SparkLabs Gl obal Ventures Technol ogy

and Internet Market Bi -Monthl y Revi ew

May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
1
Weekly Highlights

Global Trends
Internet well on way to 3 billion users, UN telecom agency reports
According to the United Nations International Telecommunications Union (ITU), Internet users are expected to
hit 3 billion by the end of 2014, which accounts for about 40% of the worlds population. Among those users,
over three quarters are from developed countries while two-thirds come from the developing world. Moreover,
people from developing countries make up for more than 90% of those who are not yet using the Internet. In
Africa, about one-fifth of the population will have access to the Internet; while in the Americas, nearly two-thirds
of the population will be online by the end of the year. Further, Europe has the highest Internet penetration rate
of 75%, while the Asia-Pacific region has the largest population of Internet users. Turning to mobile-broadband
penetration, the number of its subscriptions will achieve 2.3 billion globally. 55% of them are expected to be in
the developing world. Mobile-broadband remains the fastest growing market segment, with continuous double-
digit growth rates in 2014. In addition, Africa takes the lead in its growth, from 2% in 2010 to almost 20% in
2014.
Global Wi-Fi hotspots will grow to 7.1 million in 2015 as a method to offload traffic, says ABI Research
Worldwide Wi-Fi deployments reached a total of 4.2 million hotspots in 2013, and will continue to grow at a CAGR of
15% between 2013-2018, to exceed 10.5 million. Among the global Wi-Fi hotspots, 68.6% of Wi-Fi is in Asia-Pacific,
followed by 12.3% in Latin America, 9% in Europe, 8.7% in North America, and 1.4% in Middle East and Africa. The
number includes Wi-Fi hotspots deployed by mobile and fixed-line carriers as well as third-party operators. In Asia-
Pacific, China alone has deployed 620,000 Wi-Fi hotspots, of which 420,000 have been built by China Mobile,
followed by China Telecom with 128,000 hotspots, and China Unicom with 72,000. In Latin America, Brazil's carrier
Oi has completed its target of 500,000 Wi-Fi hotspots by the end of 2013, ahead of the 2014 FIFA World Cup.
Worldwide software market grows 5.5% in 2013 to US$369 billion, says IDC
For 2013, the worldwide software market grew 5.5% on year reaching a total market size of US$369 billion. This was
higher than the 4.3% growth experienced in 2012, a result of the Eurozone recovery and continued above-average
growth in the US, according to IDC. Three primary segments comprise the total software market in IDC's software
taxonomy: Applications; Application Development & Deployment (AD&D); and Systems Infrastructure Software. The
three segments grew between 5.4% and 5.6% meaning that no individual segment had a standout performance in
2013. Nevertheless, within the primary segments there were several function-specific types of software that
experienced high rates of growth.
Worldwide Tablet Shipments Miss Targets as First Quarter Experiences Single-Digit Growth
Worldwide tablet plus 2-in-1 shipments slipped to 50.4 million units in 1Q14 according to preliminary data from the
International Data Corporation (IDC) Worldwide Quarterly Tablet Tracker. The total represents a sequential decline
of -35.7% from the high-volume holiday quarter and just 3.9% growth over the same period a year ago. The
slowdown was felt across operating systems and screen sizes and likely points to an even more challenging year
ahead for the category. Apple maintained its lead in the worldwide tablet plus 2-in-1 market, shipping 16.4 million
units (down from 26.0 million units in the previous quarter and well below its total of 19.5 million units in 1Q13).
Despite the contraction, the company saw its share of the market slip only modestly to 32.5%, down from the
previous quarter's share of 33.2%. Samsung once again grew its worldwide share, increasing from 17.2% last
quarter to 22.3% this quarter. Samsung continues to work aggressively with carriers to drive tablet shipments
through attractively priced smartphone bundles. Rounding out the top five were ASUS (5%), Lenovo (4.1%), and
Amazon (1.9%).



