VNTR Newsletter August 4, 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 Podcast: Tune in for a new podcast episode with Nick Davidov, General Partner and Co-founder at DVC (Davidovs Venture Collective), an AI VC firm investing in early-stage repeat founders in the US. Our discussion covers identifying top AI founders and harnessing the power of the community to create strong deal flow and provide robust support for portfolio companies. We also explore the mechanics of rolling funds and how they differ from syndicates. Tune in and subscribe on YouTube, Spotify, and Apple.
VNTR Club Retreat: Join VNTR Club and Community members in Koh Samui, Thailand, from September 12 to 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.
Istanbul Blockchain Week Giveaway: We are pleased to announce an exclusive giveaway for VNTR Members! Istanbul Blockchain Week is offering a chance to win tickets to the conference. To participate, follow VNTR on LinkedIn and confirm your attendance at the event in the comment section of our Partnership Announcement Post. Don't miss this opportunity to join the premier blockchain conference and VNTR Roundtable on Aug 14!
VNTR Summit: Join us for the Annual VNTR Global Summit in Lisbon from November 11 to 14, coinciding with the Web Summit. The summit will unite our global investors community for an exciting 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 reserve your spot via VNTR. Apply to sponsor sponsorship or contact Lukas to discuss inegration opportunities.
August Events:
Marbella: Aug 7 VNTR Investors Breakfast. Yuri will visit Marbella to launch our VNTR Marbella / Malaga Chapter. Thank you, The Pool Marbella, for hosting.
Auckland: Aug 8 VNTR Investors Roundtable (New Zealand Chapter gathering). Thank you, Eccuity, for hosting.
Bengaluru: Aug 9 VNTR Investors Luncheon Bengaluru (India Chapter gathering)
Toronto: Aug 13 VNTR Investors Cocktail Toronto side event to Blockchain Futuristic Conference.
Istanbul: Aug 14 VNTR Investors Roundtable Istanbul side event to Istanbul Blockchain Week.
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.
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)
Thank you to our Partners:
Paypolitan stands at the cutting edge of payment technology, operating as an innovative application that effortlessly merges conventional fiat currency and contemporary cryptocurrency transactions. As a fintech pioneer, Paypolitan is a first mover in Open Banking with over 2,000 connected banks in over 40 countries. Contact Nils to explore partnership or integration.
Perfect is a Personal Lifestyle app that helps you Book your flights and hotels and manage your 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.
Upcoming VNTR Events:
Sep 4 VNTR Investors Roundtable Seoul (Korea Blockchain Week)
Sep 12 VNTR Investors Roundtable Dubai (Dubai AI & Web3 Festival)
Sep 26 VNTR Investors Roundtable Barcelona (European Blockchain Convention)
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 X.
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 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
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
The 10 Biggest Rounds Of July: Skild AI And Element Biosciences Lead Hot Month
July saw its fair share of big rounds — and then some. Startups needed to raise $200 million or more to make this list. While we saw a lot of the regular sectors like biotech and financial services represented, we also saw some big deals involving supply chain and automotive startups.
Improving fortunes: Q2 2024 European VC trends in 5 charts
Europe’s venture capital market saw more action in the second quarter of this year than in Q1, but annual deal value is still expected to decline. At the year’s halfway mark, total VC deal value amounted to €28.6 billion across an estimated 5,066 rounds. The current pace of dealmaking would, if it were to persist, leave 2024 just shy of last year’s annual total.
A Robust Seed Market Creates Its Own Dilemmas In A Slower Funding Market
In the first half of 2024, U.S. seed funding reached $6.4 billion, which is flat compared to H2 2023 and down from $7 billion in H1 2023. However, through the downturn following the 2021 market peak, seed was the most robust of all the funding stages. In 2022, early- and late-stage funding fell, while seed funding grew year over year. The seed train has slowed since 2022, down from the peak years, but still well above 2020 amounts. That momentum has created concerns about where this all leads as the bar to raising Series A funding has gotten harder.
VCs perking back up?
In total, US venture funds and SPVs that use Carta Fund Admin called $7 billion in capital over the first two quarters of 2024.
That's a solid bump up from the $5.4 billion called in the first half of 2023.
Over 100 VCs pledge support for Kamala Harris
More than 100 VCs, including Reid Hoffman, Vinod Khosla and Mark Cuban have pledged to vote for Vice President Kamala Harris in the upcoming U.S. presidential election. Mobilizing under the group VCsForKamala, the VCs are also soliciting donations for Harris’ campaign. But the organizers say the effort isn’t meant to align with any one political party. According to the group’s website, signing on is a commitment to “strong, trustworthy institutions.”
VC Roundup: Investments in Web3 startups top $1B in July
Web3-based startups raised more than $1.1 billion from venture capitalists across 118 deals in July, according to data available on Rootdata. As the market experiences more liquidity and investors regain confidence in the crypto ecosystem, new ways of raising capital keep emerging. Lightning Ventures, for instance, recently announced the regulated crowdfunding portal Thunder Funder, which allows eligible companies to offer and sell securities through crowdfunding up to $5 million annually.
For founders: fresh valuation data across US startups.
Seed stage through Series C, primary rounds only.
