Sourcery (7/10-7/14)
A Field Trip to The Getty ☀️ Collective, Silo, MerQube, Jirav, Mattilda, RightRev, Trunk Tools, Revolear, House Numbers, Roi, Bobbie, Causaly, CarePredict, Verifiable, Eureka, HawkEye 360, Gardens
Happy Tuesday ☀️
If you’re not in the South of France or the Hamptons right now, what are you doing?Answer: in LA pretending we’re in Europe.
A bit of a break from tech programming today since it is the summer and sometimes we all need to lighten up a bit and take a break. Emphasis on break.
The Getty
This past weekend we had a wholesome, long overdue, field trip with our fellow architecture frenetic friend Arjo. We went to one of our favorite buena vistas and fortified masses of travertine limestone in LA, The Getty Museum. You start the journey by taking the most realistic “Incredibles” tram up to the top of the mountain, complete with zero AC, and courageous music that heightens upon arrival. Once the doors open, the grounds are gorgeous, the angles are immaculate, and the structures and their cast shadows are dramatic. (despite the tourists.. but you can Google AI-shop them out.) I prefer to spend most of the time walking around the property, taking in the gardens, buildings, the clear view of the pacific ocean and the whole city, from Santa Monica to Century City, Beverly Hills to Downtown, and maybe even that forbidden land on the far east side. Not to mention, the many beautiful water rock gardens and man-made biodiversity.
But, when we did go inside the actual museum it was ‘mildly interesting’ to see the different collections they had on display from Ancient Greece and Italy (wow, I’d love to be on a boat off of Ithaca or Portofino right now), to Versailles (hats off to the craftsman of that big comfy bed), to present day Tim Walker (ok, Moncler ads). Even as a college ‘art student,’ I for some reason, still don’t have great patience with exhibitions, as much as I love them and they make me happy, I sort of run through them. But, it’s efficient.
Nevertheless, through any exhibition you will find the questioning of one of the greater mysteries of the human experience: identity. Whether it’s the artist going through an identity crisis themself or their muse, sometimes we’re all just searching for our own “self” and contemplating our own meaning in this world. (Man’s Search for Meaning is one of my favorite books, highly recommend).
Which can be pretty laughable, and a good historical reminder to not take yourself too seriously (sorry Succession), and to sometimes zoom out of your current life to see a wider perspective (cred: Sahil Bloom’s tweet). Yes, some points are super hard and exhausting. But keep it simple. If something makes you happy and you enjoy it, don’t overthink it. If you don’t know what you’re doing right now, not a problem, no one does. Be authentic, be yourself, be kind, and follow your passions & skills.
This was all excellently solidified by a distinctively large piece pointed out by Arjo, a canvas with thick paint, crayon colors, and a cheeky storyline mocking the false ‘order’ & ‘seriousness’ of society and what would happen if Jesus just-so-happened to stroll into town at the time: no one would notice what’s going on & everyone would look like clowns. Anyways, I think there should be more witty art. Humor is a great quality. Have some fun. Do your thing.
The piece: Christ’s Entry into Brussels in 1889, James Ensor
Musings
20VC: Simon Sinek on Trust; How it is Gained and Lost, Why Millennials Avoid Conflict, How to Listen Effectively, What Makes The Best Feedback and How to Provide It, Why Humans Do Not Change & How To Find Out Who You Really Are
Also a very enlightening piece on identity
A Conversation With One of The Greatest Venture Investors of All Time, Logan Bartlett
Listened to this one 2x, 5 stars.
The Billion Dollar Revenue Club: Move over Unicorns, Decacorns, and Centaurs. There's a more important club in town. The next big thing
Apparently companies need to make money now, weird.
. . .
Last Week (7/10-7/14):
Relevant deals include the 60+ deals across stages below.
I've categorized the deals below into four categories, Fintech, Care, Enterprise & Consumer, and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include Collective, Silo, MerQube, Jirav, Mattilda, RightRev, Trunk Tools, Revolear, House Numbers, Roi, Bobbie, Causaly, CarePredict, Verifiable, Eureka, HawkEye 360, Gardens, Savvy, Zluri, Nomic AI, Spline, Passes, RecruitBot, Gryps, Cove, Flagship, Trebellar, Pylon, Weflow, Ingest, CarbonCure, Bedrock, Pano AI; Scopely, Jumbo, Fondue, Certilogo; Oklo
Final numbers on More Ozempic (shocking stats) at the bottom.
