VNTR Capital News April 7, 2024 – News, Events, VC Reads
Venture Capital, Web3, and Private Equity – April 7 News, Events, and VC Reads
Hello friends,
Happy Sunday!
VNTR Capital Newsletter is delivered to 80k+ investors weekly to share the latest news, events, and articles from the global VC and startup ecosystem.
Scroll down for VNTR Capital Community News, Upcoming Events, and VC News/Reads.
VNTR CAPITAL COMMUNITY NEWS
Spotlight
VNTR Club — We would like to announce that we launched VNTR Club, an exclusive membership for active investors and corporate partners who leverage VNTR to grow, learn, and co-invest. VNTR Club will be accepting a limited number of members each month in order to deliver superior onboarding and service to our new Club members while connecting them with existing VNTR Club members and the global VNTR Community. We're pleased to extend the invitation to 15 new members to join the VNTR Club Membership in April, each month we will expand the quote as we grow our team:
VNTR PRO Club Membership (10 spots available in April, 2 joined already), book intro call with Robert.
VNTR GP Club Membership (3 spots available in April, 1 joined already), book intro call with Julie.
VNTR Corporate Club Membership (2 spots available in April, 1 joined already), book intro call with Lukas.
VNTR Supercars Road Trip Dubai — Last chance to join us at the VNTR Rally on April 19-21 in Dubai in partnership with Perfect (use "VNTR" to activate your membership). We will travel together from Dubai to RAK to Fujairah, enjoy interactive bonding activities, and create strong relationships with VNTR members. Apply to join
VNTR Syndicate — We announced a new secondary deal available to VNTR members who can join the growth stage companies and top VC funds with small checks from $10k. Join the VNTR syndicate via the VNTR Platform.
Coming 2 weeks:
Paris — April 10 VNTR Investors Roundtable Paris, an official side event to Paris Blockchain Week (get 15% off using VNTR15, 3 free tickets for 3rd Day to join Founders & Investors Day - April 11th by v3ntures) in partnership with Stellar Enterprise Fund.
Munich — April 12 VNTR Investors Breakfast Munich will gather our Munich chapter members.
Rio De Janeiro — April 17 VNTR Investors Roundtable Rio, a side event to Web Summit RIo in partnership with Pulsar and B Venture Capital.
Dubai — We are hosting 3 official side events for Token2049 Dubai (sold out):
April 18 VNTR Family Office Workshop: Insights into investments into Digital Assets and trends.
April 19 VNTR Investors Roundtable Dubai, our flagship event in partnership with Stellar Enterprise Fund.
April 19-21 VNTR Supercars Rally Dubai, a 2-day road trip to create strong relationships with VNTR Club members.
Riga — April 18 VNTR Investors Roundtable Baltics, official side even to Tech Chill (20% Discount using VNTRxTechChill24) and Baltics Chapter launch.
Miami — April 19 VNTR Investors Roundtable Miami, a side event to eMerge Americas in partnership with E-PR.
Thank you to our Partners:
The Stellar Enterprise Fund is a venture-style fund that expands the open-source Stellar network. We at the Stellar Development Foundation invest in companies transforming the future of everyday financial services through Web3 innovation. We are fierce advocates of blockchain technology potential.
Perfect is a Personal Lifestyle app that helps you Book your flights, hotels, and supercars for the VNTR Rally. Empower your routine with integrated GPT technology for seamless access to luxury services and an effortless lifestyle. Enjoy personalized assistance with tasks, errands, and reservations, freeing time for what truly matters. Join Perfect using "VNTR" code to get special discounts and VNTR experiences. Use Perfect via iOS, Android, WhatsApp or Telegram.
Upcoming VNTR Events:
April 22 VNTR Investors Roundtable Silicon Valley (Startup Grind Conference)
April 24 VNTR Investors Roundtable Bangkok (Money 20/20 Asia)
April 28 VNTR Investors Roundtable Bali (Uncoference Bali)
April 30 VNTR Investor Breakfast London
May 7 VNTR Investors Roundtable Dubai (Dubai FinTech Summit)
May 16 VNTR Investors Roundtable Jakarta (World Finance Forum)
May 21 VNTR Investors Roundtable Auckland (New Zealand Techweek)
May 23 VNTR Investors Roundtable Paris (Viva Technology Paris)
May 30 VNTR Investors Roundtable Paris (CC Forum)
More events available on the VNTR Platform
Reach out to Lukas to sponsor VNTR events or join VNTR Corporate Membership.
Follow us on Social media: Instagram, LinkedIn, Facebook, Flickr, and Twitter.
