PIN

A newsletter for communities, investors, angels, and founders

Author

Power in Numbers
December 20, 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

Databricks raises $10 billion as it barrels toward an IPO

Databricks, a San Francisco-based data analytics and AI company, has raised $10 billion in a funding round led by Thrive Capital, elevating its valuation to $62 billion. This marks one of the largest venture capital investments in history. The funds will be used to provide liquidity for employees and to invest in new AI products, acquisitions, and international expansion.

Chime Financial Inc., a financial technology company focused on no-fee banking services, has submitted a confidential filing with the US government for its initial public offering, according to people familiar with the matter.

As we venture deeper into a world where the lines between human and machine intelligence increasingly blur, having deep expertise in neuroscience, AI, and human-machine interfaces becomes crucial. That's why Thomas Reardon is joining Lux as a Venture Partner. A pioneer at the intersection of technology and neuroscience, Reardon brings decades of experience as an inventor, neuroscientist with a PhD, and entrepreneur to Lux.

SoftBank CEO Masayoshi Son has announced a $100 billion investment in U.S. technology projects over the next four years, focusing on artificial intelligence (AI) and related infrastructure. This initiative is expected to create approximately 100,000 jobs.

Just five months after announcing a new $100 million fund called Anthology Fund, Menlo Ventures and Anthropic have backed their first 18 startups. And they are looking for more. Menlo says these first 18 were selected from thousands of applicants. They include startups working on recruiting software; autonomous coding; interpretability research (understanding how models make decisions); fintech compliance and tax apps; radiology image analysis and chart reviewing apps; non-human identity cybersecurity; customer engagement software; and a consumer nutrition app.

Stephen Curry's venture capital firm, Penny Jar Capital, has filed to raise its second fund, aiming to build on its initial success in backing early-stage startups. The move shows Penny Jar Capital's commitment to supporting innovative startups at the intersection of sports and technology.

Grammarly, an online AI-driven writing assistance, acquired productivity startup Coda for an undisclosed amount. The move aims to integrate Coda's AI tools, including Coda Docs and Coda Brain, into Grammarly's existing suite. Following the acquisition, Coda's CEO and co-founder, Shishir Mehrotra, will assume the role of CEO at Grammarly, succeeding Rahul Roy-Chowdhury, who will transition to an advisory position.

The 51 most disruptive startups of 2024

TechCrunch identified 51 startups as the most disruptive of 2024, highlighting their innovative technologies and business models that are pushing industries forward. Read the complete list in this article.

💰 Funding announcement highlights

Parafin, a San Francisco startup providing financial products such as loans, spend management, and savings tools to small and medium-size businesses that sell on online platforms, raised a $100 million round. Notable Capital led the deal. Redpoint Ventures as well as previous investors Ribbit Capital, Thrive Capital, and GIC also contributed.

Anatomy Financial, a three-year-old startup developing AI-powered tools to automate financial tasks for healthcare organizations, raised a $19 million Series A. Canapi Ventures led the round, with previous investor Lightspeed Venture Partners also investing.

Basis, a New York startup automating accounting tasks for accounting firms, raised a $34 million Series A. Khosla Ventures led the deal, which also included NFDG and Larry Summers.

Nuon, a San Francisco startup that enables software companies to deploy their applications directly into their customers' cloud accounts, raised a $16.5 million round. M12, Uncork Capital, Redpoint Ventures, Alumni Ventures, Essence VC, Mantis VC, and Red Swan Ventures were part of the investors.

Haber, an Indian startup that provides AI-powered automation services that help manufacturers improve efficiency and reduce environmental impact by minimizing water and energy use, raised a $38 million Series C equity round. Investors included Creaegis, Beenext, and Accel.

🎙️ Inside the Deal

PIN 🤝 Sandhill Markets.

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

In this week’s episode the team discusses the importance of investor updates in maintaining context and alignment throughout funding rounds. Our guests share the importance of precise communication and strategic asks when engaging with investors, and how strong relationships and alignment on values are key to successful partnerships.

