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Captain, a startup that aimed to quicken home repairs after natural disasters, is winding down. The Louisville-based company had previously raised $107 million across venture and debt equity. CartaMany early-stage startups such as Captain, which had raised $107 million across equity and debt capital, have struggled to raise new funding as a drought in venture capital spreads through Silicon Valley. Liabilities pile upThe company relies on debt financing to pay contractors upfront for materials, supplies, and labor costs. In his email, Gray said prospective buyers were aware of the outstanding liabilities and the sale price would be used to satisfy those liabilities, "with wages being the most paramount," he said.
Persons: Demetrius Gray, Gray, Captain, Red Swan, Pete Flint, Flint, PATRICK T, FALLON, Talent, Melia Russell, Rob Price Organizations: quicken, Carta, TechCrunch, GGV, fintech, Munich Re, San Francisco Superior Court Locations: The Louisville, Silicon Valley, Carta, Louisville , Kentucky, NFX, CoVenture, Munich, Maui
Tech startups Instacart and Klaviyo filed to go public, marking the return of the tech IPO. Instacart and others going public are profitable, a bar others may have to meet to be successful. That's when software company HashiCorp and cloud tech company Samsara went public. Instacart revealed profits of $428 million in 2022 and $242 million for the first six months of 2023. AdvertisementAdvertisementThat Instacart and Klaviyo are profitable could make them attractive to investors who became skittish in the downturn.
Persons: Klaviyo, Instacart, Tom Loverro, Loverro, IPOs, hasn't, Joe Kaiser, Kaiser, Cava Organizations: Morning, IPOs, P, Sequoia Capital, D1 Capital Partners, Summit Partners, Mercato Partners, Nasdaq, Enterprise Locations: Cava
MaC Venture Capital has hired Jennifer Randle as its first COO. In less than three years, MaC Venture Capital has become a presence in the tech ecosystem that cannot be ignored. Jennifer Randle, a finance and operations veteran, has joined MaC as its first chief operating officer — a sign of a maturing firm with more personnel and funds to manage. In this role, Randall will support firm operations from finance and accounting to investor relations and IT. In April of 2023, according to data gathered by Venture Forward, Deloitte, and the National Venture Capital Association, Black investors made up only 4% of investment partners with decision-making responsibilities.
Persons: Jennifer Randle, Randle, MaC, , Randall, Peter Chernin, That's, Marlon Nichols, Nichols Organizations: MaC Venture Capital, Chernin, nab, MaC, Capital Partners, KPMG, Venture, Deloitte, National Venture Capital Association Locations: America, Mansa
The Rocky Mountains are luring venture capitalists from tech hubs like Silicon Valley and New York. In 2022, according to data gathered by Carta, Denver was the 11th-busiest metropolitan area for venture investment in the country, with more than $2 billion in capital raised on Carta. Startups in Salt Lake City collected another $900 million in funding last year. In 2022, Denver and Boulder, Colorado, and Salt Lake City, Utah, ranked among the top 20 metropolitan statistical areas by venture investment. CartaOur list includes both seasoned venture capitalists who have been elevating Rocky Mountain tech for years and ambitious newcomers looking to strike gold in an overlooked territory.
Persons: Chris Sacca Organizations: Carta, Rockies, Rocky, Foundry Group Locations: Silicon, New York, Denver, Boulder , Colorado, Salt Lake City , Utah, Wyoming, Montana, Carta, Salt Lake City, Boulder
While in Boston, he became immersed in the city’s folk music scene and married Pauline Baez, the older sister of the singer Joan Baez. In addition to Helen Marden, his second wife, he is survived by a son from his first marriage, Nicholas; two daughters from his second marriage, Mirabelle and Melia Marden; a younger sister, Mary Carroll Marden; and two grandchildren. After receiving a master’s degree in fine arts in 1963, Mr. Marden moved to New York. His first monochromatic panels were exhibited in 1964 at Swarthmore College and, soon after that, at the Bykert Gallery. And this was my way of thinking, well, there are things that haven’t been done,” he told Mr. Cooper of the National Gallery.