Flip through the graphics for each stage
Revolut receives long-awaited UK banking license
Revolut has been granted a banking license from the Prudential Regulation Authority (PRA) in the U.K. This is a significant milestone for the London-based fintech company, particularly since it has been trying to secure this license since 2021.
Revolut has 45 million customers around the world, but its home market remains its most important one, with 9 million clients. The fintech also offers more products and services in the U.K. than in many other markets.
Florida pension doubles down on PE commitments
Florida’s largest pension plan made over half a billion dollars in commitments to private equity managers in Q2 2024. The State Board of Administration, which invests the proceeds of the nearly $260 billion Florida Retirement System Pension Plan, made $642 million in commitments to various PE funds over the course of the last three months, signaling continued institutional appetite for exposure to the asset class.
Vertical Farming Venture Capital Has Dried Up, But Startups Are Still Planting Seeds
As venture capital wagers go, indoor farming has not done especially well. Over the years, investors have plowed over $6 billion into startups in the space, most during the peak period of 2019-2023. They’ve harvested meager returns so far. In recent quarters, large venture rounds have mostly dried up. And a few of the higher-profile upstarts, including Kentucky tomato-grower AppHarvest, have folded.
Global startup funding is picking up with AI still in the spotlight
Global startup funding was up 16% in the second quarter, according to Crunchbase data, led by an uptick in mega-rounds. That increase was led, unsurprisingly, by the AI sector. Funding to companies in AI made up 30% of all dollars invested and actually doubled quarter over quarter to $24 billion.
Venture debt funding is on the up — and it's paving the way for M&A
The good news: Europe’s tech sector is coming back to life. The bad news: it’s doing so kind of slowly. “We’re seeing a gradual recovery; it’s no hockey stick,” says Sonya Iovieno, head of venture and growth at HSBC Innovation Banking. “Investors are opening up their wallets more than last year — but there has been a flight to quality, so at Series B and beyond, companies have to be the ones outperforming their class and peers [in order to raise from new investors].”
US leveraged loan fund AUM grows for 8th consecutive month
Despite a retreat in leveraged loan prices in June, assets under management at leveraged loan mutual funds and ETFs grew by $584 million, according to Morningstar data. While growth moderated from May’s $3.69 billion, it marked the eighth consecutive monthly increase. And in July, weekly reporters show roughly $1.7 billion of cumulative inflows, suggesting continuation of the positive run.
Bill Gates’ climate VC raises $839M toward new fund, sector’s largest this year
Bill Gates-backed climate VC Breakthrough Energy Ventures has gathered $839 million in its effort to raise the firm’s third flagship fund, according to a regulatory filing, making it the largest climate fund raised so far this year. Kirkland, Wash.-based Breakthrough launched its BEV III fund in July 2023, having closed its 2021 vintage second fund at $1 billion. The final target amount for the fund close is unclear. Breakthrough didn’t respond to a request for comment.
Investor Surveys Reveal Strong Interest in Digital Assets
There was a time when skeptics and professionals alike held the belief that digital assets, cryptocurrencies in particular, might be nothing but a passing trend. That time has come and gone, and the digital asset ecosystem has matured to a point of acceptance and even acceleration.
Is VC’s ‘flight to quality’ a good thing?
In 2021, investors ploughed a record $675bn into startups globally, double the haul of the year before. Many companies didn’t need revenue, or customers, or perhaps even a clear business model, to attract eye-watering amounts of capital. In hindsight, it was clearly a bubble. In 2024, VCs with large funds and impatient LPs might be creating a different kind of challenge for the ecosystem.
How Founders Can Revitalize VC Tokens
One of the undeniable realities of the past year in Web3 has been the massive surge in memecoins. This has led to a clear dichotomy between memecoins and VC tokens – the tokens of companies backed by venture capital. While I disagree with the notion that memecoins have killed VC tokens in the long run, it’s evident that the market for many VC tokens is currently stagnating. How did we get here, and what do we need to do to make VC tokens exciting again?
What’s in store for crypto funding under a Harris or Trump presidency
After a wild few years for digital currencies, the sector has been less financially mercurial this year. In fact, according to PitchBook’s Q1 2024 Crypto Report, January through March marked the first QoQ uptick in total crypto venture deals since 2021’s raging bull market. What’s now coming into focus for digital assets is the US presidential election—including how a Kamala Harris or Donald Trump administration would look to mold the country’s uneven (to put it charitably) crypto regulation.
Why making fun of VCs is good for (almost) everyone
It was this message, posted on X in May, that earned Panos Papadopoulos a retweet from the popular “VCs Congratulating Themselves” account, which often racks up thousands of likes and shares for drawing attention to cringey or self-important moments in the tech industry. But instead of feeling embarrassed by the public call-out, Papadopoulos — who is a partner at VC firm Marathon Venture Capital in Athens — really enjoyed it. “It's a badge of honour,” he told me. “There is too much entitlement, bad takes and God syndrome in VC, so it is great to have someone grounding people and having some fun.”
How to get in front of investors
One of the key challenges for founders looking to scale is getting their startup in front of investors — and that can feel even trickier as a diverse founder or a founder living outside of major startup hubs like London, Cambridge and Oxford. But the game has changed since the pandemic. While it was once almost unheard of to gain serious investor attention without a face-to-face meeting, the forced normalisation of online communication tools like Zoom have made virtual interactions invaluable.