• Is Tony Fadell in Nest’s Way?

    Screen Shot 2016-03-30 at 12.05.13 AMLast week, we witnessed something fairly remarkable. A major Alphabet executive — Nest Labs CEO Tony Fadell — publicly shamed the cofounder and employees of Dropcam, the connected camera company that Nest had acquired in 2014 for $555 million.

    In an article in The Information, Fadell said that he didn’t think Dropcam cofounder and CEO Greg Duffy had “earned” the right to report to him directly. Fadell also explained away an exodus of Dropcam staffers by suggesting they were subpar. “A lot of the employees were not as good as we hoped,” he told The Information. It was “a very small team and unfortunately it wasn’t a very experienced team.”

    Fadell may have been reacting to comments by Duffy, who painted a highly unflattering portrait of Fadell in the same article. However, Fadell’s comments and his poor performance underscore what an ill fit Fadell is for Alphabet and why Alphabet needs new leadership at Nest.

    It wasn’t supposed to be like this, of course. Nest was acquired by Google for $3.2 billion in January 2014, a feat that earned Fadell plenty of accolades. Worried about competition and in awe of Fadell, who’d created the iPod as an Apple SVP, Duffy concluded that selling was his smartest play when Nest came knocking that spring.

    Despite what seemed like a handsome payday for everyone involved with Dropcam, the bet soon looked like a poor one.

    As we’d reported here in November 2014, not only did Duffy’s beloved VP of marketing almost immediately leave Nest over an apparent culture clash, but numerous employees we interviewed, along with scathing write-ups by former employees on Glassdoor, pointed surprisingly to trouble.

    “Everything revolves around the CEO,” wrote one Glassdoor reviewer at the time. “It’s a dangerous mix of cult of personality and Stockholm syndrome. Comments like ‘[Fadell is] the next Steve Jobs are not uncommon, while people proudly say things like ‘I’m used to Tony screaming at me.’”

    It wasn’t just the different management styles of Fadell and Duffy, whose organization was one-eighth the size of Nest and who was well-liked by his employees. There was suddenly an inability to get anything meaningful done. One Nest employee described to me a “huge meeting culture, to the point where anyone at the director level or up spends their entire day in meetings, many of them duplicative meetings about the same subject, over and over to the point where a lot of people have complained.”

    Things remain much the same 16 months later, suggests The Information, whose report says Nest’s culture of micromanagement has more recently led the firm to plaster its offices with the phrase “Step Up” to ostensibly encourage lower-level employees to take more initiative.

    More here.

    Connie

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  • StrictlyVC: March 30, 2016

    Hi, everyone!

    —–

    Top News in the A.M.

    Expa, a three-year-old, New York- and San Francisco-based startup studio, is taking the wraps off a new, six-month program for startups that provides them $500,000 in backing, office space, and mentoring. The outfit also just revealed to the New York Times that it has itself raised $100 million from investors. More here.

    —–

    IPO Pros Expect Window to Open in Q2

    Earlier today, Renaissance Capital, the IPO research firm, published a new report about the first quarter of this year, and it didn’t paint a pretty picture.

    For starters, it noted the U.S. IPO market hit the lowest levels in the first quarter since the financial crisis of late 2008. It noted that not a single deal priced outside of the health care sector (which we’d flagged in this recent story). It also noted that of the eight deals that managed to price and collectively raise $700,000 million, the companies’ performance was largely propped up by their venture backers, who bought shares during and after the IPO.

    There is, however, a silver lining. Echoing a conversation we’d had last week with another IPO expert — IPOScoop founder John Fitzgibbon — Renaissance Capital Principal Kathleen Smith tells us that a handful of pre-IPO companies could soon inject new life into the torpid IPO market. We talked this morning; our chat has been edited for length.

    Renaissance’s new report notes that healthcare IPOs have averaged a return of 20 percent so far in 2016, but it adds that that’s thanks to “substantial buying by their existing shareholders.” Is that a bad thing?

    It doesn’t mean they aren’t doing well, but it means there’s concern about their liquidity. Their tradable float is small — even smaller than their deal size would suggest.

    That’s not a brand new trend, though. Haven’t health care investors long bought up shares to keep the price of their portfolio companies from dropping until the stock becomes more liquid? 