Deals
Fintech:
- Collective, a San Francisco-based online back-office platform for self-employed businesses, raised $50 million in funding. Gradient Ventures, Innovius Capital, The General Partnership, General Catalyst, QED, Expa, Better Tomorrow Ventures, and others invested in the round.
- Silo Technologies, a San Francisco-based technology solutions provider for the food supply chain, raised $32 million in Series C funding. Koch Disruptive Technologies led the round and was joined by Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital, and Moore Capital.
- MerQube, a San Francisco-based index-linked investing company, raised $22 million in Series B funding. Intel Capital led the round and was joined by Allianz Life Ventures, Citi, J.P. Morgan, Laurion Capital Management, and UBS.
- Jirav, a San Francisco-based financial planning and analysis solution, raised $20 million in Series B funding. Cota Capital led the round and was joined by Born Capital, Alumni Ventures, Information Venture Partners, and Bluefish Ventures.
- Mattilda, a Mexico City-based collections and payments platform for private schools, raised $19m in Series A funding. GSV Ventures led and was joined by FinTech Collective. https://axios.link/3JXWFOG
- RightRev, a Santa Clara, Calif.-based cloud-based finance and accounting startup, raised $12m in funding. Norwest Venture Partners and Salesforce Ventures co-led, and were joined by Correlation Ventures and Idea Fund Partners. https://axios.link/43jjvqV
- 73 Strings, a Paris-based augmented intelligence platform for illiquid assets, raised $10 million in Series A funding. Blackstone Innovations Investments and Fidelity International Strategic Ventures co-led the round and was joined by Broadhaven Ventures.
- Trunk Tools, a New York-based employee payment platform for the construction industry, raised $9.9 million in seed funding. Innovation Endeavors led the round and was joined by Fifth Wall, Foundation Capital, and others.
- Efficient Capital Labs, a provider of revenue-based financing for B2B SaaS companies, raised $7m led by QED Investors. https://axios.link/44kWLrS
- CapStack, a Miami-based integrated operating system for banks, raised $6 million in pre-seed funding. Fin Capital led the round and was joined by Cambrian Ventures, Alloy Labs, Cowboy Ventures, Future Perfect Ventures, Gaingels, Selah Ventures, Uncorrelated Ventures, and Valor Equity Partners.
- Revolear, an SF-based B2B deals platform, raised $6m in seed funding from co-founders of Veeva and Vlocity. https://axios.link/3XRhEbQ
- Gondi, a New York-based NFT protocol for lenders, raised $5.4m in seed funding. Hack VC and Foundation Capital co-led, and were joined by Dragonfly Capital, Pantera Capital and 6th Man Ventures. www.gondi.xyz
- Nest Egg, a Conshohocken, Pa.-based on-demand video financial advisor platform, raised $5 million in funding. OceanFirst Bank, Republic Bancorp, and others invested in the round.
- OneAdvisory, a Miami-based wealth tech startup, raised $4.3m in seed funding, per Axios Pro. Backers include Fika, Twelve Below, Expa, CoFound, Valor Equity, Atomic’s Jack Abraham, and Iconiq’s Chris Hubbell. https://axios.link/3rlkY2O
- House Numbers, a Sparks, Nev.-based wealth management platform for homeowners, raised $3.75m seed funding led by Resolute Ventures, per Axios Pro. https://axios.link/3rmRLEF
- Roi, a New York-based investing app, raised $3.6m. Spark Capital led, and was joined by Gradient Ventures, 35 Ventures, 500 Startups and Contrary Capital. https://axios.link/3JTfeDR
- Equabli, an Austin, Texas-based debt recovery startup, raised $3.35m. Social Leverage led, and was joined by BankTech Ventures and Cross River Digital Ventures also participated. www.equabli.com
- Sourcetable, an SF-based spreadsheet startup, raised $3m in seed funding led by Bee Partners. https://axios.link/3D8vjla
. . .