Persons: Pauline Baez, Joan Baez, Helen Marden, Nicholas, Mirabelle, Melia Marden, Mary Carroll Marden, Michael, Marden, Nancy Graves, Chuck Close, Richard Serra, Frank Stella, , , Harry Cooper, Robert Indiana, Jasper Johns, Robert Rauschenberg, Cooper Organizations: Yale, Yale University School of Art, National Gallery of Art, Mr, Chiron Press, Jewish Museum, Swarthmore College, Locations: Boston, Norfolk, Conn, Washington, New York
Arc is a buzzy web browser that sheds the traditional browser interface as we know it. Eight months ago, my browser tab hoarding was out of control. Finding an open tab was like playing hide and seek in the cluttered abyss of Chrome, each link harder to find than the last. Then came Arc, a new web browser recommended by Jason Spinell, manager of Slack's early-stage investment fund. If tidying guru Marie Kondo had a favorite web browser, it would be Arc.
Persons: I'm, Jason Spinell, Slack's, Spinell, Marie Kondo, Arc Organizations: The Browser Company, Browser Company
www.fractalsoftware.comOf the dozens of Fractal startups that have raised a seed round of funding, about half had Bienville Capital lead the deal, according to people familiar with the matter. Others say they knew what they were getting into with a venture studio, where a large ownership position is standard. Brendan Smialowski/AFP via Getty ImagesThe biggest draw for some Fractal founders was its plug-and-play approach. The founder of one Fractal startup remembered a time when his company was struggling to grow its customer base. That firm is raising a new $325 million fund to provide additional funding to Fractal companies exclusively, according to a person familiar with the effort.
Persons: Fractal's, he'd, they'd, Andreessen Horowitz, Mike Furlong, Nate Baker, Bienville, , Brendan Smialowski, Founders, Angela Lee, Furlong, Baker, Ezra Shaw, who'd, who's, It's, Lee, She's, 8VC, Bain, Jeff Greenberg, Omri Bloch, who've, didn't, Stephanie Palazzolo, Melia Russell Organizations: Flatiron Health, Bienville, Insight Partners, Bienville Capital, Getty, Columbia Business School, Alpha, Midwest, Science, Olympic Club, Tiger Global, Craft Ventures, Founders, Vertical Venture Partners, Zag, Crew Capital, Bain Capital, Universal, Foundation, Fifth Locations: Bienville Capital, New York, Bienville, Indio, AFP, Santa Monica , California, Miami, San Francisco, GreenSpark, Columbia, Barti, Aktos, Bessemer, 8VC
Silicon Valley is bracing for what it fears will be an "extinction event" threatening the survival of hundreds of startups. Tom Loverro, a investor at 40-year-old Bay Area venture capital firm IVP, has been loudly warning for months on Twitter and in media interviews about a coming "mass extinction event" for startups. The total volume of venture capital investment into US startups has slumped for six consecutive quarters, according to data firm Pitchbook. Even a last-ditch slashing of the startup's prospective valuation — a "down-round," in Silicon Valley parlance — didn't whet investors' appetites. Over the past year, many startups that rely on Silicon Valley funding have been steeling themselves for the slowdown to avoid similar fates.
Persons: , they're, Jennifer Neundorfer, That's, Tom Loverro, Loverro, Consuelo Vanderbilt, Vanderbilt, Cameron Lester, I've, Lester, Linda Ahrens, Ahrens, Unown, " Ahrens, Anna Dittrich, Plastiq, Vincent Harrison, Elad Gil, Steve Brotman, Brotman, Will Hawthorne, VC's, Mike Ryan, Pitchbook's Harrison, Sell, Hawthorne Organizations: Ventures, Sequoia Capital, , Venture, Twitter, United States Federal Reserve, Jefferies, January Ventures, Alpha Partners, Avid Capital, Sugar, Menlo, BulletPoint Network Locations: Silicon, Sequoia, IVP, Valley, Instacart, Navan, Boston, Snowflake, America
Also, please let me know what you want to see in Insider Today. Startup studios like Fractal think of startup ideas, then hire founders to execute the vision. But multiple Fractal founders say their businesses are on life support. Many of them think it's because of how startup studios structure terms and conditions for investing — they take a massive chunk of ownership. Investors also prefer when startup founders create the ideas themselves.
