VNTR Newsletter Jan 5, 2025 – Happy New Year!
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 to discover VNTR Community News, Upcoming Events, and the latest VC News and Reads.
VNTR COMMUNITY NEWS
Spotlight
Happy New Year! May this year bring you excellent health, joy, new opportunities, thriving ventures, and valuable connections!
Sponsor VNTR in 2025: Join us for an extraordinary year of opportunities, connections, and growth. Our preliminary schedule for 2025 is packed with over 100 side events aligned with major tech conferences, the VNTR Global Investor Summit in Lisbon on Nov 12, impactful roadshows in key markets, exclusive Club retreats, sports activities, and local chapter events. Additionally, we’re hosting over 100 online events, including roundtables, speed networking sessions, expert panels, masterclasses, masterminds, and online LP roundtables designed to foster connections and collaboration. Partner with us to elevate your brand, expand your reach, and be part of a thriving global community driving meaningful impact in 2025. You can sponsor a series of events or join our Annual Corporate Partnership program for year-round engagement. Contact Yuri to explore customized corporate integration opportunities.
VNTR Chapter Directors Fellowship Program: VNTR is expanding its global chapter network to over 50 cities in 2025, and we’re inviting dynamic leaders to join this exciting journey. The January 4-week Fellowship Cohort will focus on key tech hubs across EMEA, though candidates from other regions are also encouraged to apply. The program is designed for entrepreneurs eager to transition into venture capital, become investors, and serve as super connectors within their local VNTR chapter communities. Fellows will gain the knowledge, tools, and strategies to establish and scale VNTR chapters successfully. The Fellowship also provides insights into generating revenue through premium offerings, including Club memberships, sponsorships, syndicated deals, and regional micro VC funds led by chapter directors in partnership with VNTR. Apply to join the January 2025 cohort and be part of the VNTR global network.
VNTR at CES 2025 in Las Vegas, supported by Angel Twin, BitAngels, My Global Village, Be World Positive, THINKHAT, Nonna Homes:
VNTR at Davos WEF 2025: Join us in Davos during the World Economic Forum for an exclusive series of high-impact events:
Jan 19 VENTURE Club Ski Retreat supported by Yalla Limited and Denario
Jan 20 Catalysts of Impact / SDG Panels & Keynotes:
Jan 20 Catalysts of Impact Gala & Panels/Keynotes supported by Earth05, Angel Twin, FutureHouse.ai, E-TRON, LiquidManzana, Be World Positive and Green Accelerator
Jan 21 Web3 Investor Circle part of The Swiss WEB3FEST Winter Edition 2025
VNTR Roadshow Bahrain: Immerse yourself in Bahrain’s dynamic ecosystem, network with key players, and explore exciting opportunities during a 4-day VNTR Roadshow Bahrain. Highlighted by the VNTR Investor Conference on February 18, this experience combines valuable insights, strategic connections, and curated events. Apply to Roadshow
February 17: Ecosystem Day – A full-day program to delve into Bahrain’s innovation landscape and connect with the local ecosystem players
February 18: VNTR Investor Conference Bahrain – A full-day program with keynotes, panels, roundtables, and one-on-one meetings. (sponsorship packages)
February 19: VNTR Club Retreat – A full-day program to unwind, network, and build deeper relationships while exploring top Bahrain sightseeing spots.
February 20: Curated One-on-One Meetings – Tailored opportunities to meet potential partners, investors, and collaborators.
VNTR GP Club Membership: We invite seasoned General Partners (GPs) raising their third or subsequent funds to join the VNTR GP Club Membership by scheduling an onboarding call with Robert.
VNTR Podcast: Stay updated with our latest episodes, and subscribe on your preferred platform to never miss insightful discussions: YouTube, Spotify, and Apple. Contact Elise if you would like to be on the show.
VNTR Events
Join us at our upcoming events to connect with key investment decision-makers, including venture capital partners, family offices, business angels, corporate venture capital leaders, institutional investors, and limited partners (LPs).
Feb 5 VNTR Investor Roundtable Dubai (sponsorship packages) during AI Everything
Feb 10 VNTR Investor Roundtable (sponsorship packages) during LEAP
Feb 11 VNTR LP Roundtable during LEAP
Feb 18 VNTR Investor Conference Bahrain (sponsorship packages)
Feb 19 VNTR Investor Roundtable Hong Kong (sponsorship packages) during Consensus Hong Kong
Feb 24 VNTR Investor Roundtable Doha (sponsorship packages) during Web Summit Qatar
Feb 27 VNTR Investor Roundtable Denver (sponsorship packages) during ETHDenver
View the full list of VNTR events and top events sponsorship packages
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Thank you to our Partners:
Perfect — Your Personal Lifestyle app that helps you Book 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 access to VNTR experiences.
