Sourcery (5/23-5/27)
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Sourcery (5/23-5/27)
Recharge ~ Stable, Jar, Caribou, Form.ai, Zip Common, Bubblehouse, Rael, SwipeRx, Parallel Learning, Circles, Moka.care, Fairtility, Cayaba Care, Miga Health, Semperis, Firework, Nowports, Motive...
Coming off a long weekend we’ll keep this intro short(er) and sweet.
Hope everyone was able to relax, reset, and recharge.
Long weekends are a great excuse to find time for reflection and to get your resting heart rate down.
As for our group's week-long Northern Italy trip, we took the weekend to book ourselves into the local’s secret spa, Golfo Dei Poeti Relais & Spa. It’s an unexpectedly beautiful little family run experience just outside Cinque Terre, tucked up in the mountains. With a panoramic view of the sea, we enjoyed the pool, jacuzzis, steam room, aromatherapy, sauna, emotional showers (hot/cold therapy haha), massages, facials, a delicious pesto cooking class (pesto originated in region, Liguria Italy), and many meals from the spa chefs. Squisito!
Now we’re wrapping up the trip in Florence and heading back to the US
(BTW why is everyone in Italy at a wedding right now?)
Some musings from the past week:
How This Ends, Fred Wilson USV
Estimating ~18+ months to ride this thing out
What’s Behind the Tech Sell-Off?, Goldman Sachs
25min; Boom/bust cycles of the past
Welcome to the ‘Postmodern’ Cycle of Higher Inflation and Lower Stock Returns, Goldman Sachs
The economy based on physical stuff is getting its revenge; charts included
E83: Market slide continues, and how to address Uvalde, All-In Podcast w/ Brad Gerstner of Altimeter
~2hrs; Early to Growth/Public perspective on markets
The CQ: BNPL Debt Is Coming for Consumers, Forerunner
Pretty eye-opening consumer debt stats in here
Trying to Understand the Macro, Daily Consumer
Broad view on macroeconomics and potential consumer impact; charts included
Terms you may hear more frequently:
Free Cash Flow (FCF): FCF = Cash from Operations - Capital Expenditures. FCF represents the amount of cash flow generated by a business after deducting CapEx
Cash Runway: The amount of time a business has to remain solvent, provided they don’t raise any additional funds
Leveraged Buyout (LBO): The acquisition of another company using a significant amount of borrowed money (debt) to meet the cost of acquisition (👀 We're watching how/if this will shakeout with Elon/Twitter)
Let’s get right to it.
Follow us on Twitter Linkedin for just the top deals recap
. . .
Last Week (5/23-5/27):
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 Stable, Jar, Caribou, Form.ai, Zip Common, Bubblehouse, Rael, SwipeRx, Parallel Learning, Circles, Moka.care, Fairtility, Cayaba Care, Miga Health, Semperis, Firework, Nowports, Motive, Monte Carlo, Booster, FINN, Clozd, Assembled, Belong, Redbud Brands, Torch, Meter, MANTA, Upflex, Gametime, Tidelift, Indigov, Nomagic, EXO Freight, Zowie, Buywith, Bold Metrics, Aklivity, Basetwo, Learnfully, Mainspring Energy, Flowcarbon, Regrow, Greyparrot, Planet FWD, Shellworks, Foodsteps; VMWare, Chelsea F.C., Supergoop, Spring Health
Notable funds raised include NEA’s $2.9B 18th flagship early-stage fund and $2.3B 1st growth fund, and Maveron’s $225M 8th consumer focused fund
Final numbers on Consumers Saving Less and YTD Performance Bitcoin, Doge & Shiba of at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Stable, a Chicago-based agricultural commodity financing startup, raised $60m in Series B funding. Acrew led, and was joined by Greycroft, Notion Capital, Syngenta and Continental Grain Co. www.stableprice.com
- Jar, an Indian savings and investment app, is raising $50m in Series B funding at a $350m valuation led by Tiger Global, per TechCrunch. Other backers may include Folius Ventures and Paramark. http://axios.link/TrPM
- Bloom, a European revenue-based financing startup focused on e-commerce, raised £300m co-led by Credo Capital and Fortress Investment Group. http://axios.link/hkG3
- Clear Street, a New York-based fintech building better access to capital markets, raised $165m in Series B funding. Prysm Capital led, and was joined by NextGen Venture Partners, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures and Validus Growth Investors.
