David Gogel

Summary: Bolt's CEO has threatened legal action against an investment bank involved in their recent fundraising efforts, claiming they signed a binding term sheet for $200 million but did not follow through. Key takeaways: Bolt's CEO believes there was miscommunication at Silverbear Capital, one of their lead investors, leading to confusion about the fundraising deal. A leaked term sheet showed Bolt trying to raise $200 million in equity and $250 million in marketing credits, with a unique pay-to-play structure. The involvement of Silverbear Capital and The London Fund in the deal remains unclear. Counter arguments: Silverbear Capital's partner insists there was no miscommunication and the deal was never discussed or approved. The London Fund has confirmed discussions with Bolt's management but denies any finalized transaction. #venturecapital

2

Tokenization of real estate and other real world assets is going to become more mainstream as we move into 2025.

5

VC world can be cruel and unforgiving. With LPs more and more pushing for distribution and liquidity, fund managers in the mid-tenure of their fund with zero DPI and TVPI around 1.0 would have much more difficulty to raise new fund. The ability to fundraise is one of the crucial indications and validation of the job for VCs. Key highlights from the article below: Thirteen percent of venture General Partners (GPs) no longer plan to raise another fund due to LP pullback. This rate has doubled since H1 2023 when only 6% of GPs had no plans for another fund. Nearly 44% of venture firms surveyed in mid-2023 had previously postponed their fundraising plans due to concerns about overexposure to the asset class. Many emerging managers entered venture capital in 2019 or 2020 when the LP market supported more funds. However, slow exits in the first half of 2024 have led to challenges in raising second funds without significant cash distributions to LPs. Some venture GPs are now actively participating in the secondaries market to demonstrate returns. Despite the challenges, GPs who secured fresh capital remain optimistic. They expect the 2023 and 2024 vintages to be the strongest return years since 2019. 🚀📈 #VC #VentureCapital #Fundraising #LPs #EmergingManagers #TechInvestment #MarketTrends #CountdownCapital #IndustryInsights #JetVentures #JetInvestment‍‍‍‍‍‍

23

Seed VCs are turning to new ‘pro rata’ funds that help them compete with the big firms Alpha Partners, SignalRank and now SaaS Ventures help seed VCs pay for shares when big VCs try to price — or push — them out Lee Edwards, partner at Root VC, has a saying at his firm that “pro rata rights are earned, not given.” That may be a bit of a stretch since pro rata refers to a term that VCs put in their term sheets that gives them the right to buy more shares in a portfolio company during consequent funding rounds to maintain an ownership percentage and avoid dilution. Still, while these rights are not exactly “earned,” they can be expensive. One of the latest trends in VC investing these days are funds dedicated to helping seed VCs exercise their pro rata rights. https://lnkd.in/dRM3RvdA By Christine Hall

13

"Embracing the Pivot: How Investors Support Startups in Transition" Exploring the crucial role of adaptability in startups As investors, our role extends beyond funding—we must provide strategic guidance during these pivotal moments. Read more about navigating pivots in today's dynamic startup ecosystem: lool ventures Yaniv Golan Maya Azoulay Dina Walker Lena Young Roy Katzenelson Yair Kfir Maria Osipov

18

1 Comment

What Dave McClure is building resonates well what we are doing with our Siena Secondary Fund. Although one focuses on fund stakes and the other company positions, the journey is the same - need to educate the market about what is #VC #secondary and how to benefit from it...

10

2 Comments

The fundraising market for VC funds is on track for its worst year since 2015. The shortage of IPOs has meant a lack of liquidity to LPs, causing less appetite for new fund commitments. The last two years have felt a bit like a "venture stalemate." Will it change in 2025? My latest article in Forbes includes predictions from leading Limited Partners (LPs) across the US and Europe, including institutions, fund of funds and family offices. Read below (link in comments) to see what they're expecting for venture capital in the year ahead. 🔮 Aakar Vachhani Fairview Capital Hana Yang Allocate Adam Marchick Akkadian Ventures Anu Adebajo Daryn Dodson Dominic Maier AVP Layne Johnson Screendoor Julie Pulda, CFA Ballentine Partners, LLC Albert Azout Level Ventures Charlotte Palmer Mark Schmitz equation January Ventures