Persons: I'm, Siu, Chelsea Jia Feng, Melia Russell, Stephanie Palazzolo, Tyler Le, Shopify's, Chris Williams, Lindsay Noah, Vermillion, Jim Vermillion, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: Startup, Investors, Nike, Abercrombie, Amazon, OpenAI, Syracuse Land Bank, Leasing, Galactic, Space Station, Computing, Intel, Microsoft, MIT Locations: Tech, Syracuse , New York, Syracuse, New York, San Francisco, San Diego, Silicon Valley, London
That led to Render, a cloud provider that has now raised $50 million in Series B funding. That's the idea behind Render, a tech startup that makes a modern cloud to build and run apps and websites. RenderBefore Render, Goel got hired as the eighth employee of a then-unknown tech startup called Stripe. It serves more than half a million developers, an increase from just under 100,000 developers in July of 2022, Goel said. The latest funding will allow Render to hire its first chief of marketing and expand its engineering team.
Persons: Anurag Goel, Elliott Robinson, Mary D'Onofrio, Catalyst, Goel, Salesforce, It's, They've Organizations: Investors, Bessemer Venture Partners, Fund, Web Services, Microsoft, Google, Developers
It's not too late to book a short-term vacation rental on Cape Cod this summer. Even as the vacation hot spot enters its busy season, locals are seeing the demand for vacation rentals soften. The occupancy rate is down 20% from last year, according to The Cape Cod & Islands Association of Realtors. After listing those homes on sites like Airbnb and Vrbo, the supply of vacation rentals is through the roof. The real estate group says the average daily rate has climbed to $619 up from $525 last summer.
Persons: It's, , Airbnb, Insider's, Vrbo, Beth Teitell, Ryan Castle, John Greim, Annie Blatz Organizations: Service, Islands Association of Realtors, Boston Globe, Globe, Getty, Kinlin Grover Compass Locations: Cod, Cape Cod
At least 22 people were hurt and one was killed in a Sunday mass shooting at a Juneteenth event. An unknown number of suspects opened fire in a strip mall parking lot in Willowbrook, Illinois. People had gathered to celebrate Juneteenth, a day that marks the end of slavery in the United States. It's unclear what led to the gunfire in a strip mall parking lot in Willowbrook, Illinois. The celebration began around 6 p.m. local time in a strip mall parking lot near Hinsdale Lake Terrace apartments, the DuPage County Sheriff's Office said in a news release, according to The New York Times and CNN.
Persons: , Joe Biden, Jacek Boczarski, Eric Swanson, J.B, Pritzker, I've Organizations: Service, The New York Times, Union Army, Anadolu Agency, Getty, DuPage County Sheriff's, CNN, Police, Illinois Locations: Willowbrook , Illinois, Chicago, The, United States, Texas, Galveston , Texas, Willowbrook, Hinsdale Lake Terrace, DuPage County
Insight Partners and TCV are reportedly scaling back the size of huge venture funds they planned. The amount of money VC firms raised themselves hit $170.8 billion in 2022, according to PitchBook data, up from $158.5 billion in 2021. And it's also evident in two gigantic firms that had lofty fundraising goals but are now scaling back: Insight Partners and TCV. The firm has raised about 50% to 75% less for a $5.5 billion fund it planned for last year, The Information reported. Last month, Mayfield Fund announced that it raised $955 million across two new venture funds.
