Ramp Hits $13B
Hermit Mode, CoreWeave, MrBeast, Bitwise, Eikon, NinjaOne, Shop Circle, Lovable, Quantum Machines
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Hello from Fiji.. 🌴
Where I am living for the next couple of weeks on a secluded, ‘locked-in,’ ‘productivity retreat’ devoted to making this tech & VC newsletter/podcast 100x better. If you are interested in learning more about my whereabouts.. here you go.
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That being said, change is coming. We’re making cuts. Choose wisely..
Musings
Apart from the weird surge in military startups funded below, Musings this week went a little wild.
Macro
The Time and Money Company: Behind Ramp's $13 Billion Valuation [Eric Glyman Co-founder & CEO]
CoreWeave reveals 737% 2024 revenue surge to $1.92B in US IPO filing [Reuters]
With nearly 10M views.. Elon Musk on JRE
Why Robinhood is Ripping | is robinhood's position as fintech's new main character all hype — or all substance? [Pirate Wires]
AI
Building Granola [Invest like the best]
Grok 3, AI Memory & Voice, China, DOGE, Public Market Pull Back [BG2 w/ Bill Gurley & Brad Gerstner]
Jonathan Ross, Founder & CEO @ Groq: NVIDIA vs Groq - The Future of Training vs Inference [20VC]
HardTech
America’s Industrial Reboot: A Massive Tech Opportunity [Coatue]
Radiation as a service: How the private sector can protect America’s space infrastructure [J.C. Btaiche]
More
Jeff Bezos Shakes Up The Washington Post, Media Collapse, and Reddit Is Pro-Terrorist [Pirate Wires]
How Tech Created the Online Fact-Checking Industry [Pirate Wires]
Interviews with 'trust and safety' workers at meta, tiktok, snapchat, google, and other tech companies reveal a broken system that collapsed under the weight of its own contradictions
Epstein Files Flop, State of the Market, Autonomous Robots, Trump's Gold Card, Friedberg on Jeopardy [All-In]
The infamous Fyre Festival is set to return, with tickets reaching $1.1 million for the highest-tier package.
Trump said the US would soon roll out a $5 million “gold card” visa, offering permanent residency and a pathway to citizenship for wealthy foreigners.
Top Interviews
Packy McCormick, Not Boring | Investing in Ramp, Scale AI, Replit, Varda, Fuse, Hadrian, Earth AI
Kalshi CEO Tarek Mansour | The Future of Prediction Markets + Raising $110M From Investors Like Sequoia
The Viral Gen Z App backed by Jeff Bezos, Marc Benioff & Dara Khosrowshahi | Dylan Diamond, CEO of Saturn
Last Week (2/24-2/28):
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.
Highlighted VC Deals include:
CoreWeave, MrBeast, Bitwise, Eikon, NinjaOne, Shop Circle, Lovable, Quantum Machines
Acquisitions & PE
Just Salad, Celsius/Alani, Motorola/RapidDeploy, MongoDB/Voyage AI
Funds
Footwork, Perplexity
Final Numbers
NVIDIA Revenue per Employee
VC Deals
Fintech:
- Bitwise, a crypto-focused asset manager, raised $70m led by Electric Capital, with participation from MassMutual, Highland Capital, MIT Investment Management Co., Haun Ventures, ParaFi Capital, Khosla Ventures, General Catalyst, Blockchain Coinvestors, and Nikesh Arora.
- Taktile, a New York City-based decision automation platform for financial services, raised $54 million in Series B funding. Balderton Capital led the round and was joined by existing investors Index Ventures, Tiger Global, Y Combinator, and others.
- Metronome, an SF-based provider of usage-based billing for software companies, raised $50m in Series C funding led by insider NEA. Other backers include a16z, General Catalyst, Workday Ventures, Greyhound Capital, Truebridge Capital Partners, Activant Capital, SineWave Ventures, and Megalith Ventures.
- Auditoria.AI, a San Jose-based AI agent for CFO offices, raised $38 million in funding. Innovius Capital led the round and was joined by Dell Technologies Capital, Sentinel Global, and existing investors Venrock, NeoTribe Ventures, Engineering Capital, and KPMG Ventures.
- Capim, a Sao Paulo-based financial solutions provider for the dental sector, raised $26.7 million in Series A funding. QED Investors and Valor Capital led the round and was joined by Endeavor, Saison, Actyus, and existing investors ONEVC, Canary, and NXTP.
