PIN

A newsletter for communities, investors, angels, and founders

Author

Power in Numbers
November 29, 2024

Welcome to PIN’d - our weekly newsletter where we pin (lol, bear with us) the most important tech/startup news of the week for aspiring angels, vc’s, startup investors, founders, etc. Expect a new weekly roundup from us every Friday morning!

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📰 This week’s best news

After 17 years and over $1 billion in funding, ServiceTitan is set to go public on Nasdaq under the ticker "TTAN." The company previously postponed its 2022 IPO plans due to unfavorable market conditions but is now ready to move forward. Experts have noted that market volatility has made IPOs less attractive, adding pressure to ServiceTitan’s decision.

LP predictions for venture capital in 2025

The global venture capital fundraising market is experiencing its most challenging year since 2015, with funds on track to close just 1,300 new funds globally compared to the 4,000 raised in 2021's peak. Despite the anemic market of the last couple years, there is optimism from LPs about certain strategies and investment areas. Here is what LPs across the US and Europe, including institutions, fund of funds and family offices, predict for 2025.

OpenAI is facilitating a $1.5 billion tender offer for its employees to sell shares to SoftBank, allowing the Japanese tech giant to increase its stake in the AI leader. Employees have until December 24 to decide whether to participate in the offer. The deal value OpenAI at approximately $157 billion.

Cleo Capital has launched a new 12-week remote cybersecurity accelerator targeting pre-seed and seed-stage startups globally. The program offers a $250,000 investment in exchange for 7% equity and plans to select up to 10 companies. Cleo Capital, known for its investments in AI and fintech, aims to support early-stage ventures in the growing cybersecurity sector.

One of the largest blockchain fund of funds has raised over $135 million across two new vehicles

Despite crypto's turbulence, major capital allocators like Accolade Partners continue to fuel the sector with substantial investments. The Washington, D.C.-based fund has raised over $135 million across two blockchain funds, supporting top crypto VCs like a16z and Electric Capital.

These smaller state startup scenes saw big gains in 2024

While U.S. venture funding in 2024 is up overall, most of the growth is concentrated in AI-focused companies, primarily in California. However, states like Vermont, Hawaii, and Arkansas are seeing a surprising rise in startup investment, despite not being traditional tech hubs.

💰 Funding announcement highlights

Opentrade, a startup helping financial technology companies offer stablecoin-based investment products to their customers, raised a $4 million seed extension. Albion VZ was the main lead, with previous investors Andreessen Horowitz and CMCC Global also showing up.

Volta, a newly founded startup working on a platform to enable businesses to create and manage online stores for selling products to other businesses, raised a $6.3 million pre-seed. The round was led by Emblem, with Robin Capital, Founders Future, Sequoia, Andreessen Horowitz, and the family offices of the Berlusconi and Agnelli families contributing.

Roon, a startup providing medically vetted videos and support to individuals navigating challenging health conditions, raised a $15 million round. Forerunner Ventures and First Mark co-led the deal, with previous investors Sequoia Capital and TMV also participating.

Wherobots, a startup developing cloud-based software that enables organizations to analyze and interpret spatial data, raised a $21.5 million Series A round. Felicis was the main investor, with JetBlue Ventures and P7 Ventures as well as previous investors Clear Ventures and Wing VC also pitching in.

Capitolis, a startup that specializes in developing software that enables banks and financial institutions to reduce the capital tied up in trading and investment activities, raised a $20 million round. Previous investor Citi led the deal, with Morgan Stanley and UBS as well as prior backers State Street, Andreessen Horowitz, Index Ventures, Sequoia Capital, S Capital, Spark Capital, SVB Capital, Canapi Ventures, 9Yards Capital, Standard Chartered, and JPMorgan also joining.

🎙️ Big News: PIN Has a New Bestie

Introducing PIN 🤝 Sandhill Markets.

That’s right folks, PIN's team has partnered up with Sandhill Markets to bring you a brand new podcast called Inside the Deal.

It is hosted by PIN’s founder Steph Mui and Adam Hardej from Sandhill Markets. So you know it’s going to be a banger.

Here’s what to expect: 

We dive deep with founders and investors to uncover the intricacies of how funding rounds really come together.

Explore the roles, dynamics, and high-stakes decisions that drive these pivotal moments.

Perfect for investors & founders alike.

Tune in on Spotify, YouTube, and Apple.

📚 Interesting reads of the week

An analysis of 233 early-stage and 71 growth venture capital funds (1987-2015) reveals key insights into investment returns. In early-stage funds, 60% of companies return less than 1x, with 27% returning nothing. Growth funds perform slightly better, with 43% returning less than 1x and 16% being total write-offs.

Play it cool: Chasing heat vs. being contrarian in venture capital

Which categories aren't "hot" today, but are worth our time and investment? According to this article, enture capital thrives by making bold, contrarian bets in overlooked sectors such as healthcare, consumer tech, and digital media. The key to success lies in spotting outlier investments that have the potential to deliver 10x returns, often in areas that others overlook.

People are losing faith in the giant tech companies that only focus on making money. This creates a chance to build something new—technology that is open, honest, and built on trust.

Kyle Harrison’s latest deep dive unpacks a critical question: What’s the bottleneck preventing us from having 10x more exceptional startups? Spoiler: it’s not a shortage of ideas or capital—it’s a shortage of exceptional founders. He argues that unlocking greatness requires a shift in culture, adversity normalization, and community-driven support systems.

Defense tech startup Anduril, valued at $14 billion, is offering top-tier compensation to its executives, as disclosed under the Federal Funding Accountability and Transparency Act (FFATA).

💪Tech mafia of the week

We had the pleasure of interviewing one of HubSpot’s earliest employees, Kyle James, and learn about how the company’s culture inspired his own and other employees’ entrepreneurial paths.

Kyle shared what it was like being an early employee at HubSpot, and what made the company a “founder factory” and a breeding ground for innovators (there’s one very specific thing, keep reading to find out!)

Weekly Tech Mafia Leaderboard


Here are the top current 10 tech mafias on our leaderboard.

Keep up to date with the latest rankings over here.

Top 10 tech mafias

📌 PIN tweet of the week

💼 Who’s hiring in VC?

Looking to get into VC? Below are this week’s curated VC job openings.

a16Z is looking for a VC Associate.

Pathlight Ventures is looking for Chief of Staff.

Thomvest Ventures is looking for a VC Associate.

NYS Innovation Fund is looking for a VC Director.

Defy.vc is looking for a VC Investor.

📠 Fun fact of the week

Some of the most notable startup failures include WeWork, Theranos, and FTX. WeWork's valuation plummeted from $47 billion to bankruptcy in 2023. Theranos, once valued at $10 billion, dissolved after its founder was convicted of fraud. FTX, a cryptocurrency exchange, collapsed in 2022, leading to significant financial losses for investors.

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