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☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

☆ Smaller valuations and a lack of ego helped Spain's startup scene avoid some of Europe's shocking collapse in VC funding, investors say
▼ + stars: | 2023-06-29 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

Spain's startup scene has evaded some of the collapse in VC funding that has rocked Europe in 2023. Smaller check sizes and a lack of "ego" has somewhat protected the ecosystem, investors say. Smaller valuations, check sizes, and a distinct lack of ego helped Spain's startup scene evade some of the shocking collapse in venture capital funding that has rocked Europe so far this year. Smaller rounds give Spain's startups an edge in the downturnWhat correction was felt was eased by the fact there is less "ego" in Spain's ecosystem, according to Max Bray, an investor at early-stage firm K Fund. As well as the birth of local growth funds, investors see corporations playing a role in closing the funding gap.

Persons: SoftBank, Catalyst, Pablo Pedrejón, Max Bray, Dalia Silberstein, Pedro Arribas Gridilla, Juliette Simonin, Margarita Albors, Tasmin Lockwood, Bray, Marc Sabas, Fund's Bray, Wallbox cofounders Enric Asunción, Eduard Castañeda, Glovo, Wallbox, Oscar Pierre, Ship2B's Sabas, Danae Vara, Danae Vara Ship2B, hasn't, Sabas, CVCs, There's, Félix Ortega, K Fund's Bray, Sérgio Massano Organizations: Accel, Pedrejón, Venture, Fund, Esade Center, Social, Foundation, Spanish, K Fund, Investors, Danae Vara Ship2B Ventures, Investment, Corporations, Barcelona Activa, Telefónica, BBVA, Proeduca Locations: Europe, Spain, Madrid, France, Germany, Switzerland, Netherlands, Seaya, Bray, Vara, Barcelona, Silicon, London

☆ Check out this $110 million tech campus being built in Lithuania — the largest in Europe
▼ + stars: | 2023-06-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The development, from Lithuanian infrastructure firm Tech Zity, is inspired by British renovation projects like the Battersea Power Station and Tate Modern art gallery. Tech ZityLithuania is building a huge tech campus — Europe's largest — in the capital of Vilnius, as it looks to become the new tech capital of the Baltics. Lithuania's growing tech sceneLithuania's tech ecosystem has grown dramatically over the past decade, Darius Zakaitis, Tech Zity's founder, told CNBC. Tech Zity manages three tech campuses in Vilnius, including Tech Park, Tech Loft, and Tech Spa, which are home to companies like Google, Bored Panda and Kilo Health. Currently occupying 20,000 square meters, Tech Zity plans to reach 80,000 square meters over time, considering new campuses, existing locations, and other projects.

Persons: Darius Zakaitis, Zakaitis, Tech Zity, Daniel Ek, Tom, Kevin, Vineted Organizations: Tech, Battersea Power, Tate, Tech Zity, New, Vilnius, Tech Zity's, CNBC, Nord, Google, Kilo Health, Tech Zity U.S, Netflix, Spotify, Nord Security, Summit, Accel Locations: Lithuanian, Battersea, Tech Zity Lithuania, Vilnius, Baltics, Lithuania, Paris, Europe, Baltic, Nord, France, Germany, Lisbon, Portugal, EQT, Russia

☆ $5 billion fintech Zepz looks to take on rivals like PayPal with digital wallet, M&A plans
▼ + stars: | 2023-06-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

With a $5 billion valuation, Zepz is one of the largest fintech companies in Europe, backed by leading investors including Accel, TCV and Leapfrog. The company enables users to send money from a smartphone or computer to people abroad, who can receive it in their bank account, mobile wallet, or as a mobile airtime top-up. Lenhard didn't identify which companies Zepz was looking to buy, but said the sharp slump in private fintech valuations made it an attractive time to kick off M&A exploration. A particular focus for Zepz product-wise in the near term is digital wallets, Lenhard said, with the company planning to launch its first digital wallet "imminently." He added that he hopes the company's upcoming digital wallet product will convince customers to rely more on Zepz, rather than using competing digital banks and other financial apps which have grown their services to offer a much wider range of products.