Beehiiv — Beehiiv is an all-in-one newsletter platform designed for creators, publishers, and businesses to build, grow, and monetize their newsletters seamlessly. With powerful tools for audience growth, subscriber engagement, and revenue generation, Beehiiv simplifies the process of launching and scaling newsletters. VNTR offer: Receive a 30-day trial + 20% OFF for 3 months.
Mercury — The fintech more than 200K ambitious companies trust with their finances. VNTR offer: Get $250 cash, when you deposit $10K within your first 90 days.
UPCOMING VC EVENTS
Jan 7-10 CES, Las Vegas, USA
Jan 15-17 CFC St. Moritz, Switzerland
Jan 16-18 DLD, Munich, Germany
Jan 17 GITEX Global X Expand North Star Roadshow, San Francisco, USA
Jan 20-24 World Economic Forum, Davos, Switzerland
Feb 3-6 4YFN, Barcelona, Spain
Feb 4-6 AI Everything Global, Dubai, UAE
Feb 5-7 Techchill, Riga, Latvia
Feb 9-12 LEAP, Riyadh, Saudi Arabia
Feb 18-20 Consensus, Hong Kong
Feb 23-26 Web Summit Qatar, Doha, Qatar
April 9-11 South Summit Brazil, Porto Alegre, Brazil
April 14-16 GITEX Africa, Marrakech, Morocco
April 23-25 GITEX Asia, Singapore
April 27-30 Web Summit Rio, Brazil
April 30 - May 1 Token2049, Dubai, UAE
May 12-13 Dubai FinTech Summit, Dubai, UAE
May 14-16 Consensus, Toronto, Canada
May 21-23 GITEX Europe, Berlin, Germany
May 27-30 Web Summit Vancouver, Canada
June 11-14 Viva Technology, Paris, France
If you would like to submit VC-related events, please get in touch with Yuri or Telegram @byuric
VC Reads and News
View curated VC news and articles on the VNTR Platform
The Largest AI Startup Funding Deals Of 2024
Artificial intelligence dominated the venture landscape last year. That’s especially clear when you consider how many startups in the industry raised nine- or even 10-figure funding rounds in 2024. In fact, to even have a chance at cracking this list of the largest AI startup funding rounds of the year, a company had to raise more than a billion dollars in a single shot. Let’s take a look.
The Biggest Non-AI Related Rounds Of 2024
Artificial intelligence once again dominated venture capital last year. But we’ve already run a list of the biggest rounds raised by AI-related startups, so what about some of the other industries that got big deals in 2024? What follows is a rundown of the biggest rounds raised by U.S.-based startups not necessarily focused on AI. Let’s take a look at who else raised big.
Number of US venture capital firms falls as cash flows to tech’s top investors
The number of active venture capital investors has dropped more than a quarter from a peak in 2021, as risk-averse financial institutions focus their money on the biggest firms in Silicon Valley.
The tally of VCs investing in US-headquartered companies dropped to 6,175 in 2024 — meaning more than 2,000 have fallen dormant since a peak of 8,315 in 2021, according to data provider PitchBook.
How should LPs think about VC fund size?
The venture capital landscape has fundamentally changed, and it's time our frameworks caught up.
Twenty years ago, venture capital was relatively uniform. Most firms followed similar strategies, wrote similar check sizes, and built portfolios in roughly the same way. This uniformity made sense—technology was still early in transforming the world, and the annual venture capital deployed was a fraction of what it is today.
But the industry has transformed dramatically. The rise of institutional seed funds, the emergence of mega-platforms, and the sheer scale of the industry have turned venture capital into a collection of distinct strategies. Yet many LPs still use a monolithic lens to assess venture capital, which results in the ongoing comparison of "large vs. small" VC funds, which misses the point—these aren't just different fund sizes; they're fundamentally different economic products with unique risk-return profiles and business models.
Each can have a place in an LP portfolio, dependent on risk/return tolerance, capital base, time, access, etc.
We Have Met the Enemy… and He Is (Still) Us, Or, where is our DPI?
