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| Here’s your daily VC briefing: - 📉 Global fintech funding dipped by 16% QoQ despite an uptick in deal count
- 🚀 Global startup funding surged by 6% QoQ in Q1 2024
- 👥 Disruptive laid off two-thirds of its staff due to cash crunch
Thank you. Karan
p/karan-chafekar | |
| 1 | | Global fintech startups raised $7.3B in VC funding in Q1 2024, per CB Insights' latest State of Venture report seen by TechCrunch. Funding dropped by 16% QoQ despite a 15% uptick in deal count compared to the preceding quarter. This suggests that while investors are keen on investing in fintech solutions, the average deal size has contracted. More: - Investors are particularly interested in payments tech solutions, per TechCrunch.
- Notable funding rounds to close in the recent quarter include Monzo's $430M financing and Bilt Rewards' $200M Series C round.
- U.S.-based fintechs bagged $3.3B of the funding, with European startups taking in $2.2B.
- Per TechCrunch, Europe had larger deal sizes than the U.S.
- In Q1 2024, six global fintech startups cemented their unicorn status.
- Global fintech startups raised $32.9B in Q1 2022, $16B in Q1 2023, and $8.7B in Q4 2023.
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| 2 | | Global startup venture funding surged by 6% QoQ in Q1 2024, ending the first three months of the year with $66B, per Crunchbase. 
What the numbers say: Seed-stage startups raked in $7B of the overall funding. Early-stage startups raked in $29.5B. Funding for early-stage startups increased by 6% YoY due to large Series B rounds in the AI, electric vehicles, and green energy sectors. The VC pullback trend for late-stage startups continued in Q1, with funding falling 36% YoY to $29.5B. Relevance: Healthcare and biotech startups raked in 24% of the total global funding in Q1, collectively raising about $15.7B from investors. 17% of the global funding, or about $11.4B, went to AI startups. The most notable rounds in the sector include large language model company Moonshot AI's $1B round led by Alibaba Group, humanoid robot company Figure's $675M financing, and AI companion and avatar startup MiniMax's $600M round led by Alibaba. | | | |
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| 3 | | Israel and U.S.-based VC firm Maniv closed its third fund at $140M. The firm aims to invest in seed and Series A stage startups working on the intersection of mobility, transportation, and energy. More: - Maniv has already made four investments from the new fund, including green hydrogen company Celadyne, data center chip startup Neologic, e-motorcycle firm Vammo, and plastic recycling firm Circular.
- The latest fund brings Maniv's total assets under management to nearly $320M.
- Maniv's previous notable investments include AI edge silicon firm Hailo, EV ride-hailing firm Revel, EV truckmaker Harbinger Motors, intercity bus service Kolors, EV motorcycle firm River, and car subscription platform Bipi.
- Limited partners backing the new fund include Valeo, InMotion Ventures, Woven Capital, Arval, BNP Paribas Personal Finance, Shell Ventures, Ferrovial, Enterprise Mobility Ventures, ITT Inc., and WEX.
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| 4 | | Technology-focused investment firm Disruptive laid off nearly two-thirds of its workforce in January, sources informed Bloomberg. The Austin, Texas-based firm has since brought back some laid-off employees and fired others. COO David Tarnowski blamed the layoffs on a capital crunch brought on by its fee structure. More: - Disruptive's fee structure is heavily reliant on returns from exits, as it historically charged 20% carried interest and 0% management fee.
- Morgan Stanley reportedly provided the investment firm with about $4M to $5M in cash recently, per sources.
- Last week, Disruptive decided to wind down its blank-check company, Disruptive Acquisition Corp. I, after failing to acquire a target company within the predetermined time frame.
- Per filings, the firm has "deployed more than $3B in capital through Dec. 31, 2020, into businesses that it believes will transform into some of the world's most valuable companies."
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| 5 | | Tamarack Global plans to raise $100M for its second fund to support early-stage startups. The VC firm expects to close the fund by May. The second fund aims to invest between $250,000 and $4M in seed to Series A stage startups. More: - Tamarack aims to invest in about 25 to 30 startups through the fund.
- It has backed five startups to date, including humanoid robot maker Figure AI, space logistics startup Impulse Space, cloud-seeding startup Rainmaker, defense and aerospace firm Chaos Industries, and a stealth mode EV company.
- Andreessen Horowitz's general partners Marc Andreessen and Chris Dixon, hedge fund manager Louis Bacon, Ron Burkle, and Silver Lake executives Egon Durban, Greg Mondre, and Mike Bingle contributed capital to the fund as a limited partner.
- Tamarack's debut fund closed at $31M.
- The firm has invested about $80M in startups through co-investments.
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| 6 | | Today's Funding: Data - NoSQL database startup Aerospike raked in $100M in Series E funding led by Sumeru Equity Partners, with additional support from existing backer Alsop Louie Partners.
HR - HR software startup Homebase closed its Series D round at $60M. L Catterton Growth led the round with additional support from Emerson Collective, Notable Capital, Bain Capital Ventures, Khosla Ventures, Cowboy Ventures, and PLUS Capital.
Medtech - Glucose monitoring device maker Biolinq raised $58M in fresh funding from 618 Ventures fund and other investors.
Semiconductor - Maverick Capital led a $70M funding round into chip startup SiMa.ai. Point72, Jericho, Amplify Partners, Dell Technologies Capital, and Fidelity Management participated in the funding round.
Social media - Social commerce platform Flip cemented its unicorn status with a pre-money valuation of $1.05B while raising a $144M Series C round led by Streamlined Ventures.
Software - French business software startup Pigment raised a $145M Series D round led by existing investor Iconiq Growth. Other investors participating in the round include Sandberg Bernthal Venture Partners, IVP, Meritech, Greenoaks, and Felix Capital. The new round pushed Pigment's valuation over the $1B mark.
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| 7 | | Quick Hits: - As a key player in the corporate world, it's crucial to stay ahead of the curve and understand the implications of Visa and Mastercard's groundbreaking $5 billion settlement.*
- Japanese investment giant SoftBank is pushing Indian e-commerce startup Snapdeal's sale to Flipkart. Additionally, SoftBank is on the verge of investing $1B in Alibaba-backed digital payments firm Paytm.
- Glen Tullman's VC firm 62 Ventures announced a $100M fund to invest in digital health startups across the U.S. and India. Initial check sizes will range between $1M and $10M.
- Center Court Capital has received commitments worth $24M (2B rupees) towards its debut fund, which aims to back Indian sports technology and video game startups. The fund, which has a target of $42M (3.5B rupees), expects to make 15 to 18 investments.
- B Capital, a VC firm established by Facebook co-founder Eduardo Saverin, roped in Rich Lesser as vice chair of climate and sustainability and Jeff Johnson as general partner. The duo will help B Capital invest in startups working on reaching global net-zero targets.
- G2 Venture Partners, a VC firm investing in transformative technology startups, hired Ellie McDonald as an investor and Jeannine Sargent as an operating partner.
- Cleantech and life sciences investor Anzu Partners promoted Dr. Henk Both to the principal role.
- Dice Cream is automating the ice cream industry with their revolutionary technology. Learn more about investing in their ice cream robot.*
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 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | This newsletter was edited by Karan Chafekar | |
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