Persons: Mark Lenhard, Zepz, It's, Lenhard, Sendwave Organizations: Getty, CNBC, Accel, Bank of England, Sky News, PayPal Locations: Europe, Western Union

☆ A Nvidia-backed platform that turns text into A.I.-generated avatars boosts valuation to $1 billion
▼ + stars: | 2023-06-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

In this article NVDA Follow your favorite stocks CREATE FREE ACCOUNTAn animated avatar generated by the AI video platform Synthesia. To do that, Synthesia has created animated avatars which look and sound like humans, but are generated by AI. Synthesia is a form of generative AI, similar to OpenAI's ChatGPT. The company doesn't disclose its sales or revenue metrics, though it says it "consistently driven triple digit growth," with over 12 million videos produced on the platform to date. Synthesia plans to ramp up investment into its technology, with a particular focus on advancing its AI research and making Synthesia avatars capable of performing more tasks.

Persons: Synthesia, Slack, Kleiner Perkins, Morgan Stanley, Victor Riparbelli, Matthias Niessner, Steffen Tjerrild, Lourdes Agapito, Philippe Botteri, Riparbelli, Nvidia isn't, it's, They're, Felix Capital, Atomico, they're, David Beckham, Beckham Organizations: Nvidia, CNBC, Accel, Facebook, Spotify, GV, FirstMark, MMC, YouTube, Netflix, Business, Iconiq, Felix, Meritech Locations: London, A.I

☆ Generative AI startup Synthesia just raised $90 million in fresh funds from US fund Accel and Nvidia at a $1 billion valuation
▼ + stars: | 2023-06-13 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

London-based generative AI firm Synthesia has raised $90 million in new funding. Synthesia is now valued at $1 billion, making it the latest AI unicorn despite the difficult market. Generative AI startup Synthesia has raised $90 million in new funding at a unicorn valuation. "What we're also proud of is being a leading AI company that's based in Europe, we intend to stay in Europe and build an impactful AI company here because the talent is available." Synthesia previously raised $50 million in funding in December 2021 in a Series B round led by Kleiner Perkins, with participation from GV.

Persons: Synthesia, We've, Victor Riparbelli, OpenAI's, it's, Kleiner Perkins, Riparbelli, David Beckham Organizations: Accel, GV Locations: London, NVentures, Europe

☆ How Nvidia-backed A.I. video platform Synthesia works
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Nvidia-backed A.I. video platform Synthesia worksSynthesia is an online platform that helps users create video presentations with artificial intelligence-generated avatars. The company raised $90 million from investors including Accel, Nvidia and Kleiner Perkins at a $1 billion valuation.

Persons: Kleiner Perkins Organizations: Accel, Nvidia

☆ AI startup Synthesia gains unicorn status after Nvidia-backed fundraise
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Synthesia, a UK-based artificial intelligence (AI) startup, said on Tuesday it has raised about $90 million at a valuation of $1 billion from a funding round led by venture capital firms Accel and Nvidia-owned (NVDA.O) NVentures. The startup's technology helps more than 50,000 businesses including Amazon.com (AMZN.O) in creating custom AI avatars used in instructional and corporate videos. AI startups have emerged as a bright spot for investments this year amid a wider slowdown in funding caused by rising interest rates and high inflation. However, the hype around AI has also deepened concerns that video platforms could be used to create deepfakes, a realistic or fabricated video or image created by AI algorithms trained on copious online footage. Riparbelli has said that six-year-old Synthesia navigates the issue by only creating avatars of people who have consented.

Persons: Victor Riparbelli, Riparbelli, Jaspreet Singh, Devika Organizations: Accel, Nvidia, Amazon.com, NVIDIA, Thomson Locations: Bengaluru

☆ European tech fund EQT Growth set to poach investor from Goldman Sachs who will join as a new partner, sources say
▼ + stars: | 2023-06-09 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

European venture fund EQT is set to hire a Goldman Sachs investor as a partner, Insider understands. A managing director from Goldman Sachs Growth Equity is set to join the fund, sources say. An investor at Goldman Sachs' startup investment arm is set to depart the banking giant to join up with Swedish private equity and venture firm EQT Growth, Insider understands. Kirk Lepke, a London-based managing director at Goldman Sachs Growth Equity, is primed to be poached by the Stockholm investor, two sources familiar with the matter said. Both EQT Growth and Goldman Sachs declined to comment.

