Trump's Truth Social Going Public & Adam Neumann Submitted A $500M Bid

👋 Hey, Sahil here! Welcome to today's quick rundown in the Venture Daily Digest Newsletter. I've got the scoop on startup fundraising, fresh VC funds, and some cool tech – all in just 5 minutes!

• AstraZeneca to buy Fusion Pharmaceuticals for $2.4B; Gilead Sciences acquired CymaBay Therapeutics for $4.3B.

• Fisker, an EV startup, faces delisting from the NYSE due to its stock trading below $1.

• Trump's Truth Social gets $5.5B valuation via SPAC merger, netting Trump $3B for 60% stake.

• WeWork cofounder and former CEO Adam Neumann has submitted a $500 million bid to buy WeWork out of bankruptcy.

• Judge rules against X Corp.'s attempt to censor critics, calls out suppression of free speech criticisms.

• Featured Article : Don't Include Your Startup Valuation Number On The Slide.

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Startup Funding Updates

FundGuard, a NYC-based multi-asset class investment accounting platform provider, raised $100M in Series C funding. The round was led by Key1 Capital, Euclidean Capital, and Hamilton Lane, with participation from Blumberg Capital and Team8. More Here

Profluent, Berkley based startup aims to train AI models on massive data sets — data sets with over 40 billion protein sequences — to create new as well as fine-tune existing gene-editing and protein-producing systems. It has raised $35 Million backed by VC heavy hitters including Spark Capital, Insight Partners, Air Street Capital, AIX Ventures and Convergent Ventures. Google chief scientist Jeff Dean has also contributed, lending additional credence to the platform. More Here

Mirador Therapeutics, Inc., a San Diego, CA-based company advancing multiple therapeutic programs, raised $400m in financing. The round was led by ARCH Venture Partners, with early investments from OrbiMed and Fairmount. More Here

Global Screening Services (GSS), a London-based regulatory compliance platform that helps financial institutions meet their global sanctions obligations, has raised $47 million in a round of funding from Mitsubishi UFJ Financial Group and Commonwealth Bank of Australia. More Here

nsave, a Geneva, Switzerland-based fintech company, raised $4m in seed funding. The round was led by Sequoia Capital and TQ Ventures with participation from Y Combinator, SV Angel, ACE Ventures, and FONGIT. More Here

Succinct, a San Francisco, CA-based developer of zero-knowledge proof tools, raised $55m in seed and Series A funding. The round was led by Paradigm with participation from Robot Ventures, Bankless Ventures, Geometry, ZK Validator and angels including Sreeram Kannan from Eigenlayer, Sandeep Nailwal and Daniel Lubarov from Polygon and Elad Gil. More Here

LIS Technologies Inc., a NYC-based proprietary developer of advanced laser technology and the only USA-origin patented laser uranium enrichment company, closed a $1.3m seed funding round. More Here

Airvine, a Santa Clara, CA-based company developing a multi-Gigabit-speed wireless backhaul system for indoor connectivity, raised $6.2M in funding. The round was led by Crosslink Capital. More Here

Edgewood Oncology, a Brookline, MA-based clinical-stage biotechnology company focused on delivering BTX-A51 to patients with hematologic malignancies and genetically-defined solid tumors, raised $20M in Series A funding. The round was led by Alta Partners. More Here

Foundational, a San Francisco, CA- and Tel Aviv, Israel-based provider of a solution using advanced analysis to identify and prevent data issues in data platforms, raised $8M in Seed funding. The round was led by Viola Ventures and Gradient, with participation from Asymmetric Venture Partners and executives from Datadog, Intuit, Meta, Wiz, and others. More Here

Artcline, a Rostock, a Germany-based company advancing novel immune cell-based extracorporeal sepsis therapy, raised EUR4.4M in funding. More Here

Belong, a London, UK-based provider of a wealth-building platform, raised £2.95M in Pre-Seed funding. The round saw participation from Octopus Ventures, Viola Fintech, Connect Ventures, Portage Ventures and January Ventures. More Here

Dema, a Stockholm, Sweden-based provider of a predictive analytics platform for ecommerce, raised €7M in Seed funding. The round was led by J12 Ventures, Daphni, and a group of angel investors. More Here

Goalsetter, a NYC-based provider of a spending, saving, wealth building and financial education platform, raised $9.6M in Series A funding. The round was led by an affiliate of Edward Jones and MassMutual through its MM Catalyst Fund. Series A investors Fiserv, Webster Bank, Seae Ventures, Astia Fund, and Partnership Fund. More Here

Circular, a San Francisco, CA-based provider of a sustainable sourcing platform, raised $10.5M in funding. The round was led by Maniv, Oxygea, and Eclipse. More Here

MyGug, a Clonakilty, West Cork, Ireland-based food waste management solution provider, raised €900K in funding. The round was led by BVP, with participation from Enterprise Ireland. More Here

Tomorrow Things, a Bonn, Germany-based developer of an AI-powered Operating System for machines on the internet, raised €1.5M in funding. The round was led by High-Tech Gründerfonds (HTGF) and neoteq ventures, supported by Notion Capital, Robin Capital. More Here

Coker, an Atlanta, GA-based healthcare advisory firm, received an investment from Trinity Hunt Partners. The amount of the deal was not disclosed. More Here

Aura Intelligent Systems, a Boston, MA-based digital imaging radar (RADAR) company, received an undisclosed investment from Telechips. More Here

Finite State, a Columbus, OH-based company which specializes in comprehensive software risk management for the connected world, raised $20M in Growth funding. The round was led by Energy Impact Partners. More Here