152

12 Comments

Dan Primack had some pointed criticism for #VC yesterday in his Axios Pro Rata newsletter (a daily must read IMO 😤). In short, the model doesn't work if it can't produce exits for LPs. Don't blame public markets (which are at all-time highs) for the lack of liquidity either. 📈 💸 Instead, this is a "liquidity drought of your making" where "...swinging for the fences on every pitch, rather than taking the single or double that's available" is the only way out when you invest at "sky high valuations." 😰 "A whopping 37% of "unicorns" are being held for at least nine years by VC funds, including 13% that are past the 12-year mark." 😳 ⌛ Is he right? Is VC at a dire inflection point? Or is Primack prematurely hitting the panic button? 🚨 https://lnkd.in/dts92pXr

2

BSV Ventures is the newest addition to the NIF Fund of Funds portfolio! 🎉 Coming back from their LP day in Vilnius, we’re ready to find unicorns together 🦄 The true alpha of a fund is often felt before it is seen. Intangible at first — it is a capability that often precedes visible results. Having gone through several months of DD with BSV, I can confidently say BSV embodies their alpha through their unique insights, and complementary dynamics of the GPs. This is combined with an unwavering commitment and track record in transforming the Baltics into a leading hub for deep tech and dual-use innovation, critical to European sovereignty.

141

8 Comments

✨ Breaking: Cadenza Announces New Fund.- Cadenza Cadenza AI Venture Fund, an early-stage venture capital firm, closed a $50 million fund on December 3, 2024. The fund targets pre-seed and seed investments in the artificial intelligence sector, focusing on infrastructure and enterprise applications. Cadenza aims to invest in companies that enhance workforce efficiencies and disrupt incumbent enterprise software providers. https://cadenza.vc Please share to let other #Founders know For the ❤️ of Startups #Fusion42 #Startups #Venturecapital

9

3 Comments

From Crypto Ice Age to AI Inferno- Gartner Curves or Extreme Weather Conditions Precipitated by VC? A few thoughts I've been reflecting on recently on learnings from being through many crypto cycles I can apply to this moment in AI investing... https://lnkd.in/d6KSM3EN

29

2 Comments

リアルテックホールディングスはUntroDに名称変更します。 この社名変更に込めた意味は、未踏の資本主義の実現です。 従来の資本主義では投資対象とならなかった、だが価値があると我々が信じる（情緒的に価値があると皆さんが感じてはいる）領域にまで資金を呼び込む、その呼び水としての開拓者という決意の表明でもあります。 理想の実現に歩みを止めず、進み続けたいと思います。 Real Tech Holdings Co., Ltd. has relaunched as "UntroD," a company pioneering uncharted territories in capitalism. As of June 3, 2024, Real Tech Holdings Co., Ltd. has changed its name to "UntroD Capital Japan Co., Ltd.". We are also pleased to announce that we have redesigned our website to embody our company mission. UntroD, which means "未踏 untrodden," will continue to be the first to step into uncharted territories of capitalism, where there is a societal need but no established mechanism for capital flow, such as the deep tech domain. By investing and proving economic viability, UntroD will continue to create a flow of capital and human resources. https://untrod.inc/

