TLDR from Z

How are all of you? Welcome back to No GPs Allowed following a brief hiatus for “VC summer.” I went back home to Hong Kong, Singapore, and Indonesia for a few weeks. I also spent far too much time thinking about how there are no fan engagement platforms in the West, but Weverse is hugely popular in Asia: seemingly a random thought but more to come from me in Fan Behavior.

I was featured in TechCrunch for my POV on upcoming consumer trends with my No GPs Allowed friends Alex, Besart, and Layla. Hello to all new subscribers who joined us via the TechCrunch feature! I hope you enjoy your first edition of No GPs Allowed. Reply to this email with any thoughts. 😁 

This is an EXTRA-extended edition because there is so much news to catch up on over the summer, and trust me, you will want to read the entire newsletter. Stick around to the end of this newsletter for my weekly update on new vibey co-working spots in NYC and what I’m watching, reading, and listening to.  

I hope to meet (at least) 4 new VCs in NYC IRL every week. If you’re in NYC for the next few months, reach out, and I’d love to get some in-person time scheduled.

I am in SF next week!!! HMU to hang out - I’m only taking IRL meetings.

Lastly, I’m hosting small group dinners for VCs (no GPs) that are not sponsored and small group activities (like matcha tastings) that are sponsored (more details soon). Please reply to this email if you’d like to come to either. I find submitting a form for these smaller events not personal at all.

VC Industry News

• Ryan Breslow’s ‘Lead Investor’ Blindsided By $450 Million Bolt Fundraise: ‘We Were Never In This Deal’

• Cohere co-founder Nick Frosst thinks everyone needs to be more realistic about what AI can and cannot do

• Rippling’s Parker Conrad says founders should ‘go all the way to the ground’ to run their companies

  • ZN’s POV: I like Deel

• French prosecutors charge Telegram founder Pavel Durov with ‘complicity’ in illegal acts and set 5-million-euro bail

  • additional reading: Why Telegram’s Extremism Worries Governments So Much

  • more additional reading: Telegram founder’s arrest, and who’s using acqui-hires to tip-toe around antitrust

• Canva says its new AI features justify raising subscription prices by 300%

• Pitchbook updated their women in VC: US VC female founders dashboard

  • ZN’s POV: this chart provoked a deep sigh from me

• NEA quietly reenters the secondaries market

• From Skims to Stripe, here are the startups that are likely — or definitely — not having IPOs this year

• How tech’s booms and busts have evolved over time—and how they’ve stayed the same, according to Venrock’s Ethan Batraski

• Engineers At OpenAI And Midjourney Are Using This $400 Million Startup’s AI Coding Software

• As Tom Hanks warns fans of deepfaked ‘wonder drugs’ ads, California moves closer to passing new rules protecting actors from AI copycats

• Why everyone in tech is talking about 'founder mode'

• a16z’s Joshua Lu says AI is already radically changing video games and Discord is the future

• The rise of Joshua Kushner: How the young VC quietly built Thrive Capital into the powerhouse leading OpenAI to a $100 billion valuation

• Y Combinator Leaps Into Defense Tech With Missile Company Investment

• Private equity funds eclipse venture capital in H1 2024

• Digital twins are fast becoming part of everyday life

• Uber CEO Dara Khosrowshahi pulled off a dramatic culture change that led to profitability. Here’s how it’s done

• Former a16z VC Balaji Srinivasan obtained a private island for his new longevity ‘technocapitalist’ school

• AI sales rep startups are booming. So why are VCs wary?

