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TLDR from Z

1. There were ~30 fundraising announcements in the last 7 days.

2. This is a SUPER long edition, as I imagine everyone is cranking out announcements and press pieces before July 4th next week

VC News

• OpenAI is on an M&A tear. Days after acquiring database tech firm Rockset, OpenAI has purchased Multi (previously Remotion), a startup developing an enterprise-focused, video-first collaboration platform.

• Smashing, from Goodreads’ co-founder, curates the best of the web using AI and human recommendations

• Influencer shopping app LTK gets an automatic direct message tool

• Can AI Startups Outrun Dot-Com Bubble Comparisons? Investors Aren’t So Sure. Venture capitalists at this week’s Collision tech event in Toronto approached the next wave of artificial-intelligence startups with increasing skepticism

• Vinod Khosla is more popular than ever right now. The Sun Microsystems co-founder turned prominent investor — first at Kleiner Perkins and, for the last 20 years, at his venture firm Khosla Ventures — has always been sought after by founders thanks to his no-nonsense advice and his firm’s track record, including bets on Stripe, Square, Affirm, and DoorDash. But a $50 million gamble on OpenAI back in 2019 — when it was far from clear that the outfit would succeed on the scale that it has — put Khosla Ventures, and Khosla himself, squarely in the spotlight.

• Venture firms raised $9.3 billion in Q1 according to PitchBook data, which means this year likely won’t match or surpass 2023’s $81.8 billion total.

• China’s Top AI Startups Enter U.S., Defying Political Tensions

• Brex’s compliance head has left the fintech startup to join Andreessen Horowitz as a partner

• Hong Kong fintech company FundPark has obtained a three-year $250 million private loan with HSBC Holdings Plc as a senior facility provider, the second such investment the firm has secured this year.

• Pitchbook published its inaugural report on Australia & New Zealand VC Ecosystem

  • Unicorns ‘Down Under’: Australia, often overlooked compared to regions like Latin America or Southeast Asia, has something unique: a $40 billion unicorn, Canva.

  • Rapid accelerations: The pace of acceleration in the Australian ecosystem is impressive. Though they are yet to exit, the IPOs of Canva ($40 billion valuation USD) and Airwallex ($5.5 billion USD) are set to triple the total exit value realized by Australia and New Zealand-based startups from 2015 through Q1 2024, reaching $18.9 billion USD*. (Maxine Minter, GP at Co Ventures, based in Sydney)

• Docusign, After Riding Pandemic Wave, Aims to Expand Beyond E-Signature: the company is hoping to boost revenue by selling a new platform that uses artificial intelligence to help store and analyze contracts

• Notion releases new tools to make website building easier: the company’s new Notion Sites tool can be used for quickly building personal, professional, and corporate web pages.

• Anthropic’s Claude: What To Know About ChatGPT Rival After Latest Model Trounces Industry Giants

• The Bay Area is still growing its tech head count, but it's losing talent to NYC and Austin

• beehiiv Acquires AI-Based Website Builder, Typedream: the future of beehiiv includes powerful newsletters and powerful websites, together.

• Coinbase shares are down about 13% over 2 weeks alongside tumbling Bitcoin

• AI tools are coming to Gmail, Google Drive, and Firefox: AI rolls into more of your everyday interactions, as Google and Firefox begin adding AI modules.

• For Gen Z, music is its own social media: from Spotify Wrapped to apps that turn your listening habits into receipts, music taste is now a new kind of social currency.

  • ZN’s POV: if you’re a consumer investor and you have any interest into diving deeper into what this means, you should download Airbuds

• The owner of Toys ‘R’ Us just used OpenAI’s Sora to animate the zombie brand

  • see the ad here

• “The promise of AI is that it does everything for you and magically reads your mind, but the actual reality of it is that you still need to interact with it,” says Cameron Adams, cofounder and chief product officer of design platform Canva. “Getting something out of your head and explaining it is a bit of an art and a skill. And it’s not something a lot of us are attuned to.”

