Business

THE NEWS WRAP: VC firm Accel and drone company DJI partner for investment fund

Kye White /

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.

 

Overnight


The Dow Jones Industrial Average is up 82.08 to 17,924.06. The Australian dollar is currently trading at US79 cents.

 

Do you know more on this story or have a tip of your own? Raising capital or launching a startup? Let us know. Follow StartupSmart on Facebook, Twitter, and LinkedIn.

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Kye White

Kye began his career at a Fairfax daily on the North-West Coast of Tasmania. He has since taken his belongings, and keen interest in technology, to Melbourne. He has a bachelor of Arts majoring in Political Science from the University of Tasmania and a Graduate Diploma in Journalism from RMIT University.

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