- Venn, a Toronto-based Canadian banking platform, raised $21.5 million in Series A funding. Left Lane Capital led the round and was joined by XYZ Venture Capital, Intact Ventures, and Gradient.
- Subscript, a San Francisco-based revenue management platform for B2B SaaS companies, raised $15 million in Series A funding. Pelion led the round and was joined by First Round Capital, Kapor Capital, Forum Ventures, and Fresco Capital.
- Venn, a Canadian business banking and expense manage startup, raised US$15 million in Series A funding led by Left Lane Capital
- Vayu, a Tel Aviv-based revenue and billing management platform for B2B companies, raised $7 million in seed funding round. Flint Capital and The Garage led the round and were joined by existing investors Fresh.Fund, Secret Chord Ventures, and angel investors.
- Ethos, a New York City-based model risk management platform, raised $6 million in seed funding. Canapi Ventures led the round and was joined by Capital One Ventures and Better Tomorrow Ventures.
- Raise, a crypto platform for gift cards, raised $63m. Haun Ventures led, and was joined by Paper Ventures, Selini Capital, and GSR Ventures.
- Adaptive Insurance, an Austin-based AI-powered climate insurance solutions provider, raised $5 million in seed funding. Congruent Ventures led the round and was joined by Montauk Climate, Generation Space, and others.
- Quanta, a San Francisco-based AI-powered accounting service provider for software businesses, raised $4.7 million in seed funding. Accel led the round and was joined by basecase, Comma Capital, Designer Fund, Operator Collective, and angel investors.
Care:
- Eikon Therapeutics, a Hayward, Calif.-based drug discovery biotech, raised $350.7 million in Series D funding. Lux Capital led the round and was joined by Alexandria Venture Investments, The Column Group, Foresite Capital, and General Catalyst.
- Loyal, a San Francisco-based longevity drugs for dogs developer, raised $22 million in Series B-2 funding from Valor Equity Partners, Collaborative Fund, and others.
- Patlytics, a New York-based patent analytics platform, raised $14m in Series A funding. Next47 led, and was joined by Gradient Ventures, 8VC, Alumni Ventures, Liquid 2 Ventures, and Myriad Venture Partners.
- Charta Health, a San Francisco-based AI automated chart review and medical billing platform, raised $8.1 million in seed funding led by Bain Capital Ventures and was joined by SV Angel, South Park Commons, SpringRock Ventures, Refract Ventures, and angel investors.
- Ignota Labs, a Cambridge, England-based company rescuing failed drug development projects, raised $6.9 million in seed funding. Montage Ventures and AIX Ventures led the round and were joined by Modi Ventures, Blue Wire Capital, and Gaingels.
- Sonar Mental Health, a Sacramento-based AI-powered mental health platform for students, raised $2.4 million in pre-seed funding. Nina Capital led the round and was joined by GSR Ventures, J4 Ventures, and the Stanford University Social Impact Founder Fellowship.
- SimCare AI, a Chicago-based AI-powered clinical training platform, raised $2 million in seed funding. Y Combinator and Drive Capital led the round and were joined by Harper Court Ventures Fund, Singularity Capital, Triple S Ventures, and others.
Enterprise/Consumer:
- MrBeast (aka Jimmy Donaldson) is seeking to raise "a couple hundred million dollars" at a $5b valuation
- NinjaOne, an Austin, Texas-based IT platform for endpoint visibility, raised $500m in Series C extension funding at a $5b valuation co-led by Iconiq Growth and CapitalG.
- Shop Circle, a London-based provider of e-commerce software for brands, raised $60m in Series B funding. Nextalia Ventures led, and was joined by Endeavor Catalyst, along with existing investors such NFX, QED Investors, 645 Ventures, 3VC, and i80 Group.
- Taktile, a New York-based automated business decision engine, raised $54m in Series B funding. Balderton Capital led, and was joined by insiders Index Ventures, Tiger Global, YC, Prosus Ventures, Visionaries Club, and Larry Summers.
- Mimic, a Palo Alto-based ransomware defense technology developer, raised $50 million in Series A funding. GV and Menlo Ventures led the round and were joined by existing investors Ballistic Ventures, Team8, Wing Ventures, and Shield Capital.
- Relay, a London-based e-commerce technology developer, raised $35 million in Series A funding. Plural led the round and was joined by existing investors Project A and Prologis Ventures.
- Bridgetown Research, a Seattle-based business research AI agents developer, raised $19 million in Series A funding. Lightspeed and Accel led the round and were joined by others.