    It has long helped to get the deals done. But we’ve seen the percentages increase quite a bit. It used to be that [VCs] would [buy up] 15 percent of the [IPO and post-IPO] shares; now it’s more like 40 percent, and I’d say it began ticking up over the last 24 months. In one recent deal, [for the gene editing company] Editas, insiders bought 67 percent of the float.

    The goal in going public is to establish a valuation publicly that either helps other companies to understand them and perhaps buy them at that accepted valuation, or to raise more money down the road, which most [biotech companies] need to do, even though most [generate] capital from the IPO.

    In the meantime, there were no tech IPOs in the first quarter. How worried should private tech investors be?

    More here.

    —–

    New Fundings

    Asana, an eight-year-old, New York-based collaboration software startup cofounded by Facebook cofounder Dustin Moskovitz, has raised $50 million in Series C funding led by Y Combinator President Sam Altman. Other backers include Moskovitz, Asana cofounder Justin Rosenstein, 8VC, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan, Zappos CEO Tony Hsieh (via VTF Capital), Groupon co-founder Andrew Mason, Elevation Partners founder Roger McNamee, and Quora CEO Adam D’Angelo. Fortune has more here.

    Branch, a year-old, San Francisco, and Nairobi, Kenya-based mobile-first digital bank for developing markets, has raised $9.2 million in Series A funding from Andreessen Horowitz, as well as seed investors Khosla Impact and 8VC. Forbes has more here.

    CockroachDB, a 1.5-year-old, New York-based open-database company that aims to keep the applications of its enterprise customers up and running, even when their data centers and cloud infrastructure suddenly go offline, has raised $20 million in Series A1 funding. The capital comes from Index Ventures and earlier investors Benchmark and GV (formerly Google Ventures). More here.

    Frichti, a nearly year-old, Paris, France-based food production and delivery company, has raised $13.4 million from Idinvest, earlier investor Alven Capital, and numerous angel investors. TechCrunch has more here.

    Invoca, a nearly eight-year-old, Santa Barbara, Ca.-based call intelligence platform, has raised $30 million in Series D funding led by Morgan Stanley Alternative Investment Partners, with participation from earlier backers Accel Partners, Upfront Ventures, Rincon Venture Partners, Salesforce Ventures and Stepstone. The company has now raised just north of $60 million altogether. TechCrunch has more here.

    MapD, a 2.5-year-old, San Francisco-based big data analytics platform, has raised $10 million in Series A funding led by Vanedge Capital, with participation from Verizon Ventures, Nvidia Corporation and GV. Venture Capital Dispatch has more here.

    Planday, a 2.5-year-old, Copenhagen-based workforce management software company, has raised $14 million in Series B funding led by Idinvest, with participation from SEB Private Equity, existing backer Creandum, and Booking.com co-founder Arthur Kosten. TechCrunch has more here.

    Spotify, the nine-year-old, Stockholm, Sweden-based streaming music service, has raised $1 billion in convertible debt from TPG, Dragoneer, and clients of Goldman Sachs. The WSJ has the story here.

    Wanliyun Medical Information Technology, a seven-year-old, Beijing, China-based medical imaging company, has raised roughly $35 million in funding from the business juggernaut Alibaba. TechCrunch has more here.

    —–

    New Funds

    MIT has announced the creation of a Bitcoin Development Fund to cover the salaries, travel and work costs of three leading developers of the Bitcoin Core project. Silicon Angle has much more here.

    —–

    Exits

    Ebay is acquiring Cargigi, a six-year-old, Irvine, Ca.-based company that provides advertising and marketing services on a number of popular free classified websites like Craigslist. Deal terms weren’t disclosed, though eBay described the acquisition as small. TechCrunch has more here.

    Foxconn said earlier today that it’s paying close to 389 billion yen (around $3.5 billion) for a 66 percent stake in Sharp, which is a lot less than the $6.2 billion fee that Sharp announced one month ago. TechCrunch has the story here.

    —-

    People

    Cyan Banister, a renowned angel investor and startup founder, has joined 11-year-old Founders Fund. She’s the firm’s first female investing partner. More here.

    How much Yahoo CEO Marissa Mayer may make if she gets fired.

    Meanwhile, Google CEO Sundar Pichai was paid $100.5 million for his first year at the helm. More here.