• Former Citi, Battery VC has new $378M fund that helps startups land Prudential, Mutual of Omaha, others as investors and customers

• Venture capitalists are inserting a record number of "pay to play" provisions into term sheets, according to new data from law firm Cooley

• FDA Wants Safer Cancer Drugs, but Some Startups Fear Unintended Consequences: Companies developing cancer drugs wrestle with ‘Project Optimus’

Fundraising News

• Atlassian acquires Rewatch as it gets into AI meeting bots

• ‘Hospital at home’ startup Doccla raises $46 million for its European expansion

• Zive wants to make company data more accessible — here's the pitch deck it used to raise $3.2 million

• Blitzy, a Boston startup automating coding, just raised $4.4 million using this 10-slide pitch deck

• OpenAI reportedly in talks to close a new funding round at $100B+ valuation

• Payroll startup Cercli inks $4M to build the ‘Rippling for the Middle East and North Africa’

• Fast-growing immigrant-focused neobank Comun has secured $21.5M in new funding just months after its last raise

Startup Features: founder features, quotes, and more

• Move over SEO, Profound is helping brands with AI search optimization

• Maybe Friend wasn’t crazy for spending $1.8M on a domain after all

  • ZN’s POV: regardless of this article (which is well written), I still think this is pretty crazy, especially very early on in a startup’s fundraising journey.

• Sub.club aims to fund the fediverse via premium feeds

• Born from San Francisco’s AI hackathons, Agency lets you see what your AI agents do

• Cetaphil taps Katie Fang for its first influencer-fronted campaign

• Move over Hinge and Tinder, there's a new crop of dating apps. Meet the founders behind 11 startups sparking romance.

  • ZN’s POV: shout out to my friend Nandini who is featured in this article ❤️ watch out for Sitch 

• Dating apps not working? Let an AI wingman do your flirting.

• Airbnb and fashion app By Rotation partner for free destination wedding outfits

• Spotter launches AI tools to help YouTubers brainstorm video ideas, thumbnails and more

• These are the 22 most promising healthcare AI startups of 2024, according to top VCs

• Pryzm is a new kind of defense tech startup: One that helps others win lucrative contracts

• Bluesky continues to soar, adding 2M more new users in a matter of days

• Forbes’ 60 AI Upstarts Reshaping Tech: A VC’s Insider Guide To The Next Wave Of Innovation

• A16Z’s Top 100 Gen AI Consumer Apps

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

• The Pinterest Fall 2024 Trend Report was released!

• You can now share 20 slides in one Instagram post

• TikTok buzzy Kulfi expands to all Sephora North America stores

  • ZN’s POV: my first angel investment and one of the startups I interned at the longest during undergrad. So infinitely proud of Priyanka.

• Gen Z and millennials are dumping Tinder and daters are flocking to Hinge instead

• A shift in the media business is changing what it is to be a sports fan: team loyalty is being replaced by “fluid fandom”

• ‘I didn’t want to get wrinkles’: The alarming effects of tweens using antiaging products. Girls as young as 8 are turning up at dermatologists’ offices with rashes, chemical burns, and other allergic reactions to products not intended for children’s sensitive skin.

• Billboard named the greatest pop stars of the 21st century

• You’ll soon be able to leave comments on Instagram Stories posts

• Survey finds that Gen Z is actually the most likely to create a budget. A study by British bank NatWest found that 69% of Gen Z set themselves a budget. But only 42% of Baby Boomers could say the same.

• Everyone's watching free TV: that’s a big problem for Hollywood.

• GameStop goes old-school with launch of new ‘Retro GameStop’ stores

• Why will.i.am believes AI will change radio forever

• A new retro Barbie flip phone aims to take smartphone-addicted teens back to simpler times

• Airbnb Urges NYC to Scale Back Short-Term Rental Regulations: Airbnb short-term rentals in NYC have fallen by 83% in a year. Company says travelers are priced out and hosts are struggling

• Glossy Research: 63% of brands will invest in IRL events this fall

• How Aerie won Gen Z and Victoria’s Secret’s market share

• Pickleball vs. tennis: How the games’ leaders are competing to be America’s favorite racket sport. Pickleball has seen participation boom 223% in the past three years while tennis is coming off its own 10% growth during the same time period.