10

Lightspeed Joins The Secondaries Circus: The Financial Times put out an article late last week entitled: “Silicon Valley’s Lightspeed Ventures shifts focus to secondary markets” and shared some notes / quotes on their move to follow firms like Andreessen Horowitz, General Catalyst and Sequoia Capital on the strategy shift. The article quotes Michael Romano, Lightspeed’s chief business officer, who said: “Given market dislocation we were able to purchase a lot of very compelling new opportunities at significant discounts of 45 to 50 per cent compared to the last fundraising round.” But I think this is a bit of a side show to the larger point. The bigger point comes right after that: “Absent an IPO or any M&A, venture capital firms need to get more creative to identify paths to liquidity,” Romano said. “Secondaries are a really important component of that.” The reason I say that the discount storyline is a side-show is because you don’t shift your whole fund strategy/legal entity for the sake of one-off bargains. This marks a longer term view of the absents of IPO/M&A outcomes. If you think the IPO window is closed for the season, you suck it up and wait. If you think the IPO window might never be what it used to be, you steer the $25B AUM ship towards different strategies. This is in line with my personal view (convenient) of how we’ll continue to see the best companies stay private longer. I’ve gone as far as to joke that IPOs “aren’t cool anymore” and that ringing the bell feels more like a surrender than the “holy shit we made it” moment it used to embody. There’s a lot that goes into this, but in very basic terms: Why would you go through the pain of IPO compliance and the grind of quarter-to-quarter market pressure if you could just raise the same money in private markets? The dumb answer is… you don’t really. Which then points to the uglier side of IPOs becoming a secondary option (no pun intended but still appreciated) to raising in private markets. Sooooo if you can’t raise privately - you raise publicly? That’s the definition of not cool. Or in more professional terms “negative signal” for the vests in the audience. Bit of a predicament for VCs who are counting on IPOs to turn their winners into cash returns for their LPs. Longer term bet here is that the late-stage secondary market will continue to mature and fill the gap the old-school IPOs (the cool ones) left. This pairs well with a bet against the US Gov making IPOs easier and/or curbing rampant speculation (meme stock risk) in the near or ever future. Not quite sure if that’s a “good” or “bad” thing from a higher minded "what’s fair?” perspective, but that’s were the wind seems to be blowing.

30

3 Comments

We recently led a $9.5M seed round in Zeno, our very first energy transition company in Africa. Michael Spencer and the team are now officially out of stealth sprinting towards their first products - a swappable battery compatible with an electric motorbike of their own design. Their opening market is Kenya, where 3M+ boda boda taxi drivers are eager to find ways to shave costs down. With Zeno's battery subscription model, they'll make 50% in savings compared to owning a petrol counterpart! Going electric will soon become the obvious choice. Kenya is just the start. Over the next quarter century, Africa will be home to the largest share of young people in the world, and is set to double its population to 2.5 billion. Talk about a growth market. Zeno has a particularly special place in our hearts because Harsh Dubey, who hustled his way into Lowercarbon Capital right out of college and became an institution around here, built up so much conviction in this company that he's moved abroad to work on this rocketship full-time. That should tell you something. Congrats again to the team, read more here for the deep dive. #tech #climatetech #energy #mobility #battery #electric #africa #emergingmarkets

160

5 Comments

A new era of deep tech has emerged. First time funds will raise “unheard of” amounts of capital to fuel next gen deep tech startups - producing outsized, superior returns for LP’s compared to the rest. Prudent investors will act on this data and shift investment strategy as LP’s or risk being left behind savvy wealth managers and CIO’s / FO’s who saw this trend begin 4 years ago.

100

8 Comments

Summary: The article discusses tech mogul Vinod Khosla and his recent success as a prominent investor. Khosla's main focus is on AI and its potential impact on various industries. He also addresses concerns regarding AI regulation and competition with Chinese AI. Key takeaways: Khosla's recent $50 million investment in OpenAI has garnered attention and success. He is passionate about the potential for AI to disrupt and improve various industries. Khosla's focus on AI regulation and concerns about Chinese AI competition. Counter arguments: Some may argue that Khosla's intense focus on AI may overshadow other important areas of technology. Critics may question the sustainability of AI in certain industries and its potential negative effects on job displacement. #ai #artificialintelligence #tech #venturecapital #vc #startups

