Latest news with #PaulSciarra
Yahoo
5 days ago
- Business
- Yahoo
An early Joby Aviation backer might soon be its biggest distributor in Saudi Arabia
Joby Aviation has reached a tentative deal with investor and Saudi Arabian conglomerate Abdul Latif Jameel (ALJ) to distribute up to 200 electric aircraft valued at about $1 billion over the coming years. If finalized, the partnership could provide Joby with a fast path to monetizing its electric vertical takeoff and landing vehicles in Saudi Arabia. 'A question that folks have asked is, how are you going to monetize, and how quickly is that going to happen?' Paul Sciarra, the executive chairman of Joby's board who's most known for co-founding Pinterest, told TechCrunch. 'And I think what this shows is that with direct sales, there is a way to get to scale earlier for lower cost by thinking about distributor partners in given geographies. And this is the first of what we hope are a number of announcements on that front.' The two companies on Tuesday signed a memorandum of understanding (MoU) to explore a distribution agreement. And while an MoU is not exactly a signed and sealed deal, sources familiar with the agreement say they'll be able to share more concrete details later this year. The deal would be among the first instances of an eVTOL startup landing a distributor partner for their aircraft. Joby also plans to own and operate its own aircraft in the U.S. and other markets, and partner with airlines and other carriers in countries like Japan. Sciarra said ALJ is an ideal partner for a number of reasons, including the fact that the company's relationship with Toyota — which just closed the first $250 million tranche of its total $500 million investment into Joby — runs deep. ALJ became the exclusive distributor of Toyota in Saudi Arabia in 1955 and grew to be one of the world's largest independent Toyota and Lexus distributors. ALJ also participated in Joby's 2020 Toyota-led Series C funding round. Beyond their mutual ties, Sciarra says ALJ has 'a lot of the infrastructure on the ground, not only for the sales process, but also for the support, pilot training, and maintenance.' 'That's all going to be critical to actually making sure that the sales are not just cut, but are successful over the long arc,' Sciarra told TechCrunch. He noted that as an 80-year-old network of diversified businesses, ALJ is also close with the Saudi Arabian government and a number of potential customers, including restoration and tourism projects like the Red Sea Project and the AlUla Project. Despite the promising partnership in Saudi Arabia, Joby's go-to-market strategy will still be to launch in Dubai next year, with a U.S. market to follow. 'What this shows is how we deepen the funnel beyond some of the initial markets,' Sciarra said. 'And this sort of structure, where we find the right local partner that can help us sell and support, is going to be a way that we get to geographies that may not be first on our list, but allow us to monetize them more quickly.' Joby's deal with AFJ comes amid unprecedented levels of cooperation between the U.S. government and Saudi Arabia in the realms of AI, technology infrastructure, and energy. Last month, Saudi Arabian firm DataVolt agreed to invest $20 billion in AI data centers and energy infrastructure in the U.S., and American tech giants like Google, Oracle, Salesforce, AMD, and Uber have pledged $80 billion toward transformative technologies in both countries, according to the White House.
