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Infinity Ventures's Jeremy Jonker, former head of corporate development and PayPal Ventures at PayPal, led the most recent funding round, joining investors including Michael Vaughn and Jon Pomerantz of Vera Equity and Rex Salisbury of Cambrian Ventures. "It's been sign up after sign up after sign up," he told Business Insider in an interview. SimpleClosure's funding round comes as more startups than ever are shutting down thanks to a tech-market downturn that's left plenty of companies in the lurch. 770 startups shut down in 2023, up from 467 the year before, according to data from cap-table management startup Carta. "More than half of our customers have been entrepreneurs who are already starting their next company," Yona said.
Persons: VCs, Jeremy Jonker, Michael Vaughn, Jon Pomerantz, Vera Equity, Rex Salisbury, Dori Yona, SimpleClosure, Yona, he's, couldn't, doesn't, there's, We've, what's Organizations: Business, PayPal, Cambrian Ventures, SimpleClosure, Carta Locations: fintech
SimpleClosure just raised a $1.5 million pre-seed funding round from Rex Salisbury and Vera Equity. The startup uses AI to automate the legal and procedural tasks for when a startup shuts down. The startup industry is predicted to be on the brink of a 'mass extinction event.' The numbers weren't looking good for the fintech startup, so one of the investors asked him to write a shutdown proposal. And when a business shuts down, incorrect winding-down procedures can add insult to injury in the form of fines, fees, and mistakes that can also affect customers and investors.
Persons: SimpleClosure, Rex Salisbury, Vera Equity, Earny, Dori Yona, Yona, Michael Vaughn, Jon Pomerantz, haven't Organizations: Wednesday, Cambrian Ventures, IRS Locations: fintech
Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.
GovForce is a software startup that helps government contractors with compliance. GovForce used this 8-page pitch deck to raise a $2.5 million seed round. This software startup is helping government contractors keep tabs on the companies it outsources work to. GovForce offers government contractors software that allows them to continually monitor the compliance of its subcontractors through a dashboard. Read the 8-page pitch deck GovForce used to raise a $2.5 million seed round.
Despite a tumultuous market for startup investing, VCs still landed top deals at hot startups. Behind these successes were the smart and savvy rising-star VCs working to transform the industry. Here are some of the rising stars of venture capital who are names to watch in 2023. Insider asked the VCs we named in last year's rising-stars list and the general public to nominate this year's most promising venture investors. For instance, OMERS Ventures' Chrissy Farr made the jump to healthtech investing after working as a journalist covering the venture industry for CNBC.
Salisbury's deal flow comes from a community of fintech founders he's cultivated over the years. That surprised Salisbury, the lone partner at new fintech firm Cambrian Ventures, given that he'd never met the OatFi founders before. Though, Salisbury defied the first-time fund manager's curse when he closed $20 million for his inaugural fund in June. "I want people to have gotten value in some sense before we invest, or even if we never invest," Salisbury told Insider. When Salisbury left the firm, he took a part of the brand with him.
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