THE NEWS WRAP: VC firm Accel and drone company DJI partner for investment fund
Thursday, May 7, 2015/
Venture capital firm Accel and drone company DJI are partnering to create an investment fund focused on the drone industry, Re/code reports.
DJI chose Accel to lead its recent $75 million investment round, which valued the company at $8 billion, partly because the venture capital firm agreed to work with it to create such a fund.
There is no indication of how much money Accel intends to raise for the fund. DJI communications manager Michael Perry told Re/code more will be revealed about the partnership in two or three weeks.
Yelp could be sold
Consumer reviews website Yelp has been working towards a potential sale, The Wall Street Journal reports.
It’s expected the company could fetch more than $3.5 billion. However, a deal won’t be concluded anytime soon, and there’s a chance Yelp might decide against it.
Fitbit files for IPO
Fitness tracking technology maker Fitbit has filed for a $100 million IPO on the New York Stock Exchange, Fortune reports.
That $100 million figure is a placeholder rather than the amount the company plans to raise. Fitbit reported almost $132 million in net income on $745 million in 2014.
The Dow Jones Industrial Average is up 82.08 to 17,924.06. The Australian dollar is currently trading at US79 cents.