UPCOMING VC EVENTS
April 8-12 Paris Blockchain Week, Paris, France (15% Discount using VNTR15)
April 10 Empire Fintech Conference, NY, USA
April 15-16 Blockchain Life, Dubai, UAE (10% Discount using VNTR)
April 15-18 Web Summit Rio, Rio De Janeiro, Brazil
April 16-17 Global Blockchain Show, Dubai, UAE
April 16-18 0100 Conference, Amsterdam, Netherlands
April 17-19 TechChill, Riga, Latvia (20% Discount using VNTRxTechChill24)
April 18-19 Token2049, Dubai, UAE (10% Discount using VNTR10)
April 18-19 EmergeAmericas, Miami, USA
April 19-21 VNTR Supercars Rally Dubai
April 23-25 Money 20/20 Asia, Bangkok, Thailand
April 23-24 Startup Grind Conference, Redwood City, USA (20% Discount using VNTR)
April 27-28 Unconference Bali, Indonesia
April 29-30 AIM Summit, London, UK
May 6-7 Dubai FinTech Summit, Dubai, UAE
May 7-9 FinTech Americas, Miami, USA
May 9-10 EU Startups Summit, Malta
May 13-15 Podim 2024, Maribor, Slovenia
May 15-16 Next Block Expo
May 15-16 Echelon by E27, Singapore
May 15-16 SusHi Tech Tokyo, Japan
May 20-21 SALT iConnections New York, USA
May 20-26 New Zealand Tech Week, Auckland, NZ
May 22-25 Viva Technology, Paris, France
May 27-31 CC Forum, Paris, France (20% Discount using CCFPVNTR20VIP, or free using CCFPVNTRSTANDARD)
May 29-31 Consensus, Austin, UAE
May 29 -31 Gitex Africa, Morocco (Free for VNTR investors)
June 5-7 South Summit, Madrid, Spain
June 5-11 WEB3FEST, Zurich/Zug, Switzerland
June 17-20 Collision Conf, Toronto, Canada
June 22-23 DeGameFi, Tbilisi, Georgia
July 10-11 World Business Forum, Singapore
If you would like to submit VC-related events, please respond to this email or Telegram @byuric
Check out VNTR Capital upcoming events
VC Reads and News
View curated VC news and articles on the VNTR Platform
Global Venture Funding In Q1 2024 Shows Startup Investors Remain Cautious
The first quarter of 2024 was the second-lowest on record for global startup funding since the beginning of 2018, according to an analysis of Crunchbase data. Global venture funding reached $66 billion in the first quarter, up 6% quarter over quarter but down 20% year over year, Crunchbase data shows. The lowest in the past six years was the previous quarter, Q4 2023. While funding amounts for the most recent quarter will increase a bit over time as data is added and reviewed, the overall investor outlook remains cautious.
The 18 most interesting startups from YC’s Demo Day show we’re in an AI bubble
Springtime means rain, the return of flowers and, of course, Y Combinator’s first demo day of the year. During the well-known accelerator’s first of two pitch days from the Winter 2024 cohort, a covey of TechCrunch staff tuned in, took notes, traded jokes and slowly whittled away at the dozens of presenting companies to come up with a list of early favorites.
AI was, not shockingly, the biggest theme, with 86 out of 247 companies calling themselves an AI startup, but we’re reaching bubble territory given that 187 mention AI in their pitches.
VC-backed IPOs leave Europe behind
"Barely into the second quarter, the US has already lined up the next big tech IPO.
Cybersecurity startup Rubrik filed to go public in New York earlier this week, hot on the heels of the successful debuts of Reddit and Astera Labs. While analysts still expect a quiet year for IPOs in the US, the trio of listings suggests that public market investor sentiment toward tech companies is beginning to thaw. But not in Europe. Not a single high-profile VC-backed company has gone public or even announced intentions to list in Europe this year. Even those looking to list are opting to go elsewhere, including Klarna, which has chosen the US for its upcoming IPO."
First Cut - State of Private Markets: Q1 2024
Every quarter, Carta releases information on the startup ecosystem in our State of Private Markets report. It can take a few weeks for rounds to be recorded on our platform, so we produce a full analysis after we get the final numbers.
However, we publish a “first cut” of data as close to the end of the quarter as possible. This initial analysis focuses on round valuations and cash raised across the venture stages.
Fintech funding slows to the lowest level since 2017
When it comes to funding, the fintech sector didn’t have a very good start to the year. Fintech funding slid by 16% quarter-over-quarter during the three-month period, according to CB Insights’ Q1 2024 State of Venture Report. But even more troubling than the double-digit dip was the fact that the $7.3 billion raised globally by fintech startups in the three-month period marked the lowest level the sector has seen since early 2017, according to the report. Notably, CB Insights counted Flexport’s $260 million convertible note as a fintech deal because the company “offers trade finance and cargo insurance.” Some might argue that Flexport is not a true fintech company because many companies offer some sort of finance, payments or insurance as part of their offering. Removing that round from this count, funding was just over $7 billion.
