VNTR Newsletter June 22: Unicorn Backlog, Gates’ $650M Nuclear Bet, Seed Surge in AI Agents
Venture Capital, Web3, and Private Equity – News, Events, and VC Reads
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Join us for another powerful VNTR Investor Forum in Cannes on June 30, co-hosted with Gamma Prime. The event will gather active investors visiting ETH CC as well as prominent investors from the South of France and Monaco. The program features: 15 expert speakers, 4 thematic roundtables, and ample opportunities for high-level networking.
Can’t make it to the Forum? Join us later the same day at the Gamma Prime Cannes is King - Private Allocator Party, an exclusive gathering of allocators and investors, right after the Forum.
The Great Unicorn Backlog: Visualizing A Decade Of Private-Market Buildup
Over the past decade, Crunchbase has chronicled the rise of unicorn companies — private startups valued at $1 billion or more — as a signal of where venture capital dollars and market enthusiasm flow. What began as a trickle in the early 2010s surged into a flood in 2021, as valuations skyrocketed and new unicorns joined The Crunchbase Unicorn Board at a record pace, with new unicorn creation growing threefold year over year.
VNTR Club Fellowship July 1, 2025
A curated 4-week program designed to foster connection, collaboration, and tangible outcomes within the VNTR Club.
Kickstart your VNTR Club journey by joining a carefully selected cohort of investor peers. Build trusted relationships with top-tier members, exchange insights, and unlock new investment opportunities. Apply to join the VNTR Club Fellowship
The next generation of allocators
Throw a stone inside any Midtown bar after work on a Thursday in New York City, and you’ll likely hit an investment banker or a PE analyst. You’re less likely to wallop a junior professional from a university endowment. Unlike bankers and private fund associates, the next crop of investment talent at endowments, foundations and public pensions is dispersed across investment offices nationwide.
VNTR Global Investor Summit, Lisbon on Nov 11
Join us for a full day of keynotes, panel discussions, thematic roundtables, company showcases, the annual VNTR Awards, networking at the VNTR Club lounge, and dedicated breakout sessions for LPs, CVCs, and Family Offices. (View sponsorship opportunities)
Extend your experience by joining the VNTR Retreat to Porto and the Douro Valley, November 13–16.
👉 Apply here to speak at the VNTR Summit
👉 Apply here to showcase your company
The frenzy around the potential of AI is helping to pull VC capital and risk appetite back to the UK, according to a new report on UK VC term sheets from HSBC Innovation Banking UK, which shows the percentage of deals at seed, Series A+ and Series C+ stage are on the rise. These findings, based on the analysis of 588 anonymised VC term sheets issued in 2024 from 27 law firms, show that seed deals as a percentage of total deals have more than doubled since 2021, accounting for 32% of term sheets in 2024, while later-stage VC deals rose from 7% of term sheets in 2023 to 11% in 2024.
AI Autonomous Agents Are Top 2025 Trend For Seed Investment
Earlier this week, we wrote about investment trends popping up at seed stage. However, we left out one area where funding activity was so voluminous it warranted its own dedicated piece. Unsurprisingly, it is about AI. More specifically, Crunchbase data shows a continued boom this year in seed-stage funding to startups working on autonomous AI agents, assistants and companions, with a particular focus on enterprise customers.
Nvidia’s AI empire: A look at its top startup investments
Flush with cash and momentum, Nvidia is placing strategic bets across the AI stack — from infrastructure to agent platforms — reinforcing its role not just as a chipmaker, but as a power broker in the next wave of AI.
When Strategic Warrants Become Strategic Roadblocks
A landmark deal turned complicated after a commercial partner was granted a warrant tied to future value. What seemed like a win quickly introduced constraints on M&A flexibility and future fundraising, offering a cautionary tale on deal structuring.
Want To Reward High-Performers? Consider Providing Incentive Compensation Beyond Sales Teams
As companies seek to scale leaner and smarter, extending performance-based incentives to roles beyond sales is becoming essential. Recognizing and rewarding top contributors across departments can drive retention and align teams with growth goals.
What Seed Trends Say About The Future: Live Long, Recycle And Launch More Satellites
A dive into 800+ recent seed rounds reveals founders are doubling down on big, long-term bets — from healthspan extension and sustainable tech to commercial space. These trends hint at the new frontier of early-stage innovation in 2025.