    —–

    Jobs

    First Round Capital is looking for a special projects lead to help design and execute initiatives intended to help its entrepreneurs (and other people it would like to pull into its orbit). The job is in San Francisco.

    XL Catlin, a global insurance company, is looking for a venture analyst to join its venture arm. The job is in Menlo Park, Ca.

    —–

    Data

    Venture-capital firms are raising money at the highest rate in more than 15 years, according to Dow Jones VentureSource. More here.

    —–

    Essential Reads

    Nearly a week after being silenced because the internet taught her to be racist, Microsoft’s artificial intelligence bot “Tay” briefly returned to Twitter early today, whereon she went on a spam tirade and then quickly fell silent again. More here.

    Eight things Chinese money is buying in America right now.

    —–

    Detours

    Unlocked iPhone worthless after FBI spills glass of water on it.

    —–

    Retail Therapy

    Girl with Balloon.

    Connie

  • IPO Pros Expect Window to Open in Q2

    20140630_ipo-calendar-2014Earlier today, Renaissance Capital, the IPO research firm, published a new report about the first quarter of this year, and it didn’t paint a pretty picture.

    For starters, it noted the U.S. IPO market hit the lowest levels in the first quarter since the financial crisis of late 2008. It noted that not a single deal priced outside of the health care sector (which we’d flagged in this recent story). It also noted that of the eight deals that managed to price and collectively raise $700,000 million, the companies’ performance was largely propped up by their venture backers, who bought shares during and after the IPO.

    There is, however, a silver lining. Echoing a conversation we’d had last week with another IPO expert — IPOScoop founder John Fitzgibbon — Renaissance Capital Principal Kathleen Smith tells us that a handful of pre-IPO companies could soon inject new life into the torpid IPO market. We talked this morning; our chat has been edited for length.

    Renaissance’s new report notes that healthcare IPOs have averaged a return of 20 percent so far in 2016, but it adds that that’s thanks to “substantial buying by their existing shareholders.” Is that a bad thing?

    It doesn’t mean they aren’t doing well, but it means there’s concern about their liquidity. Their tradable float is small — even smaller than their deal size would suggest.

    That’s not a brand new trend, though. Haven’t health care investors long bought up shares to keep the price of their portfolio companies from dropping until the stock becomes more liquid? 

    It has long helped to get the deals done. But we’ve seen the percentages increase quite a bit. It used to be that [VCs] would [buy up] 15 percent of the [IPO and post-IPO] shares; now it’s more like 40 percent, and I’d say it began ticking up over the last 24 months. In one recent deal, [for the gene editing company] Editas, insiders bought 67 percent of the float.

    The goal in going public is to establish a valuation publicly that either helps other companies to understand them and perhaps buy them at that accepted valuation, or to raise more money down the road, which most [biotech companies] need to do, even though most [generate] capital from the IPO.

    In the meantime, there were no tech IPOs in the first quarter. How worried should private tech investors be?

    More here.

    Connie

  • StrictlyVC: March 29, 2016

    Hi, everyone! We realize we’re a bit late in sending out SVC today; we had some technical issues this a.m.

    Hope you’re having a terrific Tuesday.:)

    —–

    Top News in the A.M.

    Dropcam cofounder Greg Duffy isn’t done putting Nest‘s Tony Fadell in his place. (We asked Nest if it wants to comment on Duffy’s specific challenge to the company. A spokeswoman said Nest will “decline commenting at this time.”)

    —–

    AND CO Raises Seed Round to Tackle Freelancers’ Tedious Tasks

    If you’ve ever  worked as a freelancer, you know the last thing you want to do — after lining up gigs, submitting your work, and reworking your project (when that last person on the client side decides he or she wants something entirely different) —  is to handle all the administrative stuff. Think invoicing. Expenses. Other paperwork.

    That’s why a year-old, New York-startup called AND CO is creating a system that does it for you, using both software and live chat support. (Every freelancer gets a personal “chief operator” during working hours.)

    AND CO was born at Prehype, a four-year-old design and incubation boutique that produces new ideas for corporate customers. Among other companies to come from its team are the subscription business BarkBox and the office cleaning and management startup Managed by Q.

