SoftBank has instituted stricter policies for investments, reportedly resulting in the abandonment of struggling portfolio companies. The investment giant is refusing to lead new rounds for loss-making companies that it previously supported. More: - The new position is a big pivot from the juggernaut’s former swashbuckling attitude of doubling down on unprofitable companies and comes as its balance sheet has been rocked by the downturn for public tech stocks.
- As can be seen in the case of Light, the developer of advanced camera technology, SoftBank’s strategies cannot be separated from the financial straits the company finds itself in.
- SoftBank took a 30% stake in Light in 2018 on the condition that the company targets its R&D on depth-sensing imaging technology for self-driving cars.
- As is the case in most of the self-driving market, Light was unable to find contracts to bring in a source of revenue.
- Because it shut down its smartphone-camera tech team and laid off about half of its employees, it had no other possible revenue streams.
- Now that the company is hurting for capital and SoftBank won’t make a new investment without another firm taking the lead, the firm has hired a consultancy to discuss, among other things, winding down operations.
- SoftBank's position, for all intents and purposes, condemns Light to the grave, as it amounts to a vote of no confidence in the company, after which no other firm would invest in it.
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 PitchBook data show crypto startups bucking the trend driving valuation resets across the startup spectrum. Whereas the average global late-stage startup valuation has fallen from $820M in 2021 to $700M this year, late-stage crypto startups have seen their average valuation jump from $2.07B to $3.95B. More: - The gap in the late-stage valuation dynamic is even more pronounced when viewing the median valuation:
- The median late-stage crypto startup is now worth $1.33B compared with $440M last year.
- The global median late-stage valuation has barely budged in all of 2022, to $100M from $90M.
- At the early stage, the picture is similar, though less dramatic:
- The average and median valuation for crypto startups have risen to $570M and $120M from $490M and $60M, respectively.
- Still, there is some bias in the data — the figures reflect rounds that have already been closed, while the downturn will surely be felt more in deals that have yet to be closed.
- Pantera Capital partner Paul Veradittakit claims to already be noticing pullback from investors for crypto deals.
- Nevertheless, with $12.5B invested in just over a quarter, crypto deals are well on pace to outstrip their $30.7B total from 2021.
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Slow Ventures has launched its fifth seed fund and second opportunities fund. Between the two new vehicles, the firm can boast $325M in fresh capital commitments. In total, the firm now has $770M in AUM. More: - Slow has invested in more than 550 companies over the past decade, primarily through its pre-seed and seed-stage strategy, which it will continue with its latest vehicles.
- It prides itself in a hands-off approach, demanding very little facetime from the founders it places bets on. It also does not insist on taking board seats.
- Slow's portfolio includes several big names, including Robinhood, Nextdoor, Astra, Pinterest, Amplitude, Allbirds, Slack, PillPack, Freshly, Giphy, Postmates, and others.
- Beyond an expansive array of sectors, including telemedicine, collectibles, fintech, consumer, and Web3, Slow is looking to expand into launching its own DAO and is additionally exploring the idea of investing directly in individuals.
- Additionally, Slow expanded its team with the addition of Megan Lightcap (previously at Olive and L Catterton), Clay Robbins (0x Labs and Square), and Yoni Rechtman (Tusk Ventures).
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Enervee, provider of a marketplace for energy-efficient products, has raised $35M from Kerogen Capital and J.P. Morgan. The injection comes as part of Enervee’s Series B funding, which will be used to support its climatetech program. More: - Using its e-commerce and data platform, Enervee targets consumers through governmental and commercial energy partners.
- Its marketplace is based on providing consumers with access to and information about energy-efficient appliances, allowing the company to tap into the $50B U.S. appliances market.
- The company claims to have already engaged with 40 million households across the nation.
- Through a partnership with Best Buy, Enervee is able to offer Eco Financing to its customers.
- Furthermore, government support in California and New York means that Enervee can simplify purchases, instantly deduct utility and government incentives, and provide online financing.
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 Today’s Funding 💸 Biotech/Health - Epitopea (Cambridge, U.K.), tumor-specific antigens: $13.6M Seed from Advent Life Sciences, CTI Life Sciences, Cambridge Innovation Capital, Fonds de solidarité FTQ.
- Offor Health (Columbus, Ohio), on-site clinical services for medical and dental practices: $9M A led by AXA Venture Partners, participation from SpringRock Ventures, LOUD Capital, MBX Capital.
Enterprise - Wisq (Redwood City, Calif.), social connection platform for the needs of employees: ...
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- Tiger Infrastructure has raised its Partners Fund III at its hard cap of $1.25B, exceeding its $750M target. The fund will be deployed on carbon capture, air cargo, servers, EV charging, and renewable energy.
- ADM Capital Europe is seeking $800M across two funds to invest in the food and agricultural sectors. Its Cibus Fund II will have $600M to take majority or minority positions in midsize companies across the developed world, while Cibus Enterprise Fund II will have $200M for bets on late-stage agrifood startups.
- Growth Catalyst Partners raised a second middle-market PE fund with $270M, $70M above the fund’s initial target.
- DRA Family Office, an investor in lower- and middle-market PE rounds as well as venture-stage companies, has launched a $10M fund dedicated to supporting women business owners.
- To deliver real-time analytics on massive datasets, developers must balance latency, throughput, concurrency, and data freshness. Watch Molecula's Webinar.*
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 |  | 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. | |
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