• Andreessen Horowitz plans to launch a private equity fund, documents show

• ‘Everybody’s doing their best with what we can’: How consumer startups are adjusting to a new VC landscape

• Dot, an AI companion app designed by an Apple alum, launches in the App Store. Dot isn’t Siri. It’s also not ‘Her.’ So what is it?

• Millennials and Gen Z are the least likely to care about enjoying their job, survey of 35,000 workers finds

• Inside HSBC’s VC Charm Offensive

• Get ready for the ‘relationship economy’, says LinkedIn’s chief economist

• Why a $14 Billion Startup Is Now Hiring PhD’s to Train AI From Their Living Rooms

• American Express (AXP) to Acquire Tock from Squarespace (SQSP), Also Acquire Rooam

• Is artificial intelligence making big tech too big?

Fundraising News - an INSANE amount of startup fundraises were announced in the past week. Way more than normal. It’s the pre-July 4th rush.

• Redpoint closes $740M growth fund 

• Rackhouse Venture Capital's second fund announced at $45M to continue investing in AI founders

• Startup Klarity Raises $70 Million to Automate Document Reviews

• World Champ Magnus Carlsen’s Fantasy Chess Startup Raises $3 Million

• Daytona Secures $5M to Simplify Development Environments

• Creatio, a no-code software development startup, has raised $200 million in new funding at a $1.2 billion valuation, defying a slowdown in the greater SaaS space. Sapphire Ventures led the round with participation from Volition Capital, StepStone Group and Horizon Capital.

• GrayMatter Raises $45M Series B to Accelerate its Unique AI-Powered Robotics Solutions for Manufacturing's Hardest Problems and Unique Challenges

• AI Chip Startup Etched Raises $120 Million to Expand Supply

  • more here

• HeyGen Raises $60M Series A to Scale Visual Storytelling for Businesses

• Connexa Capital, backed by Zumba, Noom founders, closes $20M debut VC fund

• AnchorZero raises $8M

• Zendesk debuts formal VC arm to back early-stage AI startups

• Longevity Startup Function Raises $53M for Personalized Health Testing

  • see the coachella-line up-lookalike fundraising announcement here 

  • see commentary from CNBC here 

  • see a16z’s announcement here 

• Norm Ai Raises $27 Million Series A to Expand AI-Driven Regulatory Compliance Platform

• Daydream rakes in $50M seed funding to build an AI-powered search engine suited for e-commerce

• PayPal Ventures leads $20M round into Gynger, which offers companies ‘buy now, pay later’ for technology purchases

• k-ID wins $45M to help game devs speedrun the child safety compliance puzzle

• Backed by David Sacks, Garry Tan and Walter Isaacson, Created by Humans helps people license their creative work to AI models

• C12, a French quantum computing startup founded by twin brothers, raises $19.4M

• Ex-HubSpot exec builds an AI-powered CRM that learns for you, with $4M seed led by Sequoia

• Paris-based VC Breega hits first close of $75M Africa fund to back pre-seed and seed startups

• Rocketlane snags $24M to bring AI-led experiences for professional services teams

• TestParty raises $4M to help automate the coding for accessible websites

• A*, led by former Eventbrite founder Kevin Hartz, former Coatue partner Bennett Siegel and former Opendoor and Uber operator Gautam Gupta, raised $315 million for its oversubscribed Fund II. The firm plans to continue its focus of leading seed rounds and doubling down on portfolio companies at the Series A, in addition to making select new investments at the Series B stage.

• EvolutionaryScale, backed by Amazon and Nvidia, raises $142M for protein-generating AI

• General Catalyst leads $40M round for Local Kitchens, a different kind of restaurant kitchen startup

• Stability AI, the beleaguered generative AI startup behind Stable Diffusion, has raised new cash. But it won’t reveal how much. Greycroft, Coatue Management, Sound Ventures, Lightspeed Venture Partners, O’Shaughnessy Ventures and angel investors Prem Akkaraju, ex-Google CEO Eric Schmidt, Robert Nelsen and Napster founder and ex-Facebook exec Sean Parker have injected fresh capital into Stability, the company revealed Tuesday morning.

