VNTR Capital News August 13, 2023 – News, Events, VC Reads
Venture Capital, Web3, and Private Equity – August 13 News, Events, and VC Reads
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Happy Sunday!
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VNTR CAPITAL COMMUNITY NEWS
Spotlight
VNTR 1-on-1 Speed Networking Event — Grow your co-investors network at the VNTR Investors Speed Networking event on Sep 6 with VNTR members, where you can build valuable new connections. To participate, apply on the VNTR Platform.
VNTR Chapter Director program — Join the VNTR team to build VNTR Investors Membership in tech hubs globally and build a secure community for VCs, angel investors, family offices, crypto investors, and CVCs. You can learn more about the VNTR Chapter Director role and apply here.
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Upcoming
Santa Cruz Bolivia — This week, we will host our first event in South America, VNTR Roundtable Santa Cruz Bolivia, on Aug 16 as a side event to VCiLAT (free access to VNTR members).
Toronto — VNTR Toronto Chapter will host the second roundtable on Aug 16 as a side event to Blockchain Futurist Conference (40% off with VNTR40)
Bali — VNTR Bali Chapter will host its first event on Aug 25 to connect investors at Coinfest Asia (10% off with VNTR10).
Seoul — We are returning to Seoul for the first VNTR Investors Roundtable on September 6th to kickstart VNTR Chapter Seoul during Korea Blockchain Week.
Singapore — Our flagship event in South East Asia is on Sep 14 in Singapore (official side event to Token2049, 10% Off with VNTRCAPITAL) and will feature a keynote speaker and 4 presenting partner companies. One slot is still available; apply to present.
Zug — The first Venture Capital Investors Roundtable in Zug is on Sep 15 during Crypto Valley and Crypto Oasis Ecosystem Festival.
Thank you to our Partners:
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Upcoming VNTR Capital events:
Sep 6 VNTR Speed Networking (Online)
Sep 14 VNTR Investors Roundtable Singapore (During Token2049)
Sep 15 Venture Capital Investors Roundtable Zug (During Ecosystem Festival)
Sep 20 VNTR Investors Roundtable San Francisco (During TechCrunch Disrupt)
Sep 25 VNTR Investors Roundtable Munich (During Bitz & Pretzels)
Oct 5 VNTR Investors Roundtable London (During Sifted Summit)
Oct 8 VNTR Investors Roundtable Tbilisi (During DeGameFi)
Oct 17 VNTR Investors Roundtable Dubai (During GITEX Global and Expand North Star)
Oct 18 VNTR Investors Roundtable New York (During NY Tech Week)
Oct 19 VNTR Investors Roundtable Lisbon (During Block3000)
Oct 23 VNTR Investors Roundtable Las Vegas (During Money20/20)
Oct 25 VNTR Investors Roundtable Barcelona (During European Blockchain Week)
Nov 14 VNTR Investors Roundtable Lisbon (During Web Summit)
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UPCOMING VC EVENTS
Aug 15-16 Blockchain Futurist Conference, Toronto Canada (40% off with VNTR40)
Aug 16-18 VCiLat, Santa Cruz De La Sierra, Bolivia (free passed for VNTR Members)
Aug 24-25 Coinfest Asia 2023, Bali (10% off with VNTR10)
Sep 1-5 IFA Berlin. Germany
Sep 4-5 Seamless, Riyadh, Saudi Arabia
Sep 6-7 DLD, Munich, Germany
Sep 12-17 Crypto Valley and Crypto Oasis Festival, Zug / Zurich, Switzerland
Sep 12-14 Dreamforce, San Francisco, USA
Sep 12-19 Berlin Blockchain Week, Berlin, Germany
Sep 12-13 MoneyLive Asia, Singapore
Sep 12-14 Glendale Tech Week, LA, USA
Sep 13-14 Token2049 Asia, Singapore (10% off with VNTRCAPITAL)
Sep 18-19 IPEM Paris, France
Sep 19-21 TechCrunch Disrupt 2023
Sep 19-22 Super Return Asia, Singapore
Sep 20-21 DMEXCO, Cologne, Germany
Sep 21-22 Metaverse Summit, Paris, France
