Crypto startups have changed the playbook for corporate VC (CVC) by blurring the line between founder and funder even more than the startup ecosystem always did. That dynamic was what made startups able to take down tech conglomerates and makes crypto CVCs an even more potentially disruptive force. More: - Crypto CVCs are subscribing to the "competition" model of building out network effects to create value.
- In effect, they boost the companies building on their parent companies’ platforms, thus making the platform more powerful while seemingly supporting the competition.
- This strategy is so pervasive in crypto that, according to PitchBook data, about half of all crypto VC deals included participation by a fellow crypto company since 2021.
- That amounts to more than 1,300 deals.
- The difference between traditional CVC and the new crypto variant is the companies' willingness to hold onto stakes in their rivals.
- While Ford has invested in rival Rivian and Tyson Foods invested in Beyond Meat, the latter sold its stake before launching a competing product.
- While the obvious explanation for this dynamic is good economics (blockchain companies are getting filthy rich), the other is the need to diversify offerings.
- Staying in one’s lane is a good way to miss out on the experimentation that makes startups so powerfully competitive.
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Indian insurtech platform Turtlemint raised $120M Series E at a $900M valuation, inching ever closer to unicorn status. The funding was led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. Existing investors Vitruvian Partners and Marshall Wace also participated, with further support from several newcomers. More: - Founded in 2015, the company provides financial advisors the ability to match consumers with the products best suited for their incomes and needs.
- It is fundamentally rooted in an online-to-offline model and has targeted tier 2 and tier 3 cities for its expansion plans.
- It also wants to move into the Middle East and Southeast Asia.
- Insurtech is fast becoming big business in Indian VC: The country’s insurtech startups raised $436.57M in 2021 across 20 rounds, twice as much as the $227M raised in 2020.
- Operators Digit and Acko Insurance emerged as the first two insurtech unicorns in the country, while insurance marketplace Policybazaar's parent company PB Fintech recently went public.
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VisionNav Robotics, a Chinese producer of autonomous forklifts, stacking vehicles, and other logistics robots, raised $76M. The fresh funding came in the form of a Series C extension at a $500M valuation. It was led by Meituan and 5Y Capital and saw participation from IDG, ByteDance, and Shunwei Capital. More: - The new valuation was a step up from the $393M it garnered after raising $47M just six months ago during the original Series C round.
- The company wants to expand beyond its focus on horizontal and vertical moving to other functions like stacking and loading.
- 2016-founded VisionNav is now setting its sights on using Lidar to enhance its robots’ ability to sense and navigate the world.
- Previously, it focused on indoor applications because of limitations caused by fluctuating lighting conditions.
- The firm’s revenue last year came in between $31M and $39M.
- It currently operates a team of around 400 people across China, and it’s expected to reach 1,000 staff this year by hiring overseas.
- To that end, it will grow the share of its revenue derived from foreign operations to 50-60% in the next few years from its current stand at 30-40%.
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Best of Last Week M&A - Wipro, an Indian multinational, will acquire SAP consulting firm Rizing for $540M from One Equity Partners.
- Goldman Sachs acquired a minority stake in ISpot.tv for $325M.
- Synopsys will acquire 2001-founded application security provider WhiteHat Security from Nippon Telegraph and Telephone Corp. for $330M cash.
- Egyptian shared transportation services provider geared towards inter-city trips Swvl acquired Turkish Volt Lines, a B2B transportation-as-a-service operator, for an undisclosed sum.
- Accenture has acquired Ergo, a Buenos Aires-based data platform, and Greenfish, a Brussels-based sustainability engineering and advisory company.
- NFT marketplace OpenSea acquired Gem for an undisclosed amount.
- Lengow, a SaaS e-commerce automation startup owned by Marlin Equity Partners, will buy Spanish price and market intelligence company Netrivals for an undisclosed sum.
- Beamery, a talent data marketplace, acquired Flux, a talent mobility system, for an undisclosed sum.
IPO - Chinese Q&A platform Zhihu saw its shares fall 24% during its Hong Kong debut, making it one of the worst in the city’s history.
New Funds - San Francisco-based global asset management firm TPG Inc raised $7.3B for its Rise Climate Fund.
