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☆ Exclusive: $38 billion data and AI darling Databricks acquires security startup Okera
▼ + stars: | 2023-05-03 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +4 min

Data and AI company Databricks is acquiring data security startup Okera. Recently, customers have increasingly asked about data security when creating custom AI models. In 2015 and 2016, software engineer Nong Li spent a number of months at data and AI startup Databricks. Databricks plans to integrate Okera deeply in the company, specifically as part of its data and AI governance offering, Unity Catalog, Ghodsi said. Today, Unity Catalog is Databricks' number one priority as it looks to build the end-to-end platform for data, analytics, and AI, Ghodsi said.

☆ How 2 longtime Warner Bros. execs and a veteran media banker plan to invest $360 million in sports, live experiences, and proven IP
▼ + stars: | 2023-05-03 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Alex Iosilevich, Kevin Tsujihara, and Jeff Bewkes raised $360 million to invest in media, entertainment, and gaming. "Today it's television, tomorrow it's virtual reality," Alex Iosilevich, a longtime media banker and investor, told Insider. The trio announced April 27 that they raised $360 million for their first private equity fund to invest in media, entertainment, and gaming companies. Bewkes was chairman and CEO of Time Warner; he left as part of AT&T's 2016 acquisition of the company. With the market for subscription-based streaming services getting saturated, streaming companies will have to look more aggressively for new audiences through overseas expansion, ad-supported tiers, and new entertainment content.

☆ Three media veterans just raised $360 million to invest in sports, live experiences, and proven IP — trends that are 'permanent' even as streamers struggle for profits and consumers churn
▼ + stars: | 2023-05-02 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Alex Iosilevich, Kevin Tsujihara, and Jeff Bewkes raised $360 million to invest in media, entertainment, and gaming. "Today it's television, tomorrow it's virtual reality," Alex Iosilevich, a longtime media banker and investor, told Insider. The trio announced April 27 that they raised $360 million for their first private equity fund to invest in media, entertainment, and gaming companies. And Iosilevich's resume includes more than a decade of media dealmaking at UBS, Deutsche Bank, and Barclays. With the market for subscription-based streaming services getting saturated, streaming companies will have to look more aggressively for new audiences through overseas expansion, ad-supported tiers, and new entertainment content.

☆ VC firms create $60 billion-plus climate tech alliance with backing from the UN
▼ + stars: | 2023-04-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

A group of venture capital firms including Tiger Global and Union Square Ventures on Tuesday set up an alliance aimed at making private tech investing more climate-friendly. Called the Venture Climate Alliance (VCA), the coalition of more than 20 climate tech and generalist funds seeks to get the VC industry to increase its commitments to climate tech, a branch of technology devoted to finding solutions to the climate crisis. Generalist VC firms will need to make routine assessments of their carbon footprint, align their early-stage startup bets with net-zero goals. It is not the first initiative to bring climate's role in startup investing to the forefront. The alliance will fall under the Glasgow Financial Alliance for Net Zero (GFANZ), a group formed during the COP26 climate conference.

☆ Airbnb CEO says his $75 billion company was rejected by investors—until a $40 box of cereal turned things around
▼ + stars: | 2023-04-18 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Airbnb CEO Brian Chesky and his two co-founders did it with $40 boxes of cereal. Specifically, they sold self-designed cereal boxes featuring then-presidential candidates Barack Obama and John McCain as a breakfast option in Airbnbs. The cereal proved popular, selling more than 1,000 boxes and making $30,000 for the company, Chesky said. It might have never happened without the cereal: Airbnb was rejected by multiple major investors during its first year of operations, Chesky noted in a 2015 Medium post. "The investors that rejected us were smart people, and I am sure we didn't look very impressive at the time," he wrote.

☆ David’s needs bachelorettes, not just brides
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 18 (Reuters Breakingviews) - With marriage rates on the decline, David’s Bridal has once again tied itself in a knot. Last time this happened in 2018, David’s courted a group of lenders led by Oaktree to save it. loadingFunding for nuptial-related companies has been on the decline since, as has business at David’s. Modern brides are opting for cheaper casual and secondhand dresses over fancy getups, but they appear more reticent to compromise on pre-wedding soirees. It suggests perhaps that David's fresh start should embrace an old saying, with a twist: always the bachelorette, never the bride.

