Per Pitchbook's latest Emerging Tech Indicator report, Web3 and DeFi projects raised the most funding across the emerging tech sector from the top 15 venture capitalists in Q3 2022. Web3 and DeFi startups nabbed $879M from 24 deals, narrowly edging out fintech and biotech with $737.4M and $725.8M, respectively. However, Pitchbook expects funding for Web3 and DeFi to slump in the current quarter due to contagion from the FTX fallout. More: - 12.7% of the total venture funding in the quarter went to startups on Pitchbook's emerging tech indicator, which tracked 153 early- and seed-stage deals from the top 15 VCs out of the total 5,997 venture deals across all sectors.
- ETI investment has continued to decline quarter-on-quarter, from its all-time peak of $9.8B in Q4 2021 to $6.9B in Q2 2022 to $4.7B in Q3 2022.
- The trend is correlated to the overall venture funding decline.
- Despite nabbing the most funding in the quarter, Web3 and DeFi investments halved from $1.5B in Q2.
- Notable funding rounds in Q3 include Mysten Labs' $300M Series B and Aptos Labs' $200M Series A financing.
- Fintech and biotech were the only two industries to see an uptick in investments.
- The full report can be found here.
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Seedstars announced a new initiative, dubbed Seedstars Capital, to back emerging venture capital fund managers. The Swiss firm partnered with fellow compatriot investment company xMultiplied. Seedstars aims to invest $500M through this initiative. More: - The firm will back funds across emerging markets such as Latin America, Africa, the Middle East, Central and Eastern Europe, and Southeast Asia.
- With the new fund, the firm will back other funds that invest in pre-seed to Series A startups.
- Funds that are raising between $15M to $50M are the firm's target.
- In the next decade, Seedstars expects the initiative to generate over $20B in additional GDP and create 10,000 new jobs.
- In mid-July earlier this year, Seedstars launched its second Seedstars International Ventures fund to invest in 100 startups in seed stages across emerging markets.
- The fund is backed by IFC, the Rockefeller Foundation, Visa Foundation, Symbiotics, and others.
- It reached the first close at $20M, with the firm targeting $30M before the final close.
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Business banking startup Tide acquired fellow British fintech Funding Options for an undisclosed sum. The acquisition will help Tide expand the number of SME lending partners available on its platform by over 120. Funding Options will continue to operate as a separate entity. More: - Funding Options has provided over £680M in working capital, growth financing, and other loans to over 12,000 SMEs.
- Using data analytics, open banking APIs, and artificial intelligence, the firm evaluates a company’s loan potential and matches them with appropriate lenders depending on its needs.
- Crunchbase data shows that Funding Options has raised a total of $17.8M to date through grants and venture rounds.
- Notable backers include ING Ventures, GLI Finance, and the Capability and Innovation Fund.
- Tide has raised $195.2M in total funding to date, $100M of which came through a Series C round led by Apax Digital in July 2021.
- Tide is backed by Augmentum Fintech, Speedinvest, Goodwater Capital, and SBI Group.
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Rubicon Carbon, a new company developing a carbon credits platform, launched today with $300M in initial equity investment from TPG. Rubicon aims to raise $1B in equity financing. More: - TPG's climate investing fund, the TPG Rise Climate, provided the initial capital.
- TPG established Rubicon and hired former Bank of America COO Tom Montag as its CEO.
- Bank of America, JetBlue Ventures, and NGP ETP have committed to investing in Rubicon's initial equity financing.
- Rubicon has roped in Anew Climate, Pixxel, Planet Labs PBC, and Rialto Markets as its platform's partners.
- Aon, Bain, Bank of America, Dow, General Electric, Hertz, J.P.Morgan, McKinsey, and others will assist Rubicon in developing its platform.
- Rubicon Carbon Tonne, the company's initial product, provides enterprises with nature-based and non-nature-based carbon credits.
Zoom out: - The voluntary carbon trade market was worth $2B in 2021 and is poised to reach $50B by 2030, per McKinsey.
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Seattle-based biotech firm Cajal Neuroscience emerged from stealth with $96M capital. The Series A round was led by The Column Group and Lux Capital. Incoming funds will help the firm advance its mission of developing novel therapeutics for neurodegenerative diseases. More: - The round saw participation from Two Sigma Ventures, Bristol Myers Squibb, Evotec, Alexandria Venture Investments, Dolby Family Ventures, and others.
- Cajal's leadership team includes Ian Peikon, Andrew Dervan, Rob Hershberg, Huda Zoghbi, Anthony Zador, and Charles Zuker.
- The organization is led by CEO Ignacio Muñoz-Sanjuán, who was formerly the vice president at CHDI Foundation and the president and co-founder of Factor-H.
- The Cajal team is skilled in neuroscience, advanced microscopy, high-throughput functional genomics, and computational biology.
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AZ-CICC Healthcare Investment Fund, a fund jointly established by AstraZeneca and CICC Capital, led a $52M funding round into small molecule RNA-targeting medicine maker Rgenta Therapeutics. The firm intends to use the proceeds to accelerate the development of programs, expand the platform's capabilities, and advance the pipeline of programs. More: - The Cambridge, Massachusetts-based firm is developing medicines targeting oncology and neurological disorders.
- The firm claims its unique approach has helped them develop medicines for previously "undruggable targets in human diseases."
- The round was a Series A funding round and saw participation from new investors Korean Investment Partners and Delos Capital.
- The funding brings Rgenta's total funding raised to date to $108.9M.
- Existing backers of the firm include Boehringer Ingelheim Venture Fund, Matrix Partners China, Lilly Asia Venture, and Vivo Capital.
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Quick Hits: - HubSpot and Brandwatch partnered this year to survey over 1,000 individuals across the U.S. to better understand consumer purchasing habits, thoughts, and behaviors.*
- German vertical farming startup Infarm is laying off 50% of its workforce. The venture-backed startup has bagged $604.5M in funding to date.
- Swedish truck manufacturer Scania is launching a second venture fund, Scania Growth Capital II, worth SEK 2B ($189M). The fund will invest in the B2B tech sector and will be managed by East Hill Equity.
- Indian startups raised $19.3B in venture capital during January and October 2022, down 29.8% from the same time last year.
- AI speech recognition platform Deepgram raised $47M in equity financing led by Madrona, with participation from Alkeon. The fresh funding adds to its Series B round, which now totals $72M.
- Greenwood, a digital banking platform catered for Black and Latino individuals, raised $45M in funding led by Pendulum.
- Baird Capital led a $31.5M Series C funding round into SaaS management platform Zylo.
- Tech innovation is surging in education, finance, health care, and other industries. See what your competitors are building with Crowdbotics.*
*This is sponsored content.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | | | 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 and 1972 Fords. | |
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