    Prehype founder Henrik Werdelin is a BarkBox founder. Managed by Q cofounder Saman Rahmanian is also a partner at PreHype. Meanwhile, Leif Abraham, a former creative director who joined Prehype in 2014 and was an early employee at BarkBox, is the cofounder and CEO of AND CO. (Abraham says his cofounder, Martin Strutz, also a longtime digital creative, was “like an entrepreneur-in-residence” at Prehype.)

    AND CO, which charges a flat $60 a month, focuses largely on freelancers with project workflow, like designers, writers, and developers.

    It’s also fairly limited in what it can do — for now.

    More here.

    —–

    New Funding

    Betterment, a 7.5-year-old, New York-based startup that automates financial planning, has raised $100 million in Series E funding led by Sweden’s Kinnevik. Previous investors including Bessemer Venture Partners, Menlo Ventures, Anthemis Group, and Francisco Partners participated. The round reportedly values the company at $700 million. TechCrunch has more here.

    Figtree Financing, a five-old, San Diego-based residential financing program for cleantech products, has raised $30 million in Series A funding led by the private equity firm LL Funds. More here.

    Havenly, a two-year-old, Denver-based online interior design platform, has raised $5.8 million in additional Series A funding, bring the total round to $13.3 million. The round was led by Binary Capital with participation from Foundry Group and Chicago Ventures. TechCrunch has more here.

    Homie, a two-year-old, Salt Lake City, Ut.-based online platform that helps users buy and sell their homes, has raised $3.76 million, shows a new SEC filing. Peak Ventures announced in November that it had provided an undisclosed amount of funding to the company. More here.

    Hopper, a nine-year-old, Cambridge, Ma.-based company whose app tells travelers the best time to fly in order to find the best deals, has raised $16 million in growth funding led by BDC Capital IT Venture Fund, with participation from earlier backers OMERS Ventures, Accomplice (formerly Atlas Venture) and Brightspark Ventures. The company has now raised $38 million altogether. More here.

    Rythm, a two-year-old, Paris and San Francisco-based company that claims its still-in-prototype headset will improve sleep quality, has raised more than $11 million from private (unnamed) investors and public grants, including France’s Concours Mondial d’Innovation. TechCrunch has more here.

    Slice Labs, a six-month-old, New York-based startup that will offer insurance to on-demand workers and providers, has raised $3.9 million in seed funding from Horizon Ventures and XL Innovate. TechCrunch has more here.

    Umbo CV, a two-year-old, San Francisco-based company whose security cameras use artificial intelligence to identify suspicious activity, has raised a $2.8 million in seed funding. The round was led by AppWorks Ventures, with participation from Mesh Ventures, Wistron Corporation, and Phison Electronics. TechCrunch has more here.

    —–

    Exits

    Dating app Tinder is acquiring Humin, a  San Francisco contact management startup. Terms were undisclosed, but sources tell TechCrunch the deal was an acqui-hire. Humin had raised an undisclosed amount of Series A funding led by Sherpa Capital, shows CrunchBase. More here.

    —–

    People

    Investor Chamath Palihapitiya chats with Vanity Fair, telling the outlet, “Most of the things [VCs have] funded are mostly crap and largely worthless.”

    Man moves to San Francisco, pays $400 a month to sleep in wooden box inside friends’ living room.

    —–

    Jobs

    Longtime VC recruiter Jon Holman is doing a general partner/managing director search for a long-time player in the venture business who has raised a new fund. To apply, you have to be in the Bay Area already or have focused on Bay Area deals. Contact Holman here.

    Venture-backed Managed By Q is looking to hire a business analyst. The job is in New York.

    —-

    Data

    Renaissance Capital has just published a first-quarter IPO report and it’s not pretty. Says its research team, the U.S. IPO market “hit its lowest levels since the depths of the financial crisis in 2008/2009. Not a single deal priced outside of the health care sector, where eight deals managed to raise $0.7 billion thanks to substantial buying by their existing shareholders. The resulting low tradable float also helped to prop up performance, and IPOs averaged a return of 20 percent, even as the broader health care sector vastly underperformed major indices.” You can find the entire write-up here.

    And from Pitchbook: A look at some of the largest U.S. pension fund commitments to private equity and venture funds since 2013.

    —-

    Essential Reads

    Coming soon: 60-second videos in Instagram.

    SoundCloud just took the wraps off a new subscription audio service that puts it in head-to-head in competition with the likes of  streaming services Spotify, Apple Music and Deezer.