Persons: Goldman Sachs, Kirk Lepke, Lepke, EQT, Mollie, Lepke's, Julien Bek Organizations: Goldman Sachs Growth Equity, Goldman, DoorDash, Torch, Summit Partners, Apple Locations: Europe, London, Stockholm, New York, Boston, Lithuanian, Crunchbase

☆ The decision to split Sequoia Capital into 3 entities puts to bed any questions of a power struggle at the VC powerhouse
▼ + stars: | 2023-06-06 | by ( Melia Russell | ) www.businessinsider.com time to read: +4 min

VC powerhouse Sequoia Capital announced Tuesday that it is splitting into three entities. One of those entities, Sequoia China, known locally as HongShan, will operate as a distinct firm. The mighty Sequoia Capital is dropping branches. The decision puts to bed any question of a power struggle at one of Silicon Valley's most respected firms. And unlike some other global firms that had veto power over investments overseas, according to Bloomberg, Sequoia China had full autonomy to strike its own deals.

Persons: Roelof Botha, Neil Shen, Forbes, Alex Konrad, Doug Leone, Instagram, Bytedance, Botha, Shen, Julian Bek, Elon Musk's Organizations: Sequoia Capital, Sequoia, XV Partners, YouTube, Bloomberg, Shen, Sequoia China, Ventures, Lightspeed Venture Partners, Accel, Elon, Twitter, Fidelity Locations: Sequoia China, China, Europe, HongShan, India, Southeast Asia, Sequoia, Sequoia Capital China, Asia, Silicon Valley, London, FTX

☆ Sequoia bolsters London office with sixth partner hire as VC firm unveils radical restructure
▼ + stars: | 2023-06-06 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Venture capital firm Sequoia has hired a sixth partner for its London office, Insider understands. Venture capital firm Sequoia has bolstered its presence in Europe with the hire of its sixth partner in London, Insider understands. "Since Julien joined us as an associate five years ago, he's become a valued member of our London team," Accel partner Sonali De Rycker said. Sequoia will expand in Europe despite a broader contraction in venture capital funding to European startups. Sequoia has closed 21 deals in Europe in the three years since it opened in London, Crunchbase data shows.

Persons: Julien Bek, Accel's Luciana Lixandru, Sequoia's Lixandru, Bek, Julien, he's, Sonali De Rycker, Slay, Matt Miller, George Robson, Anas Organizations: Sequoia, . Venture, Apple, Accel, London, Investment, Investments, Trade Republic, Global Founders Capital, Revolut Locations: Sequoia, Europe, London, California, China, India, Southeast Asia, Geneva, Switzerland, Lixandru

☆ UK fintech bank Monzo more than doubles revenue but marginally narrows losses to $143 million, results show
▼ + stars: | 2023-05-31 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

London-based fintech bank Monzo more than doubled its revenue last year, results show. The company, founded in 2015, also narrowed losses marginally to £116.3 million ($143.4 million). British fintech bank Monzo more than doubled its revenue last year and marginally narrowed losses to £116.3 million ($143.4 million), according to results published on Wednesday. Monzo, famous for its bright coral pink debit cards, added another 1.6 million customers with the bank now servicing around 7.4 million users. The company's results come after fellow London-based fintech bank Starling, announced a pre-tax profit of £195 million ($241 million).

Persons: Anil, Monzo, Starling, Y Combinator, Tom Blomfield, Combinator Organizations: Catalyst, Abu Dhabi Growth Fund Locations: British, London, Abu Dhabi

☆ Europe is producing more startup 'mafias' than ever despite tech rout
▼ + stars: | 2023-05-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

The average time taken for a startup to hit unicorn status in Europe is now just seven years, according to Accel. Of the 353 "unicorn" companies in the region, 221 have spun out 1,171 new tech-enabled startup companies as employees at these firms left to start up their own ventures, Accel said, citing Dealroom data. Startup mafias have existed for decades. These "mafias," which are firms started by employees of other tech firms, have historically led to the creation of some of the largest tech companies known today. The largest cohort of newly established startup mafias comes from fintech, with almost 20% of European startups spun out of unicorns operating in the sector.

