This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers. Sign up to get it delivered free to your inbox.
For better or for worse, 2020 is chaos.
A raging pandemic smashed into a seemingly unending U.S. presidential election. And while the economy remains uncertain, dealmaking and megafunds (ahem just look for a16z below) have returned with a vengeance.
Embracing the chaos—or rather Innovating in Times of Crisis—is the central theme of Fortune’s Brainstorm Tech Conference on December 1 and 2. Typically hosted at the height of the summer in Aspen, when tech aficionados fly in from all over, this year’s conference is all virtual.
Among those ringing in from the comforts of their homes and offices will be Paul Ryan, 54th speaker of the U.S. House of Representatives, who will discuss his new SPAC; SoftBank Opportunities Fund’s Stacy Brown-Philpot on investing in the pandemic; Slack CEO Steward Butterfield; the CEO of SoftBank’s sometimes rival Raukten, Mickey Mikitani; and many others.
If you’re interested in attending this year’s Brainstorm Tech event, please sign-up here. Would love to speak with you there.
IPO STANDS FOR INTERMINABLE PROCESSION OF OVERLY LARGE UNICORNS ALL GOING PUBLIC AT THE SAME TIME: Do you remember last week? I hardly do because it felt like an entire month. Consumer-facing unicorns decided this was their moment, with Airbnb, Roblox, and Affirm filing for IPOs following DoorDash the week earlier. Then on Friday, e-commerce marketplace Wish also filed for its IPO.
Its differentiator? It is a discount retailer competing with the likes of Dollar General and TJ Maxx as well as Amazon and Alibaba, keeping prices low by largely using merchants in China. Wish posted revenue of $1.7 billion in the nine months ending September 2020, up 32% from the year prior, and a net loss of $176 million, up from $12 million.
The company’s largest shareholders include DST Global, the Founders Fund, Formation8 Partners, GGV Capital, and Temasek.