VNTR Newsletter August 11, 2024 – Venture Capital News, Events, VC Reads
Venture Capital, Web3, and Private Equity – News, Events, and VC Reads
Hello friends,
Happy Sunday!
VNTR Newsletter is delivered to 100k+ investors and subscribers weekly to share the latest news, events, and articles from the global VC and startup ecosystem.
Scroll down for VNTR Community News, Upcoming Events, and VC News/Reads.
VNTR COMMUNITY NEWS
Spotlight
VNTR Club Retreat: Join VNTR Club and Community members in Koh Samui, Thailand, from Sep 12 to Sep 15 for an immersive 3-day VNTR Retreat. Connect with like-minded peers, share valuable insights, and expand your knowledge through dynamic masterminds. Enjoy outdoor activities that invigorate the body and mind. Then, travel with us to Singapore for Token2049 week, where we will host three VNTR events before the Singapore F1 Grand Prix. Activate your free investor account to apply and learn about the VNTR Community and Club.
VNTR Podcast: A new episode is out today! We spoke with Yossi Vardi, the legendary entrepreneur and investor behind Israel's tech revolution and an early backer of ICQ. Catch up on the latest episodes of the VNTR Podcast, tune in, and subscribe on YouTube, Spotify, and Apple.
VNTR Summit: Join us for the VNTR Global Summit in Lisbon on Nov 13, 2024, coinciding with the Web Summit. The summit will unite our global investor community for a full-day program of keynotes, panel discussions, roundtables, and a party. Attendees will share insights, learn from industry leaders, network, and start collaborating with new peers. You can create your free account on VNTR and reserve your spot. Apply to sponsor sponsorship or contact Lukas to discuss integration opportunities.
VNTR Socials: Follow and subscribe to our LinkedIn, Instagram, X, and YouTube.
VNTR Chapters: We're building the world's largest investor community by partnering with Chapter Directors representing VNTR in their regions. Our Chapter Directors host VNTR events, collaborate with the VC community, and recruit members to the VNTR Club and Syndicate. With 29 chapters already launched, we're looking for passionate tech community leaders to join us on this exciting journey. Apply now to become a Chapter Director.
VNTR Partnerships: We're building a global network of corporate partners who join VNTR to offer exclusive services and benefits to our members. By partnering with us, you'll play a key role in expanding our network and delivering exceptional value to active investment decision-makers worldwide. Explore our annual partnership packages and discover how we can help grow your business. Contact Lukas to discuss opportunities for collaboration.
Coming 4 Weeks:
Toronto: Aug 13 VNTR Investors Cocktail Toronto side event to Blockchain Futuristic Conference.
Toronto: Aug 14 Innovators, Founders & VCs on Deck, Toronto, Canada (Discount using VNTR25) hosted by Toronto Tech Fest, BitGet, Toronto DAO, Blockchain North, side event to Blockchain Futurist Conference.
Istanbul: Aug 14 VNTR Investors Roundtable Istanbul inside event at Istanbul Blockchain Week (40% discount using IBW24VNTR, free for VNTR Club members).
Bali: Aug 20 Golden Hour VC Sunset Reception Bali co-hosted by Internet Computer ICP and VNTR.
Cologne: Aug 22 VNTR Investors Roundtable Cologne inside event at Gamescom.
Bali: Aug 23 VNTR Investors Roundtable Bali side event to Coinfest Asia. Thank you, ICP for hosting.
Online: Aug 27 VNTR Speed Networking powered by Airmeet
Tokyo: Aug 29 VNTR Investors Roundtable Tokyo side event to WebX Asia.
Miami: Aug 29 VNTR Investors Roundtable Miami side event to Miami International Auto Show.
Gurgaon: Aug 31 VNTR Investors Roundtable Gurgaon India (New Delhi Chapter gathering)
Seoul: Sep 4 VNTR Investors Roundtable Seoul side event to Korean Blockchain Week.
Thank you to our Partners:
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Upcoming VNTR Events:
Sep 12 VNTR Investors Roundtable Dubai (Dubai AI & Web3 Festival)
Sep 26 VNTR Investors Roundtable Barcelona (European Blockchain Convention)
Oct 9 VNTR Investors Roundtable San Francisco (San Francisco Tech Week)
More events available on the VNTR Platform
Reach out to Lukas to sponsor VNTR events or join VNTR Corporate Membership.