  • Techcrunch reported that it was unsure of how much Stability raised. Bloomberg later reported that it was a $80M round.

• India’s Zyod raises $18M to expand its tech-enabled fashion manufacturing to more countries

• Language learning app Speak nets $20M, doubles valuation

• Zepto, a 10-minute delivery app, raises $665M at $3.6B valuation

Consumer-Specific News - subscribe to my other newsletter Fan Behavior.

• Hoping for a Glimpse of Hailey Bieber, Hundreds Turn Out for Her Makeup: after braving a line that snaked through SoHo, fans snapped selfies and rubbed blush on their cheeks inside a tiny pop-up shop for Mrs. Bieber’s makeup brand, Rhode.

• BuzzFeed Struggles to Sell Owner of Hit YouTube Show ‘Hot Ones’. Several parties are interested but balk at $70 million price

• Social Media Broke Slang. Now We All Speak Phone. The irony: Online is where we most need the identity cues that idiosyncratic language used to provide.

• Former L’Oreal exec says he told bosses to acquire a buzzy hair tech startup but they passed. 10 years later he’s now GHD CEO—and it’s selling nearly 6 products every minute

• Dating Apps’ Hidden Money-Making Strategies, Explained: the $5 billion dating app industry is largely dominated by Match Group. But downloads across the industry are falling. Here’s how some apps are shifting to stay competitive, with features that go beyond just dating.

• Dating Apps Once Ran on Novelty. For Some Users, the Fun Is Over. Ad campaigns for online dating companies have become flashpoints for frustrated online daters

• Netflix’s ‘Stranger Things’ will headline at Six Flags Halloween festival this year: the partnership continues to extend the streaming service’s presence beyond the TV set.

• The Crazy Economics of the World’s Most Coveted Handbag

• Spotify Royalty Drama Casts Shadow Over Songwriter Consensus

• Pinterest announced the launch of an exciting new feature, board sharing. Users can easily share videos of their boards on other social platforms for the first time. With over half a billion users coming to Pinterest each month and 10 billion boards curated on the platform globally, it’s now easier for users to share their inspiration with others.

• Hero Cosmetics launched their newest product with their first (& only) global brand ambassador Alix Earle

• How Mark Zuckerberg’s Meta Failed Children on Safety, States Say

• Baggu used AI for its viral pony purse. The internet is mad. Much-hyped collab between two sustainability-focused designers has sparked backlash over its use of energy-hungry AI image generator

• Why dupes are a threat: dupes have always been available, but they’ve seen recent surges in popularity, often going viral on TikTok, where #dupe videos have been viewed more than 6 billion times.

• The HOUSE of ARNAULT: his company, LVMH, bought up many of the world’s major luxury brands. And he’s not finished shopping.

• With an estimated global spending power that exceeds $450 billion, Gen Z already wields significant economic influence. And that influence is growing as more Zoomers enter the workforce and start becoming powerful earners.

• LVMH’s Bernard Arnault got a letter from 93-year-old Warren Buffett saying he was making a mistake by upping his retirement age to only 80

Tweets to think about

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VC & Startup Theses (or tips)

1. Interactive avatars: The face as the next interface by Sasha + Caspar of Creator Ventures

2. Watch Nikunj’s new podcast AssociateGate (I’m the first episode!)

   

   “In the season opener, I chat with Zehra Naqvi, an investor at Headline. Zehra's multifaceted background as a founder, analyst, marketer, community manager, and now venture capitalist makes her the perfect first guest to help affirm the message of why associates like her help founders secure funding from leading venture capitalists. In this episode, Zehra discusses her background, how she ended up at Headline, her core value add to founders, common misconceptions, and finally, some advice for budding associates who are trying to break into the venture capital industry.”

Investor Feature: Nikunj Kothari

How and why did you want to become a VC? I have always loved helping founders build & scale companies. For 10+ years, I helped them by building product at the ground level. And now when I wanted more breadth, I'm trying to help them by being their first check.