SparkLabs Gl obal Ventures Technol ogy
and Internet Market Bi -Monthl y Revi ew
May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
2
Asia Pacific
China
Chinese city Suzhou bans taxi finder apps
Suzhous transportation department has outlawed all private-sector taxi booking apps such as Tencent-backed
Didi Dache and Alibaba-invested Kuaide Dache. All 22 taxi companies in the city have been told to notify
drivers to make use only of government-made taxi apps that are specific to the city. Suzhou is home to about
eight million people. The city-wide ban is a big blow to the nations booming taxi app startups. Didi Dache is the
market leader in China and it made over five million online taxi bookings per day in March. It covers 178 cities
and is being used by over 900,000 drivers. Now that Suzhou has banned private-sector taxi apps, it leaves
drivers and passengers in the city only able to use apps developed by the municipality. The new wave of taxi
apps have come under attack before in the country. The capital, Beijing, briefly banned all such apps, before
changing its policy to merely limiting the additional pick-up incentive fee that the app charges users and gives
to drivers. More recently, authorities in Shanghai imposed curbs on taxi-booking apps during peak traffic hours.
That also affected only private-sector taxi apps.
Chinas Ctrip invests over $200 million in an online ticketing site
Ctrip, one of the largest online travel agencies in China, has invested over $200 million in local attraction online
ticketing site LY.com. LY.com allows users to search for places of interest at the local and city levels. For
example, if you are interested in visiting zoos or gardens around Suzhou, LY.com pinpoints the right spots
within a few clicks. Every place of interest comes with user reviews. If users are satisfied with the reviews, they
can purchase tickets directly on the site. In recent years, Ctrip has made multiple investments and acquisitions
in travel related startups including YongChe, Economy Hotel Manager,and Kuxun. Its biggest competitors are
the recently IPO-ed Qunar (owned by Baidu) and eLong (majority owned by Expedia).
Its finally official: Xbox One to hit China in September
Microsofts Xbox One will be the first foreign game console to enter China since the country ended its 13-year-
old ban on such video game devices. The console is expected to hit Chinas shelves sometime in September.
No word yet on the price. Xbox Wire notes one-third of Chinas population plays video games, but those
gamers are almost entirely on either mobile or PC platforms. Getting Chinese players to buy a whole new
device, pay upfront for games, and learn how to use Xbox controllers will be a monumental challenge.
Furthermore, it will require a huge effort to localize Western console games for the local market. Each game
must be vetted and approved by the Shanghai governments culture department, as the joint venture is based
in the citys free trade zone.
Bitcoin takes a beating in China as Tencents epayments service and two major banks pull the plug
Bitcoin in China has suffered another blow today as three major institutions have effectively banned
transactions involving the virtual currency through their services. China Construction Bank and Bank of China,
two of the countrys big four banks, along with Tencents Tenpay, a well-known online payment system, have
each issued public statements announcing they will prohibit its account holders from engaging in Bitcoin-
related activity.
Tencent To Buy 11.3% Stake In Mapping Company NavInfo For $187M
Tencent, one of Chinas largest Internet companies, will spend 1.17 billion yuan ($187 million) for a 11.3%
stake in NavInfo, one of the countrys largest mapping companies. The deal is notable because Tencents rival
Alibaba Group, which is prepping for its massive IPO, recently bought mobile mapping provider AutoNavi
Holdings, one of NavInfos main competitors. AutoNavi powers Alibabas location-based e-commerce mobile
services, as well as other navigation offerings, including map engines, location search, and cloud computing
services. Tencent will buy 78 million shares from NavInfos owner, state-run China Siwei Surveying and
Mapping Technology Corp. The deal will make Tencent the second-largest shareholder of NavInfo. NavInfo
may be used to power Tencents mapping apps, streetview products, and Lubao Box, a navigation device for
drivers.
Job Listing Site Zhaopin Is The Latest Chinese Company To File For A U.S. IPO
Zhaopin, Chinas biggest job recruitment site, has filed for an initial public offering on the New York Stock