Building the Open Metaverse with 500+ Web3 Investments with Robby Yung
Robby Yung is the CEO at Animoca Brands, a leader in blockchain games and one of the most active investors in Web3, with portfolio of products and investments including The Sandbox, Quidd, Axie Infinity, OpenSea, Dapper Labs, Yield Guild Games, Alien Worlds and many others. Robby is leading investments in Web3 projects to advance the digital property rights that will help to build the open metaverse.
The 10 Biggest Rounds Of March: Wonder, Biotech Headline Big Month
Wonder’s big $700 million raise may have captured most people’s attention last month, but the story when it came for large deals was really biotech. That sector saw seven of the rounds on this list. Those rounds alone totaled nearly $1.5 billion. That makes it quite the month for startups looking to develop drugs and therapies for all that ails us.
Fintech regains top spot and UK maintains its crown: March’s early-stage funding wrapup
Deal activity for Europe’s early-stage startups was flat month-on-month in March.
VCs invested €1.2bn spread across 336 pre-seed, seed and Series A rounds last month — flat compared to February’s figures, according to Dealroom data.
Overall funding at those stages last month was down 14% on March 2023, when investors dished out €1.4bn to 621 pre-seed, seed and Series A startups. It’s worth noting that because of a reporting lag, this year’s numbers are likely to climb a bit further.
The startup fundraising squeeze could persist as VCs struggle to refill their own coffers
Many startups are hoping that the gradual opening of an IPO window and the prospect of interest rate cuts later this year will finally encourage VCs to be less stingy with their capital. But it’s unlikely that startups’ fundraising slog will become much easier soon, mostly because of venture capitalists’ own capital-gathering challenges. In Q1, U.S. VC funds raised only $9.3 billion, according to PitchBook data. At this pace, VC fundraising will end 2024 at just above $37 billion, the lowest capital raised since 2013 and a 54% decline from last year.
How To Scale Your Startup Sustainably Rather Than Chase Growth At All Costs
Global startup investment in 2023 declined significantly, falling 38% year over year to just $285 billion. Despite the funding challenges, many business leaders remain eager to grow and scale their companies in 2024. One study shows more than 50% of founders and CEOs maintain confidence in their ability to grow their companies regardless of global macroeconomic conditions. This optimism is truly inspiring. As a founder who steered his company to $50 million in annual recurring revenue, I want to share some insights that proved helpful during trying times.
The Baltics’ fastest-growing startup teams
The tiny Baltic states are well known for punching well above their weight in the global startup race. There’s Estonia — the home of Skype, Wise and Bolt — which has traditionally taken top spot in Europe when it comes to the number of startups per capita. But two of its neighbours, Lithuania and Latvia, are quickly catching up, making the whole region an interesting target for international investors. In 2023, Baltics startups raised $517m, according to Dealroom; a 70% decrease from 2022 as the region, like every other corner of Europe, has been facing economic recession and high inflation rates.
The Unseen Side Of Leadership: Navigating The Solitude Of CEO Life
Being a CEO often conjures up images of success, optimism and authority, with many envisioning a leader who is always in control, highly respected and financially successful. However, my experience as a former entrepreneur and strategic adviser working closely with many CEOs on a daily basis paints a somewhat different picture. In reality, the role of a CEO can be incredibly isolating. Unlike employees who share camaraderie and casual coffee breaks with peers, a CEO’s position is unique.
19 AI healthtechs to watch, according to VCs
Staff shortages, growing (and ageing) populations, as well as outdated legacy operating systems, are putting healthcare systems across the globe under increasing pressure — but as the problems become more acute, industry watchers think the rise of AI could offer a helping hand.
In some cases, it already is. Startups in Europe are deploying AI-powered tools across a range of use cases, from helping doctors work out how to treat patients and reduce burdensome admin tasks to speeding up drug discovery pipelines and treating mental health with AI chatbots.
For Crypto, the Global Regulatory 'Olympics' Has Already Begun
This summer, athletes from around the world will meet in Paris for the Olympic Games. One competition is the pentathlon, in which athletes compete in four distinct contests: swimming, fencing, riding and running and shooting. It’s a test of strength, agility and speed. Among financial jurisdictions there’s a similar sort of multidisciplinary competition already underway. In this race, however, jurisdictions are competing for the prize of becoming capital to the next generation of financial services: tokenized finance operating in open and decentralized systems. Like the pentathlon, the winners will demonstrate an ideal blend of strength, agility and speed.