Persons: VCs, , it's, they're, whittle, It's, Insider's Melia Russell, Brian, Lisa Sugar, Turner Novak, Monique Woodward, Navin Chaddha, who's, Chaddha Organizations: Insight Partners, Morning, Insight, Bloomberg, Financial Times, Tiger, Tiger Global, Street, Sugar, Banana, Cake Ventures, Mayfield Fund Locations: Mayfield, Silicon Valley
Brian and Lisa Sugar, the married founders of PopSugar, have raised a second venture capital fund. The $33 million fund will invest in consumer brands and software powering the future of retail. The eponymous firm, Sugar Capital, began to raise the sophomore fund a year ago and closed in May, Brian Sugar told Insider. For her part, Lisa stepped back from managing PopSugar in 2021 and joined Sugar Capital as a partner in 2022. Sugar Capital set out to raise $75 million for its second fund and reduced the target size last summer, Sugar said.
Persons: Brian, Lisa Sugar, Brian Sugar, MrBeast's Feastables, Will Hawthorne, Krista Moatz, PopSugar, Hawthorne, Sugar, Sam Altman, Jason Calacanis, Everlane, Ben Lerer's, Lisa, Brian Ach Organizations: PopSugar, Sugar Capital, Avid Capital Advisors, Avid, Sugar, JPMorgan, Advisors, Sequoia Capital, Nine Media, Bain Capital, Pritzker Group Venture, Consumer Locations: Olive
Startups are facing a "Mass Extinction Event" — and most people can't even see it. That's according to Tom Loverro, a general partner at IVP, who said: "The Mass Extinction Event for startups is underway." In our full analysis, we dive even deeper into this "Mass Extinction Event," including signs that can be gleaned from the fates of WeWork, Zume, and Plastiq. Investors shut out of traditional funding rounds are finding another way to snap up shares in buzzy AI startups. In an email to Twitter employees, Linda Yaccarino said it's her mission to turn Twitter into "the world's most accurate real-time information source."
Persons: Hallam Bullock, Alistair Barr, Melia Russell, Tom Loverro, Loverro, spigot, Jeff Bezos, Elon Musk Pascal Le Segretain, Michael M, Elon, Bezos, Andreessen Horowitz, Read, they're, Steve Jobs, Linda Yaccarino, it's, Matt Mikka's, YouTuber, we've, Shona Ghosh Organizations: London . Venture, Getty, Venture, Tech, Twitter, Tesla Locations: London, San Francisco
Startups raised a ridiculous amount of money in recent years through 2021. Startup failure rate is beginning to increase, from artificially low levels in 2021, and there could be a wave of capitulation in the next year where an unusually large number of startups shut down. There was a frenzy of investment, where startups raised massive amounts of money and some businesses got funding that maybe shouldn't have. The money spigot has run dryNow, the money spigot has run dry (except if you're an AI startup). There was so much money raised in recent years that startups have a lot of runway to survive.
Persons: Tom Loverro, Klarna, Loverro, VCs, spigot, pare, We'll, Melia Russell Organizations: Venture, Street Journal, Tiger Global
Keeley (Juno Temple) starts her own PR agency with funding from an elite venture capital firm. To her dismay, the venture firm installs a chief financial officer to keep watch over the agency and its freewheeling founder. Even Edelman, the world's largest PR firm, cracked $1 billion in revenue after 70 years in business only last year. "The logic that a PR agency would be a good VC deal is ratchet," said Kathy Osborne, founder of Kamel PR. Overnight, the venture firm fires Keeley's staff and shuts down the company, without so much as a call to Keeley.
Persons: Ted Lasso, Keeley, Keeley Jones, girlboss, what's, Juno Temple, Jack Danvers, Keely Jones, Jodi Balfour, Edelman, Kathy Osborne, Kamel, who's, Jack hadn't, Beard, Jack, hasn't, Cash, Barbara Organizations: Apple, Juno, Apple TV, Public Relations, Kamel PR Locations: American, English
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
A blog post detailing Sam Altman's meeting with developers in London reveals some OpenAI secrets. Altman says OpenAI won't release any products beyond ChatGPT that would compete with developers. The original blog post has since been taken down, but that hasn't stopped people from passing around a copy on an internet archiving site. Among other things on the mind of Altman are the worrying lack of GPUs, the specialized computer chips that help power AI software, according to Habib's blog post. It makes a smart writing assistant, powered by OpenAI's large language model, which Jasper customers pay a monthly fee to use.