SparkLabs Gl obal Ventures Technol ogy
and Internet Market Bi -Monthl y Revi ew
May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
3
Exchange under ticker symbol ZPN. It plans to raise up to $100 million. Companies that stand to benefit from
the IPO include Seek International, Australias largest online job site, which owns a 79% stake in Zhaopin, and
Cavalane Holdings, which holds 19.3%. Zhaopin was founded in 1994 and had 74 million registered users as
of 2013 and about 10.5 million job postings from 250,000 unique customers in the fiscal year ending June 2013,
when it recorded $147 million of revenue. Most of that amount, or 84.3%, came from its online recruitment
business.
Chinas Alibaba finally files for US IPO
Chinese ecommerce titan Alibaba has officially filed for a US IPO with the US Securities and Exchange
Commission (SEC). The company is expected to raise more than US$15 billion, and Bloomberg estimates its
valuation at US$170 billion. Many analysts expect Alibaba to be one of the biggest IPOs in history for an
internet company, even surpassing Facebook (NASDAQ:FB). The actual public offering could still be months
away. In the last quarter of 2014, the companys profit doubled to US$1.36 billion from a year before. Japans
SoftBank owns a 34.4 percent stake of the company, while American search company Yahoo owns 22.6
percent.
Facebooks business grows in China despite block, now preps to open an office in Beijing
Chinese authorities blocked access to Facebook (NASDAQ:FB) in July 2009, and the worlds biggest social
network has remained behind the Great Firewall ever since. But while Facebook remains out of reach in the
social sphere, it has still managed to infiltrate Chinas businesses and web infrastructure. Bloomberg
reported Facebook is taking steps to open a sales office in China, according to people familiar with the matter.
In as little as a year, Facebook could have boots on the ground for the first time in China, even though the site
they represent will remain censored. Up to now, Facebook has used its office in Hong Kong as a base of
operations for mainland China-related business. The company hasnt confirmed a timeline or location for the
new office, although Bloomberg reports its preparing to lease office space in Beijings central business district.
Xiaomi breaks into global top 10 for smartphone shipments, kicks out HTC
279.4 million smartphones shipped globally in Q1 2014 and 97.5 million of those are in China. The most
significant change in the newest figures from Canalys is that Chinese phone-maker Xiaomi has broken into the
global top 10 for the first time. Boosted by buyers in China, half of the worldwide top 10 phone brands are now
Chinese. Huawei is third, Lenovo fourth, Xiaomi debuts in sixth, Coolpad is eighth, and ZTE is ninth. Samsung
remains the global smartphone leader, accounting for 31% of shipments, while Apple is second with 16%.
Xiaomis entrance effectively kicks HTC out of the global top ten

Korea
Samsung Replaces Its Head of Mobile Design
Samsung has replaced its head of mobile design following mixed reviews for its latest Galaxy smartphone.
Reuters reports that Chang Dong-hoon, Samsung's VP in charge of mobile design, offered to resign last month
and will be replaced by Lee Min-hyouk. Samsung confirmed the executive changes, but declined to comment
on whether the moves were related to criticism for the Galaxy S5 phone. "The realignment enables Executive
Vice President Dong-hoon Chang to focus more on his role as Head of Design Strategy Team, the companys
corporate design center which is responsible for long-term design strategy across all of Samsung Electronics
businesses, including Mobile Communications," said a rep for Samsung in an email statement.
Korean couples app Between launches ecommerce store, adds 1M users in Japan and 2 new investors
VCNC, the Seoul-based startup behind for-couples app Between, announced a trio of big developments. First,
strong growth outside of South Korea, especially in Japan, attracted two new investors: Japans Global Brain
Corporation and US-based 500 Startups. VNCN hasnt revealed the exact sum that its two new backers have
contributed, but the company raised US$4 million in two previous rounds that included notable venture capital
firm SoftBank Ventures Korea. The current venture round was initiated by DeNA in February. Between, which
is VCNCs flagship app, boasts 7.3 million users across the globe. Though the majority of Between users hail
from South Korea or Japan, Southeast Asia and Taiwan have captured seven and four percent of the apps
user base, respectively.

SparkLabs Gl obal Ventures Technol ogy
and Internet Market Bi -Monthl y Revi ew
May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
4
With $3M Total In Funding, Shakr Makes Video Ads Affordable For Small Businesses
Shakr Media announced that it has raised a total of $3 million in funding to expand its tech platform, which
enables small companies to automatically create video clips from snippets of information. This amount includes
its previous seed round of $700,000. Shakrs latest investor is POSCO Venture Capital, which also helped
secure matching funds from the South Korean government.
Content Recognition Tech Company Enswers Receives $2M From Samsung Ventures
Enswers, a Seoul-based content recognition tech company that recently launched in the U.S., has received $2
million in funding from Samsung Ventures. Enswers has provided automatic content recognition for Samsung
Smart TVs sold in the U.S. since 2012, as well as Imideo, a technology that finds videos from a screenshot,
for Galaxy devices sold in Korea. In a statement, Enswers said that the funding will allow it to further its
expansion in the U.S. and North America, using the same business strategies as it has in Asia. It has forged
content partnerships with companies like the Seoul Broadcasting System (SBS) and Tokyo Broadcasting
Systems (TBS), as well as Yahoo!7 in Australia, to create second-screen experiences.