Sep 21-23 TechSparks 2023, Bengaluru, India
Sep 24-26 Bits and Pretzels, Munich, Germany
Sep 26-28 Meridian by Stellar, Madrid, Spain
Sep 26-28 Mobile World Congress, Las Vegas, USA
Sep 27-30 Monaco Yacht Show, Monaco
Oct 3-4 CV Summit, Zug, Switzerland
Oct 4-5 Sifted Summit, London, UK
Oct 5-6 Zebu Live, London, UK
Oct 7-8 DeGameFi, Tbilisi, Georgia (10% off VIP passes with VNTRVIP10)
Oct 8-9 Wow Summit, Dubai, UAE
Oct 15-18 Expand North Star Dubai Harbour, UAE
Oct 16-20 GITEX Global, Dubai, UAE
Oct 16-22 NY Tech Week, New York, USA
Oct 20-23 Plan B Forum, Lugano, Switzerland
Oct 22-24 Money 20/20, Las Vegas, USA
Oct 24-26 Digital Nigeria, Abuja, Nigeria
Oct 24-25 Blockchain Life 2023, Dubai, UAE
Oct 30-Nov 3 Solana Breakpoint, Amsterdam, Netherlands
Oct 30-Nov 5 Hong Kong FinTech Week, Hong Kong
Nov 7-10 Nearcon, Lisbon, Portugal
Nov 11-12 Australian Crypto Convention, Melbourne, Australia
Nov 13-16 Web Summit, Lisbon, Portugal
Nov 13-17 AIBC Europe, Malta
Nov 14-16 SALT iConnections Asia, Singapore
Nov 15-17 Singapore Fintech Festival, Singapore
Nov 30-Dec1 SLUSH, Helsinki, Finland
Dec 4-5 Next Block Expo, Berlin, Germany
Dec 4-8 West Tech Fest, Perth, Australia
Dec 8-10 Art Basel, Miami, USA
If you would like to submit VC-related events, please respond to this email or Telegram @byuric
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Check out VNTR Capital upcoming events
VC Reads
The Week’s 10 Biggest Funding Rounds: Neuralink Connects With $270M, Biotech Goes Big Again
Although much of the talk this week was about a big raise for a big brain-implant startup, biotech actually ruled. Three of the top five rounds went to biotech firms, with the rare big cyber insurance raise also in the mix. However, after only a handful of really big rounds, dollar size for raises dropped off quickly.
Investors deal out tough love to founders at secondary auctions
In 2021, founders got love-bombed. Now, they're being crushed by the harsh reality of valuation markdowns on the secondary market and a flipped negotiation table where investors have more leverage than at any time in the past decade. A practice that was previously common at the height of the 2021 bubble—founders selling shares as secondaries to get some liquidity—has all but ceased. "When times are really good, like in 2021, it was a lot easier for a founder to say, 'We're going to raise $150 million—and by the way, [$30 million] of that is going to go toward liquidity for me and my co-founder,' " Phil Haslett, founder of EquityZen, said. Negotiations on company boards now look very different.
Web3 Gaming Innovation with Fred Antunes
Watch the recent interview about Web3 Gaming with Fred Antunes, CEO at RealFevr at the YouTube Show “Web2+1 with Violetta Chekan”. RealFevr combines Web3 sports gaming with digital collectibles, which feature superstars like Bruno Fernandes, Cristiano Ronaldo, Iker Casillas, Ronaldinho, and many others. Fred shared his lessons learned and the best advice on how to build Web3 gamified ecosystems.
Global Venture Funding In July Was Second-Lowest This Year As Seed Startups Are Hit Hard
Global venture funding in July 2023 was the second-lowest monthly total since the reset began more than a year ago, Crunchbase data shows. With the slowdown now in its fourth or fifth quarter, it increasingly looks like the startup ecosystem is undergoing a top-to-bottom reset, from seed through late-stage startups and all the way to the investors that back them.
Global venture funding in July 2023 totaled $18.6 billion — down about 20% month over month, and 38% compared to the $29.8 billion invested in July 2022.
