Adam Neumann Trying To Buy Back WeWork & Sam Altman's VC Raised $175M

👋 Hey, Sahil here! Welcome to today’s Venture Daily Digest Newsletter. Every day I quick updates on startup funding, new VC funds and tech in just 5 minutes! Today we have major updates on -

• Adam Neumann, with support from investors including Third Point, is making a bid to buy WeWork out of bankruptcy.

• OpenAI's Startup Fund, a separate entity from OpenAI, raised $10 million through an SPV in a recent SEC filing.

• DocuSign Inc (NASDAQ: DOCU) plans to cut approximately 6% of its workforce, amounting to around 440 employees.

• Featured Article : When to Raise Funding? How much funding is too little? Too much?

• What Do You Think?: Potential area to build AI startup for VC?

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💰 MASSIVE FUNDING UPDATES

Arglass, a Valdosta, GA-based glass container manufacturer, secured over $230M in capital. The backers were not disclosed. More Here

Suma Wealth, California-based fintech company designed for young U.S. Latinos, offers in-culture financial content, experiences, and products, with a personalized approach using AI features has secured $2.2 million in new capital, led by Radicle Impact and joined by Vamos Ventures. More Here

CAMB AI, a NYC-based speech AI company, raised $4M in Seed funding. The round was led by Courtside Ventures, and included participation from TRTL Ventures, Blue Star Innovation Partners, Ikemori Ventures, and Eisaburo Maeda. More Here

Stellar Sleep, a startup providing a first-digital tool for chronic insomnia management, raised $6 million in seed funding led by Initialized Capital with participation from Y Combinator, Lombardstreet Ventures, Switch Ventures, Moonfire Ventures, Scrum Ventures, 8vdx and Goodwater. More Here

Cimba AI, a Seattle, WA-based Gen AI-native platform creating custom AI agents, raised $1.25M in Pre-Seed funding. The round was led by Ripple Ventures, with participation from SeaChange, PackVC, and angel investors like Chad Sanderson and Chris Riccomini. More Here

Finally, a Miami based fintech startup helping businesses automate accounting and finance functions, secured another $10 million in venture capital led by PeakSpan Capital with participation from Active Capital. More Here

Adroit Trading Technologies, a Stamford, CT-based provider of a multi-asset front office EOMS solution, raised $15M in Series A funding. The round was led by Centana Growth Partners. More Here

GigaStar, a Chicago, IL-based startup focused on human creativity, raised $3M in additional funding. Investors included DV Crypto VC, Tomsic Holdings, Nameless Ventures, Belvedere Strategic Capital, and Metropolitan Capital Bank. More Here

docStribute, a London, UK-based RegTech company, completed a pre-Series A funding round, securing £820k. Financial service angels participated in the round. More Here

dataroomHQ, a NYC-based provider of an operational metrics platform for SaaS companies, raised $3.5m in funding. The round was led by Oceans and Bling Capital, with Garuda Ventures, Cortical Ventures, b5 Capital, Divide By Zero, and CRV Scout. More Here

Synthetaic, a Delafield, WI-based provider of a dual-use model-independent classification and detection platform for image data, raised $15M in Series B funding. The round was led by Lupa Systems and TitletownTech, with participation from IBM Ventures and Booz Allen Hamilton. More Here

ActionStreamer, a Cincinnati, OH-based media streaming platform for IoT devices, closed its $2.4M Series A funding round. The round was led by JumpStart Ventures through the Advanced Manufacturing Fund. More Here

Techreo, a Mexico City-based digital financial services platform, raised $3.4m in bridge funding. Backers included Creation Investments Capital Management, and G2 Momentum. More Here

Project 3 Mobility, a Zagreb, Croatia-based company developing a urban autonomous mobility ecosystem, raised an undisclosed amount in Series A funding. The round, which brought the total amount to €100M, saw participation from TASARU Mobility Investments. More Here

Screendragon Ltd., a London, UK- and Cork, Ireland-based technology leader in SaaS-based workflow automation, raised $27m in funding. Backers included Kennet Partners and Federated Hermes Private Equity. More Here

Rider Dome, a Singapore-based company providing an AI-driven safety solution for motorcycle fleets and riders, raised $2.3M in Seed funding. The round saw participation from private angel investors, Goldbell, a Singaporean venture capital firm specializing in mobility, and Radha Rani Holdings Family Office based in Singapore. More Here