- Caribou, a Washington, D.C.-based auto financing platform, raised $115m in Series C funding. Goldman Sachs led, and was joined by Innovius Capital, Harmonic, Accomplice, CMFG Ventures, Curql Collective, Firebolt Ventures, Gaingels, Moderne Ventures and Motley Fool Ventures. Http://axios.link/DZ18
- StarkWare Industries, an Israeli blockchain scaling startup, raised $100m in Series C funding at an $8b valuation. Greenoaks Capital and Coatue co-led, and were joined by Tiger Global. http://axios.link/aM9d
- Babel Finance, a Hong Kong-based provider of institutional crypto products, raised $80m in Series B funding at a $2b valuation from Jeneration Capital, 10T Holdings, Dragonfly Capital, BAI Capital and Circle Ventures. http://axios.link/zu9J
- Form.ai, a Toronto-based sales performance management startup, raised US$45m in Series B funding. ACME Capital led, and was joined by Crosslink Capital, Golden Ventures, Uncork Capital, Xfund and Gaingels.
- Zip, a San Francisco-based purchase request platform, raised $43 million in Series B funding. The round was led by YC Continuity and was joined by investors including Tiger Global and CRV.
- Common, a New York-based community management platform for DAOs, raised $20 million in funding from investors including Spark Capital, Polychain, and others.
- Marvin, a São Paulo-based B2B payments company, raised $15 million in Series A funding led by Canaan and was joined by investors including Canary and Maúa Capital.
- MetaKing Studios, a remote-based Web3 game development studio, raised $15 million in seed funding from investors including Makers Fund, BITKRAFT Ventures, Delphi Digital, Animoca Brands, Shima Capital, WW Ventures, Spartan Group, Huobi Ventures, and others.
- ZenLedger, a Bellevue, Wash.-based crypto data analysis, accounting, and tax software platform, raised $15 million in Series B funding led by ParaFi Capital and was joined by investors including Bloccelerate VC, King River Capital, G1 Ventures, Main Street Investment, Three Point Capital, Shorooq Partners, VaynerFund, Blizzard the Avalanche Fund, and AngelList Quant Fund.
- Equipifi, a Scottsdale, Ariz.-based provider of BNPL solutions to banks and credit unions, raised $12m in Series A funding co-led by Curql Collective and PHX Ventures. www.equipifi.com
- Bubblehouse, an NFT social marketplace, raised $9m in seed funding. Cassius led, and was joined by Third Kind VC, SV Angel, Kima Ventures, Watertower Ventures, Ocho, Steve Aoki and David Guetta. www.bubblehouse.com
- Moves, a Toronto-based banking app for gig workers, raised US$5m in seed funding led by OMERS Ventures. www.movesfinancial.com
- Doppel, an SF-based monitoring service for NFT fraud, raised $5m in seed funding led by FTX Ventures. www.doppel.xyz
- Fyxt, a Venice, Calif.-based operations platform for commercial real estate, raised $4m led by RET Ventures. www.fyxt.com
- Tranch, a London-based BNPL-for-business startup, raised £3.5m from GFC, Flash Ventures, YC and Columbia Lake Partners. www.tranch.com
- Peek, a New York-based property leasing platform, raised $2.5 million in seed funding led by GFA Venture Partners.
- Jupiter Exchange, an alt asset exchange using fractional NFTs, raised $5m in seed funding led by White Hilt Capital. www.jupiterexchange.com
. . .
Care:
- Rael, a Los Angeles-based holistic personal care brand for women, raised $35 million in Series B funding led by Colopl Next and Signite Partners
- TARGAN, a Morrisville, N.C.-based animal health sustainability company, raised $35 million in Series C funding. Mountain Group Partners and NovaQuest Capital Management led the round and were joined by investors including Merck Animal Health and Oval Park Capital.
- SwipeRx, a startup focused on digitizing Southeast Asian pharmacies, raised $27m in Series B funding. MDI Ventures led, and was joined by the Gates Foundation, Johnson & Johnson and Susquehanna International Group. http://axios.link/xVCM
- Parallel Learning, a New York-based digital health platform for students with learning and thinking differences, raised $20 million in Series A funding led by Tiger Global and was joined by investors including Obvious Ventures, Barry Sternlich’s JAWS, and Vine Ventures.
- Circles, a San Francisco-based online group emotional support platform, raised $16.5 million in Series A funding led by Zeev Ventures and was joined by investors including Uber Freight head Lior Ron, NFX, Flint Capital, and Sir Ronald Cohen.