- Workhelix, a Palo Alto-based AI deployment and impact measurement platform, raised $15 million in Series A funding. AIX Ventures led the round and was joined by Andrew Ng’s AI Fund, Accenture Ventures, BGV, and others.
- Edera, a Seattle-based workload isolation technology developer, raised $15 million in Series A funding. M12 led the round and was joined by Mantis VC, IQT, existing investors Eniac Ventures, 645 Ventures, FPV Ventures, and others.
- Lovable, a Swedish developer of an "AI fullstack engineer," raised $15m in pre-Series A funding led by Creandum.
- RAD Security, a San Francisco-based cloud infrastructure security provider, raised $14 million in Series A funding. Cheyenne Ventures led the round and was joined by Forgepoint Capital, Lytical Ventures, Akamai, and existing investors .406 Ventures, Vertex Ventures, and Gula Tech Adventures.
- Patlytics, a San Francisco-based AI-powered patent platform, raised $14 million in Series A funding. Next47 led the round and was joined by existing investors Gradient, 8VC, Alumni Ventures, Liquid 2 Ventures, and Myriad Venture Partners.
- Goose, a Chicago-based operating system developer for pet care providers, raised $13.4 million in seed funding from B Capital, First Round Capital, The 81 Collection, and others.
- HouseWhisper, a workflow management assistant for real estate agents, raised nearly $10m in seed funding from Mayfield, PSL Ventures, and 75 and Sunny Ventures.
- Anagram, a New York City-based security training platform for employees, raised $10 million in Series A funding. Madrona led the round and was joined by existing investors General Catalyst, Bloomberg Beta, Operator Partners, and Secure Octane.
- Highstock, a New York City-based unsold inventory platform for wholesale buyers, raised $5.5 million in seed funding. Greylock led the round and was joined by Max Mullen.
- Firstwork, a San Francisco-based AI-powered frontline workers workforce management platform, raised $5 million in seed funding. Gradient led the round and was joined by YCombinator, SOMA Capital, 468 Capital, and others.
- Musubi, a Santa Barbara-based AI-powered content moderation platform, raised $5 million in seed funding. J2 Ventures led the round and was joined by Shakti Ventures, Mozilla Ventures, and existing investor J Ventures.
- Henry AI, a New York City-based AI-powered commercial real estate analyst, raised $4.3 million in seed funding. Susa Ventures and 1Sharpe Ventures led the round and were joined by RXR, Arden Venture Arms, Singularity Capital, and others.
- Breakout, a San Francisco-based AI-powered sales rep developer, raised $3.3 million in seed funding. Village Global led the round and was joined by Recall Capital, Z21 Ventures, and angel investors.
- WilsonAI, a Dover, Del.-based AI legal assistant, raised $1.7 million in pre-seed funding. Nomad Ventures led the round and was joined by Autopilot Ventures, Entrepreneur First, Transpose, angel investors.
HardTech:
- Quantum Machines, a Tel Aviv-based quantum control solutions provider, raised $170 million in Series C funding. PSG Equity led the round and was joined by Intel Capital, Red Dot Capital Partners, and existing investors.
- Skylo, a Mountain View, Calif.-based satellite connectivity company, raised $30 million in funding. NGP Capital led the round and was joined by Westly Group, existing investors Intel Capital, BMW i Ventures, Samsung Catalyst Fund, Next47, and others.
- VerAI Discoveries, a Boston-based AI-powered mineral assets discovery platform, raised $24 million in Series B funding. Insight Partners led the round and was joined by existing investors Blumberg Capital, Chrysalix Venture Capital, and Orion Industrial Ventures.
- Albert Invent, an Oakland-based AI-powered research and development platform for chemical innovation, raised $20 million in funding, valuing the company at $270 million. J.P. Morgan Private Capital’s Growth Equity Partners led the round and was joined by Coatue and TCV.
- Cambium, a Halethorpe, Md.-based supply chain platform for the wood industry, raised $18.5 million in Series A funding. VoLo Earth Ventures led the round and was joined by NEA, Dangerous Ventures, Tunitas Ventures, existing investors MaC Venture Capital, Rise of the Rest, 81 Collection, and others.
- Magdrive, an Oxfordshire, England-based satellite propulsion technology developer, raised $10.5 million in seed funding. VC Redalpine led the round and was joined by Balerion, Founders Fund, Alumni Ventures, and others.
- Claros, a McLean, Va.-based power management company, raised $9.8 million in funding from Red Cell Partners, General Catalyst, Virginia Venture Partners, Composite Capital Partners, and others.
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