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UPCOMING VC EVENTS
Aug 13-14 Istanbul Blockchain Week, Turkey (40% discount using IBW24VNTR, free for VNTR Club members)
Aug 13-14 Blockchain Futurist Conference, Toronto, Canada (50% Discount using VNTR50)
Aug 21-25 Gamescom, Cologne, Germany (Complimentary passes for VNTR members)
Aug 21-23 VCILAT, Santa Cruz De La Sierra, Bolivia
Aug 22-24 Coinfest, Bali, Indonesia (20% Discount using CA24VNTR)
Aug 28-29 WebX, Tokyo, Japan (20% Discount using discount_vntr)
Sep 9-11 IPEM Paris, France
Sep 11-12 Dubai AI & Web3 Festival, Dubai, UAE
Sep 11-12 TechBBQ, Copenhagen, Denmark
Sep 17-18 Asia PE-VC Summit, Singapore
Sep 17-19 Dreamforce, San Francisco, USA
Sep 18-19 Token2049, Singapore (15% Discount using VNTR15)
Sep 24-27 Super Return Asia, Singapore
Sep 25-27 South Summit, Seoul, Korea
Sep 29 - Oct 1 Bitz & Pretzels, Munich, Germany
Oct 1-3 CV Summit, Zug, Switzerland
Oct 2-3 Sifted Summit, London, UK
Oct 2-3 How to Web, Bucharest, Romania
Oct 7-13 San Francisco Tech Week, USA
Oct 8-12 Merge Madrid, Spain
Oct 13-16 Expand North Star, Dubai, UAE (Complimentary investor passes)
Oct 14-18 GITEX Global, Dubai, UAE (Complimentary investor passes)
Oct 14-20 Los Angeles Tech Week, USA
Oct 15-17 Meridian by Stellar, London, UK
Oct 21-27 Mexico Tech Week, Mexico City, Mexico
Oct 22-23 Blockchain Life, Dubai, UAE (10% Discount using VNTR)
Oct 28-29 SWITCH, Singapore
Oct 28-Nov 1 Hong Kong FinTech Week, Hong Kong
Nov 11-14 Web Summit, Lisbon, Portugal
Nov 20-21 Slush, Helsinki, Finland
Dec 9-12 Abu Dhabi Finance Week, UAE
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
US Series A And B Funding Picked Up in H1. What Does That Mean For Funding In 2024?
Although Series A and B funding for U.S.-based companies picked up in H1 2024 — up 34% year over year — the uptick may be deceiving.
While total funding reached $31.5 billion — the highest amount invested at this stage in two years — that increase was concentrated in larger fundings and in two leading sectors — healthcare/biotech and AI.
That includes a $6 billion Series B to xAI, which accounts for much of the increase. Still, if we remove that funding, H1 2024 is still above the half-year funding amounts in 2023.
SoftBank still on the hunt for AI deals despite losses, market turmoil
After narrowing its losses and seeing gains in its Vision Fund portfolio, Japan’s SoftBank Group says it’s bullish on new AI deals despite market anxiety. The group’s net loss narrowed to 174.3 billion Japanese yen (about $1.2 billion) in the three-month period ended June 30, down from a 477.6 billion yen loss the same time a year ago. SoftBank Group’s net asset value reached a new record high of 35.3 trillion yen.
Individual investors remain eager for PE exposure
Wealthy individuals and families have increasingly become the go-to sources of capital for private market fund managers. To expand in private wealth, industry heavyweights and boutique shops have launched vehicles tailored to individual investors while partnering with third-party investing platforms such as Moonfare, iCapital and Opto Investments to make their offerings more accessible to this group.
The Week’s 10 Biggest Funding Rounds: Anduril Industries Raises Big For Defense
The week saw the second-biggest raise of the year, as Anduril Industries’ monster raise ranks behind only xAI’s massive $6 billion in May. Aside from that, the week saw some big rounds from cybersecurity, travel and of course, biotech.
Eye On AI: Following in Microsoft’s Footsteps, Google Seems Ready To Test Regulators In AI Race
As the generative AI race gets hotter and hotter, it seems like Big Tech is begging the government to get more involved. Just a couple weeks ago we discussed Microsoft’s machinations to try to avoid more antitrust scrutiny, even as it announces deal after deal in the AI space. This includes its very unusual relationship with generative AI startup Inflection AI which is now being referred for an initial merger investigation in the U.K. Well, there was more this week — this time from good friend Google.
Healthcare And AI Sectors Continue To Lead, While Funding Settles In July 2024
Venture funding reached over $23 billion in July 2024, slightly down month over month and up more than 20% year over year, based on an analysis of Crunchbase data. The largest funding in July went to 16-year-old Vancouver-based legal tech company Clio. NEA led the $900 million funding with participation from a host of growth-stage investors. The company reached $200 million in annual recurring revenue managing all processes from payments, client management and documentation for thousands of mid-sized law firms. This was a massive round for vertical SaaS, and the largest ever for a legal cloud technology company.
From golf to hunting, a new crop of startups want to make these experiences even better
From golf to fishing to pickleball, outdoor sports and recreation saw a boom during the pandemic. But unlike some pandemic-driven trends (virtual conferences, Zoom happy hours), the interest in outdoor activities has stuck. By the end of 2023, outdoor participation grew to a record 175.8 million people, or 57% of all Americans aged six and older, according to the Outdoor Industry Association.
What one VC is betting on, and avoiding, in the unloved consumer sector
A big trade of the last couple of years has been out of consumer startups (like marketplaces, grocery delivery and social media) and into startups selling to other businesses, like B2B software companies. Rising inflation (among other things) has taken a bite out of many startups catering to consumers. While the sector has been a recent hotspot in areas like southern Europe, many VCs have fled the space and investment into consumer companies plummeted last year.
