Sourcery (7/17-7/21)
Barbie & Oppenheimer + "X" ☀️ Karat, Runway, Anduin, Portrait Analytics, CarePredict, Collectly, Lambda Labs, Skims, 09 Solutions, Preply, Tractable, Unstructured, Embrace, Whop.com
Happy Last Tuesday of July 🥴
Whoops, sorry
For starters, I have to admit I did not see either Barbie or Oppenheimer this weekend! So no spoiler alerts here.. but we all know how Ops ends.
However, passively absorbing all of the “X” chatter (fka Twitter) has been mildly interesting. It seems like some are feeling emasculated/intimidated by uprising of the heroine that is Barbie, while others are feeling empowered with the image of a fearless female figure.
And then on the dark side, some feel creatively dazzled by Christopher Nolan’s 70mm IMAX masterpiece, while others are unfulfilled by the missed opportunity for the next “Social Network” of industry inspiration for the upcoming generation of scientists with Oppenheimer.
Everyone’s a critic. But that’s showbiz, baby.
Last week had a healthy amount of startup funding announcements - especially for the summer! Check them out below.
Musings
Josh Kushner - Building Thrive Capital, Invest Like the Best
For someone who doesn’t speak publicly often, this was just an incredible treat to listen to.
#2010 - Marc Andreessen, Joe Rogan
AI optimism, cults of California, & the future of technology in the US
Read more in Marc Andreessen’s Substack
Michael Moritz moves on, book-ending a long chapter at Sequoia Capital, TechCrunch
👀 Also: Sequoia Cuts One-Third Of Talent Team Amid Firm Restructuring, Alex Konrad
What to Watch in AI, Mario Gabriele
Investors from Sequoia, USV, Kleiner Perkins, and more select the AI startups you should keep an eye on.
Dr. Julie Gurner: Caring Deeply, Challenging Directly, The Knowledge Project
Top percentile executive performance coach & doctor of psychology
Podcast covers: discipline, motivation, the imaginary rules we learned as children that hold us back today, setting boundaries, the advantages of caring deeply and challenging directly, and much more..
How to enhance performance and learning by applying a growth mindset, Dr Huberman
Misc.
Yeezys are still in high demand: Adidas has taken $565 million worth of online orders for the first batch of unsold Ye-designed sneakers
The Instagram rich list: how much high-profile posters like Cristiano Ronaldo and Kylie Jenner are earning per picture
Great visual deep dive on the competitive space race between North and South Korea
. . .
Last Week (7/17-7/21):
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 Karat, Cosmic Wire, Runway, Anduin, Portrait Analytics, CarePredict, Collectly, Lambda Labs, Skims, 09 Solutions, Preply, Tractable, Unstructured, Embrace, Wing Cloud, Whop.com, KOMI, Figure, Skillit, Leverage, GlobalComix, Bureau, Craftwork, Huq, Offsite, SpeedyBrand, Telescope, Metafold, Tenered, Silver, Isometric, Verse; ThoughtSpot/Mode Analytics; Oddity Tech
Final numbers on Barbie + Oppenheimer Box Office at the bottom.
Deals
Fintech:
- Karat Financial, a Los Angeles-based maker of fintech tools for content creators, raised $40m in Series B funding led by SignalFire, with Union Square Ventures, CRV, GGV, Commerce Ventures and Dreamers VC also participating. It also raised $30m in debt from TriplePoint Capital. https://axios.link/46TnDB0
- Cosmic Wire, a Miami-based Web3 and blockchain solutions provider, raised $30 million in seed funding co-led by Solana Foundation and Polygon.
- Mynd, a Oakland, Calif.-based real estate investing startup, raised $30m in new funding led by Invesco, with existing investors also participating. www.mynd.co
- Runway, a San Francisco startup financial planning tools maker, raised $27.5m in Series A funding led by Initialized Capital, with Elad Gil and Jason Tan also participating. https://axios.link/3DoIzlH
- Cymbal, a Menlo Park, Calif.-based Ethereum blockchain explorer platform, raised $18.5 million in funding. Patron, GV, Acrew, First Round Capital, Coinbase Ventures, Solana Ventures, CAA Connect, UTA Ventures, and others invested in the round.
- Anduin, a Los Altos, Calif.-based investor relationship platform, raised $15.6 million in Series B funding. 8VC led the round and was joined by GC1 Ventures and others.
- Radiant Capital, a remote-based lending and borrowing protocol, raised $10 million in funding from Binance Labs.
- Efficient Capital Labs, a New York-based nondilutive capital provider to B2B SaaS companies, raised $7 million in pre-Series A funding. QED Investors led the round and was joined by 645 Ventures, The Fund, Lorimer Ventures, Riverside Ventures, and Generalist.
