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Feb 26, 2013

Former Square executive Rabois to join Khosla Ventures

SAN FRANCISCO, Feb 26 (Reuters) – Keith Rabois, the
executive whose sudden exit from mobile payments company Square
became the talk of Silicon Valley, will join Khosla Ventures in
March, the firm said on Tuesday.

Speculation has swirled around where Rabois would ultimately
land. He left Square last month, citing legal threats from a
young colleague with whom he had maintained a two-year
relationship. He had served as Square’s chief operating officer
since 2010.

Feb 12, 2013

Neighborhood network Nextdoor raises $21.3 million

SAN FRANCISCO (Reuters) – Neighborhood social network start-up Nextdoor has raised another $21.3 million, even as many investors shy away from the sector in the wake of troubled Facebook initial public offering last year.

The new funding includes $15 million from Greylock Partners, whose partner David Sze will be joining Nextdoor’s board. Sze, known for his involvement in networks LinkedIn and Facebook in their earliest days, said he has never before invested so much in a single investment round.

Feb 11, 2013

Square scandal highlights growing pains at tech start-ups

SAN FRANCISCO (Reuters) – When Square Chief Operating Officer Keith Rabois left his job last month, citing legal threats from a young colleague with whom he had a two-year relationship, he threw a spotlight on the risks associated with the freewheeling startup culture that many entrepreneurs cherish.

Startups often thrive on a lack of rules and boundaries. But experts say that as they make the transition from a handful of people in a room to sizeable businesses, the hazards of operating without manual – including lawsuits, reputational hits, and waning employee morale – grow exponentially.

Feb 5, 2013

University must disclose venture capital returns-court

SAN FRANCISCO, Feb 4 (Reuters) – The University of
California must make public the closely guarded performance of
some top-tier venture capital funds in which it has invested a
portion of its $10.65 billion endowment, a judge said on Monday.

No information on the funds, managed by Kleiner Perkins
Caufield & Byers and Sequoia Capital, will come out immediately.
The court is giving the university a stay until March 11 to
allow the regents a chance to appeal.

Feb 5, 2013

California university must disclose venture capital returns -court

SAN FRANCISCO, Feb 4 (Reuters) – The closely guarded
performance of some top-tier venture capital funds in which the
University of California invested a portion of its $10.65
billion endowment must become public, a judge said on Monday.

No information will come out immediately. The court is
giving the university a stay until March 11 to allow the regents
a chance to appeal.

Jan 29, 2013

Employers encouraged by proposal to fix US immigration chaos

LOS ANGELES/SAN FRANCISCO, Jan 28 (Reuters) – The first big
political push for an overhaul of U.S. immigration laws in more
than five years holds out some promise for
employers who have long complained that the current system is
broken and inhibits hiring.

From farmers who cannot find Americans to pick their crops
to technology firm who need more engineers from abroad, the
bipartisan plan from eight U.S. senators announced on Monday
offered solutions like a “workable” program for seasonal farm
labor and a commitment to “attracting and keeping the world’s
best and brightest.”

Jan 25, 2013

Square COO quit after sex harassment accusation

SAN FRANCISCO (Reuters) – The chief operating officer for mobile payments company Square, Keith Rabois, abruptly resigned after an employee accused him of sexual harassment and demanded “millions of dollars” to stave off a potential lawsuit, he disclosed in a Friday blog post.

The online revelation by Rabois, a well-regarded senior executive at the multibillion-dollar startup founded by Twitter Inc co-creator Jack Dorsey, caused a sensation in the close-knit Silicon Valley community and ignited a flurry of tweets.

Jan 24, 2013

Entrepreneurs plan D.C. road trip to talk up immigration reform

SAN FRANCISCO (Reuters) – San Francisco-based entrepreneur Garrett Johnson is usually too busy with his messaging start-up for much travel, but one issue has inspired him to cross the country: immigration reform.

On February 5, he and a dozen other entrepreneurs will head to Washington to talk with members of Congress about why new visa rules are needed to bring in the kind of talent that would help their companies grow.

Jan 22, 2013

Ribbit Capital raises $100 million finance-focused fund

SAN FRANCISCO, Jan 22 (Reuters) – Ribbit Capital, a firm
founded by financial-services entrepreneur Micky Malka, has
closed its inaugural $100 million fund, Malka said on Tuesday.

The firm is tapping into a split in venture funding that has
emerged in recent years, with funds tending to the large and
diverse or the small and specialized.

Jan 18, 2013

Venture capitalists tightened purse strings last quarter, year

SAN FRANCISCO, Jan 18 (Reuters) – U.S. venture capitalists
invested $6.4 billion in start-up companies in the fourth
quarter, continuing a slowdown in spending, according to a
report from the National Venture Capital Association and
consultancy PriceWaterhouseCoopers.

The $6.4 billion was spent across 968 deals. That represents
a 13 percent decline in dollar terms over the prior-year period.
For the full year, investments fell 10 percent to $26.52
billion.