- Energy Capital Partners has raised ~$3B toward its fifth flagship fund against an initial target of $4B.
- Los Angeles-based Leonard Green & Partners is expected to close two funds totaling over $18.3B, per a Bloomberg report.
- Left Lane Capital closed its second fund at $1.4B to pursue a global strategy of investing in consumer technology businesses.
- Tiger Infrastructure has raised its Partners Fund III at its hard cap of $1.25B, exceeding its $750M target, to be deployed on carbon capture, air cargo, servers, EV charging, and renewable energy.
- Dragonfly Capital has raised its largest fund to date at $650M to invest in crypto startups.
- Lightspeed India Partners is reportedly eyeing a new $500M target for its fourth fund to place early-stage bets and expand its focus throughout Southeast Asia.
- Goldman Sachs acquired a minority stake in ISpot.tv for $325M.
- MassMutual launched its third fund with $300M to back early-stage companies in Asia and Europe.
- Slow Ventures has launched its fifth seed fund and second opportunities fund totaling $325M.
- Growth Catalyst Partners raised a second middle-market PE fund with $270M, $70M above the fund’s initial target.
- Dubai’s crown prince has launched a $100.73M fund for small and medium-sized startups.
- Ansa Capital, a new venture outfit, raised $100M for its maiden fund to place bets between $5M and $15M on new markets, reinventing distribution models, and modernizing legacy systems.
- 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.
- ADM Capital Europe is seeking $800M across two funds to invest in the food and agricultural sector.
- Chiratae Ventures is looking to raise $600M for two new funds to deploy in its native India, per Reuters.
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 Today’s Funding 💸 Agtech - Verge (Lethbridge, Canada), software that enables farmers to plan, simulate, and validate the movement of equipment in the field: $7.5M A led by Yamaha Motor Ventures.
Biotech/Health - Genome Insight (San Diego, Calif.), Whole Genome Sequence analysis and interpretation: $23M B led by Dunamu & Partners, participation from InterVest, Signite Partners, KC, VNTG Corporation.
- CytoTronics (Boston, Mass.), optics-free imaging for drug discovery: $9.25M Sed led by Anzu Partners, participation from Milad Alucozai.
- DuraStat (Austin, Texas), precision surgical tissue closure: $5M B from undisclosed sources.
- HealthBeats (Singapore), end-to-end remote vitals monitoring solution: $3M Seed led by Heritas Capital, participation from SEEDS Capital.
Blockchain - Vertex Protocol (Singapore), decentralized FX trading platform: $8.5M Seed led by Hack VC, Dexterity Capital, participation from Jane Street, Hudson River Trading, et al.
Consumer - Pando (San Francisco, Calif.), career progression platform: $6.9M led by Craft Ventures, participation from Lerer Hippeau, GFC, Correlation Ventures, et al.
Enterprise - Inventa (Brazil), digital supplier marketplace for SMEs: $55M led by Greylock, participation from Greenoaks, Andreessen Horowitz, Monashees, Founders Fund, Tiger Global, et al.
- Arbolus (London, U.K.), knowledge-sharing platform: $15M A led by Element Ventures, participation from Fuel Ventu, SVB.
- Womp (New York, N.Y.), cloud-based 3D creation: $4.7M Seed led by Female Founders Fund, Haystack, participation from NEO Investment Partners, Director Ari Aster, Daniel Katz.
Fintech - Cogni (New York, N.Y.), blockchain-centric digital lifestyle bank for users aged 18-to-35: $23M led by Hanwha Asset Management, CaplinFO.
- ModusBox (Seattle, Wash.), financial infrastructure and integration platform: $7.5M A led by Patamar Capital, Choice Bank, participation from BankTech Ventures, American Capital Partners.
Gaming - Snackclub (São Paulo, Brazil), esports gaming brand with 300M combined followers: $9M Seed led by Mechanism Capital, participation from Animoca, Ascensive Assets, Formless Capital, Jump Crypto, OP Crypto, ROK Capital, Shima Capital.
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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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Controlling Complexity: a video featuring Simone Biles. Presented by Axonius. Watch now. | |
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