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 Based on data from U.S.-based VC funds, Pitchbook can find no long-term return premium for specialist or targeted strategies. While earlier vintages saw targeted funds outperform, they have underperformed in recent years. Specialist funds, though more stable, also fail to show significantly better returns than generalist funds. More: - The dataset consists of 451 funds active between 1996 and 2005, divided up by the vintage cohort. To determine classification, the analysts used a granular taxonomy to establish a fund’s metrics, strategy, and target industry.
- In a second analysis, to compensate for interference created by subjective, discrete classifications and the problem of different risk levels by industry, the analysts also used linear regression with a public market control group to compare different strategies.
- Using this method, the results of the analysis remained more or less the same and were unable to establish statistically significant variations.
- While implementing a targeted or specialist strategy may be in a GP’s best interest given a team’s expertise or a limited amount of backing, it cannot be justified with recourse to overall success statistics.
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Nova Labs, formerly known as Helium, raised $200M for its fast-growing Helium blockchain. Tiger Global led the round with participation from Andreessen Horowitz, Deutsche Telekom, and others. The California-based company was valued at $1.2B. More: - Advertising itself as "The People's Network," Nova provides a decentralized telecommunications network based on crypto incentives.
- It provides hotspots through which owners provide spare bandwidth in exchange for HNT tokens, currently trading at $24.68 each.
- According to the company, there are currently 680,000 hotspots in 50,000 cities worldwide, with approximately 75,000 new hotspots and 5,000 cities being added each month.
- The rebranding effort is intended to distinguish between the 2013-founded parent company (now Nova) and the Helium network itself, which belongs to the community.
- An additional foundation will be created to govern the Helium brand and its open-source technology.
- Nova faced several instances of bad press following rollout issues stemming from delivery problems, meaning that many potential miners had to wait up to a year for their equipment.
- There are as many as 3 million units on backorder amid supply chain constraints.
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The proliferation of solo venture capitalists has resulted in larger funds and more and bigger deals. Coming from the ranks of successful entrepreneurs and former partners at VC firms, solo capitalists are now competing for late-stage deals with fund sizes previously reserved for large, successful firms. More: - The news is being driven by three previously unreported fundraises:
- Lachy Groom, a former Stripe product leader, reportedly recently raised a $500M fund to back mature companies, his biggest ever fund.
- Joshua Buckley, the co-founder of mobile game studio Hyper and former CEO of ProductHunt, is reportedly closing in on a third fund at $500M.
- Former Khosla Ventures partner Ben Ling has reportedly clinched almost $200M for two new vehicles for his firm, Bling Capital. He will also add another GP.
- While big names like Reddit co-founder Alexis Ohanian, Color Genomics co-founder Elad Gil, and former a16z GP Katie Haun have made headlines, the solo capitalist phenomenon has expanded to beat out larger firms for top deals.
- Solo capitalists can move faster on deals thanks to having complete control over their capital and can use their personal brand and expertise to attract founders.
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Beewise, a developer of robotic beehives, has raised $80M Series C led by Insight Partners, with participation from Fortissimo Capital, Corner Ventures, lool ventures, Atooro Fund, and Meitav Dash Investments. The funds brought Beewise’s total raised to date to $120M. More: - The 2018-founded agtech firm and its backers declined to report a new valuation.
- Responding to the massive numbers of bees dying and the negative effects this has on ecologies, the Israel-based company offers a solution designed to reduce the causes of colony death.
- Colony collapse disorder, whereby 30% of bee colonies disappear each year, could be due to habitat destruction and pesticides, though there is no firm scientific consensus.
- Beewise’s robotic colony boxes are solar-powered and monitor the beehives.
- They offer climate control and automated harvesting and adjust conditions to prevent swarming. They also use machine vision to monitor for intrusive pests.
- The company is expanding massively in the U.S., with CEO Saar Safra reporting thousands of orders in the last few months.
- Beekeepers pay a $400 monthly RaaS fee (plus an initial $2,000 delivery/setup fee) for 24 colonies and ongoing maintenance.
- In the U.S., 45% of managed honeybee colonies were lost between April 2020 and April 2021, marking the second-highest annual loss on record.
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 Today’s Funding 💸 Adtech/Martech - Anzu (Yafo, Israel), in-game advertising platform: $20M from NBCUniversal, HTC, Sony, WPP, Riot Games’ Marc Merrill, Chicago Cubs, et al.
Aerospace AI/ML - OmniML (San Jose, Calif.), smaller, faster ML models: ...
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- Blockchain.com reported that it raised an undisclosed amount of fresh funding at a $14B valuation. Lightspeed Venture Partners led the round with major participation from Baillie Gifford & Co.
- The SEC will require SPACs to offer enhanced disclosures regarding conflicts of interest, dilution, and sponsors. Financial projections, a mainstay of SPAC marketing, will be brought into line with the limited allowance for traditional IPOs.
- Next Coast Ventures, an Austin-based VC firm, raised three new funds: early-stage III ($195M), Opportunity Fund I ($50M), and Next Coast ETA to acquire and exit SMEs ($65M).
- Micro-mobility company Tier Mobility has acquired Fantasmo, a U.S.-based computer vision-powered e-scooter parking startup, for an undisclosed sum.
- Quantum Machines, a startup specializing in control systems for quantum computers, bought QDevil, a company making control hardware for quantum systems, for an undisclosed sum. Crescent Cove Advisors, AGNC Ventures, et al.
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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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