• How Abercrombie & Fitch got hot again: the once-troubled brand is now a favourite of millennials and gen-Zs alike

• How Zurich, one of Europe’s largest insurers, is making Gen Z a priority with TikTok and Instagram

• TikTok is adding new ways to fine-tune your For You Page algorithm

• Can American labels replicate K-pop’s success? This new girl group could offer an answer. A new Netflix doc shows the formation of Katseye, a new girl group whose commercial success could indicate if the K-pop model can work with Western audiences.

• This Coco Gauff-American Eagle collab says a lot about marketing to Gen Z

• Instagram reportedly explores real-time integration of Spotify

• Snapchat is going to put ads next to messages from your friends

  • additional reading: Snap CEO Rallies Workers on Ad Business Amid Stock Drop. Snap’s stock is down almost 50% on ad business struggles

• Gen Z is changing how we email at work

• Sabrina Carpenter and Pop’s Next Gen Have a Secret Weapon: Amy Allen. The songwriter behind the summer smashes “Espresso” and “Please Please Please” is helping drive a moment of idiosyncrasy in Top 40 hits.

Niche internet lore

1. Halley Kate’s and Sophia La Corte’s beef 

   1. I think this is important drama to understand because I am shocked at the amount of companies still sending Sophia PR when she is in the middle of a mild cancellation…

2. Why was Blake Lively canceled?

3. Brat summer officially over, declares Charli XCX

4. Gen Z’s obsession with a $10 naked baby figurine is causing a worldwide shortage: ‘Some customers come every day, for three days straight’

   1. ZN’s POV: I am one of the customers that come every day asking about restocks

   2. additional reading: What’s behind this wave of inner-child consumerism? Exploring the Millennial phenomenon of toy collecting through the lens of a 3-inch tall angel with headgear.

   3. more additional reading: This tiny doll is making everyone so happy. Sonny Angels, from TikTok trend to SNL sketch fodder, explained.

5. ZN’s POV: Gen Z is collecting and collecting aggressively. What does this new consumer behavior mean for consumer culture, products, startups and tools that can help satiate the need to collect? Answers in Fan Behavior — pieces to read and develop your own POV below.

   1. The Gamification of Collecting: Encouraging Gen Z Collectors

   2. Sotheby’s expands Hong Kong footprint with cavernous new exhibition and retail space

   3. Gen Z Investors Shun 60-40 Portfolio for Sneakers and Rare Cars, BofA Says. Young investors favor crypto, collectibles over stocks, bonds. Investors under 44 show high risk tolerance across strategies

   4. CDs are making a comeback thanks to Gen Z

   5. Asia’s young and wealthy are fueling demand for art — what are they collecting? The median expenditure on art and antiques for millennials and Gen Zers was $59,785 and $56,000, respectively, during the first half of 2023. It was $61,820 and $65,000 for the full year.

   6. Gen Z Showing More Enthusiasm For Collector Cars Than Boomers

   7. Gen Zers Are Spending Like Maniacs on Watches: Report Over 41 percent of Gen Z acquired a luxury mechanical watch this year.

      1. additional reading: Watchmakers enjoy uptick in Gen Z buyers. Luxury brands adopt an informal approach as social media trends and influencers stoke interest among younger buyers

   8. Meet the GenZ tradies who are shunning college and picking up the tools instead—they plan to be in the top 1% without being saddled with crippling student debt

Tweets to think about

the above + the below = scroll back to the pitchbook women in VC chart

Investor Feature: Marina Girgis

How and why did you want to become a VC? My background is on the sell side, where I covered semiconductor stocks for years. While I loved consistently learning about emerging tech, which naturally happens when you follow semis, I wanted to have a more direct impact on the companies I was researching. I decided to do a 180, and instead of focusing on public semiconductor companies, I chose to become a generalist and invest at the earliest stage possible—idea-stage companies—so I could be a part of their story from the beginning.

What’s your investment philosophy in 5 words? Passionate people with unique ideas.

Strangest place you’ve met a founder? An Orangetheory class.

#1 tip for folks trying to break into VC & new VCs?  Try everything once.

Investor you admire most? I believe every investor can bring something unique to the table, and while I don't think I can single out one as the most admirable, I deeply respect VCs that are able to be the very first check in and can see beyond hype. I am inspired by those who bring kindness and humility to every conversation.

