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- VC Daily Digest - 19/10/2023
VC Daily Digest - 19/10/2023
Musk Removing X Platform From Europe & KKR Launch $3B Growth Fund
Venture Daily Digest
October 19, 2023
📮Today’s Major News
Musk considers removing X platform from Europe over EU law
KKR launched $3B Third Fund For Growth Startups
French VC firm Founders Future just acquired an equity crowdfunding platform, Sowefund
Featured Article: Timing Is The Single Biggest Reason Why Startups Succeed!
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💰 Massive Fundings Updates
Flanks, which has built an API for automated wealth services, secured $8 million in Series A capital to democratize access to wealth management across Europe. Earlybird Venture Capital led the round and was joined by existing investors JME Ventures and 4Founders Capital. Scalapay co-founder Raffaele Terrone and Upvest co-founder and CEO Martin Kassing supported the round as angel investors.
Employment Hero, an Australia-based recruitment, HR and payroll platform, today announced it has secured AUD$263 million ($167 million) in a Series F round of funding. This makes the Sydney scaleup a fully signed-up member of the (U.S. dollar) unicorn club. Employment Hero’s Series F round included participation from existing investors Insight Partners, AirTree, Seek and OneVentures.
SecureW2, made a business out of abstracting away the steps required to deploy and maintain infrastructure for passwordless authentication. Case in point, SecureW2 this morning announced that it raised $80 million in funding from Insight Partners.
Objective, a multimodal search platform built by machine learning experts from Apple, Google, Meta, Amazon and Twilio, emerged from stealth today with $13 million in venture funding. It’s backed by Matrix Partners, Two Sigma Ventures and angel investors such as Topsy co-founder Vipul Ved Prakash, Lattice co-founder Mike Cafarella and former director at Airbnb Georg Bauser, among others.
Neo, India based wealth management startup, operates a suite of wealth and asset management services, serving businesses, sovereign and pension funds and large family offices and individuals with ultra-high-net-worth. Peak XV invests $35 million in wealth and asset management startup Neo.
Allara, a New York–based telehealth startup, help connect women with conditions like these with qualified medical practitioners and registered dietitians via its platform. It has raised $10 million in a Series A round led by Google Ventures with participation from Great Oaks Venture Capital, Humbition, Vanterra, Gaingels and angel investors like One Medical founder Tom Lee and Maggie Sellers.
Statement, a startup developing a platform for enterprise cash flow management, today announced that it raised $12 million in seed funding. Glilot Capital Partners contributed to the tranche with participation from Citi, Mensch Capital Partners, Titan Capital and Operator Partners.
Creative Force, A Denmark based company providing an AI-powered content operations workflow for large e-commerce retailers and brands, secured $8.9 million in Series A funding, on a post-money valuation of $56 million, from Export and Investment Fund of Denmark and Hearst Ventures.
New York-based Leucine raised a $7 million Series A led by strategic investor Ecolab Inc. Participants include returning investors like Pravega Ventures, Axilor Ventures, Techstars and angel investors. Leucine wants to make the compliance process more efficient with its compliance cloud platform for the pharmaceutical industry. It automatically creates digital manufacturing records and uses AI to identify the root cause of deviations.
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🚀 Venture Capital Highlights
KKR closed its third tech growth fund with roughly $3 billion: KKR, a global investment, held a final close of its third and latest tech growth fund — KKR Next Generation Technology Growth Fund III — with roughly $3 billion in capital commitments, $400 million of which came from KKR’s own employees. The team, which includes more than 35 investors focused on growth-stage companies in North America, Europe and Israel, with another dozen focused on the APAC region, has been raising the fund since early last year. More Here
5 investors on the pros and cons of open source AI business models: As the generative AI boom continues, startups building business models around the tech are beginning to delineate along two clear lines. Some, convinced that a proprietary and closed source approach will give them an advantage over the swarms of competitors, are choosing to keep their AI models and infrastructure in-house, shielded from public view. Others are open sourcing their models, methods and datasets, embracing a more community-led path to growth. More Here
New York VC firms form alliance to back diversity: The New York City Economic Development Corporation (NYCEDC) on Wednesday announced the launch of Venture Access Alliance, a group of 70 investors who have promised to boost diversity in the Big Apple’s startup ecosystem. It is part of the city’s Venture Access NYC initiative, which also provides fellowships and a career program for diverse talent looking to enter venture capital. More Here
RevRoad Capital raises $61 million for early-stage startups in Utah and beyond: RevRoad Capital raised $61 million for its debut fund to focus on early-stage investments, mainly at seed. The Provo, Utah-based fund will operate as a sister organization to RevRoad and will invest the majority of its capital into companies that went through RevRoad’s program. It will also make investments in select other startups as well. More Here
French VC firm Founders Future just acquired an equity crowdfunding platform, Sowefund: Founders Future, a well-known VC firm in the French tech ecosystem, acquired an equity crowdfunding marketplace called Sowefund. While terms of the deal remain undisclosed, Sowefund has been profitable since 2022 with around 20 employees. More Here
📬 Featured: Today’s Featured Article
Timing Is The Single Biggest Reason Why Startups Succeed!
What makes the startup successful - is it idea, team, funding, business model, talent or luck? What do you think?
But wait one thing is missing here & that’s “Timing”! You might be thinking if I have a great idea with talented team and strong unit economics business model no one can stop me! But that’s where most of the startup founder failed which is determining the timing phase of their startup. Read More Here👇
💡 Startups Snap: The Latest Buzz
Musk considers removing X platform from Europe over EU law: Elon Musk, owner of social media platform X, is considering removing the service formerly called Twitter from Europe in response to a new internet platform regulation in the region. The billionaire has discussed removing the app's availability in the region, or blocking users in the European Union from accessing it, a person familiar with the company told the publication. More Here
X plans to use payment, phone and ID verification to stop bots, in addition to the new $1/yr fee: X is charging users to use its service — a move X owner Elon Musk said would help the company combat bots and spam, something he’s repeatedly complained about even before acquiring the social network. More Here
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🤖 The Latest In Emerging Tech: AI
Amazon and MIT are partnering to study how robots impact jobs: Mention automation and someone will invariably (and understandably) mention its impact on jobs. There are a lot of opposing views on the subject, of course, but the one thing everyone seems to agree on is that robotics and AI will have a profound impact on human jobs, going forward. Amazon teaming with MIT and the Ipos research firm to determine how these systems will impact work. More Here
🗞️ Today’s Must Read On: Startup, Technology & VC
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What Do You Think Of Today's News Updates? 🤓 |
✍️Written By Sahil R | Venture Crew Team
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