Feie GoCardless Founder Tom Blomfield s New Startup Is A 8220;Full Stack 8221; Mobile-First Bank
Today Spotify raised $1 billion in convertible debt from TPG, 聽Dragoneer, and clients of Goldman Sachs, as first reported by Wall Street Journal Douglas MacMillan. By raising debt rather than equity, it doesn ;t have to worry about poor signaling from a down-round raised at a lower valuation than the $8.5 billion it set in June 2015.Spotify confirms the news is true, and T
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PG tells me This financing gives them the strategic resources to further strengthen their leadership position. The money will be spent on growt
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h and marketing.But here the catch. If Spotify doesn ;t perform well, some aggressive deal terms could cost it a lot of money.TPG and Dragoneer get to convert the debt to equity at a 20% discount of whatever share price Spotify sets for an ev
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entual IPO. And if it doesn ;t IPO within the next year, that discount goes up 2.5% every extra six months.Spotify also has to pay 5% annual interest on the debt, and 1% more every six months up Vmry VEVO s New iPad App Adds Personalized Playlists, Social Sharing amp; Continuous Playback
Designed to be customizable, the kits allow yo
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u to build robots that will draw on walls and floors, and even draw sassy little faces on eggs. The robot moves around each surface like an ink plotter, la
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ying down a line here or there to make a cohesive whole. The kit includes a small programmable Arduino-like module, but you can supply your own and even add a Bluetooth system for uploading images wirelessly.Early-bird kits cost $159 and include
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all the parts necessary to create multiple robots. For $299 you can get a laser engraver pack that allows you to shoot high-powered lasers at your surface instead of a weak old ink blob. The kit includes a program called mDraw, which lets you set up drawings and send them to the robot to complete. The team hopes to ship in May.