Graswald ai, a Hannover, Germany-based company building automated 3D tooling for enterprise brands and 3D creatives, raised $3.3M in Seed funding. The round was led by Lakestar as well as Supernode Global with continued support from existing investor HTGF and further participation from FOV Ventures, Robin Capital, Angel Invest Ventures and Notion Scout Fund. More Here

Greenly, a Paris, France-based carbon accounting startup, raised $52m in Series B funding. The round was led by Fidelity International Strategic Ventures with participation by Benhamou Global Ventures, Energy Impact Partners, Hewlett Packard Enterprise, HSBC, Move Capital and XAnge. More Here

Buddywise, a Stockholm, Sweden-based AI powered workplace safety platform provider, raised €3.5m in seed funding. The round was co-led by Kvanted, and J12. More Here

Venture Capital Updates

Ascension VC, a London, UK-based early-stage venture capital firm, held the first £17M close of its new Tech4Good £50m pre-seed fund. A second close will follow in 2025. The anchor investor was Big Society Capital. A mix of existing and new investors also participated including Housing Association Places for People, Esmee Fairbairn, and several Family Offices and HNW individuals, notably Wagestream and Percent. More Here

World Fund, a Berlin, Germany-based climate tech venture capital firm, closed a €300M first fund. Backers included EIF, KfW Capital, Wachstumsfonds, BPI France, PwC Germany, NRWbank and Ignitis Group, a number of pension funds including the UK Environment Agency Pension Fund, Wiltshire Pension Fund, Erste Plavi, and Ecosia. More Here

Featured Article

Don't Include Your Startup Valuation Number On The Slide.

One common mistake that founders make is including the company's valuation on a slide deck.

If you put “raising $5 million at a $20 million valuation” on the slide before you have a lead investor, you’re making a mistake.

You may have an opinion for what valuation you are hoping for, of course, but that will come out as part of the negotiation later on. The amount of money you need is fixed-ish; what you are willing to give up in order to raise those funds is not.

In the best-case scenario, you find two or three lead investors who end up in a bidding war for the privilege of investing in you…. Read More Here

Startup’s Latest Buzz

Acquisition & Exits

Accenture (NYSE: ACN) has completed the acquisition of Mindcurv, an Essen, Germany-based cloud-native digital experience and data analytics company specializing in composable software, digital engineering and commerce services. More Here

Gilead Sciences, a Foster City, CA-based biopharmaceutical company, acquired CymaBay Therapeutics, Inc.,a Newark-based biopharmaceutical company focused on innovative therapies for patients with liver and other chronic diseases, for approximately $4.3 Billion in total equity value. More Here

AstraZeneca (LSE/STO/Nasdaq: AZN) has entered into a definitive agreement to acquire Fusion Pharmaceuticals Inc., a Hamilton, Canada-based clinical-stage biopharmaceutical company developing next-generation radioconjugates (RCs) for $2.4 Billion. More Here

Paynetics, a Sofia, Bulgaria and London, UK-based embedded finance provider, acquired Novus, a UK based provider of a financial services for impact initiatives. The amount of the deal was not disclosed. More Here

Layoffs & Banktuptcy

Fisker, an EV startup, faces delisting from the NYSE due to its stock trading below $1, with shares falling over 28% after losing a potential deal with Nissan. The company's financial struggles, quality issues, and layoffs signal significant challenges amid escalating problems. More Here

Startups & People

Investors greenlight Trump Media & Technology Group's merger with a SPAC, paving the way for Truth Social's public debut with a staggering $5.5 billion valuation. Despite financial struggles, Trump stands to gain approximately $3 billion with his 60% stake, amid legal and regulatory challenges. The move marks a win for Trump's supporters and reflects renewed interest in SPAC deals, although the platform faces hurdles to justify its lofty valuation and compete with mainstream social media giants. More Here

WeWork cofounder and former CEO Adam Neumann has submitted a $500 million bid to buy WeWork out of bankruptcy, a far cry from the $47 billion valuation it once commanded. More Here

Justin Grooms replaces Maju Kuruvilla as interim CEO of Bolt, following the board's decision. Bolt, known for controversies, seeks stability after facing layoffs and federal probe, aiming for profitability with new partnerships and features. More Here

Ripple may be facing $2 billion in fines and penalties from the SEC, according to Ripple CEO Brad Garlinghouse. More Here

Tinder-owner Match Group appoints Laura Jones from Instacart and Spencer Rascoff from Zillow to its board after talks with activist investor Elliott Management. The move follows a decline in paying users and aims to revitalize growth amid economic uncertainty. More Here

Destiny XYZ Inc. is listing its innovative Destiny Tech100 fund on the NYSE, allowing individual investors to invest in transformative private companies like SpaceX, OpenAI, and Stripe. More Here

Latest In Emerging Tech

SpaceX's Starlink internet service is being illegally activated and used globally, including in war zones and areas under repressive regimes, raising concerns about the lack of control and accountability over a system with national security implications. Despite efforts to regulate and restrict its use, a thriving black market has emerged, facilitated by smuggling operations across borders. More Here

Elon Musk's X Corp. lost a lawsuit against a group monitoring online hate speech, as a federal judge ruled the case aimed to "punish" criticism of the social media platform's content moderation practices. The judge called out X's attempt to censor its critics and sent a strong message about suppressing free speech criticisms of social media companies. More Here

Venture Daily Digest Picks

• Y-Combinator Guide To Seed Fundraising. Read Here

• The Moby Dick theory of big companies By Marc Andreessen. Read Here

• Why Founders Shouldn't Think Like Investors By Y-Combinator. Read Here

• The roadmap to Product/Market Fit (PMF)… maybe by A Smart Bear. Read Here

• Netflix Co-founder's 'The Canada Rule' For Building Successful Startups. Read Here

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

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✍️Written By Sahil R - The Venture Crew