When we reflect on the state of venture capital today, we are reminded of the Kauffman Foundation’s 2012 report titled “We Have Met The Enemy… and He Is Us.”[1] It is a seminal critique of venture capital from an LP’s perspective, highlighting underperformance relative to public markets, low capital returns from realized exits, the short-term nature of the sector and the fundamental misalignment of interests between GPs and LPs. Sound familiar?
The Kauffman report could hold the cultural relevance within venture capital that Fred Schwed’s “Where Are Our Customers’ Yachts?” has held in the public markets since the 1940s. LPs might very well be asking “Where Is Our DPI?”
Private wealth offers lifeline for emerging VCs
Doctors and lawyers—alongside other members of the private wealth set primed to deploy trillions to private markets over the coming decade—are dangling a lifeline to emerging venture managers.
Upstart VC firms have struggled to ink commitments from large limited partners like pensions and endowments, adding pressure to a group already contending with higher startup valuations and round sizes that benefit larger firms.
But in recent years, high-net-worth individuals and even retail investors have flocked to emerging micro funds, which have smaller investment minimums.
Crypto Venture Capital Funding Predicted To Hit $18 Billion in 2025 Following $13.6 Billion Recovery in 2024
Venture capital funding for blockchain startups reached $13.6 billion in 2024, reflecting a notable recovery from the $10.1 billion seen in 2023, according to a DeFi Report. While this marks progress, the industry remains far below the 2021 peak of $32.4 billion. Analysts at Galaxy Research and PitchBook project a substantial increase in 2025, with funding expected to surpass $18 billion. This growth is attributed to declining interest rates, increased regulatory clarity, and renewed interest from generalist investors.
Generative AI funding reached new heights in 2024
If there was any doubt, the generative AI bubble did not burst in 2024.
Investments in generative AI, which encompasses a range of AI-powered apps, tools, and services to generate text, images, videos, speech, music, and more, reached new heights last year. According to data from financial tracker PitchBook compiled for TechCrunch, generative AI companies worldwide raised $56 billion from VCs in 2024 across 885 deals.
The Year Of Humanoid Robots
This past year wasn’t the highest-grossing period for robotics startup investment. However, it was one of the flashiest.
In areas from humanoid coworker bots to AI robot brains, startups developing some of the most scifi-esque applications of the technology scored the year’s largest rounds. Big deals skewed early stage as well, indicating the cycle is likely just getting started.
Illustrative of the trend is Figure, a 2-year-old startup dedicated to “bringing a general purpose humanoid to life.” Founded in 2022, the Silicon Valley startup pulled in $675 million in Series B funding in February to further its vision of building robots to perform unsafe and undesirable jobs.
Another example is the year’s second-biggest round, which went to robot brain developer Physical Intelligence. The San Francisco startup, founded just this year, pulled in $400 million at a $2 billion valuation last month.
What will this year bring in VC? We asked a few investors
A new year brings with it hope for a better tomorrow — kind of, at least. In the world of venture capital, nothing is quite predictable. The number of firms in the U.S. has taken a sharp dip as risk-averse institutional investors splash money on only the biggest names in Silicon Valley, as reported by the Financial Times. AI is the only category that seems to matter, and that doesn’t look to be changing anytime soon. But the new year has just started, and perhaps so has the impetus for change.
European VC mega-rounds were rare in 2024—but hot startups still cashed in
European venture capital mega-round activity in 2024 fell to its lowest level in five years, but a handful of startups still hauled in big checks.
In the closing months of 2023, a flurry of €100 million-plus rounds brought hope of a mega-deal resurgence in 2024. However, only 80 such deals had closed as of Dec. 19, according to PitchBook data, a 9.1% drop from last year.
The year’s mega-round count was expected to close at its lowest level since 2020, when there were just 74 deals worth over €100 million. That was less than half the number registered in 2021, when a record 199 closed.
The European VCs due to fundraise in 2025
The past two years have been a tricky time for VC firms to fundraise; LPs have grown more scrupulous as they wait for distributions, and some of Europe’s largest VCs seem to be raking in the lion’s share of the funding with increasingly enormous funds.
Sifted tracked fewer first-time funds in 2024 than in 2023 and 2022; while European VCs pulled in about €20bn across 161 vehicles, according to PitchBook data — the lowest count in a decade. Still, according to Atomico’s recent state of European tech report, 29% of LPs say they’re more interested in investing in European VC compared to a year ago, when that figure was 18%.
What We Learned About AI From 7 Active Startup Investors This Year
This was the breakout year for funding to AI companies. Venture funding through mid-December reached $99.6 billion — up 80% year over year — Crunchbase data shows. Close to a third of that funding went to foundation model companies.