    —-

    Detours

    The fall of China’s hedge fund king.

    Unicorns were real, and they were real ugly, too.

    —–

    Retail Therapy

    20,000 bottles of wine,  from William Koch’s cellar.

    Connie

  • Led by Thrive Capital, a Startup Raises Seed Funding to Tackle the Tedious Stuff for Freelancers

    Teaser ImageIf you’ve ever  worked as a freelancer, you know the last thing you want to do — after lining up gigs, submitting your work, and reworking your project (when that last person on the client side decides he or she wants something entirely different) —  is to handle all the administrative stuff. Think invoicing. Expenses. Other paperwork.

    That’s why a year-old, New York-startup called AND CO is creating a system that does it for you, using both software and live chat support. (Every freelancer gets a personal “chief operator” during working hours.)

    AND CO was born at Prehype, a four-year-old design and incubation boutique that produces new ideas for corporate customers. Among other companies to come from its team are the subscription business BarkBox and the office cleaning and management startup Managed by Q.

    Prehype founder Henrik Werdelin is a BarkBox founder. Managed by Q cofounder Saman Rahmanian is also a partner at PreHype. Meanwhile, Leif Abraham, a former creative director who joined Prehype in 2014 and was an early employee at BarkBox, is the cofounder and CEO of AND CO. (Abraham says his cofounder, Martin Strutz, also a longtime digital creative, was “like an entrepreneur-in-residence” at Prehype.)

    AND CO, which charges a flat $60 a month, focuses largely on freelancers with project workflow, like designers, writers, and developers.

    It’s also fairly limited in what it can do — for now.

    More here.

    Connie

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  • StrictlyVC: March 28, 2016

    Hi, everyone, hope readers had a Happy Easter!

    It’s spring break for our kiddos this week (maybe yours, too); the newsletter may reflect the fact that they’ll be running circles around us over the next five days.

    —–

    Top News in the A.M.

    The Tesla 3 is launching this week.

    —–

    What Life Sciences VCs Got Right in This Last Boom

    It’s long been the case that life sciences investors don’t get the attention that their more traditional tech counterparts do. They’re underrepresented on lists of top investors in venture capital. They’re also remarkably underfunded, according to institutional investors (or limited partners) who back venture firms.

    It’s the “life sciences guys who are smart as hell,” says one LP who’s grown frustrated with some of the tech-focused firms he has backed because they’ve haven’t produced the cash-on-cash returns he expected, yet who’s exceedingly happy with bets on firms like Third Rock Ventures, a 10-year-old, Boston-based outfit that incubates biotech startups and which took many of those companies public before the IPO window largely slammed shut last fall.

    Taking companies public is “exactly what the tech guys should have been doing,” says this person, who represents a sizable endowment.

    Whether the LP is being completely fair is an open question. Certainly, in recent years, many more biotech startups have gone public than consumer or enterprise startups, with public investors seemingly drawn in part to unprecedented levels of innovation, including new machine therapies and other treatments for a variety of diseases that couldn’t be addressed earlier in time.

    However, even healthcare investors are quick to point out that they took so many companies public in part because they didn’t have much choice.

    More here.

    —–

    New Fundings

    Cyberpost, a young, Toronto, Canada-based online platform where “virtual mailboxes” are assigned to actual street addresses for use by marketers, has raised $1.5 million in seed funding from a group of private investors. More here.

    Emulate, a two-year-old, Boston-based company that aims to develop and sell organs-on-chips for testing drugs, has raised $28.8 million in Series B funding from earlier investors Hansjörg Wyss, NanoDimension and Cedars-Sinai Medical Center. Boston Business Journal has more here.

    FixNix, a 3.5-year-old, Bangalore, India-based governance, risk management, and compliance platform, has raised $500,000 in seed funding led by former Tesla Motors CIO Jay Vijayan, along with other, unnamed, Silicon Valley-based angel investors. YourStory has more here.

    Katerra, a six-month-old, Menlo Park, Ca.-based startup that sells design services to the construction industry, has raised $75 million as part of what looks to be an $85 million round, shows an SEC filing. More here.

    Permission Click, a three-year-old, Winnepeg, Manitoba-based digital permission slip platform that helps schools create registration forms and permission slips for field trips, fundraising programs, and more, has raised $1.75 million from investors including Friesens and Real Ventures. More here.

