PIN

A newsletter for communities, investors, angels, and founders

Author

Power in Numbers
February 07, 2025

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

Guo’s Conviction Partners adds Mike Vernal as GP, raises $230M fund

AI-focused venture firm Conviction Partners just closed a $230 million fund, more than doubling its debut fund. Founder Sarah Guo is bringing on former Sequoia partner Mike Vernal as General Partner, strengthening the firm’s deep ties to Silicon Valley’s AI scene. With past investments in Mistral, Harvey, and Sierra, Conviction is solidifying its reputation as a major player in the AI boom.

Mistral board member and a16z VC Anjney Midha says DeepSeek won’t stop AI’s GPU hunger

DeepSeek’s latest AI model, R1, is making waves with its efficiency, but Andreessen Horowitz’s Anjney Midha argues that AI’s insatiable demand for GPUs isn’t going anywhere. Even as models become more efficient, companies like Mistral, OpenAI, and Anthropic will keep pouring billions into compute power. Meanwhile, a16z’s Oxygen GPU-sharing program is already overbooked, highlighting just how critical high-performance chips remain in the AI arms race.

Dick Kramlich, a legendary venture capitalist and co-founder of New Enterprise Associates, has passed away at 89. A pioneer in Silicon Valley, Kramlich made early bets on tech giants like Apple and 3Com, helping to shape the modern VC landscape. Even after retiring from NEA, he continued investing, leaving behind a lasting impact on the startup ecosystem.

Semiconductor veteran and investor Lip-Bu Tan is launching Salience Capital Partners, a new VC firm aiming to raise $50 million. With AI driving demand for computing power, Tan’s deep expertise in semiconductors positions him well for the industry’s next wave. The firm’s regulatory filing also lists Abhay Parasnis as a general partner, though details on his involvement remain unconfirmed.

Global payroll and HR platform Deel has landed $484 million in secondaries, with General Catalyst and a sovereign investor leading the buyout from early backers. Since its 2019 Y Combinator debut, Deel has expanded into 150 countries, serving clients like SafetyCulture and Linktree. CEO Alex Bouaziz says the company is gearing up for an even bigger 2025, fueled by fresh investment and continued global momentum.

General Catalyst unveils GC Wealth to serve founders and entrepreneurs

General Catalyst is expanding beyond venture capital with the launch of GC Wealth, a next-gen wealth management platform designed for founders, entrepreneurs, and high-potential individuals. With $2.3 billion in assets under management, GC Wealth offers financial guidance, private investment access, and deep ties to the tech ecosystem. The goal? To help innovators navigate wealth creation and preservation as they scale their ventures.

Bullish Global, a crypto exchange backed by Peter Thiel, is considering an IPO this year, working with Jefferies and JPMorgan on the potential listing. The move signals growing confidence in the sector, especially with expectations of a more pro-crypto stance under a Trump administration.

GTMfund, led by Max Altschuler, just closed its second fund at $54 million. Backed by 300 operator LPs from companies like AWS, OpenAI, and Snowflake, the fund specializes in helping startups scale their go-to-market strategies. With a growing portfolio and new institutional investors, GTMfund is proving that operator-led venture capital is here to stay.

💰 Funding announcement highlights

Echo Neurotechnologies, a startup developing brain-machine interfaces that enable patients with severe disabilities to control devices using their thoughts via implanted electrodes, raised $50 million. Andreessen Horowitz was the main investor.

Archive, a San Francisco startup helping brands create and manage their resale programs, allowing them to sell pre-owned items directly to consumers, raised a $30 million Series B round. Energize Capital led the deal, with Woodline Partners and Frontline Growth as well as previous investors Lightspeed Venture Partners, Bain Capital Ventures, G9 Ventures, and Capital F also participating.

Hallo Theo, a two-year-old startup modernizing property management by automating tasks and enhancing communication among property owners, tenants, and managers, raised a $10.3 million seed round. Insight Partners was the main lead.

Riot, a New York startup offering interactive training sessions and simulated phishing attacks to teach staff how to handle potential security threats, raised a $30 million Series B round. The main investor was Left Lane Capital, with additional contribution from Y Combinator, Base10, and FundersClub.

Tana, a four-year-old startup whose AI-powered workspace aims to help individuals and teams organize tasks, manage projects, and capture ideas efficiently, raised a $14 million Series A round. Tola Capital led the deal, with Lightspeed Venture Partners, Northzone, Alliance VC, and firstminute capital also joining.

 📚 Interesting reads of the week

Founder equity matters, big time. Nicole De Tomasso argues this with the MailChimp’s case: While its founders bootstrapped to a $12B exit with 100% ownership, most VC-backed CEOs hold just 15% at IPO. That’s why at Series A, founders should aim to retain at least 35% to maintain control and ensure long-term incentives. Selling too much too early can make future fundraising tough, so cap table strategy is key.

Here are all the IPOs reported to be in the works for 2025

The IPO market is heating up, with major tech firms eyeing public debuts in 2025. Companies like eToro, Chime, and Klarna have confidentially filed, while AI chipmaker Cerebras and stablecoin provider Circle are preparing for long-awaited listings. With a more IPO-friendly regulatory environment, the pipeline includes fintech, AI, space tech, and even Shein, which continues to navigate political hurdles.

OpenAI’s new “deep research” tool acts as an autonomous research assistant that compiles detailed reports of up to 16,000 words. Unlike standard ChatGPT web browsing, it methodically analyzes multiple sources, synthesizing complex information over several steps. While it delivers impressive depth, it can be slow, sometimes repetitive, and requires strong prompts to stay on track.

Fundraising for a VC fund in today’s market is tough, but Richard Chen shares key lessons from launching Varrock. LPs prioritize concentration and ownership, ensuring funds can make big bets on winners. Dry powder is scarce, as many LPs are still recovering from past cycles. While LPs prefer specialized funds, long-term success favors generalists who adapt to new trends. Despite challenges, Chen hints at an upcoming public announcement for Varrock soon.

In this X thread, Sam Altman goes through all the amazing capabilities of OpenAI’s new agent Deep Research. The new tool can browse the internet, synthesize information, and generate detailed reports—handling work that would traditionally take hours or even days.

Y Combinator releases new ‘requests for startups’ focused on AI and infrastructure

In case you missed it, Y Combinator unveiled its latest Requests for Startups (RFS), highlighting AI-powered opportunities in secure app stores, compliance automation, and next-gen datacenters. The list also emphasizes AI vertical agents, tools for AI-driven software development, and personal AI staff to bring concierge-level services to everyone.

Venture capital is a balancing act between finding, picking, winning, and supporting, but excelling in one area often comes at the cost of another. A strong “finder” builds a deep deal pipeline, but may struggle with “picking” the right bets. A “winner” who thrives on competition may not be the best “supporter” post-investment. The challenge? Allocating time and resources wisely to survive and succeed in the long run.

💪Tech mafia of the week

Highlights:

💰 Most money raised: Clover Health

🤑 Total money raised by the Flatiron Health Mafia: $2.39 billion

Weekly Tech Mafia Leaderboard


The Flatiron Health alumni has built some amazing companies. This tech mafia group takes the 43rd spot on our leaderboard, with 21 companies founded and $2.39 billion raised.

PS: Are you a Flatiron Health 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.

SE Ventures is looking for a VC Analyst.

Fitch Ventures is looking for a VC Director.

Griffin Gaming Partners is looking for a VC Investor.

Dow is looking for a VC Manager.

Toyota Climate Fund is looking for a Senior VC Analyst.

📠 Fun fact of the week

ChatGPT hit 100 million users in just two months, making it the fastest-growing consumer application in history.

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