VC Daily Digest - 06/09/2023

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Your Monday to Saturday Daily Dose of Venture Insights, Funding Updates and Startup Stories Delivered Straight to Your Inbox. Stay Informed, Stay Inspired and Stay Ahead In the World of Venture Capital !

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📢 Top Venture Capital News

French VC firm Founders Future reaches $80 million first close for its new funds: Since its launch in 2018, Founders Future, a key player in the French VC scene, has built a robust portfolio of around 100 tech startups. With a total valuation of portfolio companies at $5.4 billion and $216 million of assets under management, the firm is now raising two new funds, Founders Future II and Founders Future Expansion. More Here

Connect Ventures hits $80M for its next fund, says the Bear market means ‘Product is back, baby!’: Connect Ventures, a pioneer in product-focused VC investing in Europe, has reached the $80 million mark for its fourth fund, continuing its successful investment strategy that has backed startups like Typeform and TrueLayer. With a focus on seed and pre-seed stages, Connect's portfolio spans across B2B SaaS, fintech, consumer, healthcare, and web3. Despite the market's ups and downs, the firm remains committed to capital efficiency and product-oriented investments. As Sitar Teli, one of the managing partners, puts it, "you’re fundamentally building something people want, and you’re solving a problem for them." More Here

Catalyst Fund reaches first close, $40M fund to back climate-tech startups in Africa: The Catalyst Fund, dedicated to investing in climate startups across Africa, has announced the first close of its $40 million fund at $8.6 million. The fund, backed by FSD Africa Investments, Cisco Foundation, USAID Prosper Africa, and tech investor Andrew Bredenkamp, aims to support agtechs, insurtechs, climate fintechs, and startups in areas like fishery management, food systems, and waste management. More Here

How Today’s Most Innovative Investors Are Shaking Up Venture Capital: Venture Capital is grappling with issues of gender equity, inclusion, and mental health, with only 15% of investors being women and women founders receiving less than 3% of VC funds. However, industry leaders like Lenore Champagne Beirne, Lindsey Taylor Wood, and Mariam Naficy are working towards change, highlighting the financial returns and innovation that come with diversity. They emphasize the importance of mental health in founders, the potential of women-led companies, and the need for diverse perspectives in identifying market trends. The future of VC lies in embracing these changes and recognizing the untapped potential in underrepresented founders. More Here

PayJoy Announces $360M in Funding to Support Growth: PayJoy, a public benefit corporation committed to providing underserved communities in emerging markets with access to smartphones and the modern financial system, has successfully raised $360M in capital. This funding, comprising $150M in Series C equity and $210M in debt, was led by Warburg Pincus, Citi Ventures, and other esteemed investors. Despite a challenging year, PayJoy has continued to grow, providing over $2B of credit to more than 8 million customers across seven countries. This new capital will enable us to better serve our existing markets and expand our reach, bringing us one step closer to our mission of financial inclusion. More Here

📢 Top Startups News

It doesn’t look like Y Combinator’s summer demo day batch will surprise us much: Y Combinator, the renowned startup accelerator, is set to debut 218 companies from its Summer 2023 cohort in a two-day demo event. The number, although smaller than the 270 startups from the Winter 2023 batch, promises a diverse range of technologies and sectors. Interestingly, this year's trend leans away from the creator-economy and towards early-stage developer tools startups. As we eagerly anticipate the unveiling of these startups, we're reminded that innovation and entrepreneurship are always in season at Y Combinator. More Here

Arm’s latest IPO filing eyes potential $52B valuation: Arm, the British chip maker, has updated its SEC IPO filing with a proposed share pricing of $47 to $51, potentially valuing the company over $52 billion. With clients like Apple, Google, Samsung, Nvidia, and AMD, Arm's technology is integral to nearly every smartphone on the market. Despite economic headwinds and supply chain constraints, the company's revenue jumped by a third in 2022. This IPO, driven by SoftBank, aims to fund future research and development, with the top pricing bringing in a potential $4.87 billion windfall. More Here

📢 Featured: Today’s Featured Tweet

Current US Startup Valuations & Round Sizes

Recently Shai Goldman shared a tweet on - current state of startup valuation & round size. This are interesting numbers and might be helpful if you are currently going for fundraising. Check this out this. 👇

📢 Top AI News

The AI market will be worth $600 billion, Nvidia exec says: At the recent Goldman Sachs Communacopia and Tech Conference, Nvidia's Manuvir Das shared some eye-opening projections about the future of AI. According to Das, the total addressable market for AI will consist of $300 billion in chips and systems, $150 billion in generative AI software, and $150 billion in omniverse enterprise software, amounting to a $600 billion AI-fueled market opportunity. More Here

AI Industry's Proactive Approach to Government Oversight: The AI industry is taking a proactive approach to government oversight, engaging policymakers early and demonstrating a commitment to transparency and safety. This marks a significant shift from previous tech sectors' interactions with government. However, to maintain this positive momentum, AI companies must continue to increase transparency, commit to their pledges, expand their outreach, and explain their regulatory pushbacks. More Here