Persons: Accel, Elon Musk, Peter Thiel, Niklas Zennstrom, Taavet Hinrikus, I'd, Harry Nelis, Klarna, Wise Organizations: Accel, Spotify, PayPal, Elon, Ventures, Fund, Shell, Unilever, CNBC, Startup Locations: Europe, Israel, American, Silicon Valley, West Coast, Palo Alto, Netherlands, fintech

☆ 'A very problematic market': As Arm shuns London, tech investors question UK as an IPO destination
▼ + stars: | 2023-05-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

The institutional investors that dominate the London market lack a good understanding of tech, according to several venture capitalists. Numerous tech firms listed on the London Stock Exchange in 2021, in moves that buoyed investor hopes for more major tech names to start appearing in the blue-chip FTSE 100 benchmark. Since Deliveroo's March 2021 IPO, the firm's stock has plummeted dramatically, slumping over 70% from the £3.90 it priced its shares at. "London is creating, and the U.K. is creating, globally important businesses — Arm is a globally important business. The London Stock Exchange was not immediately available for comment when contacted by CNBC.

REUTERS/Niharika Kulkarni/File PhotoBENGALURU/SINGAPORE, May 6 (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) is considering investing $100 million in Indian jeweller BlueStone for a stake of about 20%, two sources with direct knowledge of the matter told Reuters. The potential deal could boost BlueStone's plans to expand aggressively in India, the second-largest jewellery consuming nation behind China, as demand surges after the pandemic. BlueStone operates in a market that is dominated by thousands of small and large local independent jewellery stores, but also branded outlets like Titan Company-owned (TITN.NS) Tanishq and CaratLane, and Kalyan Jewellers (KALN.NS). While Temasek's interest in investing in Bluestone has been previously reported, Reuters is first to report details of an investment amount, the potential valuation and other financial details of the potential deal. BlueStone CEO Gaurav Kushwaha did not immediately respond to Reuters' request for comment, while Temasek declined to comment.

☆ Generative AI startup Synthesia in talks with US fund Accel to raise funds in a deal that could value it at around $1 billion, sources say
▼ + stars: | 2023-04-27 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Generative AI startup Synthesia is in talks to raise funds from US firm Accel, sources say. A deal could value the startup at around $1 billion, according to those familiar with the discussions. It is the latest AI startup to benefit from the immense demand from VCs to invest in the sector. AI startup Synthesia is in talks to raise funds in a deal that could value it at around $1 billion as investor demand for the sector continues to intensify, sources say. Fellow London startup ElevenLabs raised $100 million last month while the likes of Fetch.ai and Iris Audio raised $40 million and $7 million respectively.

☆ Fintech Public just partnered with Chris Evans' civic-engagement company to help retail investors get better informed on public policy
▼ + stars: | 2023-04-11 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Investing app Public is partnering with civic-engagement company A Starting Point. A Starting Point was cofounded by Chris Evans, Mark Kassen, and Joe Kiani. The partnership offers Public's retail investors educational content produced by A Starting Point. Fintech Public wants its users to be better informed about public policy, and it's partnering with Captain America for the job. The series is aimed to educate retail investors by offering policy news briefs, fiscal and monetary policy explainers, and interviews with lawmakers.

☆ A 27-page report breaks down where the money is flowing in sports tech and the investors to watch. Here were 5 key takeaways.
▼ + stars: | 2023-03-22 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +7 min

Investment bank Drake Star broke down dealmaking in 2022 and what it means for the year ahead. Sports tech M&A activity in 2022, from Drake Star's Global Sports Tech Report 2022. Drake Star Global Sports Tech Report 2022The fourth quarter saw a surge in M&A volume with 67 deals, the most in the sector's recent history. More sports tech companies could explore public listings in the second half of the year. "Some of the IPO ready sports tech companies are expected to explore IPO/SPAC listings."

☆ Hundreds of venture capital firms vow to work with Silicon Valley Bank again if new owner is found
▼ + stars: | 2023-03-12 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

More than three hundred venture capital firms have signed a joint statement vowing to do business again with Silicon Valley Bank if it is "purchased and appropriately capitalized," after the financial institution failed on Friday. The SVB failure marks the largest in U.S. banking since the 2008 financial crisis and the second-largest ever. Some venture firms withdrew their own money and instructed their portfolio companies to withdraw their deposits from SVB before the run. The joint statement was shared by many individual venture capitalists on social networks following the bank failure. It said:Silicon Valley Bank has been a trusted and long-time partner to the venture capital industry and our founders.