TechCrunch
6 days ago
- Business
- TechCrunch
An early Joby Aviation backer might soon be its biggest distributor in Saudi Arabia
Joby Aviation has reached a tentative deal with investor and Saudi Arabian conglomerate Abdul Latif Jameel (ALJ) to distribute up to 200 electric aircraft valued at about $1 billion over the coming years. If finalized, the partnership could provide Joby with a fast path to monetizing its electric vertical takeoff and landing vehicles in Saudi Arabia. 'A question that folks have asked is, how are you going to monetize, and how quickly is that going to happen?' Paul Sciarra, the executive chairman of Joby's board who's most known for co-founding Pinterest, told TechCrunch. 'And I think what this shows is that with direct sales, there is a way to get to scale earlier for lower cost by thinking about distributor partners in given geographies. And this is the first of what we hope are a number of announcements on that front.' The two companies signed a Memorandum of Understanding to explore a distribution agreement Tuesday. And while an MoU is not exactly a signed and sealed deal, sources familiar with the agreement say they'll be able to share more concrete details later this year. The deal would be among the first instances of an eVTOL startup landing a distributor partner for their aircraft. Joby also plans to own and operate its own aircraft in the U.S. and other markets, and partner with airlines and other carriers in countries like Japan. Paul Sciarra, executive chairman of Joby's board and co-founder of Pinterest, said ALJ is an ideal partner for a number of reasons. First, the company's relationship with Toyota – which just closed the first $250 million tranche of its total $500 million investment into Joby – runs deep. ALJ became the exclusive distributor of Toyota in Saudi Arabia in 1955 and grew to be one of the world's largest independent Toyota and Lexus distributors. ALJ also participated in Joby's 2020 Toyota-led Series C funding round. Beyond their mutual ties, Sciarra says ALJ has 'a lot of the infrastructure on the ground, not only for the sales process, but also for the support, pilot training, and maintenance.' Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW 'That's all going to be critical to actually making sure that the sales are not just cut, but are successful over the long arc,' Sciarra told TechCrunch. He noted that as an 80-year-old network of diversified businesses, ALJ is also close with the Saudi Arabian government as well as a number of potential customers, including restoration and tourism projects like the Red Sea Project and the AlUla Project. Despite the promising partnership in Saudi Arabia, Joby's go-to-market strategy will still be to launch in Dubai next year, with a U.S. market to follow. 'What this shows is how we deepen the funnel beyond some of the initial markets,' Sciarra said. 'And this sort of structure, where we find the right local partner that can help us sell and support, is going to be a way that we get to geographies that may not be first on our list, but allow us to monetize them more quickly.' Joby's deal with AFJ comes amid unprecedented levels of cooperation between the U.S. government and Saudi Arabia in the realms of AI, technology infrastructure, and energy. Last month, Saudi Arabian firm DataVolt agreed to invest $20 billion in AI data centers and energy infrastructure in the U.S., and American tech giants like Google, Oracle, Salesforce, AMD, and Uber have pledged $80 billion toward transformative technologies in both countries, according to the White House.
New York Times
09-05-2025
- Business
- New York Times
Pinterest Settles Lawsuit From Female ‘Co-Creator' for $34.7 Million
Pinterest recently agreed to pay $34.7 million to settle a lawsuit from an early adviser who claimed she had co-created the platform without compensation. Christine Martinez, 44, who was a friend of Ben Silbermann and Paul Sciarra, two of Pinterest's three co-founders, sued the company in 2021 for breach of implied contract, idea theft, unjust enrichment and unfair business practices. She said she came up with many ideas for the app — like organizing images on 'boards' — but was never paid for her contributions, despite promises she would be. Pinterest, a virtual pinboard company that has many female users, disclosed the settlement with Ms. Martinez in a November 2024 financial filing. 'No one wants to find themselves in the litigation process, and I'm just really, really excited and frankly just relieved to be past it,' Ms. Martinez said in an interview on Friday. 'Ms. Martinez provided beneficial marketing and community growth input and strategies during the early phase of Pinterest's founding,' according to a statement that was part of the settlement, which was provided by Ms. Martinez. 'The parties are pleased to amicably resolve this legacy matter.' Pinterest declined to comment. The settlement follows a series of complaints and legal disputes against Pinterest by some of its female employees and executives. In 2020, Pinterest paid $22.5 million to settle a gender discrimination suit filed by Françoise Brougher, its former chief operating officer, who said she was fired after experiencing sexist treatment at the company. That same year, more than 200 employees signed a petition demanding the company change its policies after three former workers accused Pinterest of racial and sex discrimination and retaliation. Mr. Silbermann, who was Pinterest's chief executive, left that role in 2022. Ms. Martinez, who had a background in e-commerce and interior design, claimed in her lawsuit that Mr. Silbermann and Mr. Sciarra sought her advice for the company that became Pinterest a year before it was founded in 2010. She said she came up with the idea for the picture boards and the platform's signature 'Pin it' phrase, and also helped persuade top design and lifestyle bloggers to use and promote the site. A portion of Pinterest's programming code was named after her in homage, according to the lawsuit. She never signed a formal contract with Pinterest, but it was implied she would eventually be compensated, she said. Pinterest went public in 2019 and has a market capitalization of more than $18 billion. Ms. Martinez is now a board member and strategic adviser for Jingo, an online A.I. shopping platform that caters to women.