VC Theses & Startup Tips

• Selling a startup in an ‘acqui-hire’ is more lucrative than it seems, founders and VCs say

• “There’s one big lesson to learn from TikTok Shop’s meteoric rise and why YouTube is now creating a competitor with Shopify. 𝗚𝗲𝗻 𝗭 𝘄𝗮𝗻𝘁𝘀 𝗳𝗮𝘀𝘁𝗲𝗿 𝗮𝗻𝗱 𝗰𝗵𝗲𝗮𝗽𝗲𝗿 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀, 𝗮𝗻𝗱 𝘀𝗼𝗰𝗶𝗮𝗹 𝗽𝗿𝗼𝗼𝗳. Shein and Temu have been competing on price (and are making strides towards speedier fulfillment), but they still can’t hold a candle to TikTok’s network of creators. Each of them are shaping tastes (and shopping carts) using their personal connection to their audience.” by Luke at Claim

• “I lived in Silicon Valley, New York, and London as a founder. If you're looking for a place to build a business, there's one clear winner.”

• Web3 is AI, not crypto: From "Read, Write, Own." to "Access, Distribute, Create." by Hugo (GP at Intuition - one of the few GPs allowed into the safe space that is No GPs Allowed)

• “AI-powered content creation tools are expanding the canvas of possibility and enabling new media formats to emerge. New networks will form around them, and when coupled with web3 compensation mechanisms, you have a recipe for the future of entertainment.” by Jared at USV

Break into VC: Jobs

Full-time Investor

🚨 Springbank is hiring a VC Analyst. Apply here!

🚨 CVS Health Ventures is hiring an Principal. Apply here!

🚨 Nyca Partners is hiring an Associate. Apply here!

Joyance is hiring an Investment Partner. Apply here!

Geek Ventures is hiring an Investor. Apply here!

Ironspring Ventures is hiring an VC Principal. Apply here!

Stripes is hiring a Consumer Investor. Apply here!

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

Commerce Ventures is hiring a Senior 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

Forerunner is hiring a Research Associate. Apply here!

A16Z is hiring a Deal Operations Partner. Apply here!

Eniac Ventures is hiring a Chief of Staff. Apply here!
ZN’s POV (I love Nihal & the Eniac team shout out Monica + Sofia)

Part-time / Internships

🚨 Precursor Ventures is hiring a graduate interns. 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.

• Title: Associate

• Fund Size: $100-500M

• Base Salary: $93,000

• Cash Bonus: 0

• Carry: 0

Events (for VCs)

monday 9/9

• Bulletpitch Industry Dinner Series (Boston)

  • hosted by: Brett + Bulletpitch 

tuesday 9/10

• -1 to Adobe & Behance with Scott Belsky

  • hosted by: South Park Commons

thursday 9/12

• VAIN Launch Party

  • hosted by: Vanessa 

  • for who: founders, investors, operators in consumer etc.

saturday 9/14

• Asian Creatives Club Launch Event: Empowering Asian Creatives in America

  • hosted by: Asian Creatives Club

  • I’m speaking at this event!

tuesday 9/17

• Bulletpitch Industry Dinner Series (NYC)

  • hosted by: Brett + Bulletpitch 

friday 9/27

• Female Founders Fundraising Brunch AMA

  • hosted by: Zehra 

  • for who: what the title says

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.

• Expand your presence on LinkedIn and elevate your personal brand with Windmill Growth! We specialize in building influential profiles using best-in-class strategies and exceptional content. Don't miss the opportunity to consult with Ben, our founder. Book a session today and experience the impact with a complimentary test post!

listening (music) 🎧 Good Graces by Sabrina Carpenter

listening (podcast) 🎧 What Went Wrong: Raiders of the Lost Ark

reading 📖 Pachinko

(re)watching 🎥 Gilmore Girls

fav nyc spot of the week 🗽 Larry’s Ca Phe + The Center for Fiction