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Wednesday, November 15, 2017

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The Big One

A breakdown on the day’s biggest Inno story.

Dylan: We don’t do this a lot – actually, I don’t think we’ve ever done this before – but before we get to today’s Big One, I wanted to give Inno a quick plug.

We’ve been thrilled to cultivate an amazing, growing audience of influential business leaders and entrepreneurs in Boston. And in 2018, we’re going to be rolling out some really cool products and events that will allow you to reach and engage with our audience and amplify your brand. (Our next big event, Tech Madness, is happening March 8 next year). So, as you’re starting to plan for 2018, hit up our senior account exec Conrad Paquette (cpaquette@americaninno.com) if you want to learn more about partnering with Inno and Tech Madness. 

Also, if you dig The Beat, support The Beat! The more support we get from the community, the more we can grow this thing. So, if you want to boost your business in 2018 (yep) and you want The Beat to explode in 2018 (yep again), shoot Conrad an email and he’ll take good care of you. Win, win. Also, make sure your friends and colleagues are subscribed

Now enough sales talk…time to talk about CarGurus’ first quarter as a public company.

Lucy: The Cambridge-based online auto marketplace’s stock price is up today after reporting a solid Q3.

CarGurus’ revenue in Q3 was $83M, a 56% year-over-year increase and above the average analyst estimate of $79.2M. The company’s net income also beat Wall Street’s expectations at 2 cents per share. Those strong results prompted the company to upgrade its guidance for Q4 revenue to a range of $85-86M, also above analyst estimates.

Based on its Q3 results, CarGurus anticipates finishing 2017 with annual revenue in the range of $311.3-312.3M. Not bad for a company that bootstrapped for its first nine years. Read more: CarGurus Had a Really Good First Quarter as a Public Company



In The Know

The Inno stories you need to read today.


Making Moves

Inside the people, companies and organizations making moves in Boston.

Lucy: As I promised in the Beat last week, I went to check out the office of Reward Gateway, an employee engagement platform that just opened its global North America headquarters in Boston. The company, which counts 350 employees around the globe, currently has a team of 15 to 20 people working on the 8th floor of 141 Tremont Street, including four members of its leadership team. The new office features a cozy library, gender-neutral bathrooms and has a straight view on the Massachusetts State House. Read more: Office Envy: Inside Reward Gateway’s Just-Opened HQ in Front of the State House

Dylan: DraftKings CEO Jason Robins told Bloomberg Radio in a recent interview that his company is “marching towards an IPO path.” The Legal Report has a good roundup of the interview right here.

Lucy: Gradifi, a Boston-based student loan repayment company, launched an HR benefit product that should help employees save for college for their children. Thanks to the College SaveUp Plan benefit, companies are enabled to make monthly contributions to an employee’s existing 529 college savings account.

Dylan: Bose has sold a business division to Woburn startup ClearMotion, BBJ reported. Terms of the deal were not disclosed, but the transaction includes a collection of technologies related to vehicle suspension.


New Money

Your daily funding roundup.

Dylan: Logz.io, an Israeli-based provider of automated analytics software for IT teams, plans to double its current Boston headcount of 25 employees to 50 by the end of next year with its new $23M Series C round, BBJ reported. The lead investor was Boston VC firm OpenView, and the company has 400 customers now.

Lucy: Connecticut-based Quantum Circuits raised $18M in a Series A round led by Canaan and Sequoia. Other investors include Tribeca Venture Partners, Osage University Partners and Fitz Gate Ventures.


Player Personnel

Who’s moving where.

Dylan: Glasswing Ventures has revealed its new Connect Council, the first of three advisory boards that will help the local VC firm with its investment strategy. One of the council’s working groups, the AI & Academic Group, includes Sir Tim Berners-Lee, inventor of the World Wide Web; Dr. Cynthia Breazeal, associate professor of media arts and sciences at MIT and founder of JiboDr. Thomas R. Eisenmann, faculty co-chair of the Harvard Business School Rock Center for Entrepreneurship; and four other academics.

Rudina Seseri, a founder and managing partner at Glasswing, told me that the advisors are exclusive to her firm and won’t be working with other VC firms as part of an agreement. She said the advisors will help Glasswing with deal sourcing, due diligence and research.


In The Community

The events and happenings to know about tonight and this week.

Lucy: If you’re into self-driving cars, don’t miss the “Autonomous Ride Sharing by Air” meetup tonight at 5:30 p.m. at Boston iHub. As we head into the second part of the month, don’t forget to keep using BostInno Approved as a reference for tech events to attend. Read more: BostInno Approved: November’s Top Tech & Startup Events in Boston


Interested in sponsoring this email?
Contact Conrad for more information: cpaquette@americaninno.com

Have a tip or scoop? Submit it anonymously.

Meet The Authors

Dylan Martin
dmartin@americaninno.com

Lucia Maffei
lmaffei@americaninno.com

Kyle Gross
kgross@americaninno.com

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