Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.Yesterday news broke that Robinhood is on the hunt for new capital at a roughly flat valuation, per friend of the blog Katie Roof.
If you are a bit confused by the news, I understand.
Robinhood went through a gauntlet of bad press and user complaints after it suffered from some embarrassing downtime back in March, and isnt the capital market for private companies in rough shape?But the round is more reasonable than youd think, namely because Robinhoods revenue has reached real scale, and, like other savings and investing-focused financial applications, its enjoying a boom in demand.
Showing that theres buzz in helping people save, lets talk about Robinhood briefly and dig into some other metrics from its loose cohort of companies (including M1 Finance, more about them in a moment) .