In the past few weeks we’ve seen a flood of high growth tech companies filing to go public.

I read through each of these companies’ S-1 filings and pulled out some of the more interesting stats to highlight. To conclude, I also share a few of my broader observations on what this means for the markets, startups, and investors.

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Photo by Chris McCann

Snowflake S-1

  • Company Description: Snowflake is a full stack cloud data platform.
  • Founded: 2012
  • Customers: 3,117
  • Customer Notes:
    -
    Snowflake has 56 customers paying $1M+ ARR
    - Capital One accounted for 11% of Snowflake’s revenue.
  • Featured Customers: Nielsen, AXA, Capital One, Experian, Stava, Sony, Logitech, Blackboard, Instacart, Adobe, Dropbox, and Akamai. …

We are excited to officially announce Race Capital, a new venture capital fund being led by Alfred Chuang, Phil Chen, Chris McCann, and Edith Yeung.

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Together we have been starting, building, and investing in technology companies across the enterprise, infrastructure, and mobile industries for the past two decades. The four of us are now coming together to partner with exceptional founders who are building meaningful companies that will drive long term societal change across the world.

Operating as a Software Company

We run Race Capital like a software company — with a clear vision for the world, for the economy and for our fund. We operate with the diligence of building a software product and run finance as tight as if it is a public company. …


We are excited to announce that Proof of Capital led the seed round in Midas Labs, an ASIC design company built by the world’s most renowned blockchain hardware experts.

Midas Labs is an ASIC design company specializing in blockchain mining and AI applications. Their proprietary “super hash engine” design enables them to produce the world’s first reprogrammable ASIC chip, initially targeting support for all of the major hashing algorithms for digital assets on a single chip. Midas Labs also provides fully-customized blockchain support for communities and enterprises, including both hardware and software services. …


Below is part of a memo we sent out to our portfolio companies for Race Capital. We are sharing it publicly here for the benefit of other entrepreneurs and founders in the technology sector:

On March 12th, 2020 the stock market fell 10%, suffering its worst day since the Black Monday crash of 1987. In the first few months of 2020 the market has almost lost all of its gains across all of 2019.

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When I first moved to Silicon Valley in 2008, the world was in the depths of the global financial crisis. Housing prices were at an all time low, downtown Palo Alto was half empty, uncertainty was rampant, and the top venture capital funds were telling entrepreneurs RIP the good times are over. …


This post originally appeared on: https://www.chrismccann.com/blog/fintech-banking-infrastructure

Financial Technology (“Fintech”) startups are companies targeting all of the core financial applications including Banking ($7 trillion), Wealth Management ($75 trillion), Capital Markets ($74 trillion), Lending ($8 trillion), Real Estate ($8 trillion), Insurance ($5 trillion), Payments ($2 trillion), and Remittances ($800 billion).

While diverse in scope, all of these activities are interconnected and largely facilitated through traditional financial institutions including: JP Morgan, Wells Fargo, HSBC, BNP Paribas, MUFG, Bank of America, Bank of China, Industrial & Commercial Bank of China, Citigroup, and many others.

However, many of these new startup fintech startups are being built by developers, who are a very new customer segment for traditional banks and who are changing the needs of the underlying financial infrastructure itself. Before diving into how the infrastructure ecosystem is changing, we at Race Capital will cover the major trends that are the root cause of this change. …


We are excited to announce that Proof of Capital has partnered with Lightning Labs in their $10M Series A financing round along with Craft Ventures, Ribbit Capital, Jack Dorsey, among many other notable angel investors.

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Lightning Labs is the leader in financial infrastructure for fast & scalable payments on top of Bitcoin. We are very excited to partner up with Elizabeth Stark, Olaoluwa Osuntokun, and their highly experienced team of developers and product leaders from Google, MIT CSAIL, and BitTorrent.

Elizabeth is described as a “Bitcon warrior, who now commands an army of elite developers” and that tile is truly fitting. Elizabeth convinced Olaoluwa to leave Google and become one of Bitcoin’s most prolific developers and turning Jack Dorsey into a Bitcoin & Lightning believer. For new platforms its critically important to bootstrap a community of developers and Elizabeth and the team are the best examples of this. …


We are excited to announce that Proof of Capital has invested in FTX, a cryptocurrency derivatives exchange built by traders for traders, in its $8 million seed round along with Consensus Lab, FBG and Galois Capital.

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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and over-the-counter (OTC) trading. We are very excited to partner up with Sam Bankman-Fried and his highly experienced team of traders from traditional financial institutions like Jane Street, Susquehanna, and Optiver.

The three main things that got us really excited about FTX was the team, traction, and overall market opportunity.

Sam Bankman-Fried and his Team

Sam has assembled a fantastic team of experienced Wall Street traders and Silicon Valley alumni. Sam was previously a trader on Jane Street Capital’s international ETF desk, where he traded a variety of ETFs, futures, currencies, and equities and helped design the firm’s automated OTC trading system. …


This article was originally published on my personal blog — Crypto Mining 101 — Overview & Landscape of the Mining Industry.

A short snippet of the full post is below:

As of July 2019, Bitcoin miners generate $6B+ in revenues (mining rewards + transaction fees) on an annualized basis.

Mining and the underlying hardware that secures Bitcoin and other cryptocurrency projects is an often overlooked market within the cryptocurrency sector. However in conjunction with the exchange landscape, mining is one of the core markets which generates significant revenues.

In this post I will share an overview of the Bitcoin & crypto mining space, the underlying hardware which powers mining, an ecosystem landscape, and dive into the revenue & market size of the space. …


Note: I moved over all my writing to my personal blog: https://www.chrismccann.com/

On June 18, 2019 Facebook finally unveiled Libra their cryptocurrency project to the world.

The announcement has drawn the attention of the entire cryptocurrency industry, media, technology industry, and even public markets. After diving into the technical whitepaper and talking to industry insiders. My conclusion is — While Libra itself is not that interesting, it makes me even more bullish on Bitcoin than ever.

In this tweetstorm turned blogpost I want to lay out the reasoning on why I think this is the case. Keeping in mind Libra is not officially being launched until 2020 so many of these assumptions can change between here and then. …


Note: I moved over all my writing to my personal blog: https://www.chrismccann.com/

Note 2: I originally wrote this writeup on the Remittance industry in April 2019. I’m releasing a redacted version of this writeup publicly. All of the numbers and stats in this article were from April but are all still directionally correct.

An Introduction to Remittances
Remittance is the capital flow between individuals in two different countries, typically by foreign workers to individuals in their home country. …

About

Chris McCann

Partner @RaceCapital, former community lead at Greylock Partners, founder of StartupDigest

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