Japan
Nintendo will launch new hardware in emerging markets next year
Nintendo president Satoru Iwata has told Bloomberg that his company plans to launch new video game
devices in emerging markets, starting from next year. These new game machines will be specifically designed
for these markets, says Iwata, and will not be released globally. This is instead of selling versions of its existing
devices, such as the Wii U and 3DS, in emerging markets. "We want to make new things, with new thinking
rather than a cheaper version of what we currently have," he explained. "The product and price balance must
be made from scratch." One such market will include China, says Iwata, and Nintendo has been studying the
new video game regulations regarding entry into China. Microsoft has already made a move on China,
announcing the impending launch of the Xbox One in the country.
Japanese mobile game company Gumi will file for IPO by end of this year
At Startup Asia Singapore 2014, founder and CEO of Gumi, Hironao Kunimitsu, revealed his big plan to take
his company to an initial public offering by the end of this year. The first time weve heard about this IPO was
back in 2012, but we havent heard anything since. Kunimitsu confirmed a rough timetable. He didnt disclose
Gumis valuation or whether he plans to file in the US, Japan, or elsewhere. When asked if his company is
worth more than US$300 million or not, Gumis CEO did say, Were not a cheap company. The latest
valuation measured the company at US$160 million. Gumi has raised US$48 million in funding to date. The
company makes roughly US$20 million to US$30 million in revenue per month and has around 650 employees
across the world.
Nintendo reports third consecutive annual loss as Wii U sales fizzle out
Nintendo made an annual operating loss for the third consecutive year in 2013, ending up 46.4 billion ($457
million) in the red as Wii U sales failed to pick up following the holiday season. The company's net loss was
23.2 billion ($228 million). Total Wii U sales now stand at 6.17 million consoles worldwide, meaning that
Nintendo sold just 310,000 in the quarter ended March 31st a 20% drop on its performance a year ago. This
is in stark contrast to Sony's fortunes with the PlayStation 4, which had reached 7 million consoles worldwide
as of April 6th; Sony has already overtaken the Wii U despite Nintendo's year-long head start. The 3DS
handheld family sold 590,000 units in Nintendo's fourth quarter for a life-to-date total of 43.3 million, 2.2 million
of which are of the lower-priced 2DS variant. Nintendo expects to return to the black in its 2014 fiscal year,
forecasting an operating profit of 40 billion ($394 million) with 3.6m Wii U and 12m 3DS consoles sold.
Japans CyberAgent Ventures expands into Thailand with new office in Bangkok
Following last years investment in Thailand-based Priceza, CyberAgent Ventures, Inc. has established a new
office in Bangkok. The Japanese VC firm has already invested in 23 companies across Southeast Asia and
has offices in Tokyo, Hanoi, Ho Chi Minh, Seoul, Taipei, and Jakarta. CyberAgent Ventures Bangkok office will
be led by Nguyen Manh Dung who is also in-charge of the Vietnam office. Last year, Nobuaki Kitagawa, CEO
of CyberAgent Ventures China revealed that the company plans to increase the US$15 million fund targeted at
the Southeast Asia (SEA) region to $20 million. It also has a keen eye on the Thai market, so this news doesnt

SparkLabs Gl obal Ventures Technol ogy
and Internet Market Bi -Monthl y Revi ew
May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
5
come as a surprise. Besides Priceza, CyberAgent Ventures recent investments in Southeast Asia include
TouchTen, Fashionguide, Bilna, Foody, and iCook.
Intel invests in self-driving car technology startup from Japan
Intel Capital, the investment branch of Intel, strengthened its Connected Car Fund. Though the terms were not
disclosed, Intel Capital confirmed today that it invested in ZMP, a Tokyo-based firm specializing in automated
driving technology. By utilizing Intel technology, ZMP can push the limits in automotive innovation and deliver
technology that will enable safer driving experiences, said Elliot Garbus, the vice-president and general
manager of Intels Automotive Solutions Division. Intel Capital is no stranger to the Japanese market, having
invested over US$440 million in more than 40 technology companies in Japan since 1999.

