Snap Inc. excluded from S&P 500 due to non-voting shares, vitamin startup Ritual raises $10.5 million, Virgin Orbit readies for Boeing 747 'Cosmic Girl' flight test, and Greycroft Partner launches investment fund targeting video games, virtual and augmented reality.
The S&P 500 will start excluding companies that issue multiple classes of shares, managers of the index said on Monday - a move that effectively bars Snap Inc. after that company’s decision to offer stock with no voting rights, reports Reuters. Snap's $3.4 billion March initial public offering was the third-largest ever for a U.S. tech company but some investors were taken aback by the company's unusual decision to offer new investors a class of common stock with no voting rights.
Multi-vitamin subscription service Ritual raised $10.5 million in Series A funding round, led by investor Founders Fund, with participation from existing backers Forerunner, Norwest Venture Partners and Upfront Ventures, reports Forbes. The multivitamin subscription is targeted at women and costs $30 per month.
Virgin Orbit on Monday flew a Boeing 747-400 airliner to Long Beach to be retrofitted for launching satellites, reports Space.com. Work soon will begin to outfit the aircraft with external equipment to carry one of Virgin Orbit's LauncherOne rockets, which will be dropped and launched it into space from an altitude of 35,000 feet, carrying with it a small satellite.
Jon Goldman, a venture partner at downtown’s Greycroft Ventures, has closed $15.6 million in investment commitments for a new fund looking to back companies in the virtual reality, augmented reality and e-sports industries, reports the Business Journal. The GC VR Gaming Tracker Fund has already made more than 20 investments ranging from $50,000 to $500,000 each in seed-stage companies.
Technology reporter Garrett Reim can be reached at email@example.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
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