Care:
- Bobbie, an SF-based organic infant formula startup, raised $70m in Series C funding led by PowerPlant Partners. It also acquired Nature’s One, a Lewis Center, Ohio-based pediatric nutrition company. https://axios.link/3pMi7iW
- Causaly, a London-based AI platform for pharma testing, raised $60m in Series B funding. Iconiq Growth led, and was joined by insiders Index Ventures, Marathon Venture Capital, EBRD, Pentech Ventures and Visionaries Club. https://axios.link/46JTt38
- CarePredict, a Fort Lauderdale, Fla.-based provider of preventive care enablement tech, raised $29m. Medtech Convergence Fund and Aspire Healthtech Partners co-led, and were joined by Secocha Ventures and Las Olas VC. https://axios.link/3Y3Qpep
- Verifiable, an Austin, Texas-based health care credentialing and compliance automation startup, raised $27m in Series B funding. Craft Ventures led, and was joined by Highland Capital Partners, 137 Ventures, Cooley and insiders The Altman Fund and Struck Capital. https://axios.link/3XHguQb
- Affect Therapeutics, a McLean, Va.-based addiction treatment company, raised $16 million in Series A funding. ARTIS Ventures led the round and was joined by AlleyCorp, CityLight, LifeArc Ventures, Samsung Next, and What If Ventures.
- Eureka Health, a San Francisco-based platform for sharing medical treatments, raised $7 million in funding. Khosla Ventures led the round and was joined by South Park Commons and other angels.
- Fold Health, an SF-based tech startup focused on outcome-based primary care, raised $6m from Iron Pillar. www.fold.health
- Gradia Health, a San Francisco-based integrated concierge care platform for clinics to support patients with chronic conditions, raised $4.2 million in seed funding. MaC Venture Capital led the round and was joined by YCombinator, Soma Capital, Atlanta Ventures, and others.
- Attn: Grace, a Cambridge, Mass.-based personal care brand for women, raised $2 million in funding. For Later led the round and was joined by Flybridge, Kapor Capital, Portfolia, Ingeborg Investments, and Commonwealth.
- Anise Health, a New York-based telemental health startup focused on Asian-Americans, raised $1.2m in pre-seed funding. Kicker Ventures led, and was joined by Gold House Ventures and Allston Venture Fund. www.anisehealth.co
. . .
Enterprise & Consumer:
- HawkEye 360, a Herndon, Va.-based defense technology company, raised $58 million in Series D-1 funding. Funds and accounts managed by BlackRock led the round and was joined by Manhattan Venture Partners, Insight Partners, NightDragon, Strategic Development Fund, Razor’s Edge, Alumni Ventures, and Adage Capital.
- Secure Code Warrior, a Sydney, Australia-based agile learning platform, raised $50 million in Series C funding. Paladin Capital Group led the round and was joined by Goldman Sachs and ForgePoint Capital.
- Gardens, an LA-based gaming studio raised $31.3m in Series A funding co-led by Lightspeed Venture Partners and Krafton. https://axios.link/3rrNsrO
- Raft, a London-based intelligent logistics platform, raised $30 million in Series B funding. Eight Roads led the round and was joined by Bessemer Venture Partners, Episode 1, Dynamo Ventures, and Moguntia Capital.
- RADAR, a New York-based in-store inventory tracking platform, raised $30 million in Series A funding. Align Ventures led the round and was joined by RX Ventures and others.
- Savvy, a SaaS security startup, raised $30m. Canaan Partners led, and was joined by Cyberstarts and Lightspeed Venture Partners. https://axios.link/3Y1xilb
- Simbe Robotics, a San Francisco-based A.I. and robotics company for inventory and operations purposes, raised $28 million in Series B funding led by Eclipse.
- Zluri, a Milpitas, Calif.-based SaaS operations platform, raised $20 million in Series B funding. Lightspeed Venture Partners led the round and was joined by MassMutual Ventures, Endiya Partners, and Kalaari Capital.
- Nomic AI, a New York-based A.I. explainability and accessibility company, raised $17 million in Series A funding. Coatue led the round and was joined by Contrary Capital, Betaworks Ventures, SV Angel, Story Ventures, Factorial Capital, and other angels.
