Secret CEO Byttow confirms shutdown

Secret Inc. CEO David Byttow said in a post that the app would be shutting down. Secret, of San Francisco, has reportedly raised $35 million in funding, including $25 million in July. “Unfortunately, Secret does not represent the vision I had when starting the company, so I believe it’s the right decision for myself, our investors and our team,” Byttow wrote on Medium. Secret let users exchange messages anonymously; investors included Google Ventures, Kleiner Perkins Caufield & ByersIndex Ventures, Redpoint Ventures and Fuel Capital. Byttow said the company “still has a significant amount of invested capital” and that he believes the “right thing to do is return the money.”

File photo of Singapore's former Prime Minister Lee Kuan Yew at a forum in Singapore
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peHUB First Read

First Read stars your week with Twitter being the latest tech company to be sued for gender discrimination, ChemChina plans on buying a controlling stake in Pirelli for $7.7 billion and Singaporeans mourn longtime leader Lee Kuan Yew.

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peHUB Second Opinion

In Second Opinion, Kleiner Perkins portrays Ellen Pao as combative and resentful in gender discrimination trial, police seize $10 million worth of marijuana hidden in frozen avocados and look out, “Star Wars: Episode VIII” is coming in May 2017.

Ellen Pao arrives at San Francisco Superior Court in San Francisco
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peHUB Second Opinion

In Second Opinion, HBO streaming will launch in April but only on Apple devices, Facebook shuts down FriendFeed and Ellen Pao takes the stand in her gender discrimination lawsuit against Kleiner Perkins.

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peHUB First Read

First Read ushers in the week with news of Brynwood Partners to acquire Wessanen’s U.S. juice unit for $55 million, a new report reveals that ISIS has more than 46,000 Twitter accounts and as led by President Obama, thousands crowd on Selma to mark 50th anniversary of civil rights march.

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peHUB First Read

First Read helps close out another snowy week with news Apple Pay has been stung by low-tech fraudsters, Formation8 has been dropped from U.S. sexual assault lawsuit and Glenn Beck’s top execs quit to form digital media startup.

John Doerr shows a flexible solar panel in Stanford
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peHUB Second Opinion

In Second Opinion, the NASDAQ hits 5000 for the first time in 15 years, Google confirms plans on becoming a wireless carrier and Kleiner Perkins General Partner John Doerr is expected to testify in the Pao gender discrimination trial.

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peHUB First Read

First Read helps usher in the weekend with news Google reversed a porn ban on Blogger after backlash, Kleiner Perkins says it didn’t distribute gender discrimination policy until 2012 and Wired helps us understand the great dress debate of 2015.

Salesforce CEO Marc Benioff speaks during the Dreamforce event in San Francisco
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Top 10 posts: venture capital

VC stories trending this week on peHUB: Salesforce targets mobile enterprise startups with new $100 million VC fund, investors bet big on smart homes, and Kleiner Perkins leads huge round for DataStax.

First read sunrise
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peHUB First Read

Catch up on the latest after the weekend including Charlesbank’s latest fundraising, Kleiner Perkins filing to raise $1.2 bln in venture funds and see what venture vehicles are boosting INPRS’ performance.

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Electric bus maker Proterra nabs over $30 mln

Proterra has received more than $30 million in funding. Kleiner Perkins and GM Ventures led the round with participation from Tao Invest, Vision Ridge Partners and Hennessey Capital. The company expects an additional capital infusion of $10 million within the coming weeks. In addition to the funding, Michael Smith, vice president of Constellation and head of Constellation Technology Ventures, has been appointed to Proterra’s board. Based in Greenville, South Carolina, Proterra is a maker of electric buses.

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VC-backed One Kings Lane appoints new CEO

One Kings Lane has named Dinesh Lathi as CEO and member of the board of directors. Previously, Lathi was the firm’s chief operating and financial officer. Headquartered in San Francisco, One Kings Lane is an online home decor retailer. Its backers include Mousse Partners, Scripps Networks Interactive, Kleiner Perkins, Greylock Partners, IVP and Tiger Global Management.

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Permira to take controlling stake in LegalZoom.com – Reuters

Jan 6 (Reuters) – Private equity fund manager Permira Advisers LLC is planning to take a controlling stake in LegalZoom.com, a provider of online legal documents that was going to go public, according to people familiar with the matter, affiliated news service Reuters reported.

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