The Road Ahead
Theme of the Week
A prevailing trend has continued, prominent funds have struggled to meet initial fundraising goals. Meanwhile, investors are capitalizing on the need for liquidity, acquiring shares of later-stage startups at significant discounts.
Market Insights
In May 2023, VCs invested ~$21 billion into startups worldwide, representing a $1 billion increase from April 2023. This amount marked a significant 44% YoY decrease, according to data from Crunchbase (Pipe Newsletter)
Proptech outlook at midyear 2023 (Commercial Observer)
Editorials
Insight Partners cuts size of $20bn fund amid ‘great reset in tech’ (Financial Times)
TCV raises 50% to 75% less than planned for new venture fund (The Information)
Calpers plans multibillion-dollar push into venture capital (Financial Times)
Tiger Global falling short in latest fundraising push (Financial Times)
US investors ditch European VC for domestic deals (Pitchbook)
Shares of startups are turning dirt cheap, attracting venture funds (Bloomberg)
VC Fundraises
Slack’s Cal Henderson and Sir Richard Branson back firstminute Capital’s third fund (TechCrunch)
Lee Fixel’s Addition raising $1.5 billion for its fifth fund in four years (TechCrunch)
QED Investors’ $1B capital boost offers hope for LatAm fintech (Fintech Nexus)
VC Insights
How FedNow and faster payments will impact US fintech (Bessemer Venture Partners)
Y Combinator leads accelerators in unicorn-creation rate (Pitchbook)
Notable Capital Raises
Y Combinator-backed Rever aims to modernize refunds and returns (TechCrunch)
Majority, a digital bank for US migrants, grabs $9.75M amid expansion in Texas (TechCrunch)
Yendo secures $24M in Series A financing, led by FPV Ventures (Businesswire)
Robinhood acquires credit card startup X1 for $95M (TechCrunch)