- Spline, a Middletown, Del.-based design tool for creating 3D assets, raised $15m in seed funding. Gradient Ventures led, and was joined by First Round Capital, NXTP, Chapter One, Vercel CEO Guillermo Rauch, YC and Backend Capital. https://axios.link/3PYHTuX
- Cavli, a San Jose-based cellular Internet of Things company, raised $10 million in Series A funding co-led by Chiratae Ventures and Qualcomm Ventures.
- Vendict, a Tel Aviv-based generative A.I. security and compliance startup, raised $9.5 million in seed funding. NFX, Disruptive AI, and Cardumen Capital invested in the round.
- Passes, a Miami-based relationship building platform for creators with their communities, raised $9 million in seed funding. Multicoin Capital led the round and was joined by Florida Funders, Anti Fund, Gradient Ventures, Craft Ventures, Menlo Ventures, and 11:11 Media.
- SpecterOps, a Seattle-based cybersecurity solutions provider, raised an additional $8.5 million in Series A funding from Ballistic Ventures.
- RecruitBot, a San Francisco-based hiring platform, raised $8.2 million in additional seed funding. Slow Ventures led the round and was joined by OCA, Freestyle, Parade, and Kevin Mahaffey.
- Resemble AI, a San Francisco-based generative voice A.I. platform, raised $8 million in Series A funding. Javelin Venture Partners led the round and was joined by Comcast Ventures, Craft Ventures, and Ubiquity Ventures.
- Performance Livestock Analytics, an Ames, Iowa-based precision livestock platform, raised $7.5 million in funding from Builders VC and Alaris Capital.
- Gryps, a Bronx-based connected intelligence platform for the construction industry, raised $6.2m from firms like Primary Venture Partners, per an SEC filing.
- Infinite Canvas, a New York-based user-generated gaming studio-publisher, raised $6 million in seed funding. BITKRAFT led the round and was joined by HBSE, Warner Music Group, J Ventures, Lightshed, Day One Ventures, Emerson Collective, and Crossbeam.
- Outverse, a London-based community platform for SaaS companies, raised $6m in seed funding. Wing VC led, and was joined by Notion Capital, Seedcamp, Connect Ventures, and Tiny VC. https://axios.link/44D4FN1
- Cove, a New York-based trust and safety platform for the web, raised $5.8 million in seed funding. Thrive Capital led the round and was joined by Sound Ventures, Common Sense Growth, Neo, Elad Gil, and others.
- Flagship, a New York-based retail inventory planning platform, raised $5 million in seed funding. Insight Partners led the round and was joined by Dream Ventures, Essential Capital, Klemhurst, Future Archives, AUFI Ventures, and the Kleiner Perkins Scout Fund.
- Vellum, a New York-based generative AI prompting startup, raised $5m in seed funding from Rebel Fund, Eastlink Capital, Pioneer and YC. https://axios.link/46GDJhg
- Zoomph, a Reston, Va.-based B2B sports marketing intelligence software company, raised $4 million in Series A funding. Jurassic Capital led the round and was joined by Lalotte Ventures.
- Aktivate, a New York-based scholastic sports management software provider, raised $3.7 million Series A funding. Will Ventures, Tal Ventures, and Benson Oak Ventures co-led the round and were joined by 97212 and Tieferes Ventures.
- Trebellar, an SF-based workplace data integration platform, raised $3.5m from Haystack, Altcapital, KFund and Jetstream. https://axios.link/44IAT9O
- Pylon, a San Francisco-based customer message management platform, raised $3.2 million in seed funding led by General Catalyst.
- Weflow, a Berlin-based pipeline management and forecasting platform, raised $3.2 million in seed funding. Gradient Ventures led the round and was joined by Cherry Ventures, Hello World, and other angels.
- Inngest, an SF-based code automation platform, raised $3m in seed funding led by GGV. https://axios.link/44ns19H
- SpeedyBrand, a San Francisco-based generative A.I. platform for content marketing, raised $2.5 million in seed funding co-led by GV and Y Combinator.
. . .
