VNTR Newsletter September 22, 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 to discover VNTR Community News, Upcoming Events, and the latest VC News and Reads.
VNTR COMMUNITY NEWS
Spotlight
Singapore: We hosted four events in Singapore this week, with 200 investors attending. Thank you, Krystyna Pyszková, Miss World 2023, for joining us at the VNTR Roundtable Singapore and sharing her work on the Miss World app with James Heckman. Thank you to our partners: Camino Network, Token2049, Stellar Enterprise Fund, XRPL Accelerator, Internet Computer, Jugemu.ai, and CV VC.
Mainnet: We partnered with Messari to co-host VNTR Roundtable New York on Oct 1 as a side event to the Mainnet conference (20% discount using vntrmainnet)
VNTR Summit: We are excited to welcome our latest speakers at the upcoming VNTR Global Investor Summit in Lisbon on Nov 13:
Neville Teagarden, Managing Partner at AI Capital
Gillian Muessig, Managing Director at Mastersfund
Stephan de Moraes, Managing General Partner at Indico Capital Partners
Apply to speak. We invite top-tier VCs and capital allocators to share their valuable knowledge and insights with hundreds of attending investors.
VNTR Summit Tickets: Secure your spot at the VNTR Global Investor Summit before it's too late! Early Bird Tickets are available only until the end of September. Join us in Lisbon for an unforgettable experience. You can also apply to sponsor or contact Lukas to discuss sponsorship opportunities.
VNTR Podcast: We hosted Stephan de Moraes, Founder and Managing General Partner at Indico Capital Partners, Portugal’s leading tech-focused VC firm. Stephan shares his journey as a VC and insights into the state of VC in Southern Europe. You can tune in on YouTube, Spotify, and Apple. Stay updated with our latest episodes, and don’t forget to subscribe on your preferred platform to never miss insightful discussions.
SportsTech Report: Check out Pulsar's The European Sportstech & Esports Report 2024, which provides a comprehensive analysis of the European sports tech ecosystem. It explores key trends in sports technology, investment landscapes, and rapidly advancing technologies. Use the VNTR Promo code to get a 30% discount for the full report.
Coming 4 Weeks:
Cape Town: Sep 25 VNTR Investor Roundtable Cape Town.
Barcelona: Sep 25 VNTR Investor Roundtable during European Blockchain Conference.
Munich: Sep 30 VNTR Investor Roundtable during Bits & Pretzels.
New York: Oct 1 VNTR Investor Breakfast during Mainnet.
Zug: Oct 1 Venture LP Roundtable Zug during CV Summit.
Online: Oct 8 VNTR Speed Networking powered by Airmeet
Madrid: Oct 9 VNTR Investor Roundtable Madrid during Merge Madrid
San Francisco: Oct 9 VNTR Investor Roundtable San Francisco during SF Tech Week.
Miami: Oct 10 VNTR Investor Roundtable Miami during Florida LP Summit
Dubai: Oct 15 VNTR Investor Roundtable Dubai during Expand North Star
Los Angeles: Oct 16 VNTR Investor Roundtable Los Angeles during Los Angeles Tech Week
Dubai: Oct 16 VNTR LP Roundtable Dubai during GITEX Global
Thank you to our Partners:
Camino Network is the Layer 1 blockchain built specifically for the travel industry. Operated by a consortium of industry leaders, Camino transforms the distribution landscape and solves connectivity challenges in the multi-trillion-dollar travel sector.
European Blockchain Conference is poised to be a pivotal event for the blockchain community. Bringing together industry leaders, innovators, and enthusiasts, the conference will feature over 100 speakers discussing key topics in the industry. (15% Discount using 15VNTRCAPITAL)
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:
Oct 24 VNTR Investors Roundtable Mexico City (Mexico City Tech Week)
Oct 30 VNTR Investors Roundtable Hong Kong (HK FinTech Week)
Oct 31 VNTR Investors Roundtable Istanbul (Istanbul Tech Week)
Nov 1 VNTR Investors Roundtable Miami (Fort Lauderdale Boat Show)
More events available on the VNTR Platform
Reach out to Lukas to sponsor VNTR events or join VNTR Corporate Partnership.
Follow us on Social media: Instagram, LinkedIn, Facebook, Flickr, and X.