- Moka.care, a French provider of mental wellness support solutions for HR departments, raised $16m in Series A funding. Left Lane Capital led, and was joined by Singular, Origins and Antoine Griezmann. http://axios.link/B0ES
- Fairtility, a Tel Aviv-based A.I.-based IVF improvement developer, raised $15 million in Series A funding led by Gurnet Point Capital and was joined by investors including Nacre Capital and others.
- Cayaba Care, a Philadelphia-based virtual maternity care startup, raised $12m in Series A funding. Seae Ventures and Kapor Capital co-led, and were joined by Wellington Partners, Citi Impact Fund and Rhia Ventures. www.cayabacare.com
- Miga Health, a heart health startup, raised $12m in seed funding. Quiet Capital led, and was joined by Asymmetric Capital Partners, Floating Point, VamosVentures, Alumni Ventures, Adapt Ventures, Lux Capital and Wilson Sonsini. www.migahealth.com
- ThoroughCare, a Philadelphia-based maker of care coordination software, raised $3m from Cypress Growth Capital. www.thoroughcare.net
. . .
Enterprise & Consumer:
- Semperis, a Hoboken, N.J.-based enterprise identity protection company, raised over $200m in Series C funding. KKR led, and was joined by Ten Eleven Ventures, Paladin Capital Group, Atrium Health Strategic Fund, Tech Pioneers Fund and Insight Partners. http://axios.link/p5Mz
- Firework, a San Mateo, Calif.-based livestreaming commerce and digital transformation platform, raised $150 million in Series B funding led by SoftBank Vision Fund 2 and was joined by Amex Ventures.
- Nowports, a digital freight forwarder for Latin America, raised $150m in Series C funding led by SoftBank at a $1.1b valuation. http://axios.link/bXPu
- Motive (dba KeepTruckin), an SF-based provider of fleet-tracking software, raised $150m at a $2.85b valuation co-led by Insight Partners and Kleiner Perkins. http://axios.link/8YwE
- Monte Carlo, an SF-based provider of data observability software, raised $135m in Series D funding at a $1.6b valuation led by IVP. http://axios.link/SEDQ
- Booster, a San Mateo, Calif.-based on-demand provider of fuel to vehicle fleets, raised $125m in Series D funding. Rose Park Advisors led, and was joined by Chaac Ventures, Equinor Ventures, Mitsubishi, Thayer Ventures, Cercano Management, Conversion Capital, Enterprise Holding Ventures, Invus Opportunities, Madrona Venture Group, Maveron Ventures, Perot Jain and Version One Ventures. http://axios.link/F6WB
- FINN, a New York-based car subscription platform, raised $110 million in Series B funding led by Korelya Capital and was joined by investors including Keen Venture Partners, Climb Ventures, Greentrail Capital, Waterfall Asset Management, White Star Capital, HV Capital, Heartcore Capital, UVC Partners, and Picus Capital.
- Clozd, a Salt Lake City -based corporate sales analysis software maker, raised $52m in Series A funding. Greycroft led and was joined by Madrona Venture Group and Album VC. www.clozd.com
- Assembled, an SF-based customer support management startup, raised $51m in Series B funding. NEA led, and was joined by Emergence Capital and Basis Set Ventures. http://axios.link/CHX0
- Belong, a San Mateo, Calif.-based property management platform for the renting process, raised $50 million in Series B funding led by Fifth Wall’s Dan Wenhold and was joined by investors including Battery Ventures, GGV Capital, and a16z.
- Redbud Brands, a developer of “better-for-you” consumer brands, raised $46m. Satori Capital led, and was joined by Sands Capital and VMG Partners. www.redbudbrands.com
- Torch, a San Francisco-based people development platform, raised $40 million in Series C funding led by 137 Ventures and was joined by investors including Initialized Capital, Norwest Venture Partners, and Obvious Ventures.
- Meter, a San Francisco-based internet infrastructure provider for businesses, raised $38 million in Series B funding. Sequoia Capital and Lachy Groom led the round and were joined by investors including Meraki co-founders John Bicket and Sanjit Biswas, Diane Greene, Tobi Lütke, WndrCo, and other angels.
- Jadu, an AR gaming platform, raised $36m in Series A funding led by Bain Capital Crypto. www.jadu.ar
- MANTA, a Tampa, Fla.-based data lineage platform, raised $35 million in Series B funding led by Forestay Capital and was joined by investors including Bessemer Venture Partners, SAP.io, Senovo VC, Credo Ventures, Dan Fougere, and European Bank for Reconstruction and Development.