SEC decision on Bitcoin ETFs won’t leave out Wall Street giants
The Securities and Exchange Commission’s (SEC) delay in deciding whether to approve a spot Bitcoin exchange-traded fund (ETF) in the United States is fueling expectations that a final verdict will come in a batch that includes key players on Wall Street, including BlackRock and Fidelity. “There’s a tremendous amount of pressure on the SEC to approve a number of these ETFs, particularly because the approved Futures backed products are lagging spot performance substantially, harming investors,” markets veteran and co-founder of CoinRoutes Dave Weisberger told Cointelegraph, adding that all pending applications will likely be included in a final decision. The SEC is analyzing a total of eight applications for a spot Bitcoin ETF, following past delays and denials of the crypto product in recent years. Companies up for a decision are ARK Invest and 21Shares, Bitwise, BlackRock, VanEck, WisdomTree, Invesco and Galaxy Digital, Fidelity, and Valkyrie. Together, the firms manage over $15 trillion in global assets.
Are ‘Platform’ Teams The Key To VC Success In Down Markets?
If you look around, it’s clear that waves of layoffs have been hitting the tech industry at companies large and small. And the impact hasn’t been isolated to the companies themselves. Venture capital firms have also been cutting back and raising smaller funds in an attempt to refocus their strategies, and in some cases failing to raise. This pullback follows the longer-than-a decade run-up in venture capital as startup valuations ballooned and venture funds grew (both in size and in total number), and firms ramped-up hiring to deploy and manage the capital. During this time of growth, the fastest-growing function within VCs was “platform,” defined as the collection of roles focused on specific non-investment functions, like community building, fund operations, marketing and business development.
The Future of VC
Venture capital (VC) has played a pivotal role in funding innovation and high-growth startups over the past decades. However, the industry is now facing winds of change.
Venture Capital Firms (VCs) play a critical role by aggregating funds from their pool of investors and funneling these resources towards entrepreneurs with promising and innovative proposals. This symbiotic relationship allows investors to potentially achieve returns that surpass those of equivalent public markets, while simultaneously enabling startups to secure the necessary capital to cultivate and bring their novel business ideas to fruition.
As generalist VCs slow their B2C bets, where is European consumer tech headed?
European tech has traditionally been better known for its consumer successes — Skype, Spotify, Zalando — than for companies catering to other businesses. But that balance has shifted in recent years. In 2021, the number of B2B (business-facing) unicorns overtook the number of B2C (consumer-facing) unicorns for the first time ever in the region, according to Atomico’s State of European tech report. The funding gap between the two groups is also widening. In 2017, for every $1 invested in B2C companies, B2B companies got $1.60; in 2023, it’s $1 to $2.33, Dealroom data shows (keeping in mind that some companies do both). Now, generalist VCs — who dipped their toes into consumer bets like speedy grocery and expensive e-bikes during the boom days of 2021 — are pulling back amid economic uncertainty, and some traditional consumer funds are broadening their scope. So, what’s next for the sector?
Chinese Startup Investors Are Stepping Up With Capital As American VCs Retreat
U.S. venture investors had already pulled back from China before President Joe Biden on Wednesday signed an executive order aimed at curbing American investment in sensitive technologies developed by its biggest global rival. At the same time, China-based investors have kept their investment pace in the country steady since 2021. That’s according to Crunchbase data, which shows U.S. startup investors are on pace to make only about half as many investments into Chinese companies as they did in 2022, which was already down significantly from 2021. The most active U.S. startup investor in China since 2021 is GGV Capital, according to Crunchbase. The Menlo Park, California-based firm has participated in 75 investment deals since 2021, leading 28 of them. But only four of those deals have been this year. The firm has invested in Chinese ride-hailing unicorn Didi, electric-vehicle maker Xpeng Motors, and data analysis company Sensors Data, among its hundreds of investments in Chinese companies.
