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Snapchat Layoff 500 Employees & Musk Under Investigation For Using illegal Drugs
Venture Daily Digest - 06/02/2024
Venture Daily Digest
February 06, 2024
👋 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 -
Snap Inc., the maker of Snapchat, plans to cut 10% of its workforce, affecting over 500 employees.
Developers criticizing Meta's decision over shut down of Facebook Groups API Access.
Weaveworks, a cloud native development tooling startup shutting down after raising $61 Millions.
Featured Article : Y-Combinator Strategy To Build A Successful Minimal Viable Product (MVP).
What Do You Think?: AI playing the most significant role in the venture capital?
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💰 MASSIVE FUNDING UPDATES
Dexa, a NYC-based AI-powered search engine specifically built with multi-modal content in mind, raised $6M in seed funding. The round was co-led by Abstract Ventures and The General Partnership, with participation from Maple VC,Vercel founder Guillermo Rauch, Terrence Rohan and Casey Caruso. More Here
Vektor Medical, a San Diego, CA-based non-invasive, AI-based arrhythmia analysis technology company, raised $16m in Series A funding. The round was co-led by Solas BioVentures and TVM Capital Life Science. More Here
JuneShine, a San Diego, California-based hard kombucha and ready-to-drink spirits brand, received an undisclosed investment from InvestBev. More Here
Rivia Health, a Phoenix, AZ-based provider of a revenue cycle management solution for healthcare provider organizations, raised $3.25M in Seed funding. The round was led by PHX Ventures. More Here
Nauticus Robotics (NASDAQ: KITT), a Houston, TX-based developer of subsea robots and software, raised $12M in funding. The backers were not disclosed. More Here
Statuspro, a NYC- and Miami, FL-based sports technology and gaming company, raised $20M in Series A funding. The round was led by GV (Google Ventures), with participation from additional funding from India’s renowned sports-tech giant Dream Sports, Minnesota Vikings Owners Mark & Zygi Wilf’s Wise Ventures, JDS Sports, and Alumni Ventures. More Here
Candor Technology, Inc., an Atlanta, GA-based provider of automated underwriting technology and other technology enabled solutions for the mortgage industry, closed a Series B equity funding round of undisclosed amount. The round was led by Rice Park Capital Management, with participation from Arthur Ventures. More Here
Procyrion, a Houston, TX-based medical device company, raised $57.7M in Series E funding, including the conversion of $10.0M of interim financing. The round was led by Fannin Partners and blue bird venture. More Here
Furno Materials, a Mountain View, CA-based company that is building modular cement plants, received an undisclosed investment from O’Shaughnessy Ventures. More Here
Nibiru Chain, a Dallas, TX-based provider of a general-purpose layer 1 blockchain, raised $12M in funding. The round saw participation from Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital, and Banter Capital. More Here
Cube Exchange, a remote provider of a hybrid crypto trading platform, reportedly raised $12M in Series A funding. The round was led by 6th Man Ventures with participation from GSR Markets, Foundation Capital, ParaFi Digital, Susquehanna Private Equity Investments, Everstake Capital and others. More Here
Meme Kombat, a provider of Web3 igaming platform, raised nearly $8m in its fundraising campaign. It has a hard cap target of $10m. More Here
ProducePay, a Los Angeles, CA-based agtech company, raised $38M in Series D funding. The round was led by Syngenta Group Ventures, with participation from new investor CF Private Equity, as well as existing investors G2 Venture Partners, Anterra Capital, Astanor Ventures, Endeavor8, Avenue Venture Opportunities, Avenue Sustainable Solutions, and Red Bear Angels. More Here
Jua, swiss based startup aims to build a large "physics" model for the natural world using AI has raised $16M in seed funding co-led by 468 Capital and the Green Generation Fund. More Here
💰 VENTURE CAPITAL UPDATES
Wonder Ventures, the Los-Angeles based VC firm led by managing partner Dustin Rosen, has secured $102 million across two funds - a $57 million pre-seed Fund 4 and a $45 million later-stage opportunity fund. More Here
Expansion Ventures, a pan-European venture capital firm focused on New Space and New Air Mobility, has launched its first closing operations for the Expansion fund, securing an initial tranche of 100 million. Backed by experienced entrepreneurs and supported by the European Investment Fund (EIF), the fund aims to bridge the gap in venture capital resources for the European space industry and plans to invest in 40 companies, targeting a final closing of 300 million. More Here
𝕏 FEATURED: TODAY’S FEATURED ARTICLE
Y-Combinator Strategy To Build A Successful Minimal Viable Product (MVP)
"The types of founders who think they know exactly what the customer needs even before building a product. We call them fake Steve." Y-Combinator Partner.