- SiMa.ai, a San Jose-based machine learning company, raised $30 million in additional Series B funding led by Fidelity Management & Research Company and was joined by investors including Adage Capital Management, Amplify Partners, Dell Technologies Capital, Wing Venture Capital, Alter Venture Partners, +ND Capital, and Walden International founder and chairman Lip-Bu Tan.
- Upflex, a New York-based hybrid workspace provider, raised $30 million in Series A funding. The round was led by WeWork and was joined by investors including Newmark, Cushman & Wakefield, Ecosystem Integrity Fund, GPO Fund, Coelius Capital, Industry Ventures, Inertia Ventures, Perennial Private Investments, and Silicon Valley Bank.
- Gametime, an SF-based event ticketing app, raised $30m in Series C funding, as first reported yesterday by Axios Pro. Nimble Ventures led, and was joined by Maven Ventures, Accel, GV, Jeff Mallett, Palapa Ventures, Bolt Ventures, Tenere Capital, Blitzscaling Ventures, Next Play Capital, Alumni Ventures and University Growth Fund. http://axios.link/0lpM
- Tidelift, a Boston-based open-source software marketplace, raised $27m in Series C funding. Dorilton Ventures led, and was joined by Kaiser Permanente, Atlassian Ventures and insiders General Catalyst and Foundry Group. www.tidelift.com
- Indigov, a Washington, D.C.-based constituent service platform for public officials, raised $25 million in Series B funding from investors including Tusk Venture Partners, 8VC, Wicklow Capital, and Valor Equity Partners.
- clicOH, a Mexico City-based shipping provider for businesses in Latin America, raised $25 million in Series A funding led by Tiger Global and was joined by investors including JAM Fund, Flexport, FundersClub and Vast VC.
- Everstream Analytics, a San Marcos, Calif.-based supply chain insights and risk analytics company, raised $24 million in Series A funding from investors including Morgan Stanley Investment Management, Columbia Capital, StepStone Group, and DHL.
- Point2 Technology, a San Jose-based connectivity solutions provider for cloud and 5G infrastructures, raised $22 million in Series B funding led by GU Equity Partners and was joined by investors including Molex Ventures, Samsung Securities, Shinhan Capital, Tigris Investment, K2 Investments, Korea Omega Investment, Timefolio Investment, Nautilus Venture Partners, Quantum Ventures Korea, and Walden International.
- Nomagic, a Polish maker of e-commerce warehouse picking robots, raised $22m. Khosla Ventures and Almaz Capital co-led, and were joined by the European Investment Bank and insiders Hoxton Ventures, Capnamic Ventures, DN Capital and Manta Ray. http://axios.link/aKGX
- CodeOcean, a computational research platform, raised $16.5m co-led by Battery Ventures and M12. http://axios.link/Z4DW
- Jabu, a Namibian B2B e-commerce startup, raised $15m. Tiger Global led, and was joined by Box Group, Knollwood and D Global Ventures. http://axios.link/uaM4
- EXO Freight, a Royal Oak, Mich.-based digital freight marketplace for open deck shipping, raised $15 million in Series A funding led by Left Lane Capital and was joined by investors including Detroit Venture Partners, 1984.vc, Y Combinator, I2BF Global Investments, and Lancaster Investments.
- Galley Solutions, a San Diego-based foodtech software platform, raised $14.2 million in Series A funding led by Astanor Ventures and was joined by Zetta Venture Partners.
- Zowie, a Polish chatbot for e-commerce brands, raised $14m in Series A funding from Tiger Global, Gradient Ventures, 10xFounders, Inovo and Jack Altman. www.getzowie.com
- ShardSecure, a New York-based cloud-based data security and privacy company, raised $11 million in Series A funding led by Grotech Ventures and was joined by investors including Gula Tech Adventures, KPMG, Tom Noonan, EPIC Ventures, and Industrifonden.
- buywith, a New York and Tel Aviv-based livestream shopping platform startup, raised $9.5 million in seed funding led by igniteXL Ventures and was joined by investors including Fab Co-Creation Studio Ventures, Regah Ventures, Irani CVC, True Global Ventures, and other angels.
- Bold Metrics, a San Francisco-based A.I.-based fit and sizing solution company, raised $8 million in Series A funding led by Bessemer Venture Partners and was joined by investors including Lytical Ventures, ValueStream Ventures, and Nanban Ventures.
