M&A, nearly halfway to gender parity on public company boards, and a record number of new unicorns
Welcome to Nº 25 of In The Money, your weekly newsletter on keeping up with all things finance, tech, and startups. As always, this week’s newsletter is filled with all the financy things. This week two female executives were named co-heads of JPMorgan Chase's largest division prompting questions about whether we will soon see a second woman running a major Wall Street bank (Jane Fraser was the first, appointed as CEO of Citigroup this February). Women are also nearly halfway to gender parity on US publicly listed companies. Also, this week we saw major volatility in the cryptocurrency market. Some big mergers and acquisitions (M&A) announcements. We also define both terms in M&A. Squarespace and Oatly went public. This and much more. Hope you enjoy this edition.
Two women to run JPMorgan’s largest division 🏦
JPMorgan Chase named two female executives as joint heads of its largest division, consumer banking, potentially paving the way for the US largest bank to be led by a woman. Marianne Lake and Jennifer Piepszack were named to run the company’s consumer bank after its long-time manager announced his retirement. Lake, the bank’s former chief financial officer who most recently served as consumer lending head, and current CFO Piepszack will jointly run the division. They will report to Gordon Smith until he retires at the end of the year. In a message to employees on Tuesday, Jamie Dimon, JPMorgan’s longtime CEO, praised both Lake and Piepszak, who will now run a division that takes in more than $50 billion per year in revenue. The announcement brings renewed attention to what has been a much-debated question within the financial industry for years: who would replace Jamie Dimon as CEO? The two female executives are considered front-runners to eventually succeed Dimon. With this move, they will have broad experience running key businesses, as well as stints as finance chiefs. For years, whenever asked about his plans to step away as CEO, Dimon’s answer was that it was five years away. But succession planning has taken on greater urgency in recent years, and last year Dimon had a close call that required emergency heart surgery.
Women on public company boards nearly halfway to gender parity 🔝
For decades the path toward gender equality in public company boardrooms seemed to go nowhere, but in recent years there has been a significant clearing. The Equilar Gender Diversity Index (GDI) now shows that Russell 3000 boards are almost halfway to gender parity. At the end of Q1 2021, 24.3% of all board seats in the Russell 3000 were occupied by women. The percentage of women on boards rose 3.4% from Q4 2020 and 10.5% from one year ago. When the GDI was first published, at the end of 2016, just 15.1% of board seats in the Russell 3000 belonged to women. A number of factors have brought more female directors to the table at an accelerated pace, including commitments from influential institutional investors to vote in favor of companies that are making efforts to promote board diversity, the introduction of legislation, along pressure from public opinion at large. Also, for the first time, the percentage of boards with zero women has dropped below 5%. At the end of Q1 2021, only 144 companies, or 4.9% of the Russell 3000, had all-male boards. Notably, in the past quarter, 34 companies that were previously all-male added a woman. Just one year ago, 205 companies had all-male boards.
Seventy boards had gender parity in Q1 2021, which was one fewer than the previous quarter but 10 more than in Q1 2020, but the number of boards with at least 40% women continues to increase. There were 256 Russell 3000 boards with at least 40% women in Q1 2021, or 8.8% of the index, in comparison to 6.5% of boards (189) with at least 40% women a year earlier in Q1 2020. Compared to four years ago, this is nearly four times the number of boards with at least 40% women. One remaining barrier on the path to parity is the fact that a majority of open positions are still not going to women. In Q1 2021, 41.3% of new board seats went to women (333 out of 806), which was a drop from Q4 2020, when 44.2% of new board members were women (245 out of 554). One year ago, this figure was 37.4% (237 out of 633). Regardless, the accelerated pace at which women have been added over the past few years will level off if the current trends persist. Ultimately, to reach parity, women will eventually have to fill more vacancies than men, which hasn’t yet happened on a quarterly basis.
Female VC partners in Europe 💸
There aren’t enough female VCs, nevertheless female VC partners in Europe. This week Sifted released a comprehensive list of Europe’s more than 190 female VC partners. European venture capital funds continue to raise more and more money, but the number of women who have been promoted or hired to senior investment positions remains embarrassingly low. The most recent survey by the British Venture Capital Association found that women held just 13% of senior investment roles in UK VC firms, while a study on funding in the Central and Eastern European region found that 81% of funds in the region had no female general partners. For comparison, in the US only 4.9% of VC partners are female, according to a 2020 report from Women in VC. Sifted’s list does not include venture, operational, or investor relations partners, or corporate venture funds. Find the full list of over 190 women VC partners here.
