Weekly Startup Recap
Welcome to your weekly recap of everything you can’t miss from the world of startups. This week was busy for startups, with various exits, unusual liquidity events, and a significant number of funding rounds of different sizes and stages.
Most Interesting Startup Stories
This week brought us mergers and acquisitions from serial buyers, an exit option that may be reassuring for founders still struggling with customer retention and funding headwinds.
Notable Acquisitions
Several startups were acquired this week, including:
* San Jose, California-based startup Mainstreet.com, which was acquired by workforce management company Employer.com, now valued at just north of $700 million.
* Eppo, a feature-flagging and experimentation platform, was bought by Datadog and will now operate under the brand “Eppo by Datadog.”
* SimpleClosure, a startup that helps with shutting down companies, was acquired by Carta, an equity management startup.
Challenges and Changes
Some startups faced challenges and made changes, including:
* General Fusion, a Canadian fusion power company, which laid off at least 25% of its employees due to running out of money.
* 11x, an AI startup, whose co-founder Hasan Sukkar stepped down as CEO and was replaced by CTO Prabhav Jain, amid claims of struggling with customer retention.
Unusual Liquidity Event
Sales automation startup Clay took the unusual step of allowing employees with at least one year of tenure to sell shares to existing backer Sequoia, valuing the company at $1.5 billion.
Most Interesting VC and Funding News
Rounds this week confirmed that AI isn’t the only thing that can attract VCs, as the promise of a longer, healthier life — both for people and for batteries — can also attract investors.
Notable Funding Rounds
Several startups raised significant funding rounds, including:
* NewLimit, a longevity startup founded by Coinbase CEO Brian Armstrong, which raised a $130 million Series B to develop age-reversing therapies.
* Finom, a neobank serving SMBs in several European countries, which raised approximately $105 million from General Catalyst.
* Orca AI, whose autonomous navigation platform for shipping has defense applications, raised a $72.5 million Series A.
Other Notable Funding Rounds
Other notable funding rounds include:
* Ox Security, which scans for vulnerabilities in code, securing a $60 million Series B.
* Recraft, whose stealth image model beat OpenAI’s DALL-E and Midjourney on a popular benchmark last year, raised a $30 million Series B.
* Blinq, an Australian startup that aims to make business cards obsolete, raised a $25 million Series A.
Last but Not Least
As Athens-based VC firm Marathon Venture Capital closed its newest fund with approximately $84 million in capital commitments, it’s clear that there are still many opportunities for startups to grow and succeed.
Conclusion
This week in startups was marked by significant acquisitions, funding rounds, and unusual liquidity events. As the startup landscape continues to evolve, it’s essential to stay informed about the latest developments and trends. Whether you’re a founder, investor, or simply interested in the world of startups, there’s always something new to learn and discover.
