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Venture Capital News
VC Cafe
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Weekly #FIRGUN Newsletter – September 27 2024
- The #Firgun Newsletter features Israeli startups that are making their mark despite the challenges of low venture capital funding and war in the region.
- Israeli startups have raised $9bn in the first nine months of 2024 with Salesforce spending $2.6bn on three Israeli acquisitions in the past 30 days alone.
- OpenAI, despite losing its co-founder and CTO Mira Murati, has raised $6.5bn at a valuation of $150bn with its advanced voice mode making waves.
- Meta made several major announcements in their annual Meta Connect event including a new LLama model (3.2), Meta AI available across all their apps for free, and Meta Orion, smart AR glasses with holographic display.
- Startup funding rounds this week include $70m for AI-driven cybersecurity enterprise Torq, $51.6m for rental property management platform DoorLoop, $19m for GeoX Innovations to analyse climate change impact on real estate, $12m for AI cloud security start-up Tamnoon, $10m for Enzymit for cell-free bio-production technology, and $4.5m for Bluebricks to orchestrate infrastructure code.
- Exit strategy news includes Cisco acquiring Robust Intelligence for a $400m exit for its firewall for artificial intelligence and Salesforce paying $450m for an acquisition of Zoomin to transform customer service using AI.
- The newsletter also touched on the sadness of hostage-taking and the families of murdered hostages pleading for help to their governments and power brokers.
- VC Cafe, quoting the Jewish News, reports on Izhar Shay's project, Next October, already selecting the first 600 startups.
- LinkedIn has announced it will be adding Israel and a couple of other countries to its most in-demand start-up hubs ranking, having failed to include it this year.
- The newsletter also reports on a sad Rosh Hashanah card fitting for the times, and possible replacements for the smartphone by Meta's Orion AR glasses.
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20VC
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Jeetu Mahtani, Sales Leader @Hubspot: How and When to Go International and Crush It
- Jeetu Mahtani, an early member of HubSpot, shares insights on how startups can successfully go international.
- He discusses lessons from HubSpot's international expansion, including mistakes made and team structure.
- Mahtani also talks about scaling sales from $3M to $1BN in ARR and common challenges faced in sales teams.
- Additionally, he provides insights on scaling customer success teams and the importance of effective onboarding.
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Saastr
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Feedback: Does It Even Work Anymore For All But the Best?
- Feedback has become less effective for all but the best performers.
- Giving feedback often leads to negative consequences, such as backlash and blame.
- In 2024, most individuals desire participation points rather than constructive criticism.
- The author has decided to only provide feedback to the very best founders and VPs.
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Eu-Startups
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Why venture capitalists should care about their portfolio companies’ brand stories
- Brand storytelling is becoming more and more crucial to startups trying to stand out in crowded markets, but venture capitalists must take an interest too, says EU-Startups. Investors can define how a company positions itself, attracts talent and even secure future funding. A strong brand story has the power to create a connection with customers, partners and investors. It amplifies the company's value proposition, making it unique and memorable. Great storytelling helps firms attract and retain top talent, giving employees a greater sense of mission and belonging. Finally, a compelling narrative can attract media attention, inspire partnerships and capture future investment.
- Venture capitalists typically look for product development, growth metrics or market opportunities, but with so much information to process every day, brand storytelling can help companies stand out and differentiate themselves from their competitors.
- Perception is a pivotal factor in decision-making, and although consumers may like a product, they are more likely to buy into a strong brand story that aligns with their values and resonates with them emotionally.
- During funding rounds, the strength of a company's brand story can indicate the people behind it and their vision for the future, helping attract investors and secure future capital.
- Brand storytelling not only helps startups grow but is also a tool for talent acquisition and retention. A strong brand can help attract high-calibre individuals who are more aligned with the company’s mission, fueling growth and success in the long term.
- Developing brand stories early on can help startups stand out in competitive markets, create a loyal following and increase their appeal to customers, partners and investors.
- A strong brand story is a growth driver that can attract media attention, inspire partnerships and capture investor interest.