☆ Upfront's Mark Suster has become the star of LA's booming startup scene. Not everyone is a fan.
▼ + stars: | 2023-04-18 | by ( Ben Bergman | ) www.businessinsider.com time to read: +29 min

"I have worked with more than 50 VCs and nobody comes close to what it is like to work with Mark Suster," said a founder backed by Suster. "Mark and the Upfront Summit helped put LA tech and investing on the map," said Jeffrey Katzenberg, the cofounder of DreamWorks and WndrCo. Several years ago, a founder whose startup Suster invested in was in a conference room rehearsing their presentation for the Upfront Summit. If you're going to put him on your board, you're letting the fox guard the henhouse. "If you're going to put him on your board, you're letting the fox guard the henhouse."

A bank run took down Silicon Valley Bank on March 10, as depositors withdrew $42 billion in a single day. And that’s why we’ve gone to community banks and regional banks such as SVB,” Bradley said. SVB’s collapse could spark future change, entrepreneur saysBecause of these disparities, entrepreneurs also seek funding from venture capitalists. In the early 2010s, Hamilton intended to start her own tech company — but as she searched for investors, she saw that White men control nearly all venture capital dollars. That experience led her to establish Backstage Capital, a venture capital fund that invests in new companies led by underrepresented founders.

☆ Influencer-marketing platform Grin lays off staffers across marketing, engineering, and more teams: 'Unfair and unexpected'
▼ + stars: | 2023-03-23 | by ( Amanda Perelli | Marta Biino | ) www.businessinsider.com time to read: +2 min

The layoffs affected staffers across Grin's marketing, engineering, and more teams. Grin, a marketing platform used by brands to run sponsored campaigns with influencers on social media, is the latest creator-economy startup to lay off employees. On Tuesday, the company laid off a number of staffers across its marketing, engineering, and other teams, according to multiple people close to the company. In November, a spokesperson for Grin confirmed the company had laid off 60 staffers. Those November layoffs, which affected about 13% of its staff, mostly impacted staffers in Grin's sales department, the spokesperson said at the time.

☆ Silicon Valley Bank became the go-to bank for startups with a network of top-tier VCs. Underrepresented founders say that created barriers to access for them.
▼ + stars: | 2023-03-23 | by ( April Joyner | Ben Bergman | ) www.businessinsider.com time to read: +7 min

But some early-stage founders told Insider they had trouble getting access to SVB's services. SVB's reliance on VC networks made it less accessible to some underrepresented founders, they said. With its focus on venture-backed startups, Silicon Valley Bank provided loans and lines of credit to businesses that often wouldn't qualify for such services at a larger bank. But the earliest-stage companies — those without significant venture funding or a notable VC backer — were still sometimes shut out, founders told Insider. Jean-Charles and Alvarez-Bailey said they didn't believe bias or discrimination was at play in SVB's decisions — they simply didn't meet the bank's VC funding threshold.

☆ A 2nd round of layoffs at Meta and Amazon shows companies are taking back their power — and they may not stop there
▼ + stars: | 2023-03-21 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +6 min

Meta and Amazon have announced two series of mass layoffs in the span of months. After years of companies trying to attract and placate workers amid a labor shortage, businesses are reasserting some of their power. "We read about two rounds of layoffs now and shrug and say, 'When's the third?'" Drew Angerer/Getty ImagesIt's rare for a company to conduct multiple rounds of layoffs, according to data from Crunchbase. Amazon and Meta did it, so it won't stand out as much."

☆ 20 women who have founded creator-economy startups and broken through in an industry where funding often goes to men
▼ + stars: | 2023-03-20 | by ( Marta Biino | Shriya Bhattacharya | ) www.businessinsider.com time to read: +3 min

Insider is highlighting 17 female founders of popular startups, like Hashtag Pay Me and Roster. These trends have created a difficult climate for women founders in the creator economy, most notably first-time entrepreneurs who are actively fundraising. "The creator economy is largely influenced and run by women but creator-economy startups — especially startups that have received funding — are all run by men," she said. Insider is highlighting 20 women founders who have launched successful startups that are helping remedy problems in the creator economy. Here are 20 women founders within the creator economy, listed alphabetically by company:

☆ SVB collapse is double-whammy for tech startups already navigating brutal market
▼ + stars: | 2023-03-19 | by ( Ashley Capoot | ) www.cnbc.com time to read: +11 min

He'd started the process six months earlier during a brutal period for tech stocks and a plunge in venture funding. Investors were just pulling in their horns, the SPAC market had fallen apart, valuations for tech companies were collapsing." In the absence of venture funding, money-losing startups have had to cut their burn rates in order to extend their cash runway. Since the beginning of 2022, roughly 1,500 tech companies have laid off a total of close to 300,000 people, according to the website Layoffs.fyi. Kruze Consulting provides accounting and other back-end services to hundreds of tech startups.

☆ Despite mass layoffs led by Meta, it's still hard to hire the right tech talent
▼ + stars: | 2023-03-18 | by ( Kevin Travers | ) www.cnbc.com time to read: +6 min

Even so, it's harder to find and retain tech talent, according to a survey of 1,000 human resources professionals by General Assembly, a professional placement and talent recruitment firm. "I think it's better for tech talent because they are not confined to looking for a job at a 'tech company,'" she said. Create a vision, not just a jobParticularly when it comes to specialized talent, companies have to be intentional. It's about listeningColangelo said success in hiring tech talent comes down to listening well. As for the overall tech talent market, Colangelo said the supply and demand equation may be coming back into better balance.

☆ Legislate makes contracts easier to draft, query, and sign. Check out the 10-slide pitch deck it used to raise $3.6 million.
▼ + stars: | 2023-03-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

London-based legal startup Legislate just raised $3.6 million in fresh funds. The company makes it easier to draft, query, and sign contracts, reducing legal costs in the process. Check out the 10-slide pitch deck Legislate used to the raise the funds below. A startup that makes legal contracts much easier to draft, query, and sign has raised $3.6 million in fresh funds. Check out the 10-slide pitch deck Legislate used to raise the fresh funds below:

☆ Mark Zuckerberg is planning another round of layoffs, and it will likely decimate remaining morale at Meta
▼ + stars: | 2023-03-14 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Meta, the parent of Facebook, could go through another round of layoffs, according to reports. CEOs often see layoffs as a way to fix a company's problems, but the cuts can do lasting damage. Just a few months ago, Meta conducted its first-ever round of mass layoffs. One bout of layoffs dents morale; a second can be devastatingIt's uncommon for a company to conduct multiple rounds of layoffs, according to data from Crunchbase. One bout of layoffs can leave a dent in employee morale; a second round can be devastating.

☆ This SoftBank-backed startup just launched smart glasses that enable surgeons to virtually observe and advise on procedures across the world
▼ + stars: | 2023-03-13 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +6 min

The practicing surgeon is the founder of Proximie, an augmented reality startup that enables healthcare professionals to observe and advise on surgeries virtually. The wearable PxLens headset enables remote users to get a first-person view of surgeries or training procedures in 2D. Riddhi Kanetkar/InsiderThrough its 4K camera lens, the glasses enable surgeons and remote users to have a detailed view of the operating room. "It's almost as if you're standing over the shoulder of the surgeon in the operating room," said Hachach-Haram. "I see a world where every operating room in the world will be digital, and accessible to anyone."

☆ Venture capitalists swap Paris Hilton for Al Gore
▼ + stars: | 2023-03-03 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

LOS ANGELES, March 3 (Reuters Breakingviews) - Venture capitalists are trading reality stars for policy wonks. Hundreds of top venture capitalists flocked to Los Angeles this week to congregate at a two-day, invite-only soirée for tech’s elite. For 2022, venture-backed companies collected nearly $240 billion for their coffers, 31% lower than the record $345 billion in 2021, according to Reuters. Crowds piled into the theater at the Museum of Motion Pictures to hear a reality check on climate change from former Vice President Al Gore. CONTEXT NEWSThe 10th annual Upfront Summit took place in Los Angeles on March 1 and 2.