What’s your investment philosophy in 5 words? Back founders who give a sh*t

Strangest place you’ve met a founder? Hiking in the redwoods

#1 tip for folks trying to break into VC & new VCs? Be incessantly helpful to founders. Founders will recommend you to VCs themselves.

Investor you admire most? Peter Lynch

1 GP Allowed

Coming in 1 week! 1 GP Allowed will be the monthly premium version of No GPs Allowed. This is a deeply intentional, focused interview.

Break into VC: Jobs

Full-time Investor

Stripes is hiring a Consumer Investor. Apply here!

Alumni Ventures is hiring for multiple investing roles. Apply here!

FJ Labs is hiring an investor. Apply here!

Cowboy Ventures is hiring an Investment Associate. Apply here!

Compound is hiring an investor. Apply here!

Unshackled Ventures is hiring an Investment Analyst. Apply here!

Commerce Ventures is hiring a Senior Associate. Apply here!

Flourish Ventures is hiring an investment associate. Apply here!

Pear VC is hiring an Investment Associate - AI and Enterprise. Apply here!

Entrepreneur First is hiring multiple Analysts/Associates. Apply here!

Full-time Platform

Cowboy Ventures is hiring a Chief of Staff. Apply here!

Internship

Cerberus Capital Management is hiring for a 6-month fellowship. Apply here!  

Necessary Ventures is hiring an intern. Apply here!  

Expanding Capital is hiring an intern. Apply here!  

Northzone is hiring a Platform Summer Intern. Apply here!  

VC $$$

You can drop your salary details here (anonymously) to be shared in future editions. VC compensation is an exceptionally opaque part of the “breaking into VC” process. This section aims to act as: a reference for you as you negotiate your salary and to showcase just how different compensation is across fund size, titles, and more.

• Title: Associate

• Fund Size: $100M-$500M

• Base Salary: $90,000

• Cash Bonus: $5,000

• Carry: none

Events (for VCs)

post nytw later in june!

• The Future of Consumer Social: Panel

  • for who: consumer social nerds

  • hosted by: Zehra 

monday - wednesday 7/15 to 7/17

• Fortune Brainstorm Tech 2024 Conference

  • for who: founders, investors, operators

  • hosted by: Fortune 

  • I’ll be speaking on a panel at this conference! It’s in Park City in July :)

wednesday 7/17

• Inside Summit

  • hosted by: Madison & Claudia (The Room Podcast)

Wanted to dedicate this edition of The Z List’s friend’s section to the Inside Summit, happening on July 17th in NYC. As a part of The Room Podcast community, I’m super excited to extend 20% off tickets for a limited time (use code: ZEHRA20) Inside Summit is going to be the tech event of the summer - and very different from any other conference you've been to. Here's some of what you will experience at Inside Summit: 

• Founder & funder matching for those fundraising or looking to build their network

• Founder-to-founder buddy matching for founders to make new friends and mentors (make founder friends that are a stage ahead of you)

• Vendor & customer warm introductions

• Small-group conversations & workshops oriented around tactical topics that aren’t happening anywhere else

• Free headshots

• Goodie-bag full of products from some of the hottest DTC brands

• Consumer brand “market” access

• After-party with open bar & bites

Resources: Discounts + Tools

• Need an EA but can’t afford one? Howie is the fastest and most responsive scheduling assistant on earth. You can email him anytime to set up meetings and coordinate your calendar.

• Wanna start a newsletter? I use Beehiiv for all three of my newsletters. Cannot recommend enough.

• Wanna sell digital products that actually convert? I’ve been working with Michael and Faisal for a couple of months now. Pillar is an all-in-one creator store that actually converts. You can offer lead magnets, sell digital products + appointments w/ Apple Pay checkout, and even boost deal flow with their brand deal funnel. It’s like LinkTree, Calendly, Kajabi, and Clickfunnels in one. Click to get 1 month free + your 1st lead magnet made for you in Canva by their team!