Welcome to Startup Weekly, a fresh look at startup trends from this week’s launch. To quickly receive it in your inbox, subscribe here.
On Tuesday, AngelList Ventures closed its first institutional funding tranche since spin-off. Only in 2020. The $100 million round was led by Tiger Global and Accomplice, valuing the company at $4.1 billion.
This was not necessarily expected. This round came just a few weeks after the CEO of the organization, Avalok Kohli, told me The fact that the company did not need venture capital has long since taken the position of AngelList, which was founded in 2010 and split into AngelList Venture and AngelList Talent, each with its own CEO and board of directors.
Despite helping other startups raise funds, AngelList has largely resisted the call of venture capital and has worked with other companies on a tight budget. Indeed, before raising this major new round, the larger Pre-Spinout raised $124 million in multiple rounds, some of which were previously unannounced.
It is likely that his views on venture capital stem from past experiences with founder Naval Ravikant, who once felt so betrayed by the sale of his previous company, Appinion, which he co-founded, that he took advantage of his powerful Benchmark lawsuit. , venture financier. ,
But at the same time, as Kohli pointed out in our recent conversation, AngelList’s philosophy has long been that companies that raise too much money can stifle their growth because recruiting plays a central role in slowing down other aspects of the business. “If all your focus is on speed of delivery and delivering great products, then the growing workforce is really against it,” he said. So what changed and inspired AngelList to increase support for Tiger? Hedge funds sow the seeds in the early market, which makes investing more interesting.
My full thoughts on the subject can be found in my gaming-updates+ column “Angellist Venture in a new look.” In the rest of this newsletter, we’ll talk about the inclusive and disruptive startup in Latin America, the community beyond capitalism, and why SPAC is back in the news. As always, you can support me by sharing this newsletter, Follow me on Twitter Or subscribe to my personal blog.
offer of the week
My heart goes out to Mara, a startup that is “reinvesting” the experience of buying food for the poor in Latin America, raising $6 million this week. The startup offers products from supermarkets at wholesale prices and allows people to order baskets through websites instead of hard-to-reach phone apps. There are also pick-up points where customers can pick up and pay for their products.
Here’s why it’s important: Grocery delivery is a complex business that is hoped to be cheaper and more convenient for low-income families. That’s why I’m interested in the fact that the company avoids a growth mindset at all costs. Mary Ann reports that Mara takes the approach of focusing on one area at a time, making sure she has a “even gross margin” before moving on to another.
community outside of capitalism
Not a single word should be superfluous, so I decided to delve into the true influence of the community and how capitalism complicates and changes its meaning in startups. After all, bringing people together to support a product and idea is nothing new.
Here’s why it’s important: After a lot of attention, we are starting to see the impact that community efforts are actually having. Lolita Taub launched her own venture capital firm this week, driven by the startup community over the past decade. Ganas Ventures, his pre-seed and seed company, even raises the remainder of his debut fund from Taub’s followers.
Subscribers are friends, not food:
SPAC is a four letter word (again)
This week at Equity Live, we concluded that SPAC is another four-letter word. With the IPO path no longer in vogue, companies like Better.com and Kin put their plans on hold (and raised a lot of capital after Acorns put them on hold).
Here’s why it’s important: At present, the IPO window is almost closed. While I expect startups to remain private for a long time, the market appears to be softening at a late stage. Oh oh. Late-stage companies that need more capital may not have access to it if they don’t have sound business models. Expect reversals to continue.
2022 is different from 2020:
during the week
We will meet in person! Fast! The 2022 gaming-updates Preliminaries are on April 14th and it’s just around the corner and it’s taking place in San Francisco. Join us on our founding day with Terry Burns of GV, Glenn Evans of Greylock and Aydin Sencutt of Felicis. The TC team went out of their way to get back in person, so don’t be surprised if the panels are a little more expensive than usual.
Here is the full program and buy launch tickets here.
Also keep an eye on our latest Maker for Equity: Maggie Stamets!
Seen on gaming-updates
Uganda headlines as country startup attracts YC, Google
Stripe is friends with Crypto again
Touch ID forever, Face ID never
Better.com employees found out about layoffs when layoff checks appeared in the payroll app
Fintech seeks help from student loan borrowers
The bale of vainglory.+ seen on
6 technologists discuss how no code tool changes software development
How to calculate TAM, SAM and SOM of your startup
A rough sketch of the fluctuating startup landscape Q2. goes in
As war escalates in Europe, it’s a ‘fence’ for the cybersecurity industry
see you later,