Colossyan, a London, UK-based AI video for workplace learning company, raised $22M in funding. The round was led by Lakestar, with participation from Launchub, Day One Capital, and Emerge Education. More Here

Evrotrust, a Sofia, Bulgaria-based digital transformation provider, raised 3.3M in funding by silver capital. More Here

Avnos, a Los Angeles, CA-based company developing novel hybrid direct air capture (HDAC™) technology for carbon dioxide removal, raised $36M in Series A funding led by NextEra Energy, with participation from Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management. More Here

NinjaOne, an Austin, TX-based provider of an IT platform for endpoint management, security, and visibility, raised $231.5M in Series C funding. The round was led by ICONIQ Growth. More Here

Ambience Healthcare, a San Francisco, Ca-based provider of an AI operating system for healthcare organizations, raised $70M in Series B funding. The round, which brought the total amount to $100M, was led by Kleiner Perkins and OpenAI Startup Fund. More Here

Ionix, a Tel Aviv, Israel-based a company which specializes in Attack Surface Management (ASM), raised additional $15M in Series A funding. The round, which brought the total amount to $42M, and the total funding to date to $50.3M, was led by Maor Investments, with participation from Hyperwise Ventures, Team8 and U.S. Venture Partners (USVP). More Here

Voidless, an Assago, Milan, Italy-based company focused on packaging directly in warehouses, raised €2.2M in Seed funding. The round was led by CDP Venture Capital and 360 Capital. More Here

Kin, a Chicago, IL-based digital, direct-to-consumer home insurance company, raised $15M in funding. The round was led by Activate Capital. More Here

Synaptec, a Glasgow, Scotland, UK-based developer of a distributed electrical sensing (DES) fibre-optic instrumentation platform, raised £6.5M in funding. The saw participation from Megger Group, Proserv, and Equity Gap. More Here

AudioStack, a London, UK-based provider of an end-to-end platform for the audio production, raised £2.5M in Pre-Series A funding. The round was led by Quadri Ventures. More Here

Bettormetrics, a London, UK-based sports betting analytics company, raised an undisclosed amount in Series A funding. The round saw participation from Bettor Capital and Velo Partners. More Here

Azul Energy, a Sendai, Japan-based clean chemistry startup, raised $3.2M in Series A funding. The round was led by Spiral Capital, Inc., with participation from TOHOKU University Venture Partners Co., Ltd., JMTC Capital LLC, Mitsubishi UFJ Capital Co., Ltd., Governance Partners Inc., and existing investor Spurcle Inc. More Here

Oobit, a Singapore-based provider of a mobile payment app, raised US$25M in Series A funding. The round was led by Tether, CMCC Global’s Titan Fund, 468 Capital and the Co-founder of Solana, Anatoly Yakovenko. More Here

ALT Sports Data, a Carlsbad, CA-based provider of sports data and analytics solutions, raised $2.5M in Seed funding. The round was led by Eberg Capital and Relay Ventures, with additional participation from Trinity West Ventures, NuFund Venture Group and sports and technology industry investors. More Here

6AM City, a Greenville, SC-based local daily newsletter company, raised an undisclosed amount in Series A funding. The round was led by TEGNA Inc. with participation from existing investors American Investment Holdings, VentureSouth, and Harbright Ventures. More Here

💰 VENTURE CAPITAL UPDATES

OpenAI's Startup Fund, a separate entity from OpenAI, raised $10 million through an SPV in a recent SEC filing, with investors remaining unnamed. The fund, established to support AI companies for positive global impact, had previously raised $175 million in May 2023 and has been involved in notable investments in startups like Harvey and Ambience Healthcare. More Here

Brookfield Asset Management has raised $10 billion in the first close of its second fund dedicated to the global energy transition, signaling continued investor interest in clean energy, sustainability and a net-zero economy. The fund's predecessor closed on $15 billion with contributions from LPs like the New Jersey Division of Investment, the New York State Common Retirement Fund and the Ontario Teachers' Pension Plan. More Here

NIO Capital, founded by NIO CEO William Li, raises over $416 million in a new China-focused fund, defying global market challenges. The venture firm, known for backing rising stars in the Chinese automotive sector, aims to explore innovative technologies in auto tech and sustainable energy with its RMB 3 billion fund, emphasizing independence from NIO in investment decisions. More Here

Episode 1, a London, UK-based early stage venture capital firm, closed its third fund, at £76m. The raise included a £20m cornerstone commitment from British Patient Capital and the National Security Strategic Investment Fund, as well as Molten. More Here

𝕏 FEATURED: TODAY’S FEATURED ARTICLE

When to Raise Funding? How much funding is too little? Too much?

