunswick-survey-2019-4">attractiveness to tech workers to wear thin</a>. Companies like fintech gem Stripe - last valued at $35 billion, and one of the world's most valuable startups - <a href="https://www.sfchronicle.com/business/article/2nd-most-valuable-U-S-startup-to-leave-SF-as-14558067.php">moved its office</a> from San Francisco to the neighboring, less-pricey South San Francisco in October. At the same time, more competition from other cities and countries are drawing top tech talent away from California itself. Cities in the US like <a href="https://www.businessinsider.com/is-pittsburgh-tech-scene-the-next-silicon-valley-2020-1">Pittsburgh</a> and <a href="https://www.businessinsider.com/austin-texas-silicon-hills-tech-capital-city-photos-2019-2">Austin</a> have grown exceedingly attractive to tech workers. And industry watchers have <a href="https://www.businessinsider.com/venture-capitalist-tech-predictions-for-2020">predicted</a> that business-friendly environments, lower taxes and lower housing prices, and higher numbers of engineering graduates from local universities will only cause the trend to grow in 2020.

This Stanford-educated startup founder stands by his choice to leave Silicon Valley to start his company in Brazil: 'There was more impact to be made here.'

You Searched For "david velez" and got 6 results

Warren Buffett's Berkshire Hathaway plowed about $250 million into Nubank's IPO, report says. The Brazilian fintech's ties to Sequoia Capital may help explain why.

Theron Mohamed

An Olympic rugby star cried 2 times in an emotional whirlwind of a game, getting kicked out for a horror tackle before his teammates saved his bacon with a heroic win

Barnaby Lane

Neo-banking startup Epifi raises $13.2 mn from Sequoia India, Ribbit Capital

PTI

In 1969, Woodstock overshadowed a groundbreaking Harlem music festival. Questlove's 'Summer of Soul' rescues it from the forgotten pages of history.

Taiia Smart Young

Inside the epicenter of America's Great Resignation: Kentuckians lay out the 4 forces driving the state's labor shortage — and explain why it's here to stay

Juliana Kaplan,Hillary Hoffow…

This Stanford-educated startup founder stands by his choice to leave Silicon Valley to start his company in Brazil: 'There was more impact to be made here.'

Bani Sapra

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