Strategic buyers pay up for PE assets
Lately, private equity firms are favoring exits to strategic acquirers, which can shoulder heftier deal premiums than PE buyers. The trend has eased exit pressure, but presents increased competition on the buy side. The median deal value for PE assets sold to strategic buyers in H1 2024 grew by 70.8% to $480 million, up from H1 2023’s $281 million, according to PitchBook’s Q2 2024 US PE Breakdown. By comparison, the median deal value for sponsor-to-sponsor exits dropped to $375 million in H1 from $420 million in the same 2023 period.
Do IPOs Pick Up In Post-Election Years?
The tech IPO market has been exceptionally slow lately, leaving many of us hoping for some catalyst to turn things around. That made us wonder: Could the election cycle bode well for a 2025 U.S. IPO market pickup? After all, markets loathe high uncertainty. That could make those in the pre-IPO pipeline leary of debuting during a presidential election year. Perhaps next year, when that uncertainty is behind us, we’ll see the giant backlog of still-private unicorns get busy going public.
Supply Chain Slowdown — Venture Funding Plummets In Sector
Altana AI locked up a $200 million Series C last week to become one of the latest unicorns. A well-funded startup reaching a $1 billion valuation is nothing new in this day and age. However, what was notable was a supply chain management startup raising big money at such a valuation after the astonishing drop-off in venture funding the industry has seen since its salad days of 2021. Total venture funding to supply chain startups have yet to hit even $2 billion this year — a pace that if continued will result in a stunning 79% drop from the all-time high set in 2021 of $14.7 billion, per Crunchbase data.
PE nears record year for European cleantech deals
Private equity investment in Europe’s cleantech sector is likely to set a new record thanks to several mega-deals in the first half of the year. PitchBook’s Q2 2024 European PE Breakdown reported that the total value of cleantech deals in the region hit €15.5 billion (about $16.9 billion) by the end of Q2. That total has since grown to €15.9 billion as of early August. Last year was the previous record for total cleantech deal value with €19.2 billion invested. The second biggest year was 2021, which recorded €17.7 billion.
Digital infrastructure is LPs’ latest hot-ticket item
Limited partners are allocating more and more capital to digital infrastructure strategies. Over the past decade, institutional investors have poured money into infrastructure and real estate funds investing in digital infrastructure, capitalizing on the sector’s historical outperformance. In fact, from 2014 to 2023, private funds with either investments in digital infrastructure or a specified mandate to invest in the sector brought in a collective $800 billion in capital commitments, according to a recent PitchBook analyst note.
Real-world tokenization can drive homeownership
Homeownership, once an attainable dream in much of the developed world, is quickly becoming a distant fantasy for younger generations as the price of residential real estate soars and interest rates are driven to relative highs in an effort to quell inflation. Cointelegraph sat down with Shannon Diesch, CEO of Quarter Homes — a company offering tokenized alternatives to debt-based mortgage financing — to get the lowdown on how real-world asset tokenization can foster home ownership.
Adtech Startup Funding Has Collapsed
For a long time, adtech startups regularly picked up billions of dollars in venture funding in a given year. Not anymore. So far this year, U.S. advertising-focused startups have raised only around $360 million, per Crunchbase data. That puts the industry on track for the slowest year in over a decade. For a sense of how far funding has fallen, we charted out annual adtech investment from 2015 till today.
VC map: Baltic region shows signs of rebound in 2024
The Baltic region’s VC market has begun showing signs of recovery with an increase in both the number and value of VC deals in the second quarter of 2024. So far this year, the region’s startups have raised €404.3 million ($441.7 million) across 89 rounds, PitchBook data shows, putting 2024’s annual total for deal value on track to surpass last year’s figure. Q2 registered 41 rounds worth €196 million, representing quarter-over-quarter increases of 20.6% and 5.4% respectively. The largest round to have closed so far this year is Tallinn-based energy company Elcogen‘s estimated €115 million round in April.
Can crypto alleviate AI’s computing crunch? Not so fast.
Generative AI is proving to be an expensive endeavor—and now that the hype is easing, those exorbitant bills are putting pressure on leaders to show results. Investors are hitting the breaks at the earliest stages, worried about AI’s pathway to profitability while sounding the alarm over the sustainability of sky-high valuations. As cash-strapped startups struggle, affording the necessary computing power to fuel their AI ambitions could become harder. Some VC investors think they’ve found a solution to the AI computing crunch: bring crypto and Web3 to AI. Not everyone is on board.
Italy climbs tech table
The home of Serie A football is suddenly doing quite well with Series A and other funding stages. Italian tech started 2024 in strong fashion, with megarounds apiece for Milan-based software developer Bending Spoons and Pisa-based robotic surgery company Medical Microinstruments. The country also dominates Sifted’s recently published southern European leaderboard, with 24 startups in our list of the 50 fastest-growing companies in the region by revenue.
Preparing for DeFi Regulation: The Role of Portable KYC
The global cryptocurrency regulatory landscape has evolved rapidly over the past few years, and this swift pace of regulatory rulemaking is unlikely to slow down anytime soon. Lawmakers are increasingly shifting their focus from centralized cryptocurrency exchanges to decentralized finance (DeFi) protocols and applications (dApps).