India
With over half of shoppers on smartphones, Snapdeal shows Indias shift to a mobile-first internet
Snapdeal, one of Indias largest online marketplaces, has stated half of its total sales now happen via mobile
phones. The company says mobile-based transactions have grown 25-fold against a year ago, when it was just
around five%. The trend shows the Indian markets willingness to go mobile-first when it comes to ecommerce.
To put this into perspective, Chinas Alipay also recently surpassed the 50% threshold during Chinese New
Year, but it took two years to grow the number of mobile payment users five times compared to Snapdeals 25
times in just one year. While China still far exceeds India in total transactions, India is moving to m-commerce
much faster. According to Snapdeals data over the past three months, around 45% of its total transactions on
the mobile platform came via its native application, and the other 55% through its mobile site. 20% of Snapdeal
app users access it every day, says the company. As for mobile OSs, Android accounts for 80% of the apps
traffic, followed by iOS at 20%.
Indian Fashion Discovery Site LimeRoad Lands $15M Series B
LimeRoad has closed $15 million in funding, which it says is one of the largest Series B rounds secured by an
online commerce company in India. Investment was led by Tiger Global, with participation from returning
investors Lightspeed Venture Partners and Matrix Partners India. LimeRoad, a social discovery platform
targeted to female shoppers, plans to use the capital to grow its site, as well as its Android app, which
launched today to reach Indias nearly 100 million smartphone users. The companys mobile traffic is growing
45% month on month and the new Android app, which was designed to work quickly across the wide array of
smartphones used by Indian consumers, has style updates every 30 seconds. Other major Indian sites that are
focusing intently on mobile commerce include Flipkart and Snapdeal.

Indonesia
Yello Mobile acquires Indonesian price comparison site PriceArea
Indonesian price comparison PriceArea site confirmed that it has been acquired by Seoul-based Yello Mobile
for an undisclosed sum. The announcement comes after a wave of rumors surrounding a potential purchase of
the startup. Korea-based Yello Mobile will take a majority stake in PriceArea. The acquisition sum is at seven-
figures in US dollars, but PriceArea and its investors GREE Ventures and East Ventures declined to confirm or
reveal the exact figure when asked. Yello Mobile is a mobile media company with over 20 mobile and internet
services throughout Asia Pacific. The acquisition of PriceArea catapults Yello Mobile into Indonesia and
potentially Southeast Asia. PriceArea has over 1.4 million monthly visits and just started generating revenue
this year, but it remains unprofitable. Last year, the site received over 12 million visits.
AbraResto hits 1.2 million monthly page-views, adds food listings for Bandung
Food directory AbraResto, revealed that it has expanded its service to Bandung. The website starts off with
4,000 restaurant and eatery listings for that city, which tips the total number of entries on its database past the
40,000 mark. AbraResto says it has grown at a tremendous pace this year, averaging 182% MoM growth in
2014. Currently the startup records 1.2 million monthly page-views, with more than 8,000 reviews and ratings
submitted by its users so far. Besides searching for dining information, AbraResto users can also follow other
food lovers to get their recommendations, similar to what India-based Zomato recently started doing.

SparkLabs Gl obal Ventures Technol ogy
and Internet Market Bi -Monthl y Revi ew
May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
6
AbraResto faces rivals like Qraved, OpenRice, IndoTable, and MakanLuar. AbraRestos recent US$1.5 million
funding will definitely come in handy in growing faster than its many rivals.

Thailand
Good news, Thailand you can now get 4G from Dtac
Dtac is the second company in Thailand to start 4G, after TruemoveH kicked off its 4G service last year. Back
in February, Dtac revealed its plan to start its 4G rollout by June of this year. Apparently, the timeline has been
moved up as Dtac customers can start connecting to the new 4G network under the 2100 MHz frequency. In
the first phase, Dtacs 4G is available only in some areas of the capital, Bangkok. This first phase of 4G rollout
involves about 300 base stations covering Silom, Sathorn, Rama 4, Sukhumvit, Rama 9, and Ratchada. The
telco estimates that there are over 500,000 smartphones and tablets in the new service areas. There are three
main telcos in Thailand Dtac, TrueMoveH, and AIS. Now that Dtac and TrueMoveH have already started
their 4G services, its safe to assume that AIS will follow soon. In other news, AIS announced earlier this week
that its 3G service now covers every part of Thailand.

