Elon Musk’s X Soars to Top in App After Putin Interview Announcement & Uber's Layoff

👋 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 -

• Elon Musk’s 𝕏 soars to Top Spot in App Store after Carlson-Putin interview announcement.

• Runway, AI image-video generation platform raised $10M fund to invest in AI startup.

• Uber is cutting 168 employees at Drizly, the alcohol delivery service & planning to shut it down.

• Featured Article : Y-Combinator Strategy: “Cash In, Cash Out, Milestones Achieved” To Raise Funding

• What Do You Think?: Content on LP/GP/Founders Conversation, Pitch Deck Deep Dive & More?

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💰 MASSIVE FUNDING UPDATES

Atlas, a Vienna, Austria-based genAI and 3D asset creation company, received a $4.5M grant from The Austrian Research Promotion Agency (FFG). More Here

Attentive ai, a startup building vertical software for landscaping and construction services in the U.S., has raised $7 million in a new funding round Led by Vertex Ventures. More Here

Amperesand, a Singapore-based grid infrastructure solutions provider, raised $12.45M in funding. The round was led by Xora Innovation, and Material Impact, with participation from TDK Ventures, and Foothill Ventures. More Here

Formlogic, a Pittsburgh, PA-based provider of autonomous precision manufacturing services intended for space companies, received $20M from Trinity Capital. More Here

Simplify, a US based early-stage startup, aims to develop its AI-driven job application platform has raised $3 million funding from Craft Ventures with help from YC, Hyphen Capital, GFC and several industry angels. More Here

Platform Accounting Group, a Salt Lake City, UT-based company that acquires and supports the operation of boutique accounting and professional services firms, raised $85M in funding. The round was led by Cynosure Group, with participation from early investors Swell Capital and Peery Capital. More Here

Overflow, a San Francisco, CA-based provider of financial solutions for churches, nonprofits and donors, closed its $20m Series B funding round. Wesleyan Investment Foundation led the strategic round joined by existing investors including Uncork, R7 and TheGP. More Here

AI Fashion, a Los Angeles, CA-based leader in AI technology for the fashion industry, raised $3.6M in seed funding. The round was led by Neo. More Here

NinjaOne, A US based an IT platform for endpoint management, security and visibility, it raised $231.5 million in a Series C funding round led by Iconiq Growth. More Here

Polycam, a San Francisco, CA-based 3D creation tool company for iPhone and Android, raised $18M in funding. The round, which brought the total amount to $22M, was led by Left Lane Capital and Adjacent with participation by Adobe Ventures and a group of angel investors including Chad Hurley (YouTube), Shaun Maguire (Sequoia), Julien Chaumond (HuggingFace) and Barry McCardel (Hex). More Here

Device Authority, a London, UK-based company which specializes in identity and access management for enterprise IoT ecosystems, raised $7M in Series A funding. Ten Eleven Ventures made the investment. More Here

Zededa, a San Jose, CA-based edge management and orchestration company, raised $72M in Growth funding. The round, which brought the total amount to $127M, was led by Smith Point Capital, with participation from Hillman Company, LDV Partners, Endeavor Catalyst Fund and Forward Investments (DEWA). More Here

Goodshuffle, a US based sstartup building software for the event rental and production industry, raised $5 million in a round of Series A funding from FINTOP Capital. More Here

Subscribili, an Austin, TX-based subscription-based healthcare company, raised $4.3M in Seed funding. The round was led by Darby Group Companies with participation from Vyne Dental, Gokul Rajaram, and Krishna Raj Raja. More Here

Shepherd, a San Francisco, CA-based provider of an insurance tech platform for commercial construction, raised $13.5M in Series A funding. The round was led by Costanoa Ventures with participation from Intact Ventures, Era Ventures, Greenlight Re and Spark Capital. More Here

Cashinvoice, a Mumbai, India-based provider of a supply chain finance platform, raised $3.4M in Series A funding. Arun Poojari, CEO, Cashinvoice Arun Poojari, CEO, Cashinvoice Backers included Pravega Ventures, HDFC Bank and existing investor Accion Venture Lab. More Here

finally, a Miami, FL-based fintech startup helping businesses automate their accounting and finance functions, raised $10M in funding. The round was led by PeakSpan Capital with participation from Active Capital. More Here

Rain, a Los Angels, CA-based financial wellness platform, raised $300M in financing. Clear Haven Capital Management provided the new credit facility. More Here

Gage, a St Simons Island, GA-based provider of a platform and mobile app designed to “Build a Better Workforce”, raised an undisclosed amount in Seed funding from Eagle Venture Fund. More Here

Elemind, a Cambridge, MA-based AI-powered neurotech health company, raised $12M in Seed funding. Backers included Village Global, LDV Partners, E14 Fund, Wharton’s Alumni Angel fund and Embark Ventures. More Here

