The New York-based hedge fund would receive about US$63 million for some 2.1 per cent of the Toronto-headquartered firm, retaining a five per cent stake, a source told The Information. Cohere declined to comment to The Logic. (The Information, The Logic)
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The New York-based hedge fund would receive about US$63 million for some 2.1 per cent of the Toronto-headquartered firm, retaining a five per cent stake, a source told The Information. Cohere declined to comment to The Logic. (The Information, The Logic)
Talking point: If it closes, the deal would mark an increase of more than a third from Cohere’s reported US$2.2-billion valuation from the US$270-million Series C it closed in June. A source familiar with the matter confirmed both valuation figures to The Logic, speaking on condition of anonymity since the agreements are private. Crossover investor Tiger has been shopping some of its stakes in private technology firms, after watching the worth of its portfolio sink amid the tech industry’s public-market downturn. It bought into Cohere via the startup’s US$125-million Series B, announced in February 2022. While other bets have soured, Cohere has continued to expand amid a boom for generative AI companies. Tiger’s sale covers the capital it originally put into the firm, the source said.
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