3 charts that explain Tiger Global’s downsized $2.2B fund
Tiger Global closed its latest venture capital fund with $2.2 billion, its smallest in a decade and the latest sign of shrinking ambitions among large investors. The New York-based asset manager, which led a charge into high-priced startups in 2021, launched Private Investment Partners 16 with a $6 billion target in 2022, as a market correction was getting underway. The fund’s predecessor closed with $12.7 billion in 2022. Tiger’s downsized ambitions come at a time of strain for limited partners, whose VC bets have returned little cash due to a lack of IPOs. The smaller fund also reflects declining capital requirements for growth-stage investing.
Crypto VC funding breaks 2-year downturn in Q1 2024
Venture capital funding flowing to the crypto space showed a positive shift in the first quarter of 2024, breaking a two-year slump. Data analysis platform Crypto Koryo posted a report on X, highlighting that the total amount invested and the number of projects that received VC funding have increased since Q4 2023. The platform noted a 38% increase in the funds invested in the quarter.
Bets from big global VC firms fall 80% in India in 2023 amid funding winter
Investments from large foreign investors, like Accel, Peak XV Partners, Tiger Global, and Softbank, fell by as much as 80 per cent on average in 2023, amid the Indian startup ecosystem’s so-called funding winter. Regardless, many of them say they are very bullish on the Indian market and are looking to ramp up their investments this year. Over the past two years, these large global venture capital (VC) firms have seemingly been pulling out of the Indian market. This is especially alarming given that foreign investments make up a sizable chunk of overall funding in India.
Market Map: Tracking the shifting momentum in healthcare services
Healthcare services has experienced a shift in momentum amid economic challenges, including labor shortages. Quarterly deal activity has ticked downward but remains in line with pre-pandemic trends, according to PitchBook’s Q4 2023 Healthcare Services Report. Healthcare services companies accounted for 20% of leveraged loan defaults in 2023, another sign of stress in the category. But interest rate cuts should help to spur deal activity in the second half of 2024, according to PitchBook lead healthcare analyst Rebecca Springer.
As Funding Fell, So Did The Number Of New Female-Founded Unicorn Startups
With venture investment levels falling over the past two years, fewer new companies are crossing the $1 billion “unicorn” valuation threshold. The number of new female-founded unicorns, in particular, has dwindled sharply. Per Crunchbase data, just seven U.S. companies with female founders joined the unicorn club in 2023 and 2024. That’s a precipitous decline from the peak year of 2021, when dozens of female-founded American companies met or exceeded the $1 billion level for the first time, amid a global boom for the category.
Big Tech companies form new consortium to allay fears of AI job takeovers
AI might not be coming for all jobs, but it might be coming for some.
UPS’s largest layoff in its 116-year history was the result of, in part, new technologies, including AI, CEO Carol Tomé said during an earnings call in February. Meanwhile, IBM plans to pause hiring for roles it thinks could soon be automated by AI, CEO Arvind Krishna told Bloomberg last year.
Workers aren’t optimistic about the future. In a recent survey from McKinsey, 25% of business professionals said that they expect their employer to lay off staff as a result of AI adoption. And, well, their pessimism isn’t misplaced. According to one estimate, around 4,000 workers have lost their jobs to AI since May. And in a poll from Beautiful.ai, which makes AI-powered presentation software, nearly half of managers said that they’re hoping to replace workers with AI.
PE sees potential resurgence in beauty deals
Recent deals in the beauty industry may lead private equity owners to consider exiting mature portfolio companies in the sector. “Private equity firms have been holding onto their beauty assets for a while,” said Kenneth Wasik, managing director and leader of the consumer and retail practice at middle market bank Capstone Partners. “But now that multiples have been reestablished, sponsors and private owners are now beginning to sell and more growth in M&A can be expected.” Monogram Capital Partners agreed Tuesday to acquire a majority stake in Tru Fragrance & Beauty, which operates and owns or licenses fragrance and beauty brands.
Old Dogs Can Inspire New Business Models
People with puppies are tired. People with senior dogs are broke. That, in oversimplified terms, is a pretty consistent anecdotal finding among pet owners. As furry friends age, their people face the prospect of costly vet bills, chronic health conditions to manage, and constant worry about their companions’ well-being. Given how much spending on pets occurs in their senior years, it’s not surprising to see startups conceived around the needs of older animals. Dogs — the world’s most popular housepets — have so far been the primary focus.
Cultivating Diversity, Inclusion and Humanity in the Crypto Community
The crypto community is an incredible one – composed of some of the most genius, disruptive, category-creating technologists, innovators, and evangelists in the world. I feel honored to work alongside some of these gifted founders and investors as they work (as we say at CoinFund) to build the new internet. But despite how promising our industry has become, I’m worried.