How to create the second-largest media company in the world 📺
On Monday US telecoms giant AT&T announced a deal to combine its content unit WarnerMedia with Discovery, through a Reverse Morris Trust (see definition below). The move will create the second-largest media company in the world by revenue after Disney. Under the terms of the agreement, AT&T would receive an aggregate amount of $43 billion in a combination of cash, debt, and WarnerMedia’s retention of certain debt. AT&T shareholders would receive stock representing 71% of the new company and Discovery shareholders would own 29%. If approved by regulators, the deal is expected to create a new business, separate from AT&T, that could be valued at as much as $150 billion including debt. AT&T owns CNN, HBO, and Warner Bros after it acquired Time Warner since renamed to WarnerMedia, for $109 billion in 2018. Discovery’s channels include Animal Planet and the Discovery Channel. WarnerMedia-owned HBO and HBO Max have around 64 million subscribers worldwide. Discovery said last month it had reached 15 million paying subscribers. By contrast, Netflix has around 208 million subscribers and Disney+ recently surpassed 100 million.
Definitions
Merger is the voluntary fusion of two companies on largely equal terms into one new legal entity. The two firms that agree to merge are roughly equal in terms of size, customers, and scale of operations. This is the reason the term "merger of equals" is sometimes used. Mergers are distinct from acquisitions. Unlike mergers, acquisitions (see definition further below), are generally not voluntary and involve one company actively purchasing another. Mergers are most commonly done to gain market share, reduce costs of operations, expand to new territories, unite common products, grow revenues, and increase profits, all of which should benefit the firms' shareholders. After a merger, shares of the new company are distributed to existing shareholders of both original companies.
Reverse MorrisTrust (RMT) is a tax-optimization strategy in which a company wishing to spin-off and subsequently sell assets to an interested party can do so while avoiding taxes on any gains from such asset disposal. To form a reverse Morris trust, a parent company (here AT&T) must first spin-off a subsidiary (here WarnerMedia) or another unwanted asset into a separate company, which is then merged or combined with a firm (here Discovery) that is interested in acquiring the asset.
James Bond may be sold to Amazon 🎬
Metro-Goldwyn-Mayer or MGM has been in talks to sell itself to Amazon. If the deal is completed, it would boost Amazon’s streaming ambitions by bringing James Bond, Rocky, RoboCop, and other film and television properties into the e-commerce giant’s fold. For months, MGM has been for looking for a buyer, with $9 billion as an asking price. Apple and Comcast previously decided MGM was worth roughly $6 billion. It is still unclear how much Amazon might be willing to spend. Amazon purchased Whole Foods for $13.4 billion in 2017 which was the biggest acquisition in its history. Even $6 billion for MGM would make it the second-largest. A timeline for a potential deal is also unclear. Last Friday, Michael De Luca, MGM’s chairman, had presented the studio’s coming slate to Amazon’s team. Earlier, last Thursday, Amazon announced that Jeff Blackburn, a former Amazon executive who helped build the company’s Prime streaming service, would return as senior vice president of global media and entertainment, overseeing Amazon Studios, Audible, Twitch, and related endeavors. A move that was seen as underscoring Amazon’s growing ambition in Hollywood. MGM has about 4,000 films in its library, but many of its characters (the Pink Panther, Chucky the doll) and franchises (“Legally Blonde,” “Tomb Raider”) are in need of reinvention. Still, the studio has a compelling array of new films on its assembly line, which include “Respect,” an Aretha Franklin biopic starring Jennifer Hudson; Ridley Scott’s “House of Gucci,” starring Lady Gaga and Adam Driver; an animated “Addams Family” sequel; and an untitled 1970s-era film directed by Paul Thomas Anderson (“Boogie Nights”) and starring Bradley Cooper.
Definition
Acquisition happens when one company purchases most or all of another company's shares to gain control of that company. By purchasing more than 50% of a target firm's stock and other assets the acquirer is able to make decisions about the newly acquired assets without the approval of the company’s other shareholders. Acquisitions may occur with the target company's approval, or in spite of its disapproval. If the acquisition is made despite disapproval the acquisition is called a hostile takeover. With approval, there is often a no-shop clause during the process. In other words, the seller cannot shop the business or asset around once a letter of intent or agreement in principle is entered into between the seller and the potential buyer. The reasons to make an acquisition are similar to a merger (see definition above).