2

Join Titanium Ventures for a SXSW Mixer with our friends at TEN13 + OIF Ventures 16 Oct 6-9pm, The Strawberry in Surry Hills Be part of the SXSW Sydney Festival Buzz with us at The Strawberry in Surry Hills from 6pm on Wednesday 16 October where we will bring together over 200 of the best founders, operators and investors. ​​TEN13, OIF Ventures and Titanium Ventures are joining forces for an evening of all-inclusive longevity food, drinks and access to the greatest minds in the startup ecosystem. Secure your tickets now! https://lu.ma/5rwlocuv ​Titanium Ventures (fka Telstra Ventures) is an independent venture capital firm that fuels the growth of high-potential technology startups. Our investments include category-makers and market leaders like DocuSign, Box, CrowdStrike, BigCommerce, Snap and GitLab. ​TEN13 is the network-driven VC, with a global network of 500+ world-class investors, operators, and innovators. With TEN13, you build your own portfolio and stay in control of investment decisions. We provide access to the best category-defining venture opportunities, vetted and curated by our expert deal team. We make investments of $300k to $2m in Pre-seed to Series A and beyond with a focus on technology that will define the future. Since 2019, we've deployed over $100 million to fuel some of the world’s most ambitious founders from companies such as me&u, go1 and Chipper. ​OIF Ventures is an Australian venture capital firm, championing exceptional founders to build the iconic technology businesses of the future. Founded by some of Australia’s leading entrepreneurs, business builders and investors with significant investment, operational and strategic experience, OIF Ventures always seek to add material value to the founders and teams they partner with. OIF Ventures have backed some of Australia’s most iconic technology companies including Go1, Instaclustr, Assignar, Enboarder, Kasada, Clear Dynamics and more.

25

5️⃣ 🇪🇺 🚀 early stage rounds to pay attention to this week 👇 1️⃣ UnitPlus 🇩🇪 (Fintech / Smart Investment Accounts) – UnitPlus combines everyday spending with long-term investing, allowing users to access funds directly from their investment portfolios, enhancing both liquidity and growth potential for retail and institutional clients. 💰 Raised €4.7 million from Pact VC, SeedX VC, Robin Capital, and angel investors. 2️⃣ Verax AI 🇬🇧 (AI / LLM Management) – Verax AI offers enterprises tools to optimize and control large language models (LLMs), enhancing visibility and operational efficiency, especially in sectors like finance and healthcare. 💰 Raised $7.6 million led by TQ Ventures, with Concept Ventures, Seedcamp, and XTX Ventures. 3️⃣ Origin Robotics 🇱🇻 (DefenseTech / Precision Weapon Systems) – Origin Robotics’ BEAK platform provides a cost-effective solution for military drones, filling a gap between loitering munitions and advanced missile systems. 💰 Raised €4 million from Change Ventures and other international investors. 4️⃣ Diffblue 🇬🇧 (AI / Generative AI for Code) – Diffblue automates code creation and testing with AI, particularly for Java, reducing manual coding tasks and enhancing software quality with its flagship product, Diffblue Cover. 💰 Raised €5.8 million from Oxford Sciences Innovation, AlbionVC. 5️⃣ Buddy.ai 🇲🇪 (EdTech / AI Tutor for Children) – Buddy.ai uses AI to create interactive, gamified learning experiences for children under 12, focusing on teaching English as a second language. 💰 Raised €10.2 million led by BITKRAFT Ventures, with One Way Ventures, J Ventures, and Point72 Ventures.

6

1 Comment

Doing a mini-series on some fintech predictions I believe might come true in the space over the next 1-3 years. Starting off with lending tech; What's gonna do great: 1. Seed stage would see a rise in product specialised lending in segments like online retail, education. EV, energy, clean tech, etc. - where underwriting expertise remains limited and where data needs to be studied 2. Expansion into tier 2/3 cities, the next billion will come under lending especially as AA framework and OCEN allows them to be lent easily & high capita income and rising middle class raises ability to pay 3. Medical based lending will rise, so will lending based on different collaterals like leaves, insurance policies 4. Financing geared towards women and other PSL related lending What's gonna see consolidation / reduced interest: Consolidation across personal loans, MSME, micro finance, direct lending - plays that will focus on lending to a “gap” in credit / based on need will move towards growth stage, not seed stage Enablers / what has changed: 1. Offline data being digitised and alternative data being used in underwriting 2. DPI frameworks developing fully - AA + OCEN + ONDC 3. Rising per-capita income and tech-savvy folks entering workforce and earning who have a spending mindset Key Risks of unemployment and sudden shocks to economy leading to higher NPAs & defaults esp in unsecured products and change in regulations still remain the major risks overall, seems like would continue being the leader in deals and funding within fintech, large market. Writing this primarily on twitter (X): https://lnkd.in/dpUDVpHV Disc: personal views #fintech

41

9 Comments