- Venture capitalists must therefore prioritize brand storytelling as a strategic imperative, helping portfolio companies to reach their potential and leave a lasting impact on their markets.
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Guardian
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Rupert Murdoch’s REA Group raises offer to buy Rightmove to £6.2bn
- Rupert Murdoch’s REA Group has raised its offer to acquire Rightmove, the UK's largest online property portal, to £6.2bn.
- Rightmove has rejected three previous offers from REA, but the latest offer values each Rightmove share at 781p and the entire company at about £6.2bn.
- REA expressed disappointment at Rightmove's repeated rejections and called on the company's shareholders to back the deal before the deadline of 30 September.
- If REA acquires Rightmove, it plans to give the company a secondary listing on the London Stock Exchange and expand its presence in the global property market.
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Medium
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The Critical Role of Venture Capital in Healthcare – an Australian Case Study
- Australia’s aging population has resulted in a higher demand for healthcare services, putting enormous pressure on healthcare systems.
- The economic burden of disease on Australia's healthcare system is immense as healthcare expenditure totaled more than $220 billion in 2022.
- As medical advancements prolong life, VC investment can mitigate the rising cost of healthcare with innovative solutions.
- With the emerging crisis of workforce shortages, technology-driven solutions such as telemedicine, AI diagnostics, and robotic surgery will play a critical role in bridging gaps.
- Global VC investment in healthcare startups reached $80 billion in 2022.
- Venture capital funding is essential for accelerating the development of new technologies, clinical trials, and regulatory approvals.
- Technologies such as AI diagnostics, robotic surgery, remote monitoring, and telemedicine platforms will be vital in meeting demand where human resources fall short.
- Without venture capital investment in MedTech, biotech, life sciences, and healthcare, the healthcare system risks becoming overwhelmed with dire economic and societal consequences.
- VC funding is an essential lifeline for the future of healthcare in Australia, preventing a looming crisis and creating a sustainable and efficient healthcare system.
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Saastr
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Dear SaaStr: I Don’t Know Marketing. Should We Try to Do It Ourselves or Hire an Agency?
- Marketing agencies are not effective in generating qualified leads for startups, especially in the early stages.
- The value of agencies lies in assisting with positioning, branding, messaging, and managing online marketing and advertising.
- However, they are not reliable for generating leads and acquiring customers.
- Marketing agencies are mainly helpful in scaling existing marketing efforts, rather than proving the effectiveness of a marketing channel.
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Guardian
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Telegraph auction: New York Sun owner a frontrunner as deadline looms
- The deadline for second-round offers to buy the Daily and Sunday Telegraph is the end of Friday.
- The frontrunners to win the auction are the US owner of the New York Sun and Sir Paul Marshall, the backer of GB News and the new owner of the Spectator.
- Sir Paul Marshall is leading a consortium backed by US billionaire Ken Griffin.
- At least four known suitors are expected to submit bids, including Dovid Efune, owner of the digital assets of the New York Sun.
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Medium
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The Transformative Power of Technology: Shaping Our Present and Future
- The transformative power of technology is shaping our present and future in various ways.
- Communication has been revolutionized through the internet, smartphones, and social media platforms.
- Advancements in healthcare have transformed diagnosis, treatment, and management of health conditions.
- Technological innovations have also impacted industries like education and entertainment.
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StartupDaily
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Cannon-Brookes-backed millennial super fund Spaceship snapped up by eToro in $80 million merger
- Global trading platform eToro has acquired investment app Spaceship Capital in an $80 million merger.
- eToro users will gain access to Spaceship’s superannuation products.
- Spaceship customers will eventually gain access to eToro's investment platform.
- This acquisition shows eToro's commitment to the Australian market.
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Saastr
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SaaStr Comes to JAPAN November 20 for the All Star SaaS Conference!
- The 9th All Star SaaS Conference is scheduled for November 20 in Tokyo.
- Prominent speakers include Rob Bernshteyn, CEO of Coupa and GP at Iconiq Capital; Claire Hughes Johnson, former COO of Stripe; and Jay Simons, former President of Atlassian and now GP at Bond Capital.