Persons: Sam Altman's, Altman, OpenAI, Sam Altman, Raza Habib, hasn't, Fortune, Habib, Sam, Jasper Organizations: Morning, Software, Amazon, Services Locations: London, OpenAI
The venture studio Fractal Software will no longer start new companies, Insider has learned. Fractal Software, a venture studio that creates startups by hatching its own ideas and hiring founders to execute, has laid off staff and will stop starting new companies, Insider has learned. At least 28 employees, about 25% of staff, have left Fractal in the past six months, according to LinkedIn. Fractal confirmed layoffs occurred starting in December, but would not specify the number of employees affected. Fractal has a few more startups in the pipeline, with a goal of launching 145 companies, two people familiar with the company's strategy said.
Persons: Omri Bloch, That's, Joe Lonsdale's 8VC, Bienville, Melia Russell, Stephanie Palazzolo Organizations: New, Software, Investors, Tiger Global, Bienville Capital, Securities and Exchange Commission, Twitter Locations: New York, 8VC, Bienville
Our annual list of the best women seed investors has been expanded this year. Also read: The Seed 100: The best early-stage investors of 2023The venture-capital industry has historically been a boys' club. That's changing as more women join venture firms, found their own firms, become angel investors, and join investing syndicates. The best seed investors can repeatedly identify winners years before they are successful. Scroll down for the full Seed 30 list.
The Seed 100 is our annual list of the best early-stage investors, based on data analysis. These investors have proven track records and are on track for continued success. Also read our list that focuses exclusively on successful women: Seed 30: The best early-stage women investors of 2023Seed-stage investing is the riskiest — and potentially most rewarding — venture-capital round and the choice of seed investor can make or break a startup. The Seed 100 identifies top investors via data analysis supplied by Tribe Capital*. Scroll down for the full Seed 100 list.
Cambodia opposition figure calls upcoming election a 'sham'
  + stars: | 2023-05-19 | by ( ) www.reuters.com   time to read: +1 min
[1/3] Cambodian opposition figure Sam Rainsy speaks during a press freedom event at the Gran Melia Hotel in Jakarta, Indonesia, May 19, 2023. REUTERS/Ajeng Dinar UlfianaJAKARTA, May 19 (Reuters) - Prominent Cambodian opposition figure Sam Rainsy on Friday denounced the upcoming general election as a "fake and sham" after the country's the sole opposition party was disqualified from the race this week. July's poll will be a "fake and sham election for the simple reason that there will be no opposition," said Rainsy, the self-exiled former opposition leader, adding Cambodia was "in effect a one-party system". Rainsy urged democratic countries not to recognise the legitimacy of the Cambodian election and long-serving Prime Minister Hun Sen.A Cambodian government spokesperson could not immediately be reached for comment. The Candlelight Party is a reincarnation of the now-disbanded opposition Cambodian National Rescue Party, which Rainsy co-founded.
Andreessen Horowitz is preparing to launch a fund of funds to invest in other startup backers. A16z has already been courting up-and-coming fund managers at events in San Francisco and LA. The venture-capital powerhouse Andreessen Horowitz has in recent months been in discussions to form a fund of funds focused on early-stage investing, according to multiple people familiar with the project. In recent months, the firm has started to court up-and-coming fund managers with events in San Francisco and Los Angeles, according to three sources familiar with the firm's plans. Partners at crossover fund Tiger Global tried a similar strategy in recent years, committing $1 billion to back an array of early-stage venture funds.
In January, it raised $1 million in seed funding from angels at Google, Meta, and Salesforce. That's the situation Alyona Mysko found herself in as the chief executive and cofounder of Fuelfinance, a tiny accounting startup based in Ukraine. In January, Fuelfinance raised $1 million in a seed round of funding from angel investors at companies including Google, Meta, Salesforce, and Uber. Fuelfinance is taking on giants like Microsoft Excel and Pilot with its cloud-based approach to financial planning. Here's the pitch deck that Fuelfinance used to convince employees of Google, Meta, and Salesforce to invest $1 million.
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