Hard-Tech VC Firm Shutting Down & Italy Banned ChatGPT Over Privacy Concerns

🗞️ TODAY’S MAJOR UPDATES

• Ruth Foxe Blader, former partner at Anthemis Group, departs to launch her own venture firm, Foxe Capital with $200M Capital.

• Countdown Capital, an early-stage venture capital firm focusing on hard tech industrial startups, is set to shut down!

• Short-term rental provider Frontdesk lays off entire staff, on the verge of shutting down

• Featured Article : Paul Graham, Are You Building Fake Product-Market Fit ?

• What do you think: Which historical VC vintage year delivered the highest average global DPI for LPs?

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💰 MASSIVE FUNDING UPDATES

Intrinsic, a San Francisco, CA-based startup building AI systems for Trust & Safety teams to keep up with abuse, raised $3.1m in seed funding. Backers included Urban Innovation Fund (leader), Y Combinator, 645 Ventures and Okta and others. More Here

CardioMech AS, a Trondheim, Norway-based medical device company developing a transfemoral, transseptally delivered mitral valve chordal repair technology, raised $13M in funding. The round, which brought the total amount to $42M, Led by Rick Nehm, President and CEO, and Jacob Bergsland, MD, Founder, CardioMech. More Here

Apollo Therapeutics, a Cambridge, UK and Boston, MA- and and Chicago, IL-based portfolio biopharmaceutical company focused on translating fundamental medical research into medicines, raised USD 33.5M in a second close of its Series C financing. The round, which brought the total amount to $260M, was led by Patient Square Capital and included participation by multiple new investors including M&G plc and two of the largest US public pension plans, along with existing investors including Rock Springs Capital. More Here

Munro, a Scottish manufacturer of all-electric 4×4 vehicles, raised £1M in Follow-on funding. The round was led by Elbow Beach Capital. More Here

Heranova Lifesciences, a Burlington, MA-based biotech company for women’s health, raised $13.5M in Seed+ funding. Backers included Pivotal bioVenture Partners China, Sinovation Ventures, Emerging Technology Partners, and Triwise Capital. More Here

JJC TEC, a Beijing, China-based provider of high-end intelligent equipment for the oil and gas industry, completed an E-round financing. The round was led by SDIC Fund and Seekers Capital, followed by China Venture Capital Fund, Jingguoguan Equity Investment Fund, Starlight Capital, and Asia Green Fund, and existing investors Summitview Capital and China Merchants Capital. More Here

Oakberry, a Brazilian global açaí brand, raised $67M in Series C funding. The round was led by the Brazilian investment bank BTG Pactual (BPAC11). More Here

💰 VENTURE CAPITAL UPDATES

NewSpring Firm, a Radnor, PA-based family of private equity strategies investing in the lower-middle market, raised over $180M for fourth growth equity healthcare fund, NewSpring Health Capital IV. NewSpring manages approximately $3.5 Billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt.

Ruth Foxe Blader, who led investments in over 50 fintech startups during her nearly seven-year tenure at Anthemis Group as a partner, has left to establish her venture firm, Foxe Capital. Joining her are Kyle Perez and operating partner Sophie Winwood. Foxe Capital will manage Anthemis' fund until its completion, and after investing approximately $36.4 million out of a planned $200 million for a third fund, Anthemis had faced restructuring challenges, including the abandonment of a SPAC plan, with portfolio companies like Pipe and Daylight encountering setbacks. More Here

Countdown Capital, an early-stage venture capital firm focusing on hard tech industrial startups, is set to shut down by the end of March, returning uninvested capital to investors. Founder Jai Malik cites inefficiencies in funding industrial startups and increased competition from larger multi-stage firms as reasons for the closure, highlighting challenges for small, specialized funds in the hard tech space. The firm's decision reflects broader concerns about the viability of early-stage hard tech investing for smaller funds. More Here

𝕏 FEATURED: TODAY’S FEATURED ARTICLE

Paul Graham: Are You Building Fake Product-Market Fit ?

"Product market fit is not just about building something that people want, it’s more about the numbers...."

For genuine product-market fit, you need two components: a product that's breaking in a good way due to increased usage & users who align with the economics you desire.

But Many founders often face a dilemma which led to building fake product-market fit, where they believe that they have achieved product-market fit based on some factor, but honestly, it’s just a "Fake Product-Market Fit."… Read More Here

💡 SARTUP’S LATEST BUZZ

Acquisition

Dakota Wealth Management, a Palm Beach Gardens, FL-based independent investment management firm, acquired C2C Wealth Management, LLC, an SEC registered investment advisory firm managing approximately $350 million in Mansfield, MA. The amount of the deal was not disclosed. More Here

Myers Industries, an Akron, OH-based manufacturer and distributor of industrial products, acquired Signature Systems, a Flower Mound, TX-based company which specializes in composite ground protection solutions, for approximately $350M. More Here

Traliant, a NYC-based provider of online compliance training solutions, acquired Kantola Training Solutions, a San Francisco, CA-based eLearning company serving over 15,000 organizations. The amount of the deal was not disclosed. More Here

Layoffs & Exits

Frontdesk, Wisconsin-based Proptech startup overseeing 1,000+ furnished apartments, laid off its 200-person team post unsuccessful capital raise attempts. Till now it has raised $25M+ from leading investors and now it’s in verge of shutting down the operations. More Here 

The Messenger, A news company which covers politics, culture, breaking news, business, sports, and tech will lay off nearly two dozen employees this week across all departments in an effort to cut costs amid second-round fundraising. The Messenger had raised $50M till now. More Here

Zulily, a once-prominent e-commerce giant specializing in flash deals for moms and kids, faced a downfall marked by layoffs, a lawsuit against Amazon for alleged price fixing, and ultimately, liquidation. Despite a brief resurgence during the pandemic, the company struggled to maintain relevance and recently announced its decision to go into liquidation. More Here

🤖 LATEST IN EMERGING TECH

OpenAI has shifted the responsibility for its ChatGPT service to its Irish entity, OpenAI Ireland Limited, in an effort to minimize regulatory risk in the European Union. The move is seen as an attempt to comply with GDPR regulations, allowing OpenAI to streamline privacy oversight through the one-stop-shop mechanism. The Dublin-based entity is expected to become the data controller for users in the European Economic Area and Switzerland, with the changes set to apply from February 15, 2024. (Italy Banned ChatGPT over privacy Concern) More Here

Puma is doubling down on web3, embracing initiatives like Ethereum Name Service domains, a metaverse platform, and successful NFT collections despite modest tech revenues. The sportswear giant aims to be ahead in the evolving internet landscape, emphasizing the importance of brand visibility and innovation in web3 spaces. Puma views NFTs as a way to establish a new relationship with consumers and is focused on being where people spend time and energy. More Here

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

• Understanding churn and building an action plan to fix the proverbial “leaky bucket” By Bessemer Venture Partner Read Here (Startups)

• Hydrogen had a breakout year. Why are some VCs still skeptical? Read Here (Venture Capital)

• The VC's Customer By AVC Read Here (Venture Capital)

• The Babe Ruth Effect in Venture Capital Read Here (Venture Capital)

• Hidden Clauses In The Term Sheet that Every Founder Should Know Read Here (Startups & Fundraising)

🤔 WHAT DO YOU THINK?

Previous Poll: 58.82%% readers recommended slack for the community & we are moving ahead with this.

Tomorrow we will share the details on community and joining link. So Stay tuned & keep eye on this section. 👀

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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