Sustainability:
- CarbonCure, a Canadian carbon removal startup focused on the concrete industry, raised US$80m. Blue Earth Capital led, and was joined by Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund, 2150, BH3 Growth Equity and Samsung Ventures. https://axios.link/3rmSFRz
- Nexus PMG, an Addison, Texas-based sustainable infrastructure developer, raised $50m. Greenbacker Capital Management led, and was joined by Ontario Power Generation Pension Fund and Liberty Mutual Insurance. https://axios.link/3D8KQkY
- Bedrock, a developer of autonomous underwater vehicles for surveying and mapping coastal areas, raised $25.5m. Northzone and Primary Venture Partners co-led, and were joined by Valor Equity Partners, Eniac, Quiet Capital and R7. https://axios.link/3roPB7p
- Pano AI, an SF-based wildfire detection startup, raised $20m in Series A extension funding. Valor Equity Partners led, and was joined by Salesforce Ventures and T-Mobile Ventures. https://axios.link/3XMnk75
Acquisitions & PE:
- Savvy Games, owned by Saudi Arabia's sovereign wealth fund, completed its $4.9b acquisition of Scopely, a Culver City, Calif.-based maker of mobile games like Marvel Strike Force, Monopoly GO and Scrabble GO. Scopely had raised nearly $1 billion in VC funding from backers like Greycroft, Evolution Media Capital, Highland Capital Partners, Anthem Venture Partners, Sands Capital, Cross Creek. Revolution, Pritzker Group VC, NewView Capital, Scale-Up Venture Capital, Carbon Arrow Capital, and Wellington.
- When I Work acquired Lean Financial, a San Diego-based financial products provider. Financial terms were not disclosed.
- Coalition, an SF-based cyber risk insurer valued by VCs at $5b, acquired Jumbo, an online privacy control app that had raised around $25m from firms like Index Ventures, Balderton Capital, Thrive Capital, Kima Ventures, NextView Ventures and SV Angel. https://axios.link/3XPdEIH
- Diamond Foundry, an SF-based synthetic diamond maker valued at $1.8b by VCs in 2021, is seeking €600 million to build a new manufacturing facility in Spain, per Axios Pro. https://axios.link/3NQLoRA
- Tricentis, an Austin, Texas-based automated testing startup, acquired Waldo, an automated testing tool for mobile dev teams. Tricentis has raised over $200m from firms like Insight Partners, ViewPoint Capital Partners and Harbert Management, while Waldo was seeded with $15m from backers like Insight and Matrix Partners. https://axios.link/3rnadgu
- Postscript, a Scottsdale, Ariz.-based SMS marketing platform for Shopify stores, acquired a majority stake in Fondue, a cash-back app for Shopify brands. Postscript has raised over $130m from firms like Greylock, Accomplice and 01 Advisors, while Fondue raised $18m from Quiet Capital, Hanaco VC, Headline Asia, Ground Up Ventures, Starting Line, R-Squared Ventures, Gaingels, Verissimo Ventures, Samsung Next Ventures, JAM Fund, Infinity Ventures and Sugar Capital. https://axios.link/3JUFYUu
- eBay (Nasdaq: EBAY), a global commerce leader, acquired Certilogo, an Italian provider of apparel authentication. www.certilogo.com
- Greenfly, a Santa Monica, Calif.-based digital media company, acquired Miro AI, a Hong Kong-based sports content-as-a-service platform. Greenfly has raised $44m from firms like Alpha Edison, Elysian Park Ventures and Iconica Partners. www.greenfly.com
- ExxonMobil (NYSE: XOM) agreed to buy Denbury (NYSE: DEN), a Plano, Texas-based carbon capture and storage company, for $4.9 billion in stock.
. . .
SPACs:
- Oklo, a nuclear fission startup chaired by OpenAI CEO Sam Altman, agreed to go public at an implied $850m pre-money valuation via AltC Acquisition Corp. (NYSE: ALCC), a SPAC led by Altman and Churchill Capital. Oklo's VC backers include DCVC, Armada Investment, Trust Ventures and Draper Associates. https://axios.link/3D4wTVn
Funds:
- Wing Venture Capital, a Palo Alto-based venture capital firm, raised $600 million for a fund focused on A.I. startups.