European startup bankruptcies lie low while new company creation stalls
VC-backed bankruptcies in Europe remain low this year, but increasing pressure on venture investments has slowed first-time financings. Some 156 VC-backed companies have filed for bankruptcy since the beginning of the year, according to PitchBook data. If that pace holds, the annual total will fall below 2022's figure. The slowdown in VC investments that began last year caused some concern that companies faced with rising operating costs would begin to run out of money, but the increase in bankruptcies has yet to materialize. Many startups have likely staved off failure by focusing on extending runways by cutting costs—including layoffs. VCs have also prioritized follow-on investments in existing portfolio companies.
The civil rights movement comes to venture capital
For the last year and a half, there is only one point I’ve sought to make with my venture coverage: that the industry is not separate from sociopolitical context. That the tech industry and its backers are not separate from the economic fabric of this nation and the mores of our society. This became evident when the American Alliance for Equal Rights (AAER) announced last week that it was suing Fearless Fund. The AAER was launched by Edward Blum, the man who helped overturn affirmative action, alleging that its race-conscious policies discriminated against Asian Americans. AAER is accusing Fearless Fund of racially discriminating against white and Asian Americans because it awards a $20,000 grant only to Black women-owned small businesses. But as anyone with knowledge of who the venture community backs today knows: Black women raise around 0.4% of all venture capital funds in any given year, and grant programs like what Fearless built were created to fill that funding gap.
VC funding share rises in the South amid a challenging economy
The percentage of startup funding concentrated in Silicon Valley has been steadily declining for years. And a new report shows the West Coast's overall share of venture-capital dollars is also on the decline as other regions of the country prove to be more than capable hubs for startup growth. Four years ago, the share of startup capital in the South was just 10%. Last quarter, that number shot up to 20%, according to Carta, an equity-management platform. That's the highest percentage of funding that companies from the South have raised on Carta since 2018, when Carta's data begins. The South's growth comes as the share of VC dollars in the West has shrunk. Four years ago, in the second quarter of 2019, companies in the West saw 59% of all U.S. VC investment. Last quarter, that number was just 44%. That's the lowest figure for the West since Carta began tracking data in 2018. The West's highest percentage of venture funding was 64% in early 2018.
HR Tech Funding Falls To 3-Year Low After Flurry Of VC Interest
Just as the way people work has continued to evolve, the way investors look at tech to manage that workforce has changed in the past year. Venture funding to the plethora of startups providing tools and platforms in the human resources space exploded in 2021 — as it did in most sectors — with innovative startups locking up more than $10.5 billion in over 800 deals globally, per Crunchbase data. Last year, such startups had similar luck, raising more than $8 billion in nearly 700 deals even as the venture market cooled. However, venture funding in HR has been called into the office (so to speak) through the last four quarters, taking in less than $3.3 billion as deal flow also slowed. In fact, the recent second quarter was the slowest in the sector for venture dollars in three years and put HR tech startups on pace to raise about $3.3 billion for the current year.
Bootstrap, Sell Or Recapitalize? A Tech Entrepreneurs’ Guide To Surviving A Capital Crunch In A Downturn
In the ever-changing landscape of the tech industry, even the most promising startups can find themselves in a precarious financial situation. For many early-stage tech entrepreneurs who raised capital in the golden era of 2021, the winds have shifted, and the market is now down. The revenue multipliers that once buoyed their ventures are now significantly lower, and investment criteria is more stringent. Those who did not reach profitability will struggle to secure additional external funding. However, this doesn’t mean you should give up. As entrepreneurs, we always find a way out. If you’re willing to have some hard conversations with yourself and with your board, you might be able to navigate this challenging situation. Let’s explore three potential paths for getting your company through a capital crunch in this market.
Expanding your VC firm — what to consider when opening a new office
No VC firm wants a reputation from startups as a "fly in, fly out" investor who doesn’t truly get to know each European market they invest in. One of the best ways to signal a deep-seated commitment to a region is to open an office and expand into that territory. This is especially relevant in Europe, where the market is far from homogenous. A recent study by Europe-wide VC Speedinvest found 87% of investors believe that the continent is a fragmented ecosystem. For VC firms active in Europe, there are multiple regulatory regimes that they need to understand and operate within, each complete with its own cultures and customs. Whether you’re a Silicon Valley VC looking to back European startups across the pond, a London VC looking to access continental Europe or a pan-European VC looking to further entrench yourself, the case for opening local offices is a strong one. This is reflected in the growing number of US VCs making their way over to Europe.