- Portrait Analytics, a Boston-based generative A.I. platform developer for investment research and thesis creation, raised $7 million in funding. Unusual Ventures led the round and was joined by .406 Ventures and others.
- SquadTrip, a Tulsa, Okla.-based automated payment solution for group trips, raised $1.3 million in funding led by Atento Capital.
. . .
Care:
- CarePredict, a Plantation, Fla.-based health care provider for senior citizens, raised $29 million in Series A-3 funding co-led by SV Health Investors’ Medtech Convergence Fund and Aspire Healthtech Partners.
- Collectly, a Santa Monica, Calif.-based patient financial engagement software company, raised $29m in Series A funding led by Sapphire Ventures, with YC, Wayfinder Ventures, Burst Capital, Cabra VC, and Davidovs VC also participating. https://www.collectly.co/
- Torch Dental, a New York-based dental supply partner for dental practices, raised $28 million in Series B funding. Health Velocity Capital led the round and was joined by Bessemer Venture Partners, FJ Labs, Felicis Ventures, Tectonic Ventures, Raga Partners, Town Hall Ventures, and others.
- Herself Health, a St. Paul, Minn.-based health care company for women 65 and older, raised $26 million in Series A funding. Michael Cline of Accretive led the round and was joined by Juxtapose.
- SiPhox Health, a Burlington, Mass.-based home health testing company, raised $17 million in Series A funding. Intel Capital led the round and was joined by Khosla Ventures, Kortex Ventures, Alumni Ventures, Metaplanet, Shorewind Capital, LongeVC, Overlap Holdings, and Duke Capital Partners.
- Peppermint, a New York-based social media app for adults ages 55 and older, raised $8 million in seed funding. Primetime Partners and Redesign Health invested in the round.
. . .
Enterprise & Consumer:
- Lambda Labs, a San Francisco-based cloud infrastructure provider, is raising $300m in new funding from investors including Nvidia, according to The Information. https://axios.link/3XTQDVb
- Skims, the shapewear company founded by Kim Kardashian, raised $270 million at a $4 billion valuation in a round led by Wellington Management. Greenoaks Capital Partners, D1 Capital Partners and Imaginary Ventures also participated in the round, which raised the company's valuation from the $3.2 billion it had at its previous round. “the company was now profitable and on track for $750 million in sales this year, up from $500 million in 2022. About 15 percent of its online customers come from outside the United States, and nearly 70 percent of its overall customers are millennials or Gen Z-ers." — Michael de la Merced, NYT
- o9 Solutions, a Dallas-based supply chain planning and demand forecasting company, raised $116m in new funding at a $3.7b valuation led by General Atlantic's BeyondNetZero, with KKR and Generation Investment Management also participating. www.o9solutions.com
- Netcraft, a U.K.-based cybersecurity company, raised more than $100m from Spectrum Equity. www.netcraft.com
- Preply, a Brookline, Mass.-based online language learning marketplace, raised $70m in additional Series C funding led by Horizon Capital, with Reach Capital, Hoxton Ventures and other existing investors also participating. www.preply.com
- Tractable, a London-based car and home assessment company, raised $65 million in Series E funding. SoftBank Vision Fund 2 led the round and was joined by Insight Partners and Georgian.
- Hammerspace, a San Mateo, Calif.-based global data access platform, raised $56.7 million in funding. Prosperity7 Ventures led the round and was joined by Pier 88 Ventures, ARK Invest, and others.
- Futureverse, a Los Angeles-based AI and metaverse technology and content startup, raised $54m in Series A funding led by 10T Holdings, with Ripple also participating. www.futureverse.com
- Hightouch, a San Francisco-based data syncing platform, raised $38 million in funding. Bain Capital Ventures led the round and was joined by ICONIQ Capital and Amplify Partners.
- ProShop, Bellingham, Wash.-based machine shop software provider, raised $32m in new funding from Mainsail Partners. www.proshoperp.com
- Unstructured, a Sacramento-based large language data management startup, raised $25m in seed and Series A funding led by Madrona, with Bain Capital Ventures, M12 Ventures, Mango Capital, MongoDB Ventures, Shield Capital, Harrison Chase, Bob van Luijt, and Josh Lefkowitz also participating. www.unstructured.io
- Embrace, a Los Angeles-based mobile experience engineering provider, raised an additional $20 million in funding. NEA led the round and was joined by Greycroft, AV8, and Eniac.
- Wing Cloud, a Tel Aviv-based software solutions provider for developers and DevOps teams, raised $20 million in seed funding. Battery Ventures led the round and was joined by Grove Ventures, StageOne Ventures, Secret Chord Ventures, Cerca Partners, Operator Partners, and other angels.