UPCOMING VC EVENTS
Sep 24-27 Super Return Asia, Singapore
Sep 25-27 South Summit, Seoul, Korea
Sep 25-26 European Blockchain Convention, Barcelona, Spain (15% Discount using 15VNTRCAPITAL)
Sep 29 - Oct 1 Bitz & Pretzels, Munich, Germany
Sep 30 - Oct 2 Mainnet, New York, USA (20% Discount using vntrmainnet)
Oct 1-3 CV Summit, Zug, Switzerland
Oct 2-3 Sifted Summit, London, UK
Oct 2-3 How to Web, Bucharest, Romania
Oct 4-5 Dext Force Festival, Barcelona, Spain (30% Discount)
Oct 4-7 WCIT 2024, Yerevan, Armenia (Investor Tour)
Oct 7-13 San Francisco Tech Week, USA
Oct 8-12 Merge Madrid, Spain
Oct 10-11 Zebu Live, London, UK (25% discount using VNTRCapital25)
Oct 13-16 Expand North Star, Dubai, UAE (25% discount using VNTRENS25, Complimentary investor passes)
Oct 14-18 GITEX Global, Dubai, UAE (25% discount using VNTRENS25, 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 7 The Venture Revolution, San Francisco, USA (50% discount using VNTR50)
Nov 11-12 WOW Summit Bangkok, Thailand
Nov 11-14 Web Summit, Lisbon, Portugal
Nov 20-21 Slush, Helsinki, Finland
Dec 4-7 CC Forum, Paris, France
Dec 9-12 Abu Dhabi Finance Week, UAE
Dec 10-11 World AI Summit, Doha, Qatar
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 Week’s 10 Biggest Funding Rounds: Greentech And Biotech See $200M Raises
A rather odd week in venture, as the biggest rounds were raised by greentech, business travel and charity startups. Of course, biotech and fintech were in there too.
Eye On AI: Thrive Capital’s Busy Year
While reports have been swirling for weeks now, it is still somewhat difficult to wrap one’s head around OpenAI’s reported new valuation of $150 billion.
Not only does it make the startup one of the most valuable private companies in the world, the round seems to keep going up in size the more it’s reported. It now seems to sit at what would be a $6.5 billion round at a mind-blowing $150 billion valuation, with investors such as Tiger Global Management, Khosla Ventures, Microsoft, Nvidia, Apple and Abu Dhabi-based MGX participating.
The 10 most active VC investors driving mobility tech forward
Investors are hoping to get more mileage out of mobility tech.
Startups within the autonomous-driving and electric-vehicle segments continue to drive the vertical ahead with large rounds. EV battery startup Sila raised a $375 million Series G in mid-June from Sutter Hill Ventures and T. Rowe Price. Earlier that month, autonomous-driving and training-software startup Waabi raised a $200 million Series B led by Uber and Khosla Ventures. In May, Wayve, another autonomous-driving software developer, raised a $1.1 billion Series C from investors including Nvidia.
Tax implications for angel investors in the U.S.
If you are testing the waters of angel investing in the U.S., understanding the tax treatment of angel investments is especially important. While you are enjoying the ups and downs of sharing the company-building journey with entrepreneurs, it is crucial to keep accurate tax records and be aware of all the tax rules and regulations the IRS has made for angel investors.
Asset managers are embracing alternatives - are VCs ready?
It seems like almost every day at the moment that an asset manager is announcing a new partnership to make alternatives go mainstream. BlackRock’s acquisition of Preqin in the summer fired the starting gun on this rush to alternatives, by signaling an intention to index private markets. Last week saw Apollo & State Street launch a “private credit” ETF (well, up to 15% of the portfolio can be private). This week saw BlackRock announce a partnership with Partners Group for an all-in-one private markets product.
Why is this happening? And what does this mean for venture capital land?
Federal Reserve cuts rates by half a point and signals era of easing has begun
The Federal Reserve cut its benchmark interest rate by half a percentage point on Wednesday and signalled more reductions would follow, launching its first easing cycle since the onset of the pandemic.
The US central bank’s first cut in more than four years leaves the federal funds rate at a range of 4.75 per cent to 5 per cent. Michelle Bowman, a member of the Federal Open Market Committee, voted in favour of a quarter-point cut — the first Fed governor since 2005 to dissent from a rate decision.
The bumper half-point cut suggests the US central bank is seeking to pre-empt any weakening of the US economy and labour market after more than a year of holding rates at their highest level since 2001.
Why tech insiders are worried about the EU’s proposed startup commissioner
Ekaterina Zaharieva hasn’t even started work as the EU’s first startup commissioner, but tensions are already rising around her role.
The Bulgarian politician was nominated for the job on Tuesday. Alongside startups, her brief will also cover research and innovation. But first, her appointment needs approval from the European Parliament.
Her critics hope that confirmation never comes. Here are three big reasons for their opposition.
Here are the hottest product announcements from Apple, Google, Microsoft and others so far in 2024
If you love gadgets and gizmos, this year’s product conferences have been right up your alley.
We’ve poked through the many product announcements made so far this year by the biggest tech companies and trade shows to create a list of what we think are the most important, or the most interesting, reveals. So far this list covers Apple WWDC, Apple Let Loose, Google I/O, Microsoft Build, Mobile World Congress and CES. Please check back as we’ll continue to update what’s below.