More unicorns than ever 🦄
Already this year an unprecedented number of companies have joined Crunchbase’s private company unicorn board (startup companies qualify for unicorn status with valuations in excess of $1 billion). Less than halfway into 2021 there are 166 new companies, compared to 163 for the whole of 2020. Based on Crunchbase analysis, New York-based hedge fund Tiger Global Management is the most active investor in 2021 for new unicorns as well as in private unicorn startups overall. Tiger now has twice as many unicorns in its portfolio as the next-biggest unicorn investor, Silicon Valley-based Sequoia Capital. The current Crunchbase Private Unicorn Board has more than 820 companies collectively valued at $2.8 trillion that have raised a total of $560 billion over time. The fastest companies to become unicorns in 2021 were Chinese semiconductor company Moore Threads, Germany-based delivery company Gorillas, audio app Clubhouse, and proptech company Pacaso, both based in San Francisco, as well as Israel-based cybersecurity firm Wiz.
Crypto sell-off 📈
On Wednesday, Bitcoin plunged to near $30,000, continuing a major sell-off that began last week. On the day, the digital currency was down more than 30%, hitting as low as $30,001.51. Bitcoin hasn’t traded below $30,000 since late January. Wednesday’s decline extended Bitcoin’s loss for the past week to more than 40%. It’s also down more than 50% since hitting a record high of $64,829 in mid-April. Other cryptocurrencies also plunged on Wednesday. Ether was down more than 30% at $2,235, and Dogecoin, the cryptocurrency that started as a joke fell more than 30% to about 32 cents. In addition to that, cryptocurrency exchange Coinbase was experiencing an outage for some users as the coins plunged. The reason for the big sell-off is the negative news over the past week has dampened sentiment for cryptocurrencies. Last week, Tesla CEO Elon Musk said the electric carmaker had suspended vehicle purchases using Bitcoin, citing environmental concerns. That day, Musk’s comments caused over $300 billion to be wiped off the entire cryptocurrency market. Then this Tuesday, three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual currency-related business, including trading or exchanging fiat currency for a cryptocurrency (e.g. exchanging Renminbi, the official currency of China for cryptocurrency). The hard Chinese line on digital currencies is not new. In 2017, authorities shut down local cryptocurrency exchanges and banned initial coin offerings (ICOs), a way for companies in the space to raise money through issuing new digital tokens. Traders in China once accounted for a huge share of the Bitcoin market but after the crackdown, their influence has reduced significantly, and Chinese cryptocurrency operations have moved abroad. On Thursday, Bitcoin regained some lost ground to trade near $40,000. The bounce-back came after prominent crypto backers such as Ark Invest's Cathie Wood and Elon Musk indicated their support.
Google’s announcements 📣
On Tuesday Google announced a number of updates to its developer products at its first Google I/O event since 2019. Although Google makes most of its money from advertising, the annual event is a way to excite its developer ecosystem with updates ranging from software and artificial intelligence moonshots to shopping features. Last year, the company canceled the annual developer conference due to the pandemic. This year’s event was mostly virtual, with a few in-person attendees at the company’s headquarters in Mountain View, California. Here’s what Google announced:
Android 12 we got the first real look at the next big change for the world’s most popular operating system. The new look, called Material You, focuses on users, apps, and things like time of day or weather to change the UI’s colors and other aspects dynamically. Security features such as a new camera and microphone use indicators are coming, as well as some “private compute core” features that use AI processes to customize replies and notifications. We also got an update that Android powers 3 billion devices now, which is up from 2 billion in 2017.
Smart Canvas Google’s productivity and collaboration tools, got Smart Canvas through which you can have a video call as you work on a shared doc together and bring in information and content from your Drive and elsewhere.
LaMDA is a new natural language processing technique that makes conversations with AI models more resilient to unusual or unexpected queries, making it more like a real person and less like a voice interface for a search function.
3D Video Calls Project Starline, a high-tech 3D video call booth that uses Google’s previous research and Lytro DNA to show realistic 3D avatars of people on both sides of the system.