☆ 17 women founders innovating in the creator economy, with startups from Tezza to Fanhouse
▼ + stars: | 2023-03-03 | by ( Marta Biino | Shriya Bhattacharya | ) www.businessinsider.com time to read: +3 min

Insider is highlighting 17 female founders of popular startups, like Hashtag Pay Me and Roster. These trends have created a difficult climate for women founders in the creator economy, most notably first-time entrepreneurs who are actively fundraising. "The creator economy is largely influenced and run by women but creator-economy startups — especially startups that have received funding — are all run by men," she said. Insider is highlighting 17 women founders who have launched successful startups that are helping remedy problems in the creator economy. Here are 17 women founders within the creator economy, listed alphabetically by company:

☆ The founder of the best-selling Black-owned spirit brand shares why she prefers to work with individual investors over VC firms and how they helped her reach $100 million in sales
▼ + stars: | 2023-03-01 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

Fawn Weaver's Uncle Nearest Premium Whiskey is the best-selling Black-owned spirit brand in the US. She chose to take funding from individual investors, not from VC or private-equity firms. "You also are gaining a sales force if your investors are excited about your brand," she said. "They have been a huge sales force for us." "One of our first really big accounts nationwide was to have Uncle Nearest cocktails on the menu."

Before 2021, only 93 Black female founders had raised $1 million or more in venture capital. Companies led by Black women typically receive less than 1% of all venture capital funding. Insider is compiling a list of Black female founders who've raised $1 million or more in VC since 2021. If you're a Black female founder who's raised $1 million or more in VC funding this year, please contact Alexandra York at ayork@insider.com. An earlier version of this story misstated the time period in which 93 Black female founders had raised VC funds of $1 million or more.

☆ There are still opportunities in VC firms despite a drop in funding, says 500 Global
▼ + stars: | 2023-02-27 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Global venture capital firm 500 Global is bullish on the VC sector, even as venture funding took a hit in 2022 as economic uncertainties loomed. According to data compiled by Crunchbase, global venture funding in 2022 totaled $445 billion — lower by 35% compared to the previous year. "But I wouldn't go so far as to say that there is a funding winter," Harnal told CNBC's Martin Soong and Sri Jegarajah. Some of the startups they invested in during their early stages include Australian graphic design software Canva, Southeast Asia's ride-hailing firm Grab and Indonesian fish farming tech startup eFishery. Startups are mostly unprofitable, as they prioritize growth over profitability in the initial years, which usually translates into burning cash.

☆ Aleph Alpha, a European rival to OpenAI, is in talks amid AI boom to raise up to $100 million in new funding, sources say
▼ + stars: | 2023-02-24 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Generative-AI startup Aleph Alpha is in talks with investors over a new funding round, sources said. Aleph Alpha, a German generative AI startup, is in talks with investors over a new funding round, Insider has learned. Founded in 2019 by CEO Jonas Andrulis, a former machine-learning engineer at Apple, and Samuel Weinbach, Aleph Alpha researches and develops AI systems with a focus on enterprise customers. Aleph Alpha declined to comment. Aleph Alpha has a chatbot called Lumi which is built on top of its language-learning model Luminous.

☆ This global VC stock has 130% upside — and it's a 'rare' opportunity, analysts say
▼ + stars: | 2023-02-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

The London-listed stock of the tech venture capitalist company is a "rare" and "attractive" investment opportunity thanks to several factors, according to Berenberg's analysts. First, Molten's shares fell by 65% last year in tandem with its peers in the Goldman Sachs non-profitable technology index. The analysts said the stock also appears undervalued as a result of "fear-mongering" about the state of the VC sector. Even the most conservative analysts covering the stock, James Lockyer from Peel Hunt and Gerry Hennigan from Goodbody, have a price target pointing toward a 90% upside. The average price target of four analysts compiled by FactSet shows an upside of 103.8% as of Feb. 22.

☆ 51 Black investors changing the VC industry with firms dedicated to funding diverse startup founders
▼ + stars: | 2023-02-22 | by ( Vishal Persaud | April Joyner | ) www.businessinsider.com time to read: +2 min

Funding to Black VCs rose to $3.4 billion in 2022 from $2.3 billion in 2021, new data reveals. Yet, that's 2.1% of the record $162.6 billion the US venture industry raised in 2022, data shows. These Black VCs hope to change the industry by investing in more underrepresented startup founders. Venture funding to Black investors bounced back in 2022 after a precipitous dip the year before. Do you know of other Black VCs who started or lead funds to back underrepresented founders?

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