beauty

Adore Beauty’s valuation raises eyebrows ahead of IPO

Quadrant has agreed not to sell more shares until the company releases its FY 2021 results.

Adore’s founders Kate Morris and James Height will earn $45.9 million each by selling 40 per cent of their holdings. Their individual stakes will fall from 19.3 per cent to 10.8 per cent each.

The founders’ remaining shareholdings will also be escrowed to prevent further sales, but for unspecified time periods.

Quadrant bought its 60 per cent stake in September 2019, leading some professional investors to ask why it has only waited just over a year to sell its ownership interest. The likely answer being that Quadrant believes now is a good time, given soaring e-commerce valuations.

On the plus side, Adore will still be led by its founders over the long term, with most great growth businesses on the sharemarket led by founders.

E-commerce star

On face value, Adore looks a retail star

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shopping

Instacart valuation jumps to $17.7 billion

Instacart on Thursday said it raised $200 million in its latest round, valuing the company at $17.7 billion as it cashes in on a surge in online shopping due to the COVID-19 pandemic.

In June, Instacart raised $225 million, and the company was valued at $13.8 billion in that round. This latest round is led by existing investors Valiant Peregrine Fund and D1 Capital.

The grocery delivery company, which has been branching out to deliver non-grocery goods as well, has signed up big names like Walmart, beauty product retailer Sephora and convenience store 7-Eleven in the United States since its last round of financing.

Instacart’s order volumes have surged as much as 500 percent year on year during the pandemic in North America as consumers, hesitant to travel to supermarkets amid the health crisis, take to their phones to get groceries, alcohol and prescription drugs delivered to their doorsteps.

To

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