Wear OS is getting a bunch of Fitbit DNA infused, with integrated health tracking functions and a lot of third-party apps like Calm and Flo. Google also announced a unified smartwatch platform with Samsung.
Foldables together with Samsung, the two companies will also be working together to improve how folding screens interact with Android.
Android TV hits 80 million devices and adds phone remote.
Your Android phone as car key Google is working with BMW first, and other automakers soon, to make a new method for unlocking the car when you get near it or exchanging basic commands without the use of a fob or Bluetooth.
Vertex is a new development platform for enterprise AI that puts many of these tools in one place and integrates closely with optional services and standards.
TPUv4 is the latest computing hardware, twice as fast as the old ones, and to be packaged into 4,096-strong pods.
Duplex If you forget your password, Duplex will automatically fill in your old password, pick a new one and let you copy it before submitting it to the site, all by interacting with the website’s normal reset interface.
Shopping Google’s shopping interface with the plan to include lots of product information, from price to star rating, availability, and other info, right in the Google interface when you search for something. With this, Google is deepening its partnership with Shopify by making it easier for the company’s 1.7 million merchants to reach shoppers in Google Search. Shares of Shopify popped as much as 4% on the news, closing up more than 3% on Tuesday.
Flutter cross-platform devkit got an update.
Firebase a popular developer platform got an update too.
Arctic Fox the next version of Android Studio got a brand-new UI building toolkit called Jetpack Compose, and a bunch of accessibility testing built in to help developers make their apps more accessible to people with disabilities.
On Thursday Google also announced plans to open its first-ever physical retail store, in New York. At the new Google Store in Chelsea customers can experience Google hardware and services when the doors open to the public in summer 2021. Customers will be able to browse and buy an extensive selection of products made by Google, ranging from Pixel phones to Nest products, Fitbit devices to Pixelbooks, and more. They can also shop online at GoogleStore com and pick up their orders in store.
Related to the Sifted Female VC partners in Europe list above 🤷🏻♀️
Byebye Internet Explorer 👋
After more than 25 years, Microsoft is retiring Internet Explorer next year. The aging web browser has largely been unused by most consumers for years. Microsoft is shutting it down on June 15th, 2022, in favor of Microsoft Edge. Afterward, the alternative for most businesses will be Microsoft Edge with IE mode. Microsoft created its IE mode for Edge a couple of years ago. IE mode supports older ActiveX controls and legacy sites, which are surprisingly still used by many businesses. Microsoft is promising to support the IE mode in Edge until at least 2029. The end of Internet Explorer has been a long time coming. Last year, Microsoft ended support for Internet Explorer 11 for the Microsoft Teams web app, and later this year it’s planning to cut it off from accessing Microsoft 365 services. Internet Explorer 11 will no longer be supported for Microsoft’s online services like Office 365, OneDrive, Outlook, and others on August 17th. Also, Microsoft has been trying to stop people from using Internet Explorer for more than five years. Microsoft Edge first appeared in 2015. Microsoft has since labeled Internet Explorer a “compatibility solution” rather than a browser and encouraged businesses to stop using the aging browser in favor of Edge and its IE mode.
Oat milk goes public 🥛
On Thursday shares of the Swedish oat milk company, Oatly soared during the company’s public market debut on Nasdaq. Just before noon, the stock’s opening trade was $22.12, giving it a market value of $13.1 billion and putting shares about 30% above the initial public offering price. On Wednesday night, Oatly priced its US initial public offering at $17 per share, at the top of its indicated range, raising $1.4 billion. At that price, the implied valuation was $10 billion, well above the current market value of Beyond Meat, another company that specializes in making substitutes for animal products. The oat-milk maker is trading under the stock ticker “OTLY.” While Oatly is pretty new to US consumers, the company and its signature product have been around for nearly three decades. Oat milk was invented in 1994 in Sweden by Oatly’s founders, brothers Rickard and Bjorn Oeste, who were researching an alternative to cow’s milk for people with lactose intolerance. Oatly made its US debut in coffee shops five years ago, building a strong following for its oat-based milk substitute. Oatly has also been expanding its portfolio, branching out into oat-based ice cream and yogurt. In 2020, Oatly’s revenue more than doubled, reaching $421.4 million. The company reported a net loss of $60.36 million as it focused on entering new markets, building brand awareness, and expanding production. Oatly shares ended the day up more than 18% after the public market debut Thursday. Oprah, Natalie Portman, and former Starbucks CEO Howard Schultz are among the big names who have invested in Oatly. Blackstone invested $200 million in the company last year, giving the firm a stake of about 10%.