Singapore
Singapore-based advertising startup EatAds acquires stealth-mode startup Monitorly
Singapore-based startup EatAds, a marketplace for the buying and selling of outdoor advertising space in Asia
and Europe, has acquired a little-known Indian startup called Monitorly for an undisclosed sum. Monitorly
hasnt yet launched yet, and has been operating in stealth mode since its inception. Headed up by Rahul
Chidgopkar in Mumbai, the company provides its clients with a tool that monitors outdoor ads, collects data,
and provides proof of posting. Monitorlys technology will now be integrated into EatAdss software. While
EatAds originated in Singapore, it quickly expanded into other markets. In late 2011 it launched in India, the
Philippines, Hong Kong, and Vietnam. About one year later it successfully raised a seed round of about
$500,000. In June 2013, the company had a total of 6,000 ad listings on its marketplace across the continent.
This startup is bringing SMS Bitcoin wallets to Singapore and beyond
Singapore Bitcoin payments system startup CoinPip has just brought US-based 37coins SMS bitcoin wallets
to Singapore. The Bitcoin point-of-sales company hopes to then expand throughout Asia thereafter, starting
with Hong Kong and Indonesia in the next month or so. Anson Zeall, co-founder of CoinPip, explained that his
collaboration with 37coins SMS-based system would make payments far more convenient for everyone, as
compared to the current setup that relies on QR codes. He said, the mobile market in Southeast Asia is
extremely massive but the usage of smartphones is still lagging. So QR code scanning is not that useful.

United States
To Battle Yelp, Google Buys Appetas, A Website Builder For Restaurants
Google made one more acquisition that points to its interest in building up its relationship with local businesses,
and particularly in the restaurant vertical to compete better against the likes of Yelp. Its buying Appetas, a site
where restaurants can build websites for themselves, integrating services like GrubHub and OpenTable to add
extra features like delivery services and reservations. As part of the acquisition, the company says that it will
shut down the service. It will be working on transitioning existing users to alternative platforms to focus on our
new endeavors, without specifying exactly what those are. Founded in 2012, Seattle-based Appetas has
raised around $120,000, including a $50,000 round from Right Side Capital Management and Palo Alto
Venture Science, and funding from TechStars, where it was incubated.
Google Ventures Leads $130M Round For Big Data Medical Software Company Flatiron Health
Google Ventures has made its largest medical software investment yet, providing the bulk of a $130 million
financing for Flatiron Health Inc., which aggregates cancer-patient data from a wide variety of sources to help
doctors make treatment decisions. First Round Capital, Laboratory Corporation of America and angel investors