    Venus Medtech, a seven-year-old, Hangzhou, China-based replacement heart valve maker, has raised $37 million from Goldman Sachs, with participation from Qiming Venture Partners, Sequoia Capital China and Dinova Venture Capital. MedCity News has the story here.

    —–

    New Funds

    Founders Fund made official on Friday what had earlier this month been whispered to the New York Times. According to a new SEC filing, the 11-year-old, San Francisco-based venture firm has raised $1.27 billion for its sixth fund. More here.

    UniCredit evo, a new, $223 million joint initiative between Italian lender UniCredit and the London venture firm Anthemis Group, will invest in mid-stage fintech startups, as well as early-stage startups in Europe and North America. UniCredit is a bank with operations in 17 countries throughout Western, Central, and Eastern Europe that’s looking to ramp up the digitalization of its banking group. More here.

    Zhuang Chenchao, co-founder and former CEO of the China-based online travel giant Qunar, has started up his own venture capital fund to invest in Chinese start-ups. Financial details of the fund haven’t been reported yet. More here.

    —–

    People

    Al Jazeera Media Network has reportedly fired about 500 people, with most of the layoffs occurred at Al Jazeera’s headquarters in Doha, Qatar, the country’s capital. Al Jazeera earlier this year announced plans to shut down its U.S. operations after failing to find an audience (though it plans to open new platforms here). Fortune has more.

    Since 2014, there’ve been a dozen important departures from Verily, the life sciences subsidiary of Google parent Alphabet, and a new article in STAT suggests that Verily CEO Andrew Conrad is why. More here.

    Writer Dan Lyons documents his “year in startup hell.”

    Pandora cofounder Tim Westergren is taking over as CEO if the online radio service roughly a decade after he last ran it. The idea: the reverse its flagging stock price. Bloomberg has more here.

    Facebook CEO Mark Zuckerberg‘s “most important meeting of the day.”

    —–

    Jobs

    Venture-backed Zymergen is looking for a business development analyst. The job is in Emeryville, Ca.

    —–

    Data

    Between 2014 and 2024, the Bureau of Labor Statistics projects the first and third largest occupational jumps to be personal care aides and home health aides. In case you were wondering why HomeHero, Hometeam, and Honor have raised a combined total of $86.5 million in the last year or so. MedCity News has more here.

    —–

    Essential Reads

    Last month, hedge funds participated in the fewest number of venture capital rounds in U.S. tech companies since 2013, inking just two deals, according to research firm PitchBook Data. Even Tiger Global Management has pulled back, and smaller firms are getting out altogether.

    How Oculus cracked the impossible design of VR. (CEO Palmer Luckey hand-delivered the first edition to a surprised buyer in Alaska on Saturday, which you can see here.)

    A would-be WiFi paradise, in Sri Lanka.

    —–

    Detours

    Do you live in a bubble?

    How pushy parents ruined a giant Easter egg hunt in Connecticut yesterday.

    Fascinating maps that show the different places locals and tourists go in 19 major cities.
    —–

    Retail Therapy

    When you’re single and ready to flamingle (though we do not endorse this look).

    Connie

  • What Life Science VCs Got Right In This Last Boom

    healthcareIt’s long been the case that life sciences investors don’t get the attention that their more traditional tech counterparts do. They’re underrepresented on lists of top investors in venture capital. They’re also remarkably underfunded, according to institutional investors (or limited partners) who back venture firms.

    It’s the “life sciences guys who are smart as hell,” says one LP who’s grown frustrated with some of the tech-focused firms he has backed because they’ve haven’t produced the cash-on-cash returns he expected, yet who’s exceedingly happy with bets on firms like Third Rock Ventures, a 10-year-old, Boston-based outfit that incubates biotech startups and which took many of those companies public before the IPO window largely slammed shut last fall.

    Taking companies public is “exactly what the tech guys should have been doing,” says this person, who represents a sizable endowment.

    Whether the LP is being completely fair is an open question. Certainly, in recent years, many more biotech startups have gone public than consumer or enterprise startups, with public investors seemingly drawn in part to unprecedented levels of innovation, including new machine therapies and other treatments for a variety of diseases that couldn’t be addressed earlier in time.

    However, even healthcare investors are quick to point out that they took so many companies public in part because they didn’t have much choice.

    More here.

    Connie

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