PIN'd

A newsletter for communities, investors, angels, and founders

Author

Power in Numbers
March 08, 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!

If you’re receiving this, it’s because you’ve signed up for our waitlist and/or for newsletter updates.

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📰 This week’s best news

Andreessen Horowitz is just weeks away from closing on up to $7 billion in new funds. This solidifies a16z as one of venture capital's "haves," in an industry with a growing number of "have-nots," while also reflecting that not even the top firms are immune to a muted fundraising environment.

Sam Blond is leaving Founders Fund just 18 months after joining. In a tweet on Monday, he thanked the firm and said he's decided to return to operating, as full-time investing isn't a good fit for him. This suggests he may have accepted a position at a startup or is in the process of founding one.

Commerce Ventures, a technology investment firm that focuses on modernizing the retail and financial services sectors, announced that it has raised more than $150 million for its fifth fund. Since its establishment in 2013, the company has invested in over 100 businesses, including several unicorns such as Socure, Kin Insurance Technology Hub, Vestwell, and MX.

Exciting times for bitcoin, the largest cryptocurrency by market capitalization. On Tuesday morning, it hit a new all-time high, surpassing $69,000 for the first time since November 2021. According to CoinMarketCap data, the digital currency has increased by over 60% in the month and approximately 205% in the year.

OpenAI is dismissing all claims made by Elon Musk in a recent lawsuit. In a blog post signed by the entire OpenAI team, they stated that since its creation in 2015, it had raised less than $45 million from Musk (and over $90 million from other donors) to support its research efforts, having no significant impact on its development and success.

Boston-based venture capital firm OpenView Venture Partners plans to return most of its $571 million fund to its limited partners. It will use the remaining capital to support its current portfolio companies, including the scheduling app Calendly and other early-stage startups.

Deel is definitely on a shopping spree. On Tuesday, the HR startup announced the acquisition of PaySpace, which provides payroll and HR software and services in Africa. This move comes less than a week after Deel announced the acquisition of Zavvy, a Munich-based startup that uses AI to create personalized tools for career progression, training, and performance management.


💰 Funding announcement highlights

StackOne, a London-based startup that helps SaaS companies connect their products with their customers’ existing ecosystems via APIs, raised a $3.6 million seed round led by Episode 1. Playfair Capital, Portfolio Ventures, and Sequoia’s Scout fund also contributed. 

Anthro Energy, a California-based startup developing safer and more flexible lithium-ion batteries, raised a $20 million Series A round led by Collaborative Fund. Union Square Ventures, Emerson Collective, Voyager Ventures, Energy Revolution Ventures, Ultratech Capital Partners, Nor’easter Ventures, and Overlap Holdings were also part of the deal.

Yuno, a Colombian Bogotá startup building a platform that simplifies online payment processes for e-commerce businesses, online marketplaces, and fintech companies, raised a $25 million Series A round at a $150 million valuation. The deal lead was DST, with Andreessen Horowitz, Tiger Global, Kaszek Ventures, and Monashees pitching in. 

Limbic, a mental health chatbot developed by a London startup and used by the UK’s National Health Service, raised a $14 million Series A round led by Khosla Ventures. Gainangels and Illusian also invested. 

Tiny Health, an Austin-based startup that provides early detection of health issues in infants through microbiome analysis, raised $8.5 million. The Series A round was led by Spero Ventures with TheVentureCity, Overwater VC, Next Coast Ventures, and Peterson Ventures also contributing. 

 🚀 PIN product launches

We are excited to announce new features on PIN:

PIN referral program

Club members can now refer peers that may want to lead their own community club on PIN directly from the PIN portal in Bounties, our feature that enables and rewards members for supporting deal flow, portfolio founders, and more. Members can earn $500 once the referred club successfully closes a fund on PIN. 

Share your review on Founders Hate 

PIN has partnered with Founders Hate to bring more value-add resources to the founder community. Founders Hate helps founders and startups make better decisions about what partners, vendors, and tools to use (and avoid) for their business.

Submit your anonymous review(s) and share Founders Hate to support the community! Club members on PIN can now submit their review and be rewarded for their contribution from Bounties anytime. 

📚 Interesting reads of the week

Molly O'Shea interviews Alex Kolicich, founding partner at 8VC, about the VC ecosystem, AI innovation, and its impact. They also discuss 8VC's portfolio construction and the importance of understanding AI's limitations.

AI got all the attention from venture capitalists last year, leaving other startup sectors overlooked. These less popular verticals have the potential to change the world, and investors should take note before missing out.

Applications to Soma Capital's S24 fellowship program are already open. Winners will receive $100k in funding with almost no strings attached: no board seats, no ownership targets, and minimized dilution.

Google launches $5 million prize to find actual uses for quantum computers

Quantum computers can solve some problems faster than traditional computers. But to date, those problems have no practical use. Google and the XPRIZE Foundation offer a $5 million prize for researchers who find practical applications for quantum computers.

Steve Ballmer's Microsoft era, marked by profitability but criticized for its insular focus, contrasts sharply with Satya Nadella's transformative leadership, which has elevated Microsoft's value and innovation. Perhaps a similar leadership overhaul could address Apple's current defensive posture and legal entanglements.

TCG’s Gaby Goldberg asked her Twitter network for the best pre-consumer funds. And they delivered.

💪 Tech mafia of the week

Highlights:

💰 Most money raised: Drata

🤑 Total money raised by the Forbes Mafia: $600 million

Weekly tech mafia leaderboard

The Forbes alumni network has built some amazing companies, so we took a look at the top companies.

The Forbes Mafia takes the 45th spot, with 54 companies founded in total and $600 million in total raised.

PS: Are you a Forbes employee/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.

Palm Venture Studios is looking for a Managing VC Partner.

Startfast is looking for a VC Analyst.

The Legal Tech Fund is looking for a VC Investor.

AngelList is looking for a Startup Operations Specialist.

📠 Fun fact of the week

Sequoia Capital, one of the most renowned venture capital firms, was an early investor in Apple back in 1978, investing $150,000.

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

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