SparkLabs Gl obal Ventures Technol ogy
and Internet Market Bi -Monthl y Revi ew
May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
7
also contributed to the Series B financing, which will partially be used to acquire electronic medical records
company Altos Solutions Inc. Valuation was not disclosed. Flatiron Health previously raised an $8 million
Series A round from Google Ventures, First Round Capital, Great Oaks Capital, IA Ventures, Lab Corp,
Social+Capital Partnership, SV Angel and other angel investors, VentureWire.
Pinterest users remain almost exclusively female, 84% stay active after 4 years
A study of 50,000 random Pinterest users reveals that 92 percent of all pins are made by women, 84 percent
of whom have been active ever since Pinterest first launched four years ago, RJMetrics claims. Although the
study states that only 80% of Pinterests user base is female, RJMetrics claims only 8 percent of all pins are
made by men. According to RJMetrics the average active female user has made 158 pins over the past year
alone. The site hasnt lost its stickiness after four years.
Apple to buy Beats Electronics for $3.2B, report says
Apple is reportedly finalizing a deal to acquire Beats Electronics for a whopping $3.2 billion. The deal will
supposedly be announced next week, according to the Financial Times, who first reported news of the rumored
acquisition. If true, the deal would be the largest acquisition in Apples history. It would also mark a huge
change in strategy for Apple, which has traditionally stayed away from high-dollar acquisitions. Some details of
the deal are still in the works, according to FTs sources, which means the talks could still fall apart. What we
do know is that Apple would take control of Beats hardware business (including its signature headphones) and
its relatively new streaming-music service, Beats Music. While a billion-dollar acquisition would be out of
character for Apple, the company could certainly afford it. But more than that, buying Beats seems like a very
odd move for Apple especially since iPhone maker already has the means to produce quality audio
hardware as well as its own streaming music service, iTunes Radio.
Online Learning Marketplace Udemy Raises $32M To Scale Up Internationally
Long time player in the online learning space, Udemy, which has built a skills-based marketplace where
individual tutors can sell their skills and learners can get access to courses, has just closed a $32 million
Series C funding round, led by Norwest Venture Partners, with participation from existing investors Insight
Venture Partners and MHS Capital. Udemy raised $1 million in seed funding back in 2010 with its pitch to
democratize online learning, pulling in further tranches of cash including a $12 million in Series B funding at
the end of 2012. Its raised $48 million in total to date. The latest batch of Udemys funding will be used to
expand its international reach by putting boots on the ground in markets outside the U.S., according to CEO
Dennis Yang, as well as expanding its content library with the aim of pulling in more international students.
BitPay Is Raising $30M At A $160M Valuation From Index, Richard Branson
BitPay, a platform that processes payments in bitcoin for merchants, is raising the fields biggest round yet.
The company is raising $30 million on a roughly $160 million valuation in a round led by Index Ventures, with
Richard Branson and Yahoo co-founder Jerry Yang participating. BitPay declined to comment. With BitPays
previous funding round, the companys financing tops the combined $26 million that Boston-based rival Circle
has raised from Accel Partners, or the $31 million that San Francisco-based Coinbase raised from Andreessen
Horowitz and Union Square Ventures or the $20 million round that Benchmark led for Xapo. Back in December,
BitPay said it had processed more than $100 million in transactions last year.
Anaplan Rakes in $100M In Series D Funding And Announces Anaplan Hub
Anaplan announced $100M in new funding and introduced Anaplan Hub, a marketplace where customers can
share and find pre-designed planning models ready to adapt and use. According to the company president and
CEO, Frederic Laluyaux, The Hub is like an app store for planners, but instead of containing apps or music and
movies, The Hub contains pre-defined plans that enable Anaplan users to hit the ground running. As for the
funding, Anaplan more than tripled its funding to date to $150M. JFJ leads the companys Series D funding and
its a huge influx of cash at $100M. Other new investors include Brookside Capital, Coatue Management, and
Sands Capital Management, as well as all of Anaplans current investors, Granite Ventures, Meritech Capital
and Shasta Ventures