Squarespace direct listing 🔔
On Wednesday Squarespace, which sells tools for website creation and publishing, made its public market debut on the New York Stock Exchange with a market value of $6.6 billion. The company had a rough debut, opening at $48, below its $50 reference price. The reference price was already at a 27% discount to the private deal that Squarespace completed in March at $68.42 a share, which valued the business at $10 billion. However, stocks were broadly down on Wednesday. Also, cloud software stocks have been badly underperforming the market this year. Anthony Casalena started Squarespace from his dorm room at the University of Maryland in 2003. He didn’t raise any outside capital until 2010. At the time of the listing, Casalena, the company’s biggest stakeholder, owns shares worth $2.4 billion, while Index and Accel (two renowned venture capital funds) control holdings valued at $944 million and $750 million, respectively. Because Squarespace went public through a direct listing rather than raising capital in an IPO, insiders can start selling right away and don’t have to wait for a lock-up expiration. The stakes listed above include some sales that they registered to trade right away, including 6.2 million shares registered by Casalena. Squarespace competes most directly with companies such as Wix, Automattic’s WordPress, Square’s Weebly, and Shopify. It has 3.7 million subscribers. Revenue rose 28% to $621.1 million last year and net income narrowed to $30.6 million from $58.2 million a year earlier, as the company boosted spending on sales and marketing by 40% according to the company’s prospectus.
Plus ➕
Last Dance: Zhang Yiming announced his plans to step down as CEO of TikTok-owner ByteDance, saying he lacked the social skills to be an ideal manager and naming co-founder Liang Rubo as his successor
Verified: You can now apply to become verified on Twitter (i.e. to have the little blue badge after your username which means you are authenticated and of high public interest)
Trading: Europe’s take on Robinhood, Trade Republic raised $900 million at a $5.3 billion valuation in a Series C round led by Sequoia
Oh Snap: Snapchat has now more than 500 million monthly users and reached 90% of 13-24-year-olds in the US, UK, France, and Australia
Regulated: The Treasury Department announced that it will require any transfer of cryptocurrency worth $10,000 or more to be reported to the IRS (Internal Revenue Service).
E-scoot: Lime, Tier, and Dott have been selected to run e-scooter trials in London, starting from June 7
This week in the stock market 🎢
The week started off in the red, with all the major indexes lower on Monday. The Dow Jones Industrial Average dipped 54.34 points or 0.2%. The S&P 500 lost 0.3% to as the tech sector pulled back 0.7%, while Nasdaq fell 0.4%. Big Tech stocks fell to start the week, with Apple and Netflix were both down 0.9%. Microsoft shed 1.2%, while Tesla dropped more than 2% as famed investor Michael Burry (see the movie/read the book The Big Short) revealed a big short position on the electric carmaker. Communication services stock Discovery bucked that trend after AT&T announced Monday that it would merge WarnerMedia (see news above) with Discovery. Discovery’s Class B stock jumped nearly 14%, while AT&T ended the day slightly lower after hitting a record high earlier in the session.
Growth stocks have remained under pressure recently as investors fret over whether inflation will entrench or blow over as the Federal Reserve (the Fed) expects. Inflation above the Fed’s 2% target for a sustained period could prompt the central bank to tighten monetary policy and dampen stocks that outperform the market when interest rates are low. On Tuesday, the major averages again ended the day in the red. The Dow lost 267 points, dragged down by a 3% drop in Chevron’s stock. The S&P 500 dropped 0.9%, and Nasdaq dipped 0.56% as Facebook, Amazon, Apple, Netflix, and Google-parent Alphabet all closed lower. On Wednesday Wall Street was triggered by a sudden drop in the price of Bitcoin, which led to a sharp sell-off in many speculative areas of the market. Cryptocurrency-linked shares, including Tesla, Coinbase, and MicroStrategy, led the market decline. The S&P 500 closed down 0.3%. The blue-chip Dow finished the session about 160 points lower, and Nasdaq Composite ended the day flat, erasing a 1.7% drop during the day. Then, on Thursday Wall Street had a comeback day with the Dow gaining 186 points and the S&P 500 and Nasdaq ending the day 1.06% and 1.77% higher, respectively. Microsoft, Facebook, and Alphabet all gained more than 1% while Netflix and Apple rallied more than 2% each. Shares of Tesla and other speculative parts of the market bounced back as Bitcoin prices recovered.