☆ More than 110 VC firms, led by General Catalyst, are banding together in support of Silicon Valley Bank
▼ + stars: | 2023-03-11 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

More than 110 venture capital firms have signed a statement in support of Silicon Valley Bank. "Silicon Valley Bank has been a trusted and long-time partner to the venture capital industry and our founders," a joint statement from more than 110 firms reads. Hemant Taneja, the CEO of the VC firm General Catalyst, which led the effort to organize support for SVB, tweeted the statement on Friday evening. Alongside General Catalyst, 12 other firms signed the initial statement, including Accel, Greylock, Kleiner Perkins, Lightspeed Venture Partners, and Upfront Ventures. Some VC firms, including Founders Fund, Y Combinator, and Union Square Ventures, advised their portfolio companies to pull the bulk of their funds out of the bank.

☆ The rise and fall of Birchbox, the once-buzzy startup valued at nearly $500 million that frustrated customers are now saying has 'vanished'
▼ + stars: | 2023-03-11 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +7 min

Birchbox pioneered the monthly beauty subscription box and was once valued at nearly $500 million. The company also raised another round of funding, this time $60 million, which pushed the startup's valuation to $485 million. Meanwhile, Sephora had launched a monthly beauty box of its own. Meanwhile, Birchbox's subscriber count was dropping, and the company raised its monthly subscription price for the first time in its history. Customers are now accusing Birchbox of having 'vanished'Birchbox's monthly box includes sample sizes of high-end beauty products.

☆ This startup wants to take on PowerPoint and Notion with its interactive presentation software. Check out the 9-slide pitch deck Chronicle used to raise $7.5 million from Accel.
▼ + stars: | 2023-02-21 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

The startup has created interactive presentation tools to modernize outdated storytelling methods. We got an exclusive look at the 9-slide deck it created with its own tools to raise the fresh funds. Sydney and San Francisco-based Chronicle has designed a software tool that enables teams to quickly design sleek presentations. While creating presentations, Chronicle offers users pre-designed blocks as templates so they can save time while creating impactful designs, he added. Check out the 9-slide deck — created using the startup's own interactive tools — that helped secure the fresh funds.

☆ Returns from top venture firms NEA, DCM, and Khosla have been dismal over the past 2 decades, according to filings from California's largest pension fund, CalPERS
▼ + stars: | 2023-02-15 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

CalPERS is the US's largest public pension plan, managing the retirement accounts of 1.5 million California employees and retirees. Unlike many other financial institutions, VC funds are not required to show their return on investment in startups. The CalPERS fund's $75 million bet in 2001 on a venture fund managed by the Carlyle Group lost money. A $25 million investment in DCM's 2000 fund had a 1.9% IRR. Its $260 million investment in two Khosla Ventures funds in 2009 yielded an IRR of 11.8% for the early-to-midstage fund and 6.9% for the seed-stage fund.

☆ Accel, Tiger Global mull exiting India's Flipkart in $1.5 bln stake sale - ET
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

The stake, which collectively amounts to about 5%, would raise Walmart's ownership in the e-commerce giant, the newspaper reported citing people familiar with the matter. "They (Accel and Tiger) want to sell and exit now fully. The discussions are moving ahead and the transaction will close in due time," a person familiar with the matter told ET. Accel owns a little over 1% of Flipkart, while Tiger Global holds about 4% of the company, the report said. Flipkart, Walmart and Tiger Global did not immediately respond to Reuters' requests for comment.

☆ Pitch Decks That Advertising Tech Startups Used to Raise Millions
▼ + stars: | 2023-01-10 | by ( Business Insider | ) www.businessinsider.com time to read: +19 min

Check out these pitch decks that they've used to sell their vision and raise millions from private equity and VC investors. Blocking ad fraudAdtech startup Lunio, announced a $15 million Series A funding round in September 2022. In May 2022, the software-as-a-service startup raised a $30 million Series B round, led by Insight Partners. Marketing in the metaverseAnima, an augmented-reality startup, raised a $3 million funding round from investors in Janury. He raised $50 million in Series D after closing a $34 million Series C last year, bringing its total raised to $100 million.

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