Delayed IPOs: Klarna, Chime, StubHub..
Bessent, Dalio, Ryan Peterson, Morgan Housel; M&A; Plaid, Runway, Reliaquest, Roam, Solace, Thatch
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IPOs..? eh, try again later
Klarna, Chime, eToro, MNTN, and StubHub have all decided to delay their IPOs. The prosperous, patriotic bull market of 2025 is just not ready yet. We had even made an IPO watchlist for it! Damn. Investors will just have to patiently ride out the turbulence. Back to the secondary markets we go..
After a frenzy of IPOs in 2021, which saw 126 US tech companies go public, numbers declined into the single digits from 2022 to 2024. Compared to the 2010s, which saw an average of about 35 US tech IPOs per year, this was a substantial drop off — and one with profound liquidity consequences for private tech companies and their investors.
Although mechanisms for private liquidity like secondary markets saw a corresponding growth in transaction volume over the same period that IPOs were depressed, ultimately lack of access to public markets cuts off an important source of capital for companies themselves, and creates friction for early investors and employees of companies who often look forward to liquidity events such as IPOs or acquisitions to cash in on years of patience. - More in Contrary Research
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Musings
Macro
Confused, scared, worried? Let’s try to revisit Mr. Dalio’s Principles: Principles for Dealing with the Changing World Order by Ray Dalio
Trump's tariffs swift impacts on the global supply chain with Flexport CEO Ryan Peterson [StrictlyVC]
BREAKING: Carta's VC Fund Performance Report
Treasury Secretary Scott Bessent Breaks Down Trump's Tariff Plan and Its Impact on the Middle Class
RIP to the IPO comeback [BI]
The Impact of Tariffs on Series As [Tomasz Tunguz]
Morgan Housel on the psychology behind volatile markets [TBPN]
“it’s not going to change how I invest”
Top Interviews
SpaceX, Stripe, X, Ramp, Anduril: Navigating Liquidity in Private Markets | Buckle up. Christian Garrett, 137 Ventures
Delian Asparouhov, Founders Fund & Varda | Stranded Astronauts, Eric Schmidt, Varda, Hill & Valley Forum, Investing Strategy
Last Week (3/31-4/4):
Relevant deals include the 70+ deals across stages below. I've categorized the deals below into seven categories, Fintech, Care, Enterprise / Consumer, HardTech, Sustainability, Acquisition/PE, and Fund Announcements, and ordered from later-stage rounds to early-stage rounds.
Final Numbers
IPO Market
VC Deals
Fintech:
- Plaid, a San Francisco-based financial institutions connector, raised $575 million in funding. Franklin Templeton led the round and was joined by Fidelity, BlackRock, and existing investors NEA and Ribbit Capital.
- LightSource, a San Francisco-based AI-powered procurement platform, raised $33 million in Series A funding. Bain Capital Ventures and Lightspeed Venture Partners led the round and were joined by J2 Ventures.
- Roam, a New York-based low-rate assumable mortgages housing marketplace, raised $11.5 million in Series A funding. Keith Rabois led the round and was joined by Founders Fund.
- RapidClaims, a New York City-based AI-powered revenue cycle management platform, raised $11 million in funding. Accel led the $8 million Series A round and was joined by Together Fund. Together Fund led the $3 million seed round and was joined by angel investors.
- Atomic, a Salt Lake City-based financial connectivity company, raised $10 million in funding from Capital One Ventures, Citi Ventures, and F.N.B. Corporation.
- Incentify, an El Segundo, Calif.-based AI-powered credits and incentives platform, raised $9.5 million in Series A funding. Innovent Capital Group led the round and was joined by Ryan LLC, Gary Gilbert, and others.
- Gierd, a Sandpoint, Idaho-based B2B ecommerce sales orchestration software company, raised $8 million in funding. Nyca Partners led the round and was joined by Fortson VC and Kick Start.
- Fuse, a London-based payments platform for the Middle East, raised $6.6 million in funding. Northzone led the round and was joined by Flourish Ventures, Alter Global, and angel investors.
- Cambrian, a Houston-based data provider for financial AI agent training, raised $5.9 million in seed funding. a16z's Crypto Startup Accelerator led the round and was joined by Blockchain Builders and angel investors.
- FurtherAI, a San Francisco-based AI-powered insurance assistants developer, raised $5 million in funding. Nexus Venture Partners led the round and was joined by Pioneer AI Fund, South Park Commons, Y Combinator, and others.