- Distributed Ventures, a Chicago- and New York-based venture capital firm, raised $100 million for a fund focused on early-stage investments across insurtech, healthtech, and fintech verticals.
- Carlyle has secured $591m for its second renewables and sustainable energy fund, which could raise up to $2b. https://axios.link/3XLVBDx
- Adverb Ventures, a new firm led by Jess Verrilli (ex-Twitter, GV) and April Underwood (Slack), raised $75m for its debut fund. www.adverb.vc
In 2012, Danish pharmaceutical giant Novo Nordisk developed semaglutide, a medication to be taken once a week to help tackle type 2 diabetes. The injectable drug was trialed in 2016 and was approved by the FDA a year later, under the brand name Ozempic.
Unintended consequences
As is common in the process of developing and bringing new drugs to market, users quickly began reporting on Ozempic’s various side effects. Generally, these weren’t particularly pleasant — nausea being one of the most common. But there was one by-product that wasn’t completely unwelcome for some Ozempic patients — as many reported significant weight loss while taking the drug.
Fast forward to today, 2 years after Novo Nordisk’s re-trialed and rebranded version of semaglutide known as Wegovy was approved by the FDA specifically for the purpose of “chronic weight management”, and Ozempic has been called “Hollywood’s worst-kept secret”. Oscars host Jimmy Kimmel even referenced the weight loss injectable in the first two minutes of his opening monologue in March — but it’s not just paid-up members of the Hollywood glitterati that have turned to the drug in recent years.
Scaling up
Prescriptions for Ozempic, which is still technically only approved as a treatment for type 2 diabetes, have soared in recent years as word continues to spread about the drug and its reported pound-shifting properties. Indeed, at the start of 2018, US Ozempic prescriptions weren’t even breaking the 100 mark — by 2020, there were over 100,000 a week. That figure has risen even higher since, making it the most prescribed diabetes drug in America by some distance, with doctors increasingly prescribing Ozempic "off-label" — that is for a different purpose from what the medication is explicitly intended for.
And Ozempic isn't the only diabetes drug that's seen a surge in demand. Novo-produced Rybelsus has also soared, as has Mounjaro, which is one of the fastest-rising diabetes treatments, and being tipped by some doctors as the most powerful on the market in terms of weight loss credentials. Developers Eli Lilly are looking to get FDA approval of the drug for that purpose by the end of 2023.
Weighting game
While there’s nothing particularly new about people trying to manage and keep their weight down, the number of people who may be tempted to experiment with medical remedies like Ozempic, Wegovy, and Mounjaro is higher than ever, as obesity rates have risen in the US.
The CDC has been taking periodic surveys of the nation’s health since 1960 when the overall share of obese US adults (those whose Body Mass Index exceeded 30) was just 13%. That figure, as well as the number of Americans who are severely obese (BMI at or over 40), has soared in the years since, hitting 43% according to the latest survey in 2018. The rises have affected men and women similarly too, with male obesity rising ~4x from 1962-2018, and the share of severely obese women in the US soaring more than 10x across the same period.
Some experts suggest the late 1970s and early 1980s as points at which the obesity epidemic picked up in the US, with many nodding to increasing levels of dietary fat, sugar, and ultra-processed foods as possible causes. However, even with that backdrop, the acceleration in obesity rates in recent years has been stark — and the full effects are being felt today. Indeed, obesity in America costs an estimated $260 billion each year in inpatient and outpatient care and causes thousands of preventable illnesses and deaths annually according to the National Institute of Health. Given the scale of the issue, many have been waiting for a "magic solution" for years.
The material presented on Molly O’Shea’s website are my opinions only and are provided for informational purposes and should not be construed as investment advice. It is not a recommendation of, or an offer to sell or solicitation of an offer to buy, any particular security, strategy, or investment product. Any analysis or discussion of investments, sectors or the market generally are based on current information, including from public sources, that I consider reliable, but I do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. My views and opinions expressed in any website content are current at the time of publication and are subject to change. Past performance is not indicative of future results.
I went To Getty Villa. What a wonderful place . Just beautiful. Exactly how you described it.