Tune in on Spotify, YouTube, and Apple.

📚 Interesting reads of the week

Tech analyst Benedict Evans has released his 2025 presentation, “AI Eats the World,” exploring macro and strategic trends in the tech industry. Evans delves into how artificial intelligence is becoming a pervasive force, reshaping industries and redefining the technological landscape.

Despite the venture capital chill, unicorns are galloping onto the scene every month, defying market conditions. Using data from Crunchbase, CB Insights, and PitchBook, TechCrunch has compiled a list of the newest startups hitting billion-dollar valuations this year. Unsurprisingly, AI remains the belle of the ball, with xAI (valued at $24 billion) leading the charge.

Forerunner Ventures' recent analysis highlights the current dynamics in early-stage venture capital, IPOs, M&A activity, and consumer AI. While VC funding remains below its 2021 peak, it's still ahead of levels from five years ago, indicating a balanced correction. Notably, seed deals have declined by 55% since 2022, with Series A deal counts dropping even further, blurring the lines between these funding stages.

According to Sequoia, during 2024 AI transitioned from a dynamic, idea-driven landscape to a more structured ecosystem, with the groundwork for widespread implementation solidified by significant advancements in hardware, infrastructure, and model development. The firm’s predictions for the coming year include increased differentiation among LLM providers, the proliferation of AI-powered search, and a stabilization in capital expenditures for AI infrastructure.

How Lucy Guo is building a creator empire

Lucy Guo, a trailblazing entrepreneur and investor, shares her journey of signing high-profile partners like Shaq, Kygo, and Olivia Dunne. The creator, who raised $50 million in just two years to fuel this vision, created her HQ designed to foster innovation in Los Angeles.

A controversial piece, dissecting Brian Chesky’s reflections on leadership during Airbnb’s rise, challenges, and reinvention, framed through his interpretation of “founder mode.” According to the author, its narrative—placing blame on employees while attributing successes to his leadership—is dismissive of his team’s contributions. His lack of accountability and humility, he argues, fuels Silicon Valley’s “cult of the founder.”

The fintech sector in 2024 saw rapid progress but struggled to meet high expectations, particularly in AI and sustainability. Looking to 2025, fintech is poised to focus on gamification, blockchain adoption, AI refinement, embedded finance, and genuine ESG initiatives, successfully depending on seamless user experiences and sustainable practices.

Tyler Denk has a migraine. His doctor says he’s working too late, staring at screens too much of his day. Denk gets it. He’s still figuring out an optimal work-life balance. But when that screen shows Beehiiv, his email newsletter platform, shooting past $1.5 million in monthly revenue, he doesn’t feel like taking a break. He’d rather keep building.

💪Tech mafia of the week

Highlights:

💰 Most money raised: Future

🤑 Total money raised by the DoorDash Mafia: $65 million

Weekly Tech Mafia Leaderboard


The DoorDash alumni has built some amazing companies. This tech mafia group takes the 92nd spot on leaderboard, with 29 companies founded and $65 million raised.

PS: Are you a DoorDash alum interested in getting your community together to invest in the community (and earn carry/other benefits along the way)? Or are you a member of another community that you think would make for an amazing startup investment community?

Learn more about us and sign up for the waitlist here.

📌 PIN tweet of the week

💼 Who’s hiring in VC?

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

Global Millennial Capital is looking for a VC Partner.

Adams Street Partners is looking for a VC Associate.

Fitch Ventures is looking for a VC Director.

ECMC is looking for a Senior VC Associate.

a16Z is looking for a VC Partner.

📠 Fun fact of the week

The race to the next PayPal Mafia is on: Stripe has produced 96 startup founders, ConsenSys boasts 70, and Klarna trails with 47.

Want to learn more about investing in startups with your community through PIN’s platform? Simply reply to this email.