In their minds, Steve Jobs built the iPhone and iPod, such amazing products in one go. You don’t know what the customer needs. The customer alone knows what they need.
If you ask them, they will tell you. How you ask them is by showing them your MVP. So follow this Y-Combinator strategy…. Read More Here
💡 SARTUP’S LATEST BUZZ
Acquisition & Exits
Everbridge, a critical event management (CEM) software company, is going private in a $1.5 billion all-cash deal that will see it taken over by private equity giant Thoma Bravo. More Here
Novo Holdings, a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, acquired Catalent, Inc. (NYSE: CTLT), a Somerset, NJ-based leader in enabling the development and supply of better treatments for patients worldwide. More Here
Inovalon, a Bowie, MD-based provider of cloud-based software solutions empowering data-driven healthcare, acquired VigiLanz, a Minneapolis, MN, SaaS-based clinical surveillance and patient safety software and data company. More Here
BAE Systems, a London, UK-based provider of technology defence, aerospace and security solutions, acquired Malloy Aeronautics, a UK-based company which specializes in innovative heavy lift drone and aeronautical technologies. More Here
Cantaloupe, Inc. (Nasdaq: CTLP), a provider of end-to-end technology solutions for self-service commerce, completed the acquisition of Cheq Lifestyle Technology, Inc., a provider of solutions that leverage mobile ordering, socially connected payments, real-time reporting, and remote support to streamline venue operations, increase efficiency, and boost revenue. More Here
Layoffs & Shutdown
Snap Inc., the maker of Snapchat, plans to cut 10% of its workforce, affecting over 500 employees, according to an SEC filing. The move aims to restructure the team for better collaboration and support future growth, incurring estimated pre-tax charges of $55 million to $75 million. More Here
Weaveworks, a cloud native development tooling startup, is shutting down due to uneven sales and growing competition. Despite raising over $61 million, the company faced challenges in a market increasingly dominated by better-capitalized competitors like Harness Labs and CircleCI. More Here
Startups & People
The Wall Street Journal reported that Elon Musk's illegal drug use was known among Tesla and SpaceX directors, raising concerns about its extent and consumption with board members. No investigations were conducted. A judge criticized their relationship recently. Musk, known for alleged drug use, responded on social media, expressing willingness to continue if it improves productivity. Friends and directors reportedly took drugs with him to avoid upsetting him and maintain social standing. More Here
Meta's decision to shut down Facebook Groups API in its Graph API v19.0 release within 90 days is causing concerns among developers and businesses, impacting social media post scheduling tools and services. The move, affecting private group communication, leaves businesses like VipeCloud with an 8% revenue loss, and PostMyParty predicts closure with a multimillion-dollar loss and impact on 10,000 customers. Developers express frustration over unclear motivations. More Here
Going Public
Metagenomi Technologies, a genetic medicines company backed by Bayer Healthcare and Moderna (MRNA.O),+ said on Monday it was targeting a valuation of up to $638 million for its initial public offering in New York.
🤖 LATEST IN EMERGING TECH
Apple's CEO, Tim Cook, hinted at the upcoming reveal of their advancements in generative AI later this year during an earnings call. With a focus on privacy, Apple aims to differentiate itself by potentially offering GenAI tools that process data locally on devices, avoiding third-party cloud uploads. The company's annual WWDC event in June is anticipated for significant announcements. More Here
📰 TODAY’S MUST READ ON: STARTUP, TECH & VC
🤔 WHAT DO YOU THINK?
Where do you see AI playing the most significant role in the venture capital industry moving forward? |
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That’s It For Today! Will Meet You Tomorrow!
Happy Tuesday! 🥂
✍️Written By Sahil R | Venture Crew Team
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