 Venture investment in crypto/Web3 in 2021 (Image credits: Galaxy Digital) Cryptocurrency exchange Crpyto.com has expanded its venture arm with an additional $300M to invest in blockchain startups. The extra funds brought the Singapore-based company’s maiden fund to a total of $500M. More: - Using an early-stage investment strategy, Crypto.com competes with other Web3 companies, including Binance, Coinbase, and FTX, to support the startups that will grow the nascent crypto ecosystem.
- The crypto derivatives exchange FTX last week announced its launch of a new $2B venture capital fund that will invest broadly across crypto and Web3.
- Its fund, like those of its rivals, has no LPs and is instead financed by its own balance sheet.
- Individual checks run up to $10M. Cash injections have been so far deployed to back about 20 startups, including YGG SEA, multi-chain crypto portfolio tracker DeBank, and others.
- GP Jon Russell identified gaming, decentralized finance, and cross-chain solutions as the broad verticals within crypto that the fund targets.
- However, he added that the sector is dynamic and that his firm is always on the lookout for innovative business models.
Big Picture: - VCs invested over $33B in crypto/web3 startups in 2021, more than all prior years combined, according to Galaxy Digital (see graph above).
- Valuations in the crypto/blockchain space were 141% higher than the rest of the venture capital space in Q4’21.
| |
Wayve, an autonomous driving startup from London, has raised an additional $200M. While the firm declined to divulge its valuation, it is likely that Wayve joined the U.K.'s unicorn herd, according to CNBC. The cash injection brought its total raised to date to $258M. More: - The Series B funding round was led by Eclipse with participation from Balderton Capital and Meta's Chief AI Scientist, Yann LeCun.
- Compared to other autonomous driving startups that use complicated hardware stacks, Wayve uses few cameras and relies heavily on AI algorithms.
- CEO and co-founder Alex Kendall noted that while the LiDAR-heavy approach of many self-driving cars works for sunny places with grid-like streets (think Phoenix, Arizona), self-driving cars in places like downtown London will require a different approach to adapt to chaotic traffic.
- Wayve has commercial partnerships with Ocado, Asda, and DPD, which operate fleets of vans in the U.K.
- It has roughly 120 employees across offices in London and Mountain View, Calif.
- The fresh capital will be used to buy more talent. To date, it has recruited ex-DeepMind research scientist Chris Burgess, ex-Waymo Principal Engineer Dan McCloskey, and former Tesla Software Engineer Joe Polin.
| |
 A message from RAMP Dear CFOs of America, We’re sorry that shopping for a corporate credit card has become a game of trying to find the best bonuses and perks. Most business credit card companies offer rewards designed to make you spend more. Ramp offers a finance automation platform designed to save you time and money—for free. Benefits of traditional cards: - Useless points with confusing multipliers
Benefits of Ramp: - Unambiguous 1.5% cashback
- 20x higher limits so you have the runway to scale your business
- Insight into macro spending trends
- Access to powerful finance automation software that saves you time on expense management, bill payments, and accounting
- No fees of any kind
Get started in minutes, issue cards in seconds, and save hours each month so you can focus more on strategy and worry less about savings. Try for free - claim a $250 Bonus 
| |
Social Capital CEO Chamath Palihapitiya said that "nobody cares" about the human rights abuses of Uyghurs in China. The statement was framed as an "ugly truth," which Palihapitiya revealed on the All-In Podcast. More: - Palihapitiya clarified his position by saying that he will care about a "segment of a class of people in another country" after we (i.e. the U.S.) take care of ourselves.
- He specifically referenced healthcare, infrastructure, climate change, and the outsized rate of incarceration of Black and Brown people in the U.S. as priorities.
- The comments came after the podcast's co-host, Jason Calacanis, brought up the topic in reference to President Biden's recent condemnation of China's treatment of the minority and why it has not been reflected in approval polling.
- Palihapitiya responded by saying, "You bring it up because you really care, and I think that's nice that you care — the rest of us don't care."
- Full Disclosure: Jason Calacanis is Inside's CEO, which does not affect our reporting in any way.
- Beyond his role in Social Capital, Palihapitiya is a 10% owner of NBA team the Golden State Warriors.
Context: - The Biden administration has described the abuse of Uyghurs minorities in Xinjiang as "widespread, state-sponsored forced labor" and "mass detention."
- It also warned businesses with supply chain and investment ties to Xinjiang that they could face legal consequences.
- This position has led to several Chinese companies being put on blacklists for U.S. investors.
- The White House also announced a diplomatic boycott of the 2022 Winter Olympics in Beijing due to "ongoing genocide and crimes against humanity in Xinjiang and other human rights abuses."
| |
French corporate spend management platform for SMEs Spendesk raised $114M (€100M) to become the country's latest unicorn. With a $1.14B (€1B) valuation, Spendesk joins the ranks of five other French companies that achieved unicorn status in the last month. More: - The other companies are PayFit, Ankorstore, Qonto, and Exotec.