SoftBank is getting its investing mojo back
After a few quarters of going turtle, SoftBank has started ramping up its investing cadence again. Once one of the most active and visible investors in startup land, the Japanese conglomerate is itching to get back into the fray, unlike some other investors that spent heavily only to retreat from the hurly-burly of the private markets. Given the ups and downs of SoftBank’s startup deals, some of which made headlines for imploding, you might think that the conglomerate would want to wait and see how its less-mature Vision Fund 2 performs in today’s somewhat turbulent economic conditions. Well, you’d be wrong: After posting a profit of sorts on its Vision Fund efforts, SoftBank more than doubled its investments in the quarter ended June 30.
Down Rounds Should Be Led by Entrepreneurs
So I met with a founder this week where almost everything looked great at about $100k MRR, except for one thing: They'd raised a pre-seed at a $60m valuation. Jason Lemkin X thread with thoughts.
LPs seek recession hedge with PE healthcare funds
A pandemic-induced spike in private healthcare investing has proved more durable for private equity than venture capital. Specialist PE firms that focus on healthcare have maintained a furious pace of fresh capital commitments since 2021's 93% year-over-year surge in fundraising, reaching $18.3 billion that year, according to PitchBook's H1 2023 Healthcare Funds Report. Meanwhile, VC life sciences investors reversed the 108% jump in fundraising they enjoyed between 2020 and 2021 in just one year. After raising $29.6 billion in 2021, commitments to VC life sciences funds plummeted 56% in 2022—raising even less than in 2020. Why the divergence? While both VC and PE investors experienced a wave of pandemic-related interest in healthcare—specifically biotechnology, in the case of VC—other economic forces made healthcare companies attractive PE investments, said PitchBook analyst Rebecca Springer, author of the report.
Carried interest in VC — what it is and how it works
Carried interest provides GPs of VC funds and the wider investment team with an incentive to find the best deals and provide big returns on their investments
Carried interest — also known as carry — is a critical element of venture capital (VC) funds, incentivising general partners and the wider investment team to hunt down the best deals and drive the success of portfolio companies. But how does it work? And when can VCs expect a payout?
TradFi shifts perspectives on crypto assets
Recently, Larry Fink, the CEO of BlackRock asset management fund, talked about crypto in an interview on CNBC. He said that crypto “has a differentiating value versus other asset classes, but more importantly, because it’s so international, it’s going to transcend any one currency.” BlackRock is now the world’s largest asset management fund, with over $9 trillion in assets. Fink himself was a crypto and Bitcoin skeptic as recently as 2017 when he was quoted as saying that Bitcoin was simply an “index for money laundering.” He was insinuating that the more people who wanted to launder money (they would use Bitcoin), the more the price would shoot up. But fast forward to mid-2023 and he and others in TradFi are now singing a different tune. Not only that, but he sees crypto’s potential to democratize investing.
PE, VC investors on Biden's China tech ban: We're ready
Investors have long prepared for a crackdown on technology investments in China. President Biden on Wednesday signed an executive order banning new American investments in certain technology sectors critical to national security, part of steadily escalating tensions between the two countries. The executive order will prohibit VC and PE firms from making additional investments in Chinese semiconductors, quantum information technologies, and certain AI systems, and require other US investors to notify the Treasury about particular transactions located in China. VC and PE firms have anticipated the changes for years, building models that incorporate China as a risky investment area that they have discounted heavily, said Scott Jones, managing director at Alvarez & Marsal, a consulting firm.
Funding Winter | Venture Capital Investors See Start-Up Funding Rebound In 6-12 Months: Survey
In a recent survey among venture capital (VC) investors, 50 per cent hold an optimistic outlook for the revival of start-up funding within the next 6-12 months, while 17 per cent anticipate a resurgence of funding much sooner. The survey by Redseer Strategy Consultants showed that the rest of the venture capital (VC) investors believe that the funding winter is likely to persist for a duration of 12-18 months or even longer, reported Business Today. Notably, the Consultancy surveyed 21 VCs in June this year. Last month, a PwC India report revealed that during the first half of 2023, start-up funding hit its lowest level in the last four years, amounting to a total of $3.8 billion. The report exacerbated concerns surrounding the current state of the Indian start-up ecosystem, indicating that it is undergoing a phase characterized by a scarcity of venture capital inflow. This situation has led to challenges for start-ups in securing funds, often referred to as a "funding winter."