Why Spanish tech is sizzling: ‘The mentality has completely shifted in the last six months’
Spanish startups are seeing a funding renaissance, with deal volume and size climbing rapidly. Founders cite a cultural shift toward ambition and global expansion, and top-tier VCs are taking notice.
Europe’s continuation funds surge faces growing scrutiny over asset quality
Continuation funds are booming as GPs seek to retain assets while providing LPs liquidity. But as volumes grow, concerns mount over whether some deals are driven by real value — or pressure to mark up stale assets.
Wealth on the move: UK tax reforms spark London exodus
Recent UK tax policy shifts have prompted high-net-worth individuals and fund managers to relocate to friendlier jurisdictions. The result: a quiet reshuffling of financial talent away from London to hubs like Milan, Geneva, and Dubai.
Tariff and recession risks put mid-market PE exits on the back foot
Policy instability and macroeconomic fears are hitting the U.S. mid-market PE landscape hard. With IPOs less accessible and exit options narrowing, many GPs are holding assets longer than expected.
The Role of Angel Investor Syndicates In Strengthening Emerging Startup Ecosystems
Syndicates are reshaping early-stage investing in emerging markets by pooling resources and lowering barriers for participation. They provide capital, mentorship, and global connections that accelerate growth in underserved regions.
Musk’s X plans payments, investment features rollout for 2025
X is evolving beyond social media. Plans are underway to integrate payments, peer-to-peer transfers, and investment tools directly into the app — aiming to turn its 600M users into an all-in-one financial ecosystem.
Chinese Central Bank pledges global expansion of digital yuan
China is ramping up efforts to globalize its digital currency, e-CNY. With a new international operations center in Shanghai, the central bank aims to expand digital yuan adoption beyond domestic borders.
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Upcoming VC Events and Conferences
June 25-26 FinTech Summit Africa 2025, Johannesburg, South Africa
June 26 World Climate Investment Summit, London, UK (20% discount using code VNTR2025N)
June 26-27 LegalTech Talk, London, UK (Complimentary investor passes)
June 26-27 Istanbul Blockchain Week (50% discount using the code VNTR50OFF)
June 27 Low Altitude Economy Forum, Hong Kong (complimentary tickets)
June 30-July 3 Ethereum Community Conference, Cannes, France
June 30-July 5 World Venture Forum, Kitzbühel, Austria (15% discount using the code WVF25_BBK)
July 8-9 RAISE Summit, Paris, France
July 17-18 India-Africa Entrepreneurship & Investment Summit 2025, Nairobi, Kenya
July 31-Aug 3 Kinnernet Alps unconference, San Sebastiano da Po (Turin), Italy
August 21-22 Coinfest Asia, Bali, Indonesia (20% discount using code CA20VNTR)
August 27-28 TechBBQ, Copenhagen, Denmark (25% discount using code 25VNTRCapitalnetwork25)
Sep 23-24 CV Summit, Zurich, Switzerland
September 29 - October 2 CC Forum Zurich, Switzerland (for complimentary EXECUTIVE PASS, please contact Irina)
October 15-17 Principled Business Summit, New York, US (15% discount using code VNTRMEMBER)
November 11 VNTR Global Investor Summit Lisbon (Complimentary Passes)
If you would like to submit VC-related events, please send them to support@vntr.vc.
VNTR Events
Join us at our upcoming events to connect with key investment decision-makers:
June 25 2025
Investor Roundtable Dubai
June 30 2025
Investor Forum Cannes
during EthCC
June 30 2025
Investor Roundtable Hong Kong
July 1 2025
Club Fellowship Online
July 4 2025
Investor Breakfast London
July 9 2025
Investor Padel Cascais
July 22 2025
Club Mastermind Online
for active VNTR Club members only
July 23 2025
Investor Cocktail Chicago
during Chicago Tech Week
August 2 2025
Investor Roundtable Hanoi
September 2 2025
Investor Roundtable Lagos
during GITEX Nigeria
September 17 2025
Investor Forum Riyadh
during Money 2020 Middle East
September 30 2025
Investor Forum Singapore
during Token 2049