The other two-thirds of funding went to sectors impacted by these new models. Separate from the hardware and data provisioning to manage and operate AI, leading sectors included autonomous driving, healthcare, robotics, professional services, and marketing and sales, Crunchbase data shows.
With billions of dollars flowing to these new technologies, we spoke with more than a half-dozen earliest- and latest-stage investors this year to understand where they are placing their bets when it comes to AI.
The 10 largest European VC fundraises in 2024
The venture capital market has been increasingly bifurcating in recent years; the largest VC funds are growing their assets, and it’s become challenging to raise funds for those that aren’t the big brand names.
There was a general slump in VC fundraising this year: European VCs raised around €20bn across 161 vehicles according to PitchBook data — the lowest count in a decade. Sifted also tracked fewer first-time funds this year than we did in 2023 and 2022.
Why Corporate VC Will Be A Critical Funding Outlet For Startups In 2025
As we approach 2025, cautious optimism surrounds the global startup funding landscape and outlook.
With successful IPOs and exits ahead in the new year, shifting market dynamics, evolving priorities and continuous technological advancements — especially around artificial intelligence — new opportunities are opening for startup founders.
For startups around the globe, corporate venture capital, or CVC, continues to offer not just capital but also the potential for impactful strategic collaborations, positive proof points, access to critical resources, and pathways to navigate the complexities of scaling.
Asian PE fundraising drifts away from China
Greater China’s dominance of Asia’s private equity market appears to be waning. For the first time in more than a decade, the region—which comprises mainland China, Hong Kong and Taiwan—accounted for less than half of fundraising.
While activity was largely flat last year—the Asia-Pacific region raised $39.4 billion vs. $41.5 billion in 2023, according to PitchBook data—what’s more striking is how capital has been distributed.
While fundraising for China-based funds is down nearly 30% annually, there has been a 43% rise in LP commitments to funds based in Japan and Korea, and a 21% rise in capital raised in Southeast Asia.
Market Map: Micromobility accelerates past sector headwinds
Micromobility is scooting past the downward trends of the greater mobility tech vertical.
While the sector overall has been on an inconsistent trajectory with Q3 deal value declining 37.6% over the previous quarter, the micromobility segment has seen consistent growth. Over the last three quarters, micromobility’s deal value has grown nearly 40% as investors look to fund versatile forms of transportation.
Cleantech Funding Weakened In 2024
Overall, 2024 was a comparatively weak year for cleantech equity funding.
Global investment in sustainability-related categories looks set to hit its lowest point in four years, per Crunchbase data. Deal counts are also down, as shown in the chart below.
But while topline numbers are lower, the picture is more nuanced in individual sectors.
Several areas are down markedly. Most prominent is the battery sector, which was further riven by last month’s bankruptcy filing by Sweden’s Northvolt, one of the most heavily funded players. Wind- and solar power-related funding also fell.
Crypto Will See Revolution By Acceleration
2025 will see a sea change in the U.S. regulations, acceptance of bitcoin as digital gold and stablecoins as important rails for payments, says EY’s Paul Brody.
The definition of PE likely to be stretched further in 2025
When I started covering private equity over a decade ago, my job felt simpler. While the industry was already mature, it was still fairly easy to define.
Today, traditional descriptions of what—and who—comprises the PE industry seem increasingly inadequate. As a result, describing the asset class to outsiders can often feel like nailing jelly to a wall.
Few of the industry’s major players can now comfortably fit the label of “PE firm.” This is not only the case with so-called buyout shops like KKR are The Carlyle Group, which have long since outgrown their original labels, but also with asset managers that have historically associated with those assets making significant inroads into the private markets.
US accounts for over 40% of global Bitcoin hashrate
The United States accounted for over 40% of the Bitcoin network’s global hashrate — the total computing power securing the Bitcoin protocol — at the close of 2024, with two US-based mining pools, Foundry USA and MARA Pool, accounting for over 38.5% of all blocks mined.
Crypto VCs reveal what they’re looking for in 2025
Deng Chao, CEO of institutional asset manager HashKey Capital, recently told Cointelegraph that crypto projects will attract more capital from venture capitalists in 2025. These VCs are eyeing stablecoin products, real-world asset (RWA) tokenization, artificial intelligence and infrastructure.
According to Chao, increased digital asset valuations in 2024 and the tailwinds from the reelection of Donald Trump in the United States will attract more VC capital to crypto projects.