THE NEWS WRAP: VC firm Accel and drone company DJI partner for investment fund

Venture capital firm Accel and drone company DJI are partnering to create an investment fund focused on the drone industry, Re/code reports.

DJI chose Accel to lead its recent $75 million investment round, which valued the company at $8 billion, partly because the venture capital firm agreed to work with it to create such a fund.

There is no indication of how much money Accel intends to raise for the fund. DJI communications manager Michael Perry told Re/code more will be revealed about the partnership in two or three weeks.

Yelp could be sold

Consumer reviews website Yelp has been working towards a potential sale, The Wall Street Journal reports.

It’s expected the company could fetch more than $3.5 billion. However, a deal won’t be concluded anytime soon, and there’s a chance Yelp might decide against it.

Fitbit files for IPO

Fitness tracking technology maker Fitbit has filed for a $100 million IPO on the New York Stock Exchange, Fortune reports.

That $100 million figure is a placeholder rather than the amount the company plans to raise. Fitbit reported almost $132 million in net income on $745 million in 2014.

Overnight

The Dow Jones Industrial Average is up 82.08 to 17,924.06. The Australian dollar is currently trading at US79 cents.

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