Africa's VC market shrinks by $1.4 billion in 2023, startups struggle
Africa's venture capital market witnesses a $1.4 billion drop in funding in H1 2023, sparking concerns for startups' future.
The decline in VC funding reflects cautious investor sentiment, with only 263 VC deals amounting to $2.1 billion, a 40% decrease from the previous year.
In a startling turn of events, Africa's venture capital (VC) market has experienced a significant contraction, resulting in a $1.4 billion reduction in funding within the first half of this year.
How Crypto Tokenization Can Go Wrong (and How to Make It Right)
Money doesn't make the world go round; credit does. Credit predates any known form of currency and was in use at least as far back as the ancient civilization of Sumer around the year 3500 B.C.E. In Sumer, citizens could get loans for agricultural purposes, later paying these back via a percentage of their crop. By comparison, the oldest coin-minting operation ever discovered only dates back as far as about 640 B.C.E. Credit is the true foundation of finance. Not money or individual payments, but payments over time, aka cash flows. Cash flows allow entities to predict future financial states and develop strategies based on that information, which is why it’s often regarded as the lifeblood of the world economy. But if this is the case, why is the move toward tokenization and digitization so focused on money?
Why Bill Gurley & Josh Wolfe Think VCs Won't Deploy All Their Dry Powder Anytime Soon
Venture capital firms raised humongous funds — but how quickly would they deploy them?
As I reported last month, venture firms have taken very different approaches when it comes to deploying the money they’ve raised. Some firms have basically halted investments, while others are still cutting checks. Almost everyone, though, has slowed down significantly. And to make matters worse, the IPO market — an often under-appreciated source of funding for late-stage startups — has slowed, with capital raised down 36% year-over-year.
Edtech Is No Longer A Funding Fave
For venture investors, the big lesson of 2023 is that valuations set in an upbeat funding environment can quickly come down. They’re applying that learning to the edtech space, where funding has plunged and mega-sized rounds are no longer getting done. So far this year, not a single education technology company has raised a venture round of $100 million or more, per Crunchbase data. In 2021 and 2022, there were more than 60 such financings globally. Overall funding to the education sector has also plummeted this year, down nearly two-thirds from the same period in 2022. To get a longer-term view, we charted out funding for the past six calendar years below. A similar pattern is playing out in the U.S., where edtech funding skyrocketed in 2021 and has been steadily moving lower ever since.
2023 Cloud 100 By The Numbers: Market Pullback, AI Reshuffles The Ranks Of Cloud’s Elite Players
After every company on the 2022 list increased headcount, this year’s list has seen company sizes splinter in each direction.
The companies on the 2023 Cloud 100 have earned their rankings after navigating a year of extreme turbulence which included large-scale layoffs and valuation downticks. For all, continued market uncertainty has kept the IPO window shut: whereas 11 companies graduated into the public markets last year, none made the leap this time around. This year’s list sees just 16 newcomers — down from 20 companies last year, and 29 in 2021.
Temasek, Sequoia Capital, Softbank, leading VCs face lawsuit for “abetting” FTX fraud
The lawsuit alleged that the VC firms made many deceptive and misleading statements about FTX while encouraging customers to invest in the exchange for their personal gain.
Eighteen leading venture capital (VC) investment firms, including Temasek, Sequoia Capital, Sino Global and Softbank, have been named as defendants in a class-action lawsuit filed in the United States District Court for the Northern District of California for their links to the now-bankrupt crypto exchange FTX.
Angel Investment Strategies and how these impact deal assessment and deal dynamics
So why focus on deals? There are many different ways to assess a startup, and the approach you take will vary depending on the vertical. For example, you would assess a biotech startup differently than a fintech startup. However, the deal dynamics around doing an investment are relatively consistent across all verticals.