Europe

SparkLabs Gl obal Ventures Technol ogy
and Internet Market Bi -Monthl y Revi ew
May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
8
IoT Startup Evrythng Secures $7M Series A From Atomico, BHLP, Cisco And Dawn
Evrythng has secured more cash to drive this vision forward, and raised a $7 million Series-A investment round
from Atomico, the fund founded by Skype co-founder Niklas Zennstrom, and New York-based private equity
investors BHLP LLC, as well as London-based VC Dawn Capital. Alongside these investors, that little company
called Cisco is also investing. Cisco will not only be backing Evrythng with financial clout but also enabling the
integration of Evrythngs software platform with Ciscos IOX and CMX hardware technology. This creates an
extremely powerful solution when it comes to tracking and managing the data flowing to/from and around the
billions of smart objects connected to the web. Indeed some are calling this a $500 billion opportunity. The
new fund will allow Evrything to accelerate its mission to connect every individual product to the Web with its
own intelligent online identity, working with global product manufacturer and retail brands, said Niall Murphy,
CEO and Co-Founder at Evrythng
Security Firm CertiVox Bags $8M To Grow Its Secure Alternative To Passwords
London-based security company CertiVox, which sells information security infrastructure-as-a-service
providing enterprises with a multi-factor online authentication solution that does away with the need for
passwords and usernames, has closed an $8 million Series B round of investment from new investors NTT
Docomo Ventures (making its first investment in Europe), along with existing investor Octopus Investments.
The new funding round brings CertiVoxs total raised to $17 million it said today including a $1.5 million
funding intake back in 2011, the year the company was founded. CertiVox said it will use the new round of
funding to accelerate development and reach of its M-Pin Strong Authentication Platform, which is a software-
based multi-factor authentication platform that replaces password-based logins without the need for third-party
authentication devices.
Amazon Takes A 25% Stake In Colis Prive To Ramp Up Its Delivery Network In France
Amazon has reportedly made its first investment into the French market: it has acquired a 25% stake in Colis
Priv, a delivery company that competes in France against the likes of state-owned La Poste, and global giants
TNT, DHL, UPS and FedEx to deliver parcels. The news was first reported by the French site le Journal du Net,
which claims it has had direct confirmation. Terms of the investment were not disclosed. If accurate, the move
makes a lot of sense for a number of reasons. In the U.S., Amazon has built up a formidable logistics operation.
But to improve margins and general efficiency, it has been slowly working on ways of extending that even
further, with reports last week that it is testing a parcel delivery service in San Francisco, Los Angeles and New
York. Last-mile delivery is something that companies like Google and eBay are also exploring.
Drivy Raises $8.3 Million For Its Community-Based Car Rental Service
French startup Drivy raised a Series A round of $8.3 million (!6 million) from Index Ventures and Alven Capital.
These two investors already put $2.8 million (!2 million) in seed funding. As a reminder, Drivy allows anyone to
rent out their car. So far, 250,000 people signed up to the service in France, and there are currently 16,000
cars available on the platform. Todays funding round will be used to fuel international expansion. The team of
20 will first open shop in Germany and Spain. Other European countries will follow, including the U.K., Italy, the
Netherlands and Belgium.
Restaurant Reservation Service LaFourchette Gobbled Up By TripAdvisor For ~$140M
European restaurant reservation service LaFourchette the so-called OpenTable of France has entered
into agreement to be acquired by NASDAQ-listed travel site TripAdvisor, with whom it already had a
partnership. Terms of the deal are not being disclosed. However, according to sources, the price is actually
~$140 million (!100 million) in an all cash deal. The company had previously raised around $15 million in VC.
In May 2012, LaFourchette raised !8 million ($10.5 million) from Serena Capital and Partech at a valuation of
more than !50 million ($65.8 million), though, curiously, it has remained majority-owned by its earlier backer
Otium Capital. Operating under the LaFourchette brand in French, Eltenedor in Spanish and TheFork in
English, the Paris-headquartered company offers an online and mobile reservation platform for restaurants in
France, Spain and Switzerland, claiming a network of more than 12,000 restaurant partners.
As Square Struggles, European Payments Rival iZettle Takes Another $55.5M In Funding
As mobile payment startup Square faces reports that its delaying an IPO amid growth problems and other
pressures, iZettle, the Swedish mobile payments company that has been referred to as the Square of
Europe, has raised another !40 million ($55.5 million). In an interview, CEO and founder Jacob de Geer

SparkLabs Gl obal Ventures Technol ogy
and Internet Market Bi -Monthl y Revi ew
May 14, 2014

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
9
said the funding will be used to continue building out its business, namely through acquisitions to fill out its
small-merchant service offerings beyond payments; and more expansion in Latin America and Europe, the two
regions where iZettle is currently active (in nine countries in total: Mexico, Brazil, the UK, Spain, Germany,
Sweden, Denmark, Norway and Finland). The Series C round was led by Zouk Capital, with participation from
a couple of other new investors, Dawn Capital and Intel Capital, as well as previous backers Creandum,
Greylock, Index, Northzone and SEB. Prior to this, iZettle has raised $46.7 million, with investors in previous
rounds also including three financial services giants: American Express, MasterCard and Banco Santander.
Auxmoney Pulls In $16M To Take Its P2P Money-Lending Platform Beyond Germany
Germanys Auxmoney, a peer-to-peer marketplace for lending money, has closed a $16 million Series B
funding round, led by Foundation Capital. Partech Ventures and Scott Bommer also participated, alongside
existing backers Index Ventures and Union Square Ventures. The latter two invested $13 million in the
company last year so Auxmoneys total funding to date stands at around $29 million. In Germany it
competes with the likes of Smava. While it shares an investor (Union Square Ventures) with the U.S.
focused Lending Club. The company plans to use the new funding to ramp up its operations by expanding its
head count (currently at around 60 staff) and investing in the product and its technology. International
expansion is also on the agenda.