- The round only saw one investor: Tiger Global.
- Initially focused only on virtual cards for online payments, Spendesk branched out into physical cards for employees.
- In its "7-in-1" platform, team members can also pay outstanding invoices, file expense reports, manage budgets, and generate spending reports.
- The company has about 3,500 clients, most of whom are based in France, with the rest based in Germany and the U.K. They spent $3.42B (€3B) through the platform in 2021 alone.
| |
 A message from LOHIKA Learn Why Web3 Matters to Your Business. Web3 is the next evolution of the Internet. If Web 2.0 was about user-generated content and social media platforms, Web3 is about decentralized services powered by the blockchain. Smart contracts and NFTs are Web3 technologies that run on the blockchain. Lohika is hosting an online event with our friends from Refresh Miami. We gathered a panel of Web3 experts that will explain what blockchain, smart contracts and NFTs are, then discuss related business opportunities in the present and future. The panel: Join us on January 26, 2022 at 10am PT / 1pm ET. Register Here
| |
 Today's Funding 💸 Agtech - Arya (India), post-harvest marketplace platform for Indian small farmers: $60M from Asia Impact SA, Lightrock India, Quona Capital.
Blockchain Consumer - Mio (Vietnam), social commerce platform: $8M A led by Jungle Ventures, participation from Patamar Capital, Oliver Jung.
- Heat (London, U.K.), fashion mystery box purveyor:...
Want to read about all of today's funding in one place? The funding roundup is only available to free users on Mondays and Fridays. Upgrade to Inside VC Premium for either $10/month, or $100 billed annually, to receive the full list in every issue! For a limited time, we are offering a 14-day free trial. Click here to sign up! | | | |
Quick Hits - The #1 play-to-earn blockchain game is free to get started. Sign up for Splinterlands now to get daily airdrops and earn tokens for every win.*
- L.A.-focused VC firm Wonder Ventures closed its second fund at $31M to double down on the city’s early-stage startups. Its previous bets came from a $15M Pre-Seed vehicle.
- GoFundMe will acquire Classy, which provides nonprofit fundraising software, for an undisclosed sum.
- Indonesia online lender Akulaku is reportedly considering a merger with SPAC Catcha Investment Corp. at a $2B valuation. It is also looking to raise $200M-$300M in a private funding round.
- The U.A.E.’s sovereign wealth fund invested $100M into Israel’s tech ecosystem, signaling deepening business and investment ties between the countries.
- Spain is at the forefront of a Europe-wide effort to crack down on crypto promotions. The country’s securities market commission now can regulate crypto advertising within its borders.
- Demand Gen Chat is a podcast for B2B marketers, by B2B marketers. No fluff, just the hottest takes on driving revenue from today’s marketing leaders.*
*This is a sponsored post.
| |
Upcoming events at Inside: - January 18 - Venturing in VC - Episode #3 with Wiz Abdulla (Space Cadet) (Register Here)
- January 19 - Music in the Metaverse with Jonathan Gray (Clap for Encore) (Register Here)
- January 25 - Need To Know NoCoder - Leon Young (Cogniss) (Register Here)
- January 25 - Venturing in VC - Episode #4 (Register Here)
- January 26 - Join Ketch & Kelley Drye's data privacy experts for a joint webinar. Privacy Priorities for 2022: Legal and Tech Developments to Track and Tackle. (Register Here) *
- January 27 - Understanding the Metaverse (Register Here)
- February 03 - Blockchain Gaming & Play-to-Earn Economies (Register Here)
- February 10 - The Business of Wellness (Register Here)
- February 17 - Efficient Marketing Strategies in a Post iOS 14 World (Register Here)
- February 23 - Need to Know NoCoder: Derya Sousa (Kianda Technologies) (Register Here)
- February 24 - Alternative Investments (Register Here)
- March 03 - The $12B Appetite for Amazon Aggregators (Register Here)
- March 10 - NoCode's Impact on the Gig Economy (Register Here)
- March 23 - Need to Know NoCoder: Nichole Bestman (Bubble) (Register Here)
*This is a sponsored post.
| |
 |  | Inside VC's writer/curator Stephen currently lives in Berlin and is pursuing a Master's degree in philosophy. He otherwise spends his time trying his hand at recipes from India and Southeast Asia, escaping it all at the kickboxing gym, and offending aural sensibilities with his band. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
Go from 5 to 1. Click here to try Ramp for free and get a $250 bonus. | |
Join our Refresh Miami panel of experts to learn what is Web3 and why it matters to your business. | |
Comments
Post a Comment