And 16 companies valued at $1 billion or more have gone or are expected to go public in 2021 despite having zero revenue, marking an all-time high since the dot-com boom. Spanx, though in another industry, went public just last month without taking a dime in outside funding. Revenue for the service grew 65% year over year, bringing in $14.2 million for the company in 2020.īackblaze, however, isn't alone in IPOing with limited funding and revenue. Now fourteen years after its founding, Backblaze believes its established the product and cultural foundation to go public, partially because of B2. Vanguard, the suit states, “had other, readily-available ways to lower costs for retirement plans without hurting its taxable investors.Its B2 storage service is comparable to that of cloud giants, but is much cheaper.Īccording to Backblaze's website, B2 costs $0.005 per gigabyte of storage each month compared to $0.021 with AWS, $0.017 with Azure, and $0.020 with Google Cloud. This was a gross violation of Vanguard’s fiduciary duties (among other legal duties).” But it either did not even consider these options, or did not care about hurting its smaller, taxable investors. Vanguard, the lawsuit states, “competes to get the most assets under management, while maintaining low fees.”Īs one of the largest investment companies in the world, with over $8 trillion under management, and “the largest mutual fund provider,” it is “engaged in an ongoing ‘price war’ with its competitors,” the lawsuit continues. Vanguard is also the largest TDF manager in the industry and the No. 1 “recipient of cash flowing into target-date funds,” the lawsuit continues.īecause most of the money in Vanguard’s target date funds “comes from company and institutional retirement plans,” Vanguard “is therefore incentivized to keep the managers of its retirement plans happy,” according to the complaint.īefore December 2020, “only retirement plans with $100M or more could access the Institutional Funds. ![]() Plans with under $100M were limited to the Retail Funds, with higher fees. ![]() Naturally, plans with under $100M wanted the lower fees available to the Institutional Fund investors,” the lawsuit says. Vanguard did not respond to a request for comment by press time. William Galvin, Massachusetts’ top securities regulator, launched an investigation in late January into the purchase of target date mutual funds by Massachusetts customers in taxable accounts at five broker-dealers - T. Rowe Price Investment Services, American Fund Distributors, BlackRock Investments, Fidelity Brokerage Services and Vanguard Marketing Corp. San Francisco brand agency TheorySF develops brand and demand generation campaign for Backblaze San Francisco Creative Agency TheorySF Goes Public With Backblaze The Massachusetts Securities Division “is looking at issues like those that recently happened with Vanguard,” a spokesperson for Galvin’s office told ThinkAdvisor then.* Post a FREE Ad on WebsiteGear Classifieds ! Galvin said he was particularly concerned by reports of inadequately disclosed fund changes that shifted financial burdens to small-dollar investors, resulting in large tax bills for those who held the funds in non-retirement accounts. 24, 2021 /PRNewswire-PRWeb/ - TheorySF today announced that after a competitive review, TheorySF was selected to develop a new brand campaign for the independent storage cloud leader, Backblaze.īackblaze has been so successful as the independent storage cloud leader that it is going public on Nasdaq, November 11th. ![]() The result is a brand campaign we're all very proud of and will represent us well as we continue our growth trajectory," said Clay Cahoon, Creative Director, Backblaze." "We selected TheorySF based on their strong work in the tech category and their ability to give us a unique breakthrough platform during a historical moment for our company. TheorySF's campaign, "Blaze it" appeared in display advertising, video and a Time Square Domination on the day of the public offering. "We're thrilled that Backblaze selected TheorySF to support them on their biggest day ever. Going public is the dream of every tech startup.
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