VC Daily Digest - 01/11/2023

📮Today’s Major News

• X Is Now Worth $19 Billion, Down 57% From $44 Billion

• WeWork Nears Bankruptcy

• Gaza protests prompt VCs to reconsider university investments

• Featured Article: Marc Andreessen: 'Founders Can't Raised Fund Without Understanding Risk-Cash Relation'

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💰 Massive Fundings Updates

GreenLite, A Austin-based startup — is emerging with $8 million in seed funding led by Trust Ventures with participation from LiveOak Ventures and Chicago Ventures. The company claims that its platform accelerates permit approval for city planning by 75% — so that businesses can get permits in a matter of weeks, as opposed to months, or in the worst cases, years. More Here

Cedar, A Austin based startup is targeting real estate developers with some software to reduce the cost and time it takes them to source and evaluate new housing projects. It has raised $3 million in seed funding. The round was led by Caffeinated Capital and included participation from developer Tishman Speyer, Kojo CEO Maria Davidson, David Rubenstein via Shorewind Capital and Alumni Ventures. More Here

Brazilian banking-as-a-service startup, QI Tech has raised $200 million in a Series B round of funding led by New York-based General Atlantic. The raise is believed to be the largest in Brazil — across all industries. QI Tech is an infrastructure platform enabling the development of credit, payment, and banking solutions through a modular API. More Here

Metal 3D-printing startup Seurat raises $99 million in Series C round, co-led by Nvidia's NVentures and Capricorn's Technology Impact Fund. Seurat's parallel printing technology reduces time and cost, offering potential in automotive, energy, and electronics sectors. The funds will be used to expand production, deploy more printers, and develop next-gen models; Seurat already has 4,000 tons of material orders, including 59 tons for Siemens Energy's wind turbines. More Here

Graylog, a Houston-based company that develops tools to help detect, analyze and respond to digital security threats, announced that it raised $39 million in a funding round co-led by Silver Lake Waterman, Piper Sandler Merchant Banking and Harbert Growth Partners. More Here

Connectly, which hosts a platform for businesses to create messaging campaigns and automate conversations with customers across messaging apps. It raised $7.85 million in a Series A round led by Volpe Capital with participation from RX Ventures and DST Global, bringing the startup’s total raised to $17.25 million. More Here

Guidde, which leverages generative AI to automatically create embeddable video clips that instruct on how to use different web-based software apps. It raised $11.6 million in a Series A funding round led by Norwest Venture Partners with participation from Entree Capital, Honeystone Ventures, Crescendo Ventures and Tiferes Ventures, bringing the company’s total raised to $15.6 million. More Here

Almouneer, an Egyptian health tech company, on a mission to revolutionize healthcare for individuals grappling with diabetes and obesity, has secured $3.6 million in funding. Dubai-based Global Ventures led the seed round. Other international investors, including Proparco and Digital Africa via the Bridge Fund, Wrightwood Investments — the family office of Diane & Henry Engelhardt from the U.K. and other prominent international funds participated. More Here

📬 Featured: Today’s Featured Article

Marc Andreessen: 'Founders Can't Raised Fund Without Understanding Risk-Cash Relation'

Only 1% of founders successfully raise venture capital funding while 99% struggle, you know - what’s the one-line difference between the two of them?

Well, it all boils down to understanding the relationship between risk and cash. You see, those savvy 1% founders get it – they truly grasp how risk and cash flow intertwine. This understanding gives them the edge when pitching their startups to investors. Read More ….👇

🚀 Venture Capital Highlights

SYN Ventures launched a new fund to make seed investments in cyber startups. The new vehicle, which is expected to close by the end of the year, has to date raised more than $75 million. More Here

BDC landed an additional 50 million Canadian dollars (about $36 million) for its Seed Venture Fund to continue supporting Canadian software startups at the pre-seed and seed level. More Here

Gaza protests prompt VCs to reconsider university investments: The relationship between venture capital firms and university endowments, traditionally strong, is facing strain due to campus protests over the war in Gaza. Some venture capitalists express concerns about investing in universities that allow Jewish students to feel unsafe amid pro-Palestinian rallies. While no VCs have officially rejected university endowments, the issue intensifies discussions that could reshape this foundational funding connection. The situation remains fluid, with potential implications for the industry's future. More Here

🤝 Your Opinion Matters: 

💡 Startups Snap: The Latest Buzz

WeWork Nears Bankruptcy: WeWork is reportedly on the brink of filing for Chapter 11 bankruptcy in New Jersey, facing declining demand for co-working spaces exacerbated by the COVID-19 pandemic. The company recently missed interest payments and has been in discussions with stakeholders, including SoftBank and Goldman Sachs, to improve its financial situation. WeWork's stock plummeted over 47% after-hours, trading at $1.21, marking a significant fall from its $47 billion valuation in 2019. More Here

X Is Now Worth $19 Billion, Down 57% From $44 Billion When Elon Musk Bought Twitter: Elon Musk's acquisition of Twitter, now known as X, for $44 billion a year ago faced controversy as the company's valuation dropped to $19 billion, impacting employee stock grants. Despite a 15% decrease in monthly users and a 60% decline in ad revenue, Musk remains optimistic, implementing changes like an 80% reduction in headcount and a subscription model to revitalize the platform. More Here

Health tech startup Olive shutting down: Columbus-based health tech startup Olive has sold its Clearinghouse, Patient Access, and Prior Authorization units, citing financial struggles. The company, once valued at $4 billion and employing 1,300 workers, faced a lawsuit from JobsOhio for not meeting job creation targets. Olive's remaining operations will be closed, impacting its undisclosed number of employees. More Here

Jeremy Grantham's investment bubble gains extend to his venture capital phase: Renowned investor Jeremy Grantham, known for capitalizing on market bubbles, has shifted his focus to venture capital investments in companies like QuantumScape and Snap. Grantham's investment strategies, honed since the 1987 stock market crash, have led to substantial gains, notably with QuantumScape's massive valuation increase. However, he anticipates a downturn in the venture capital market, signaling potential challenges ahead. More Here

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🤖 The Latest In Emerging Tech: AI

New nonprofit backed by crypto billionaire scores AI chips worth $500M: Blockchain billionaire Jed McCaleb's nonprofit, Navigation Fund, has purchased 24,000 Nvidia H100 GPUs worth half a billion dollars to build data centers for AI projects. The nonprofit's subsidiary, Voltage Park, aims to provide GPU access to startups and researchers facing chip shortages, facilitating AI innovation. The data centers will be operational in Texas, Virginia, and Washington, offering machine learning infrastructure for short-term leases and hourly billing, fostering a more accessible AI landscape. More Here

🗞️ Today’s Must Read On: Startup, Technology & VC

• 6 Marketing Mistakes Made by Pre-seed Startups Read More (Startups)

• Higher Funding Doesn't Mean Faster Hiring in Startups Read More (Venture Capital)

• The Impact of Anti-trust on M&A in Startup land Read More (Startups & Venture Capital)

• The lesson to unlearn by Paul Graham Read More (startups)

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✍️Written By Sahil R | Venture Crew Team

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