- Sourcetable, a San Francisco-based AI-powered autonomous spreadsheet developer, raised $4.3 million in seed funding. Bee Partners led the round and was joined by Julien Chaumond, Preston-Werner Ventures, Roger Bamford, and James Beshara.
- Vallor, a Miami-based procurement contracts management AI agents developer, raised $4 million in seed funding. Dynamo Ventures and Bloomberg Beta led the round and were joined by Liquid 2 Ventures, El Cap Ventures, Rock Yard Ventures, and angel investors.
- Kay.ai, a Brooklyn-based AI-powered data entry agent for insurance operations, raised $3 million in funding. Wing VC led the round and was joined by South Park Commons, 101 Weston Labs, and angel investors.
Care:
- Solace, a Redwood City, Calif.-based provider of health-care navigation solutions for patient advocates, raised $60 million in Series B funding. Menlo Ventures led, joined by SignalFire and insiders Craft Ventures, Inspired Capital, and Torch Capital
- Thatch, a SF-based provider of individual coverage health reimbursement arrangements for employers, provider, raised $40m in Series B funding led by Index Ventures, and joined by Andreessen Horowitz (a16z), General Catalyst, SemperVirens, PeopleTech Partners, The General Partnership, and ADP Ventures
- Venteur, a San Francisco-based health benefits provider, raised $20 million in Series A funding. Informed Ventures and American Family Ventures led the round and were joined by Morgan Health, Catalyst by Wellstar, Ingeborg Investments, and existing investors Plug and Play, Techstars, Revelry Venture Partners, and Houghton Street Ventures.
- Notable Systems, a Denver-based RCM startup for medical equipment providers, raised $12m in Series B funding co-led by Harbert Growth Partners and Grotech Ventures
- Daymark Health, a Philadelphia-based cancer care company, raised $11.5 million in seed funding. Maverick Ventures and Yosemite led the round and were joined by Oncology Ventures.
- Airvet, a Los Angeles-based pet telehealth company, raised $11 million in Series B-2 funding. HighlandX led the round and was joined by HIPstr.
- Deacon Health, a Nashville-based specialty care management services provider, raised $7 million in seed funding from Herb Fritch, Larry Cash, David Vandewater, and others.
- Sohar Health, a New York City-based AI-powered insurance eligibility verification provider, raised $3.8 million in seed funding. Kindred Capital led the round and was joined by Y Combinator, Rebel Fund, and Concept Ventures.
- Acuity Behavioral Health, an Atlanta-based behavioral health intelligence provider, raised $1.5 million in seed funding. Valor Ventures led the round and was joined by others.
- Mandos, a Clarksville, Ind.-based men’s health platform, raised $1 million in funding from Render Capital and Stone Mountain Ventures.
Enterprise/Consumer:
- ReliaQuest, a Tampa-based AI-powered security solutions provider, raised $500 million in funding at a $3.4 billion valuation. EQT, KKR and FTV Capital led the round and were joined by existing investors Ten Eleven Ventures and Finback Investment Partners.
- Runway, a New York City-based AI research and media company, raised $300 million in Series D funding. General Atlantic led the round and was joined by Fidelity Management & Research Company, Baillie Gifford, NVIDIA, and others.
- Temporal Technologies, a Seattle-based open-source durable execution platform, raised $146 million in Series C funding at a $1.7 billion post-money valuation. Tiger Global led the round and was joined by StepStone Group, Amplify Partners, Index Ventures, and others.
- Redpanda, an SF-based data streaming startup, raised $100m in Series D funding. GV led, joined by Lightspeed
- Cyberhaven, a Palo Alto-based AI-powered data security company, raised $100 million in Series D funding. StepStone Group led the round and was joined by Schroders and Industry Ventures.
- Hydrolix, a Portland, Ore., streaming data lake startup, raised $80m in Series C funding. QED Investors led, joined by Blumberg Capital, Frontline Ventures, Pruven Capital, Sozo Ventures and insiders Akamai, AV8 Ventures, Ericsson Ventures, Nava Ventures, Oregon Venture Fund, S3 Ventures, Uncorrelated Ventures and Wing VC
- AttoTude, a Menlo Park, Calif.-based data center connection startup, raised $50m in Series B funding led by Mayfield, with participation from Sutter Hill Ventures, Canaan Partners, and Wing Venture Capital.
- Unframe, a Cupertino, Calif.-based enterprise AI platform, raised $50 million in funding from Bessemer Venture Partners, TLV Partners, Craft Ventures, and others.