- XONA, an Annapolis, Md.-based user access platform for critical infrastructure, raised $7.2m in Series A funding. DataTribe led, and was joined by TFX Capital. www.xonasystems.com
- Preql, a New York-based no-code data transformation platform, raised $7 million in seed funding led by Bessemer Venture Partners and was joined by investors including Felicis and other angels.
- Red Access, a Lehavim, Israel-based web application protection platform, raised $6 million in seed funding co-led by led by Elron Ventures and Ten Eleven Ventures.
- LimaCharlie, a Walnut, Calif.-based security infrastructure services provider, raised $5.45 million in seed funding led by Susa Ventures and was joined by investors including Xerox Ventures, CoFound Partners, Long Journey Ventures, Sands Capital, StoneMill Ventures, Lytical Ventures, and others.
- How.fm, a German training SaaS for warehouse workers, raised $5.4m in seed funding. Join Capital led, and was joined by Kindred Capital and Capnamic Ventures. www.how.fm
- UtilityAPI, an Oakland-based data service provider, raised $5 million in Series A funding from investors including Aligned Climate Capital and ZomaLab.
- Aklivity, a Palo Alto-based streaming API management company, raised $4.1 million in seed funding led by 468 Capital and was joined by investors including Pear VC, Alumni Ventures, and other angels.
- Idiomatic, a Palo Alto-based customer intelligence platform, raised $4 million in seed funding led by Freestyle and was joined by investors including Gaingels, Hyphen Capital, Xoogler Ventures, and others angels.
- Basetwo, a Toronto and Sunnyvale, Calif.-based SaaS A.I. platform for manufacturers, raised $3.8 million in seed funding. The round was led by Glasswing Ventures and Argon Ventures and was joined by investors including Caffeinated Capital, Graphite Ventures, MaRs IAF Pareto Holdings, Plug and Play, and Quiet Capital.
- ZincSearch, a San Francisco-based search engine technology company, raised $3.6 million in seed funding led by Nexus Venture Partners and was joined by investors including Dell Technologies Capital, Secure Octane, Cardinia Ventures, and other angels.
- Learnfully, a Redwood City, Calif.-based personalized learning platform, raised $2 million in seed funding from Learn Capital, Goodwater Capital, Divergent Investments, Incite.org, Figure 8 Investments, and others.
. . .
Sustainability:
- Mainspring Energy, a Menlo Park, Calif.-based maker of linear generators, raised $100m in Series E funding. Lightrock led, and was joined by Khosla Ventures, Bill Gates, Fine Structure Ventures, Princeville Capital and Lineage Ventures. http://axios.link/b22A
- Flowcarbon, a carbon credits via blockchain startup co-founded by Adam and Rebekah Neumann, raised $70m in total funding. The New York-based blockchain-based carbon climate technology company, raised $32 million in funding and $38 million in a token presale led by a16z crypto and was joined by investors including General Catalyst, Samsung Next, 166 2nd, RSE Ventures, Allegory Labs, Fifth Wall, Box Group, and the Celo Foundation.
- Regrow, a Durham, N.H.-based crop management startup, raised $38m in Series B funding. Gavanize Climate Solutions led, and was joined by Time Ventures and Rethink Impact. http://axios.link/0Aso
- Converge, a London-based construction materials decarbonization startup, raised over £15m. OGCI Climate Investments led, and was joined by TO Ventures. www.converge.io
- ChargeLab, a provider of building management software for EV charging, raised US$15m in Series A funding. King River Capital led, and was joined by ABB E-Mobility, Construct Capital, Root Ventures, Highline Beta, Third Sphere and Maple VC. www.chargelab.co
- Greyparrot, a London-based analytics platform for recycling and waste analysis, raised $11 million in Series A funding led by Una Terra and was joined by investors including Closed Loop Partners, Unreasonable Collective, and Speedinvest.
- Planet FWD, an SF-based carbon management platform for consumer brands, raised $10m in Series A funding. Acre Venture Partners and Congruent Ventures co-led, and were joined by BBG Ventures, Precursor, Concrete Rose, January Ventures, Elemental Excelerator, Cleo Capital and Rethink Food. http://axios.link/zqc1
- Shellworks, a London-based developer of plastic-free packaging, raised $6.2m in seed funding. LocalGlobe led, and was joined by Founder Collective, True Global, BoxGroup and Divergent Capital. www.theshellworks.com
- Singularity Energy, a New York-based grid decarbonization platform, raised $4.5m in seed funding co-led by Spero Ventures and Energy Impact Partners. http://axios.link/ZzII
- Foodsteps, a London-based food sustainability platform, raised $4.1 million in seed funding led by Octopus Ventures and was joined by investors including Metaplanet, Ascension, and the Conduit EIS Impact Fund.