- Cognaize, a New York-based intelligent document processing company, raised $18 million in Series A funding. Argonautic Ventures led the round and was joined by Metaplanet and others.
- Terminal Industries, an Austin-based A.I. logistics platform, raised $17 million in seed funding. 8VC and Prologis Ventures co-led the round and were joined by RyderVentures, NFI Ventures, Lineage Logistics, Vehicle Velocity Group, the Friedkin Group International, 9Yards, Northstar.vc, Amplifier, and MS&AD Ventures.
- Whop.com, a New York-based marketplace for digital products, raised $17m in Series A funding from Insight Partners, Zinal Growth, Peter Thiel, Justin Mateen, Justin Kan, The Chainsmokers, Vivek Ranadive, David Blitzer, Josh Richards, Griffin Johnson, James Harden, Cory Levy, and Josh Browder. www.whop.com
- KOMI, a West Hollywood, Calif.-based creator commerce platform, raised $12 million in Series A funding. RTP, Third Prime, Antler, E& Capital, and Contour Ventures co-led the round and was joined by Sony Music Entertainment, Live Nation, and Laffitte Management Group.
- GGWP, a San Francisco-based game moderation platform, raised $10m in new funding from Samsung Ventures and SK Telecom Ventures. www.ggwp.com
- Figure, a Sunnyvale, Calif.-based A.I. robotics company, raised $9 million in additional Series A funding from Intel Capital.
- Skillit, a New York-based construction labor recruiting startup, raised $8.5m in additional seed funding led by MetaProp and Bow Capital, with Building Ventures also participating. www.skillit.com
- FedML, a Sunnyvale, Calif.-based collaborative A.I. platform, raised $7.2 million in its second closing of seed funding. Camford Capital led the round and was joined by Road Capital and Finality Capital Partners.
- BusRight, a New York-based school bus technology provider, raised $7 million in Series A funding. Las Olas Venture Capital led the round and was joined by Ubiquity Ventures, Underscore VC, Long Journey Ventures, SilverCircle, Automotive Ventures, Alumni Ventures, CreativeCo Capital, and other angels.
- Leverage, a New York-based supply chain visibility startup, raised $7m in funding led by Chicago Ventures, with Las Olas Venture Capital, Remarkable Ventures, Tensility and Florida Funders also participating. https://axios.link/3rzKUbb
- Higharc, a Durham, N.C.-based intelligent home building platform for design, sales, and construction, raised $6.5 million in funding. Standard Investments, Home Depot Ventures, and others invested in the round.
- GlobalComix, a Pittsburgh-based digital comics distribution company, raised $6.5m in Series A funding led by Point72 Ventures, with Endeavor and others also participating. https://axios.link/3pVeTJW
- Prospective, a New York-based, interactive analytics and data visualization tool for large and streaming datasets, raised $6 million in seed funding. Point72 Ventures led the round and was joined by Silicon Badia, Irregular Expressions, Essence Ventures, Giant Machines, and REFASHIOND Ventures.
- InspectionGo, a Tyrone, Pa.-based home inspection experience platform, raised $5.5 million in Series A funding led by Wasatch Equity Partners.
- Cleanlab, a San Francisco-based A.I. accuracy boosting platform, raised $5 million in seed funding led by Bain Capital Ventures.
- Bureau, a San Francisco-based fraud and identity decisioning platform, raised an additional $4.5 million in Series A funding from GMO Venture Partners and GMO Payment Gateway.
- Craftwork, a Charlotte, N.C.-based house painting startup, raised $4m in seed funding from Y Combinator, Lachy Groom, Immad Akhund, Louis Beryl, and Roger Dickey. https://axios.link/3rqCkv0
- Huq Industries, a U.K.-based foot traffic data provider, raised £4m in funding led by 24 Haymarket, with ACF Investors also participating. www.huq.io
- Vibrant, an Albuquerque, N.M.-based nondestructive testing technology company, raised $3.35 million in funding led by Advantage Capital.
- Offsite, a New York-based company retreat marketplace, raised $3m in funding from Forum Ventures, Automattic, Right Side Capital, Integral, Splash Capital, Genius Ventures, and angel investors. https://axios.link/3NWx1Lr
- SpeedyBrand, a San Francisco-based generative AI startup, raised $2.5m in seed funding led by Y Combinator and GV. www.speedybrand.io
- Teleskope, a New York-based data protection platform, raised $2.2 million in pre-seed funding led by Lerer Hippeau.
- Metafold, a Toronto-based 3D engineering platform, raised $1.78 million in seed funding. Differential Ventures led the round and was joined by Active Impact Investments, Jetstream, and Standup Ventures.
- Reworkd.ai, a Canadian generative AI startup, raised $1.25m in pre-seed funding led by Panache Ventures, with Y Combinator also participating.