Woman of the Week
Emma Walmsley
Emma Walmsley DBE is the chief executive officer of GlaxoSmithKline.
She grew up in Barrow-in-Furness, Cumbria. She boarded at St Swithun's School, Winchester, and received an MA in Classics and Modern Languages from Oxford University.
Walmsley worked at L’Oréal for 17 years where she held a variety of general management and marketing roles in Paris, London, and New York. From 2007 she was based in Shanghai as General Manager, Consumer Products for L’Oreal China, where she ran the company's Chinese consumer products business, overseeing global brands including L’Oréal Paris, Maybelline, and Garnier, as well as Mininurse, a Chinese skincare brand. At the time of her move to GSK in 2010, Advertising Age quoted company insiders surprised at her departure from L’Oreal, where she had been tipped for a senior global management role.
In an interview with Lean In, Walmsley recalls the decision to move to GSK. At the time, she was living in Shanghai with her husband, David, and their four children, all under ten. She was head of the exciting Chinese consumer business for L'Oreal, a company she loved and had worked for all over the world for 17 years. “Life was a constant juggling act, with never enough sleep but a huge sense of fulfillment,” she said. Then the opportunity of a lifetime landed. Walmsley had been to a networking lunch with Andrew Witty the Chief Executive of GSK. Witty was someone she had long admired for his pioneering approach to the healthcare industry and reputation for values-based leadership. The conversation between the two ended up into a job offer: to be the President of GSK’s global consumer healthcare business, which operates in over 100 countries with £5 billion in sales and has thousands of employees. Walmsley said she spent a week persuading herself she would be insane to do it because it was too risky. It was a new industry, new company, new culture, and major career acceleration. Was she really qualified, she thought? Further, she thought it was unfair to the family. How could a mum and wife take on something so big? It was disloyal to her company she had been working for. And, lastly, it would be really hard. Her husband pointed out to her that the huge opportunity was in the challenge. He also reminded her that in their 17 years together, every time she’d taken a new role, she had constantly told him it was too big for her and then managed fine.
“People regret far more what they don’t do rather than what they do.”
She joined GlaxoSmithKline in May 2010 as President of Consumer Healthcare Europe, rising in October 2011 to head its global consumer healthcare division as President of Consumer Healthcare Worldwide and a member of the executive team. In 2015 she became the Chief Executive Officer of Consumer Healthcare. She was particularly involved in leading the drive in the company's sales in emerging markets. Under her leadership, the consumer products division, one of the world's largest consumer health groups with brands including Panadol, Voltaren, and Horlicks, made up nearly a quarter of GlaxoSmithKline's revenues.
In April 2017 she took over as CEO of the company, making her the first woman to run a major pharmaceutical company. Walmsley stated that her priority was for GlaxoSmithKline to become more adept at developing and commercializing new drugs. She announced a narrowed set of priorities for drug development, setting a target of allocating 80% of pharma R&D capital to a maximum of four disease areas. Walmsley has made much-needed changes, her most important move was "the transformation of the leadership team within R&D." In 2018, it was reported that Walmsley had replaced 50 of GlaxoSmithKline's top managers across the company's businesses, and created a number of new roles, including hiring Karenann Terrell from Walmart as chief digital and technology officer. Since taking the helm of the 300-year-old company, she led the global restructuring program aimed at saving more than $500 million a year by 2021. In one of her biggest moves since becoming CEO, Walmsley led the $13 billion-dollar purchase of Novartis's 36% stake in GSK Consumer Health.
In 2020, Walmsley was appointed Dame Commander of the Order of the British Empire (DBE) in the Birthday Honours for services to the pharmaceutical industry and business. Walmsley is also a member of the GlaxoSmithKline board. She was a non-executive director of Diageo from January to September 2016. In September 2019, Walmsley joined the Microsoft board as an independent director.
Walmsley is listed as No. 1 on Fortune 2020 Most Powerful Women International list and as No. 12 on the Forbes Most Powerful Women list 2020.
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I’m Marianne, an early-stage VC based in Stockholm. You can reach me by replying to this email, or find me on Twitter or LinkedIn.