Andreessen Horowitz, Paris Hilton Back Blockchain Firm Working on Fix for AI Mashups: A San Francisco-based technology firm that seeks to help content creators track and monetize their work in the age of generative AI is bucking a venture capital drought. Story Protocol raised $54 million from a group of investors led by Andreessen Horowitz that includes Hashed, Endeavor, Samsung Next, TPG Capital founder David Bonderman and Paris Hilton’s 11:11 media. More Here

Robot software firm Mujin raises $85M: As we face a potential shortage of skilled workers, automation is becoming a key focus for many companies. Mujin, an Atlanta and Tokyo-based startup, is leading the charge with its AI-based software for industrial automation. Recently securing an $85 million Series C funding, Mujin's total funding now stands at $150 million. Their product, MujinController, is described by CEO Ross Diankov as "the definitive brain for robots," and is already supporting over 1,000 systems in production. More Here

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📢 Top Startup’s Fundraising News

Sam Altman-backed Mentra aims to match neurodivergent jobseekers with ideal jobs raised $3.5M: Neurodivergent individuals often face higher unemployment rates, but their unique skill sets can make them ideal candidates for certain roles. Enter Mentra, a startup creating an AI-powered neuroinclusive employment network. Their platform goes beyond resume keywords, considering factors like neurotype and environmental sensitivities to match employers with talent. With backing from investors like OpenAI co-founder Sam Altman and a growing talent pool of over 33,000, Mentra is bridging the gap between neurodivergent job seekers and companies ready to embrace neurodiversity. More Here

Harmonya bags $20M to decipher product data for CPG brands: In a world where consumer behavior is ever-changing, traditional data models often fall short in providing the granular insights needed by retailers and consumer packaged goods companies. Enter Harmonya, a New York-based software company that leverages AI to enrich, categorize, and provide insights into product data. Harmonya's CEO, Cem Kent, explains that there's no single truth when it comes to product data, with stakeholders across the commerce value chain having different ways of classifying products. More Here

Opna wants to help companies hit ‘net zero’ by finding and funding carbon projects raised $6.5M: Opna, a London-based company, is on a mission to simplify the process of investing in carbon projects for businesses aiming to reach net-zero emissions. The firm, which recently raised $6.5 million in seed funding, offers a platform that connects corporations with vetted project developers, streamlines financing, and provides ongoing project monitoring. More Here

Josys, a SaaS management platform, raises $93M: Josys, a startup specializing in automating corporate IT software application management, has successfully raised a $93 million Series B funding round. This impressive feat, led by Global Brain and Globis Capital Partners, has increased their total funding to $125 million. With a customer base of 300 SMEs, a net revenue retention rate exceeding 140%, and a customer acquisition cost payback period of less than a year, Josys is redefining IT operations for the hybrid work era. The funds will be utilized to double their workforce and increase distribution channels, supporting their vision for 'Better Systems, Better World'. More Here

Real-time flight rewards search engine Point.me raises $10M: Point.me, the online search engine and concierge service for real-time reward flight options, has secured $10 million in Series A funding. Since its launch in February 2022, the platform has grown to over 1.5 million users and 7.8 million searches. The new funding will support enterprise partnerships, expand its concierge service, and scale its consumer subscription business. With plans to go beyond search, Point.me aims to become the go-to loyalty management site for travelers, leveraging AI and predictive technology to enhance customer experience. More Here

Atomicwork connects workers and their companies raised $11M: Atomicwork, a San Francisco and Singapore-based company, has emerged from stealth with $11 million in seed funding to help streamline administrative tasks in the workplace. Founded by SaaS veterans, the company's AI assistant, Atom, automates workflows and answers employee questions, reducing time wasted on easily automated tasks. By integrating with tools like Slack and Microsoft Teams, Atom can handle a range of fully and semi-automated workflows, from answering common queries to streamlining vendor payments. More Here

Akur8 raises another $25M and introduces new investor Fintlv: Akur8, the AI-powered insurance pricing solution, has raised $25m in a new funding round, bringing its total funding to over $60m. This round introduces a new investor, FinTLV, a global Insurtech and fintech VC fund, joining Guidewire Software, Inc. and historical investor BlackFin Capital Partners. This partnership will be inaugurated with a joint event at the Insurtech Israel 2023 Global Summit, aiming to foster the new relationship. More Here

🗞️ Interesting Weekday Reading On: Startups, Technology & VC

• 📰 Why it's Better To Raise Less Capital In The First Round? Read More

• 📮 The Game-Changing Clause For Entrepreneur Read More

• 📑 How To Convince Investors That Your Startup Can Give Maximum Return To Them? Read Here

• 🗃️ How Do Investors Protect Themselves from Down rounds ? Read Here

• 📮How Much Should You Raise For Your Startup? Read More

• 📜 Decoding Startup Valuations with the Venture Capital (VC) Valuation Method Read More

• 📪Hidden Trap Of Convertible Note and Liquidation Preference Multiples Read More

• 📑 Decoding Sequoia Capital: How Do They Dominate the VC Landscape? Read Here

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