. . .
Sustainability:
- Tenderd, a UAE-based fleet and emission management startup, raised an undisclosed amount of funding from Saudi Aramco's Wa'ed Ventures. https://axios.link/44N7Sd2
- Sylvera, a London-based carbon data provider, raised $57 million in Series B funding. Balderton Capital led the round and was joined by Index Ventures, Insight Partners, Bain & Company, Salesforce Ventures, Speedinvest, Seedcamp, LocalGlobe, Fidelity Strategic Ventures, and 9Yards Capital
- Isometric, a U.K.-based carbon removal registry and science company, raised $25m in seed funding led by Lowercarbon Capital and Plural. www.isometric.com
- Verse, a San Francisco-based clean energy procurement and management company, raised $5.75 million in seed funding. Coatue led the round and was joined by Twine Ventures, MCJ Collective, firstminute capital, Collaborative Fund, Future Positive, Incite.org, and others.
- Nitrofix, a Petah Tikva, Israel-based green ammonia company, raised $3.1 million in seed funding. Clean Energy Ventures led the round and was joined by SOSV, Zero Carbon Capital, UM6P Ventures, High House Investments, and others.
Acquisitions & PE:
- Greenfly acquired Miro AI, a Grand Haven, Mich.-based content-as-a-service platform for the sports industry. Financial terms were not disclosed.
- ThoughtSpot acquired Mode Analytics, a San Francisco-based business intelligence platform, for $200 million.
- Logitech (Nasdaq: LOGI) acquired Loupedeck, a Finnish editing console maker. It was backed by Founders’ Edge, Play Ventures, zVentures, and the Finnish Business Angel Network. https://axios.link/3DhWVV4
. . .
IPOs:
- Oddity Tech, a New York-based beauty company whose brands include Il Makiage, went public on Wednesday after raising about $424 million at a valuation of about $2.7 billion.
It's continuing the very slow — but cautiously encouraging — return of public listings. Its shares rose 35% to $47.53 a piece at close — above the $35 a share IPO price it set the day before. Last year, it had $21.7 million in profits and sales reached $324.5 million. In the quarter ended March 31, it generated $165.7 million in revenue on profit of $19.6 million.
Funds:
- Mayfield, a Menlo Park, Calif.-based venture firm, carved out $250m from existing capital for an AI-focused seed fund, and hired Vijay Reddy as an AI-focused partner. https://axios.link/43vcB20
- Polychain Capital, a San Francisco-based crypto-focused firm, raised around $200m for a first close of its fourth fund, which is targeting about $400m, according to Fortune. https://axios.link/3K32lXZ
- Bracket Capital, a Los Angeles-based growth and later-stage venture firm, raised $150m for its third set of flagship funds and $300m to co-invest alongside. www.bracketcapital.com
- Pure Ventures (formerly Alpha Bridge Ventures), a San Francisco-based early-stage venture capital firm, raised $20m for its second fund. It also hired Alicia Zeng as director of operations. www.pureventuresvc.com
- CoinFund, a New York-based crypto-native investment firm, raised $158 million for a fund focused on pre-seed and seed stage Web3 Investments.
- Georgia Tech added an undisclosed amount to Drive Capital’s existing $80m seed-stage investment program, with its funds specifically intended for Atlanta-based investments. www.drivecapital.com/seed-program
Believe the hype
After months of media buzz and online excitement, Barbenheimer finally exploded onto screens around the world this weekend. And, as far as box office takings go, the double bill lived up to expectations, with the two reportedly raking in more than $240 million in the US.
As well as that hefty collective sum, there were individual accolades for Greta Gerwig’s Barbie and Christopher Nolan’s Oppenheimer too — the Mattel-based movie was the highest-grossing domestic debut of the year, while the existentialist atomic effort became the third biggest open for a biopic in the US, behind American Sniper and The Passion of the Christ.
Double up
Much has been made of the disparity between the films, but for many moviegoers that only added to the appeal. Indeed, an estimated 200,000+ Barbenheimer-heads booked in to watch both films on the same day in chains across the US, contributing to the first 3-day weekend in domestic history where one film has hauled $100m+ and another crossed the $50m+ threshold too. Could big budget double bills, especially comprised of unusual content combos, be exactly what cinema needs moving forward?
While official numbers are still being finalized, current estimates put this weekend at a 4-year high for ticket sales in North America. With all the Barbenheimer discourse, it’s easy to forget that installments of Mission: Impossible, Indiana Jones, and Spider-Man are all still showing in theaters too — a bolstered lineup that’s contributed to the whopping $300.2 million total being touted at the moment. That would be the highest domestic figure since 2019, when Avengers: Endgame saw takings rise to over $400 million.
. . .
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.