One of the most common mistakes that founders make in fundraising is 'jumping into fundraising when the business is not ready.' What does this mean? Additionally, many founders have questions about how much funding they should raise and whether it's too much or too little.

• When to Raise Funding?

• How Much Money Should You Raise? Too little & Too Much?

One additional consequence to raising a lot of money that you should bear in mind, although it is more important for some companies than others. That is liquidation preference…. Read More Here

💡 SARTUP’S LATEST BUZZ

Acquisition & Exits

Entrust — the privately held company that provides a range of certification and verification services around payment cards, passwords, network and website access, device access and more — is buying the London-based startup, Onfido sources say for a figure “well above” $400 million. More Here

DaySmart Software, an Ann Arbor, MI-based provider of vertically-focused business management software, acquired Time To Pet, an Austin, TX-based provider of pet care software. More Here

Layoffs & Shutdown

DocuSign Inc (NASDAQ: DOCU) plans to cut approximately 6% of its workforce, amounting to around 440 employees, mainly in the sales and marketing division, to enhance financial and operational efficiency. More Here

NASA's Jet Propulsion Laboratory (JPL) in Pasadena will lay off about 8% of its workforce (around 530 employees) due to a reduced budget from NASA and the lack of a new spending plan from Congress. The decision follows recent layoffs of 100 contractors working on the Mars Sample Return program. JPL Director Laurie Leshin called the cuts among the most challenging and emphasized the organization's efforts to adjust to financial constraints. More Here

Startups & People

WeWork co-founder Adam Neumann, with support from investors including Third Point, is making a bid to buy WeWork out of bankruptcy. Neumann's lawyers revealed his prior efforts to secure $1 billion in financing for WeWork in October 2022 were abruptly shut down by the former CEO. WeWork, valued at $47 billion, filed for bankruptcy in November 2023, facing substantial debt after years of aggressive expansion. More Here

Spotify hits 600 million monthly active users, adding 28 million in Q4, with 236 million paid subscribers showing 15% YoY growth. The company's Q4 2023 earnings report reveals €3.7 billion ($3.97 billion) in revenues and an operating loss of €75 million, despite a 16% YoY growth. The surge is driven by gains in Rest of the World and Latin America. More Here

Going Public

Kyverna Therapeutics (KYTX), the biotech company plans to raise $297M in an upsized IPO, offering 14.5M shares priced between $20 and $21. The biotech company's lead program, KYV-101, a CD19 CAR T-cell therapy, is in Phase 1 and Phase 2 testing for various autoimmune conditions. JP Morgan, Morgan Stanley, Leerink Partners, and Wells Fargo Securities are serving as bookrunners for the Nasdaq listing under the symbol KYTX. More Here

🤖 LATEST IN EMERGING TECH

The UK government responds to AI regulation consultation, opting for existing laws and targeted measures, including £100 million+ funding. £10 million will upskill regulators, while £90 million goes to nine research hubs for homegrown AI innovation, maintaining a 90:10 split in focus. The government refrains from new legislation for now, emphasizing an agile, context-based approach to foster innovation while considering legislative action in the future. More Here

📰 TODAY’S MUST READ ON: STARTUP, TECH & VC

• ​Y-Combinator Strategy: “Cash In, Cash Out, Milestones Achieved” To Raise Funding. Read More

• Not even wrong: ways to predict technology by Benedict Even. Read More

• Most investors think unicorns are the only way to make attractive returns reality zebras do better job. Read More

• US VC Fundraising From an LP Perspective by pitch book. Read More

🤔 WHAT DO YOU THINK?

Yesterday’s Poll: 31.82% readers think that AI will be more impactful in due diligence and risk assessment area. Even readers think that in deal sourcing and pipeline generation, AI will ply significant role. Anyone building in this area, would like to know? Feel free to reply on this email.

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That’s It For Today! Will Meet You Tomorrow!
Happy Wednesday! 🥂

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✍️Written By Sahil R | Venture Crew Team