VNTR Newsletter April 6, 2025: Tariff Shockwaves, OpenAI’s $40B Round, Circle’s IPO

Venture Capital, Web3, and Private Equity – News, Events, and VC Reads

Apr 06, 2025

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📍 Apply now for the VNTR Roadshow Riyadh Saudi Arabia (April 22–24) — a 3-day program to connect with Saudi Arabia’s top VCs, family offices, and local ecosystem players.

Q1 Global Startup Funding Posts Strongest Quarter Since Q2 2022 With A Third Going To Massive OpenAI Deal

Both the largest startup funding round ever and the largest acquisition of a venture-backed company occurred in Q1 2025, reflecting a warming startup environment but also one where capital and opportunities were concentrated among a handful of companies and sectors. Overall, the quarter marked the strongest one for venture investment since Q2 2022.

Trump 'Liberation Day' tariffs create chaos in markets, recession concerns

US President Donald Trump introduced a slew of tariffs on April 2, sending markets into a tailspin and dividing crypto observers as to their possible long-term effects. At a special event at the White House, Trump signed an executive order and claimed emergency powers, leveling reciprocal tariffs at every country that has a tariff on US goods, starting at a 10% minimum.

What do Tariffs Mean for Startupland?
The new tariffs have markets down broadly. What do they mean for startups?1
In terms of first order effects, tariffs can impact a startup in two ways : the input costs and consumers’ demand.

“Tariffs are blocking growth and exits. If they stay, we risk breaking the investment cycle and turning VC into a pariah.”

— Andrey Kostyuk, VNTR Club Member

“Tariffs will make industries less competitive and hit living standards. With shifting global alliances, uncertainty grows. Hold your cash.”

— Mehmet Erbengi, VNTR Club Member

Stablecoin giant Circle files for IPO

Circle, the company behind the popular stablecoin USDC, has filed to go public on the New York Stock Exchange under “CRCL,” according to a regulatory filing on Tuesday. Circle’s long-rumored IPO will be closely watched by the crypto industry as it hopes for a favorable listing environment.

Global VC funding hits $113 billion in first quarter driven by outsized AI deals

New reports out today from Crunchbase Inc. and PitchBook-NVCA Venture Monitor reveal that global venture capital rebounded sharply in the first quarter of 2025, posting its strongest performance since mid-2022. However, both datasets point to a growing division in the startup ecosystem where a small set of companies and sectors, particularly artificial intelligence, are capturing an outsized share of investment.

2024 VC Fund Performance

The boom times of 2022 have come to an end. The LP base has downsized, anchor checks have shrunk, and venture fund managers are adapting to a new reality. Carta has all the data on performance, including IRR, DPI, TVPI, and more.

✅ We hosted our first VNTR Club Mastermind in Cascais, Portugal, where members explored Quinta Bella Vista — a hidden Sintra gem now becoming a retreat for global leaders.

⛵ Reserve your spot for the VNTR Regatta Sardinia (May 26–30) — a unique investor experience blending sailing, networking, and venture insights along the stunning Sardinian coast.

Is OpenAI worth $300B?
After Wiz sold to Google for $32 billion in cash, and X ‘sold’ to xAI for $33 billion worth of equity, who expected to see a new, largest tech transaction so quickly? Enter OpenAI with a new $40 billion raise that it pegs at a $300 billion valuation post-money.
CNBC notes that the round — led by SoftBank for $30 billion with capital from Microsoft aboard — makes OpenAI “among the world’s most richly valued private companies.”

AI founders score the sweetest term sheets

In the UK, AI startups now command the most founder-friendly deal terms. As competition heats up, VCs are giving up more to get in.

Eye On AI: Massive OpenAI Deal Masks AI’s Slow Quarter

OpenAI’s $40B raise stole headlines—but overall AI funding slowed in Q1. Investors are growing cautious, especially in enterprise AI.

Is US volatility Europe’s tech IPO opportunity?

As U.S. market uncertainty grows, European exchanges may benefit. With rates and inflation stabilizing, many companies are preparing to go public overseas.

Founders, Here’s How Not To Be Thrown Overboard After A Big Fundraise

Big raises mean big responsibilities. Founders who neglect clear communication risk being sidelined in their own companies.

Pre-seed crypto startup deals have grown 767% since 2021

Early-stage Bitcoin startup deals have exploded, with strong year-over-year growth continuing in 2024, signaling renewed crypto interest.

As US Defense Tech Surges, Europe Lags

Defense tech giant Anduril, now valued at $14B, is planning a UK factory after landing a $40M contract to supply drones to Ukraine.

Private Equity In Flux: How Tariffs, AI And Infrastructure Define A New Investment Era

A shifting U.S. political landscape is redefining the PE playbook. Firms must navigate volatility to stay ahead of emerging risks and opportunities.

Fintech is showing early signs of a potential comeback

After years of decline, fintech may be rebounding. Valuations rose 94% YoY in 2024, and IPOs from Klarna, Chime, and GCash are in the pipeline.

VCs are evolving: Inside the rise of founder-friendly investment

Investor terms are shifting toward balance. The era of overly funder-friendly deals is giving way to a healthier founder–VC dynamic.

11 family offices for startups to tap into in the Nordics

Discreet but powerful, Nordic family offices are increasingly backing local startups, leveraging capital and experience from earlier success stories like Supercell.

Thank you to our Partner

Stellar Enterprise Fund

A venture-style fund that expands the open-source Stellar Network. At the Stellar Development Fund, investment in companies can transform the future of everyday financial services through Web3 Innovation. Connect with Daniel to partner with Stellar.

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