Into the Hell of VC Job Applications
With the allure of big deals, influential networks, and the chance to shape the next big thing, it’s easy to see why Venture Capital careers are coveted. However, as one VC job candidate recently discovered, the path to landing a role in VC can be fraught with unexpected challenges, lengthy processes, and a frustrating lack of transparency. Despite her impressive background and a rigorous preparation process, “Valeria” (not her real name) found herself caught in an endless loop of interviews with little to show for it. Valeria’s experience is far from unique. I trained dozens of VC job applicants over the years, with a few now working at elite VC firms worldwide—but the story of those who fail to break into VC is rarely told. This article dives into the ordeal and explores why applying to VC job listings might be more of a mirage than a real opportunity.
Startup Buying Power — VC-Backed Companies Are Hunting For More Startups
It’s not exactly a shopping spree, but with overall M&A down, more startups are hunting for other VC-backed companies in the U.S.
In fact, startups buying other startups is on pace to make up the largest slice of the M&A pie in years when it comes to overall VC-backed, U.S.-based startup dealmaking. This is a noteworthy development in the current environment where venture capitalists and their limited partners are thirsting for liquidity amid a frozen IPO pipeline and quiet M&A market.
PE’s buyout binge on European asset managers exceeds $15B
Buyout activity in the European asset manager industry has already surpassed €14 billion (about $15.6 billion) this year, with listed firms in particular becoming a prime target.
This year there have been 39 PE buyouts in the space worth more than €13.9 billion, according to PitchBook data. The total does not include the most recent deal: Oaktree agreed Thursday to acquire the wealth management unit of UK merchant banking group Close Brothers—Close Brothers Asset Management— for up to £200 million (about $266.3 million). This tips the 2024 total over the €14 billion mark.
Secondary Financings Offer Lifeline In A Slow Exit Market
In a slow exit market, investors have had to become more creative in finding ways to bring cash back to their pockets and those of their limited partners.
Secondary financings have become one way to solve the liquidity crunch facing the venture markets and its backers.
“For so long it was taboo,” said Larry Aschebrook, managing partner at G Squared — an investor in growth stage companies in primary and secondary financings — on the newfound popularity of secondary financings. “Now it’s a necessity.”
These are PE’s biggest fundraising targets for upcoming vehicles
Private equity firms that are raising new funds appear to be setting more achievable fundraising targets than they had used in recent previous campaigns.
And with the third quarter winding down, only a handful of managers are vying for mega-funds.
KKR leads the charge, actively seeking $20 billion for North America Fund XIV. That would slightly exceed its predecessor vehicle, which raised $19 billion in 2022, according to PitchBook data.
Startups Are Art, Valuation Is Science, Price Is Both
Have you watched an episode of “Antiques Roadshow?” If so, you already know how to correctly price a funding round.
I can see you’re confused, allow me to explain.
Picture the scene: A prospective seller has brought in a vintage watch for appraisal. They take it to a recognized expert who offers a well-informed (and neutral) perspective on what price it should fetch at auction.
The expert will consider a range of factors in the appraisal.
14 startups to watch in Paris, according to VCs
In French tech, much of the action still happens in and around Paris.
Some of the country’s best-known tech companies were born outside of the capital: HRtech unicorn Swile is HQ-ed in Montpellier, while gigafactory scaleup Verkor is based in Grenoble.
But data released by Numeum, a union that represents French tech companies, showed that just under half of all active startups in the country in 2023 were located in or around Paris. Startups in the capital also raised nearly three-quarters (73%) of total funding.
When will US startups start growing headcount again?
Data below from 40,000+ US startups on Carta paints a picture of an industry struggling with the headcount question.
Blue line is new hires per month. Magenta line is employees leaving their companies (whether through layoffs or by choice).
Way back in 2019, the blue line outpaced the magenta one by a solid amount. Startups on Carta that year grew net headcount by 155,335 employees.
Then things got kinda out of hand. The net headcount change for 2021 shot up to over 350,000 (with half a million new hires in a single year). That pace of hiring held in 2022, though departures also increased.
But since 2023 began, hiring and departures have effectively matched each other. In the 18 months between Jan 2023 and June 2024, net headcount grew by only 7,000 employees.
Circle prepares to debut on Wall Street
Stablecoin issuer Circle is moving forward with its initial public offering (IPO) debut and plans to shift its headquarters to Wall Street in 2025, according to CEO and founder Jeremy Allaire.
Latin America Digital Report 2024
LatAm Does it Best: How adversity breeds world-class tech companies and returns
Untangling Luck from Skill
Venture capital has a habit of relying on outdated practices and data. I’m seeing a lot of commentary on what fund sizes are most effective on Twitter, but the truth is that the fund strategies of individual firms are so nuanced that when you zoom too far out on the data, it loses a lot of signal.