Omega, a Miami, FL-based Web3 infrastructure provider, raised $6M in funding. The round saw participation from Lightspeed Faction, Borderless Capital and Wormhole Cross-Chain Ecosystem Fund. More Here

💰 VENTURE CAPITAL UPDATES

Coalesce Capital, a NYC-based private equity firm investing in human capital-driven and technology-enabled services companies, closed its $900M inaugural fund. The Fund’s globally diversified investor base is comprised of endowments, foundations, healthcare and pension systems, financial institutions and entrepreneurs. More Here

Runway, an image and video-focused generative AI company, is raising a $10 million fund to invest in early-stage AI startups, per an SEC filing. More Here

Riverside, a NYC-based global private investment firm, closed RAC Riverside Acceleration Capital Opportunity Fund II, L.P., at $235M. RAC provides growth equity, growth royalty loans, advice and operating resources, specifically designed to help B2B software companies. More Here

Trinity Hunt Partners, a Dallas, TX-based private equity firm, closed its Fund VII, at $700M. Its diverse investor base included insurance companies, pension funds, endowments, foundations, consultants, funds of funds, and family offices. More Here

3 Boomerang Capital, a Greenwich, CT-based lower middle-market healthcare-focused private equity firm, closed its flagship private equity fund, at $375M. The fund received support from a diverse investor group, including endowments, foundations, pensions, insurers, fund of funds, family offices, and 3BC professionals. More Here

Varsity, a paris based venture capital firm founded by a former Société Générale executive has raised $75 M fund from limited partners include French public bank Bpifrance, MACSF, Sogecap and Elevation Capital Partners (with the creation of a feeder fund). More Here

𝕏 FEATURED: TODAY’S FEATURED ARTICLE

Y-Combinator Strategy: “Cash In, Cash Out, Milestones Achieved” To Raise Funding

Most founders fail in this quick litmus test with VCs. A pie chart that says, “25% on marketing, 30% on technology and R&D, 20% on infrastructure, 25% on G&A” do not get funded.

VCs want you to raise the “appropriate” amount of capital, which would be defined as “what is reasonable given your progress to date, your resources and your needs for an 18–24 month period.

“there’s a simple rule investors generally consider “Cash In, Cash Out, Milestones Achieved.”…. Read More Here

💡 SARTUP’S LATEST BUZZ

Acquisition & Exits

Arete, a Chicago, IL-based global management and technology consulting firm, acquired Legerity, a technology consulting firm based in Norfolk, Virginia. More Here

Layoffs & Shutdown

Uber is cutting 168 employees at Drizly, the alcohol delivery service it acquired in 2021, as part of the planned shutdown. Drizly's Boston headquarters will permanently close, with layoffs scheduled between April 1 and Sept. 1, 2024.

Plenty Unlimited, Vertical farming startup moving all of its R&D out of California, as part of a shift focused on making the company profitable layoff 50 employees. More Here

Startups & People

Former Fox News host Tucker Carlson's announcement of an interview with Russian President Vladimir Putin led to a surge in downloads for the X app, making it the top app in the U.S. App Store. The interview, set to air on X, attracted significant attention, contributing to a spike in downloads, with estimates suggesting a gain of 117,000 new installs on the day of the announcement. More Here

Actress Gina Carano is suing Disney for firing her over a tweet, and Elon Musk's X is helping to foot the bill "[a]s a sign of X Corp’s commitment to free speech," the company said in a statement. More Here

Going Public

LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, has invited banks to pitch for roles on a potential initial public offering that could raise at least $1 billion, according to Bloomberg, which says the conglomerate is considering plans for a dual listing in Riyadh and Abu Dhabi. More Here

🤖 LATEST IN EMERGING TECH

OpenAI has formed a Child Safety team to address concerns about the potential misuse of its AI tools by kids. The team is hiring a child safety enforcement specialist to apply policies and manage review processes for sensitive content related to underage users. This move follows OpenAI's partnership with Common Sense Media and reflects a broader industry trend in addressing ethical considerations surrounding AI use by children. More Here

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

• ​How to Identify Emerging Markets? From Solo VC, who raised a $1 billion fund. Read Here

• What to expect from medtech in 2024 by Mckinsey. Read Here

• What founders need to know to build a high-performing data team by BVP. Read Here

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

🤔 WHAT DO YOU THINK?

Yesterday’s Poll: 52.17% readers thinks that there is opportunity to build something in “deal structuring and strategy optimization”. In my opinion, if you are thinking to build something go for Portfolio management and performance tracking - it’s one of the pain problem for VC.

📬 Newsletter That You Might Be Interested

• Transacted: Get the latest trends and transactions with the Street’s most informative M&A update.

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

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✍️Written By Sahil R | Venture Crew Team