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This week continued the drama from the previous week with Bolt, along with capital flowing to startups with traction, VC funds with track records, and promising investment theses.
Most interesting startup stories from the week
Week by week, new stories evolve, some requiring ongoing attention. This week was no exception.
Bolt’s soap opera: The aftermath of Bolt’s investor letter continues with revelations of a $14 billion valuation and other shocking terms. The London Fund, a potential new backer, has removed information from its website, indicating more twists in this saga.
Boardroom drama: Fluid Truck, a commercial truck rental startup, experienced board upheaval with co-founder siblings ousted amid financial mismanagement allegations. Layoffs and cost-cutting measures may not have resolved the underlying issues.
Food industry consolidation: GrubMarket’s acquisition streak continued with the purchase of FreshGoGo, a platform selling Asian groceries. These strategic moves are reshaping the food delivery landscape.
Leadership changes: Andrew Ng stepped down as CEO of Landing AI, transitioning to an executive chairman role. Dan Maloney now leads the computer vision company, while Ng’s AI Fund is expected to make headlines soon.
OpenAI funding: OpenAI is in talks for a funding round led by Thrive Capital, possibly valuing the company at over $100 billion, signaling significant growth ahead.
Most interesting fundraises this week
Fundraising success this week underscored the importance of traction in attracting investment.
ERP innovation: Opkey secured a $47 million Series B round for its AI-based ERP testing platform, bolstered by partnerships with industry giants like KPMG and PwC.
Business optimization: nOps raised $30 million in a Series A round to help companies optimize AWS spending, capitalizing on a 450% customer base growth.
Financial growth: Neobank Comun raised $21.5 million in a Series A round, reporting a 50x increase in monthly revenue and planning to expand its team and product offerings.
AI innovation: Viggle’s $19 million Series A, led by Andreessen Horowitz, showcased its groundbreaking 3D-video technology trained on YouTube videos.
Most interesting VC and fund news this week
European expansion: Redalpine, a science-focused European VC firm, raised $200 million for its seventh fund, planning to establish a presence in London and deepen its engagement with university spinouts.
Cancer care focus: Oncology Ventures, with $30 million in committed capital, prioritizes startups improving cancer patient care, led by solo GP Ben Freeberg, a cancer survivor.
Regulatory update: The SEC’s adjustment to the qualifying venture fund threshold to $12 million offers relief to emerging funds, making entry and growth more accessible.
Last but not least
Secondary market momentum continues, with NEA raising over $468 million for a fund dedicated to secondary shares, while Palico becomes the first company approved to facilitate end-to-end LP secondaries transactions.