- Merama, an ecommerce acceleration company focused on Latin America, raised $45m from Advent International, SoftBank, Valor Capital, Balderton Capital, Marcel Telles, and Monashees Capital. It also secured $170m in debt
- SchoolAI, a Lehi, Utah-based AI platform for teachers, raised $25m in Series A funding. Insight Partners led, joined by insiders NextView Ventures, The General Partnership, and Peterson Ventures
- Actively AI, a New York City-based GTM superintelligence company, raised $22.5 million in funding. Bain Capital Ventures led the $17.5 million Series A round and was joined by First Round Capital. First Round Capital led the $5 million seed round and was joined by angel investors.
- Playback, a San Francisco-based sports live-streaming platform, raised $22 million in funding. Khosla Ventures led the $2.6 million pre-seed round. Khosla Ventures led the $8.4 million seed round and was joined by NBA Investments and Soma Capital. Seven Seven Six led the $11 million Series A round and was joined by Khosla Ventures and NBA Investments.
- Gable, a Seattle-based data management platform for software and data developers, raised $20 million in Series A funding. Crane Venture Partners led the round and was joined by Zetta Venture Partners, Databricks Ventures, B Capital, angel investors, and others.
- Hi Auto, a Dayton-based AI-powered voice technology developer for the quick-service restaurant industry, raised $15 million in Series A funding. Delek Motors, the Zisapel family, Vasuki Tech Fund, and another investor led the round and were joined by Allied Group, Goldbell Investments, and the Meir Barel Group.
- Prowler, a global open-source cloud security platform, raised $12.5 million in seed funding. Decibel VC led the round and were joined by SNR and angel investors.
- Certiverse, a Chicago-based AI-powered certification platform, raised $11 million in Series A funding. Cherryrock Capital led the round and was joined by Chingona Ventures, Hyde Park Venture Partners, Angeles Ventures, and others.
- Parasail, a San Francisco-based AI deployment network provider, raised $10 million in seed funding from Basis Set Ventures, Threshold Ventures, Buckley Ventures, and Black Opal Ventures.
- Lumai, an Oxford, England-based AI-powered optical processing company, raised $10 million in funding. Constructor Capital led the round and was joined by PhotonVentures, Journey Ventures, LIFTT, existing investor IP Group, and others.
- Ribbon, a Toronto-based AI-powered recruitment platform, raised $8 million in funding. Radical Ventures led the round and was joined by Social Leverage, Cadenza Ventures, and GD1.
- GRACE, a Paris-based luxury goods protection services provider, raised €5.9 million ($6.4 million) in seed funding. FinTechCollective and Speedinvest led the round and were joined by FirstMinuteCapital, Purple, Kima, BPI France, and angel investors.
- LTV.ai, an Austin-based AI-powered email and SMS marketing solutions provider for ecommerce brands, raised $5.2 million in Series A funding. Bling Capital, Protagonist, and Justin Yoshimura led the round and were joined by OVO Fund and angel investors.
- ControlTheory, an Austin-based observability control platform, raised $5 million in seed funding from Silverton Partners.
- TrialKit, a Clifton, N.J.-based AI-powered discovery platform for attorneys, raised $4.3 million in seed funding. UpWest led the round and was joined by 97212 Ventures, Kaedan Capital, and NYU Law’s Entrepreneurship & Venture Capital Program.
- AutonomyAI, a New York City-based front-end software development AI agents provider, raised $4 million in pre-seed funding from Inbound Capital, Gilad Shany, Vikram Makhiija, and others.
HardTech:
- Retym, a Cupertino, Calif.-based semiconductor company, raised $180 million in funding. Kleiner Perkins led the $10 million Series A round and was joined by others. Mayfield led the $39 million Series B round and was joined by others. Fidelity led the $60 million Series C round and was joined by others. Spark Capital led the $75 million Series D round and was joined by others.
- Aetherflux, a San Carlos, Calif.-based space solar power company, raised $50 million in Series A funding. Index Ventures and Interlagos led the round and were joined by Breakthrough Energy Ventures, NEA, Andreessen Horowitz, and others.
- Chef Robotics, a San Francisco-based AI-powered meal assembly robotics developer, raised $20.6 million in Series A funding. Avataar Ventures led the round and was joined by Construct Capital, Bloomberg Beta, Promus Ventures, and others.
- Maverick Metals, a San Antonio maker of specialty chemicals for critical metals recovery, raised $19m. Olive Tree Capital led, and was joined by YC, Hanwha Group, Liquid 2 Ventures, Nomadic Venture Partners, Soma Capital, and TechNexus Venture Collaborative