Acquisitions & PE:
- Broadcom (Nasdaq: AVGO) made it official, agreeing to buy cloud computing giant VMware (NYSE: VMW) for approximately $61b. The deal also includes a go-shop period. Sellers would include Michael Dell. http://axios.link/Q93F
- The British government approved Todd Boehly’s agreement to buy Chelsea F.C. http://axios.link/pkEz
- Fat Brands (Nasdaq: FAT) agreed to buy franchise chain Nestle Toll House Cafe by Chip from Crest Foods and rebrand the stores as Great American Cookies. http://axios.link/xCix
- Supergoop, a skincare brand majority owned by Blackstone, announced minority investments from Main Street Advisors, I Promise School, G9 Ventures, SC Holdings, Hugh Jackman, Jenna Lyons, Michelle Wie, Sara Blakely and Whitney Wolfe Herd. http://axios.link/KvFO
- Permira acquired Mimecast, a London-based email cybersecurity services provider, for $5.8 billion.
- Justin Timberlake sold his song catalog to Hipgnosis, backed by Blackstone, for just over $100m, per the WSJ. http://axios.link/4hhX
- BGH Capital and Sixth Street Capital offered to buy the stake they don’t already hold in Pushpay, a listed New Zealand provider of donor payments software that valued at around NZ$1.3b. http://axios.link/G5U8
- Pendulum, an investment and advisory firm focused on business founded by people of color, raised an undisclosed amount of funding from BDT & Co. Pendulum is co-led by Robbie Robinson, a former Obama adviser and BDT partner. http://axios.link/KAqf
- Spring Health, a VC-backed mental wellness platform for businesses and employees, acquired Weldon, maker of a family wellness platform seeded by Human Ventures and City Light Capital. www.springhealth.com
- SiriusXM (Nasdaq: SIRI) acquired Team Coco, Conan O'Brien's digital media company and podcast network, for about $150m. http://axios.link/TknN
- Paddle, a British provider of payments infrastructure for SaaS companies, bought ProfitWell, a Boston-based subscription revenue and retention analytics, for around $200m. Paddle recently was valued at $1.4b in a KKR-led round. http://axios.link/a0ke
- Bolthouse Farms agreed to acquire the Starbucks juice brand Evolution Fresh, based in Rancho Cucamonga, Calif. Financial terms were not disclosed.
- iCapital agreed to acquire SIMON Markets, a New York-based digital wealth management platform. Financial terms were not disclosed.
- ShipHero acquired Delivery Net, a Richmond Hill, Ontario-based ecommerce delivery solutions provider. Financial terms were not disclosed.
. . .
IPOs:
Nothing to see here…
. . .
SPACs:
Nothing to see here…
Funds:
- New Enterprise Associates has secured nearly $2.9b for its 18th flagship fund, which will focus on early-stage deals, and $2.3b for its first growth fund ($3.7b target), per SEC filings. http://axios.link/MwE5
- Maveron, a Seattle-based VC firm focused on consumer startups, raised $225m for its eighth fund. http://axios.link/cQxF
- Volt Capital, a crypto VC firm led by Soona Amhaz, raised $50m for its second fund. http://axios.link/A2iW
Final Numbers: Consumers saving less
Data: FRED; Chart: Axios Visuals
Americans are drawing down their savings to fuel spending in the face of decades-high inflation, Axios' Courtenay Brown writes.
The personal saving rate — i.e., the share of people's income left over after spending money and paying taxes — fell to its lowest since the 2008 financial crisis.
Of note: Part of the drop came as Americans faced higher tax bills, reflecting a surge in capital gains from roaring markets.
Axios' Neil Irwin crunched the numbers: If taxes paid stayed at the December level, the personal saving rate would be 6% (still down from that month's 8.7% rate).
The bottom line: Savings built during the pandemic are "getting eaten up by higher inflation and wages that aren't keeping up," Bleakley Advisory Group's Peter Boockvar wrote today.
Data: CoinGecko; Chart: Axios Visuals
Go deeper: Memecoin breakdown
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.
Sourcery (5/23-5/27)
Great glad you all had so much fun in Italy. The food looks amazing.