- Tickets are available for the conference, and the author will be speaking and hosting an AMA session.
- The conference is expected to be a great opportunity for networking and discussing SaaS strategies.
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Medium
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The Lion, the Trauma and the Workplace
- During a performance review, the author unexpectedly burst into tears, surprising themselves and their colleague.
- A friend explains that the tears were a result of realizing the author didn't need to be in constant 'Lion mode,' a survival mentality from a past traumatic workplace experience.
- Workplaces contribute to our identities, sense of purpose, and relationships, making them significant for mental health and overall well-being.
- The author emphasizes the importance of positive workplaces and acknowledges employers and individuals who create supportive environments.
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Medium
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The Unity Framework Equation: Finally Solving Everything (Except What to Eat for Dinner)
- The Unity Framework Equation is a new mathematical formula attempting to unite the fields of quantum mechanics and general relativity.
- U(x, y, t) = Q(x, y, t) * R(x, y, t), mathematically combines the two fields.
- This new equation is more than just a unification of fields, it's a universe simulator.
- The equation can potentially even predict dark matter.
- It's universally applicable, and can be used to predict anything, including black holes, or why your coffee mug ends up on the opposite side of the kitchen every time.
- It's different from other equations because it combines both quantum mechanics and relativity.
- Using the Unity Framework Equation, spacetime can be manipulated and used to assemble IKEA furniture.
- The Unity Framework Equation may not solve all the mysteries of the universe, but it changes our understanding of it.
- One thing is for sure, the Unity Framework Equation is a tool that can help us understand the mysteries of the universe.
- As the equation helps us model the universe in finer detail, it could change our appreciation of why the universe seems to work the way it does.
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VC Cafe
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AI Agents: The Evolution of RPA
- AI agents are being developed and deployed by startups, nimble incumbents and established tech giants.
- AI agents, which offer greater decision-making capabilities, are the future of RPA (Robotic Process Automation) and represent the next wave of enterprise automation.
- Investments in coding agents and co-pilots exceeded $1.5bn in 2021 alone.
- New companies with an 'AI-first' approach are emerging, creating opportunities for investment and innovation.
- Challenges include scalability, memory and reasoning limitations, transparency, trust and privacy concerns.
- A deep understanding of the AI ecosystem and a focus on specific, actionable use cases are required to succeed.
- The next wave of billion-dollar companies may emerge from startups in the Agentic AI space.
- Israeli AI startups are particularly well placed to yield significant returns.
- Remagine Ventures offers investment and support to founders with deep passion and expertise in this growing space.
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Medium
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Eli Lilly acquiring Morphic Therapeutic timeline
- Pharmaceutical company Eli Lilly has acquired Morphic Therapeutic for $53 per share in cash, a move that will expand Lilly's drug-development pipeline.
- In June 2024, Lilly planned to deliver a revised proposal to acquire all outstanding equity of the Company at a price of $53.00 per share in cash, without any financing contingency.
- On July 7, 2024, the board formally approved the use by Centerview of the projections for purposes of its financial analysis of the merger.
- It then approved the merger and other transactions, finding them fair to the company and its stockholders.
- Following the board meeting on July 7, 2024, Lilly, Purchaser and each supporting stockholder executed the tender and support agreements.
- Before the opening of trading on July 8, 2024, the Company and Lilly issued a joint press release announcing the execution of the Merger Agreement and the Tender and Support Agreements.
- On July 19, 2024, purchaser commenced the Offer.
- Throughout the transaction discussions between Lilly and the Company, neither Lilly nor purchaser had any discussions with, or made any offer to, any individual Company director or officer regarding post-closing employment with Lilly.
- Morphic is engaged in the research and development of oral small-molecule integrin-targeted therapies, which could help treat chronic diseases such as fibrosis and cancer.
- As part of the deal, Eli Lilly gained global development and commercialisation rights for Morphic’s classes of oral integrin therapeutics.
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