Venture Capital

🚀 Risk as the gateway to high returns History shows that the most rewarding deals are rarely the safest ones. True success often comes from taking calculated risks in opportunities with strong growth potential. While most investors stick to the comfortable path, those willing to step into uncertainty often reap outsized rewards. Examples: 🖱IPOs can be volatile, but some deliver rapid growth — Twilio’s stock more than doubled shortly after going public. 🖱 Cryptocurrencies are highly risky, yet early Bitcoin backers saw life-changing gains. 🖱 Venture capital comes with a high failure rate, but a winning startup can return multiples on the initial investment.

In investing, discomfort often signals the possibility of extraordinary upside.

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🖥 Perplexity makes $34.5B bid to buy Chrome from Google AI search startup Perplexity has made an unsolicited $34.5B cash offer to acquire Chrome, pledging to keep Chromium open source, invest $3B into it, and maintain Google as the default search engine. 🖱 Offer follows DOJ’s proposal that Google be forced to sell Chrome after monopoly ruling 🖱 Chrome holds ~68% global market share, making it the dominant browser 🖱 Perplexity’s bid exceeds its own $18B valuation and $1.5B total funding 🖱 DOJ could set divestment terms as early as this month, attracting multiple bidders If approved, the move would give Perplexity one of the most valuable browser assets in the world - without touching its search defaults. ✔️Powered by Trade Watcher

👆 Round sizes for software startups over the past 12 months. ✔️Powered by Trade Watcher

🚀 What Startups Y Combinator Wants — Fall 2025 Y Combinator has updated its Requests for Startups, highlighting the areas it’s most eager to back. Almost all of them are now AI-focused. Here’s a condensed look at the fresh list. 🖱 Retraining Workers for the AI Economy – AI tools (possibly with AR/VR) for quickly training electricians, technicians, welders, and other skilled workers to meet infrastructure needs. 🖱 Video Generation as a Primitive – Building new applications and infrastructure for low-latency, unlimited AI-generated video as a core creative tool. • The First 10-person, $100B Company – Leveraging AI agents to create ultra-efficient teams with unprecedented revenue per employee. 🖱 Infrastructure for Multi-Agent Systems – Developer tools for building, scaling, and maintaining distributed AI-agent architectures. 🖱 AI-Native Enterprise Software – Next-gen enterprise platforms deeply integrated with AI, replacing traditional “systems of record.” 🖱 LLMs Instead of Government Consulting – AI services that replace expensive government consulting contracts from firms like Deloitte and Accenture.

YC’s message is clear: if you’re building for AI-first markets with high leverage and big vision, they’re listening.

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💰 Inside the Windsurf–Google deal fallout Weeks after it emerged that Google paid $2.4B to license Windsurf’s tech and hire its CEO plus 40 key staff, more details reveal why the deal stirred controversy in Silicon Valley. 🖱 Half of Google’s payment ($1.2B) went to investors, including Greenoaks, Kleiner Perkins, and General Catalyst — Greenoaks turned $65M into ~$500M. 🖱 The other half was compensation for the 40 hires, with a large share going to co-founders Varun Mohan and Douglas Chen. 🖱 ~200 remaining employees saw no payout despite hopes from an earlier $3B OpenAI acquisition attempt. 🖱 Investors and founders left Windsurf with $100M+ in capital, but opinions differ on whether it could’ve been used to pay all employees without sinking the company. 🖱 Some Google hires had stock grants revoked and vesting restarted, delaying full payouts by 4 years. 🖱 Vinod Khosla called the move “a bad example of founders leaving their teams behind.” 🖱 Eventually, Cognition acquired Windsurf’s remaining entity and staff for an estimated $250M, ensuring those employees got a financial benefit.

A lucrative win for VCs and founders — but a cautionary tale for startup teams betting on a big exit.

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📈 Three charts showing how Y Combinator, US VCs, and European VCs reacted to ChatGPT.

The Europeans - a true masterclass in restraint.

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🦄 June hits 3-year high for new unicorns Twenty companies joined the Crunchbase Unicorn Board in June - the biggest monthly jump since July 2022. AI and robotics led the way, with Thinking Machines Lab topping the list after a $2B seed round at a $12B valuation. 🖱 The US led with 11 new unicorns, followed by China (4), and one each in Israel, India, UAE, Switzerland, and New Zealand. 🖱 Six unicorns went public, including neobank Chime and Circle, while two were acquired. 🖱 Notable sectors: AI (Thinking Machines Lab, Decagon, Fireflies.ai), robotics (Unitree, Gecko Robotics), and Web3 (Zama, The Open Platform).

The surge shows capital is flowing again into high-growth tech, with AI continuing to dominate, but robotics, defense, and niche SaaS also getting their share of billion-dollar valuations.

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🚁 Harmattan aims to be the “Anduril of Europe” with $200M raise Paris-based Harmattan AI is seeking $200M in early-stage funding to scale its AI-powered military drones. The startup, launched in April 2024, has already secured $30M from FirstMark and Atlantic Labs, per Bloomberg. 🖱 Building three drone types: training, surveillance, and weapon-interception systems. 🖱 Plans to mass-produce 10k drones/month in France by 2026, with facilities in Germany and the US. 🖱 Signed a multi-million-dollar NATO deal for small AI drones, delivery set for October. 🖱 French defence ministry ordered 1,000 drones for delivery by end of 2025.

With European defence tech funding up 26% YoY, Harmattan is chasing long-term government “programmes of record” and aims for its first $1B contract by 2030.

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📊 Crypto Venture Weekly: August 4–8, 2025 $207M raised across 24 projects this week, with capital flowing into AI infra, gaming, Bitcoin L2s, and DeFi tooling. Here’s what the top 9 are building 👇 🖱 OpenMind ($20M, Pantera, Coinbase, DCG) Open-source OS for AI agents and robots, plus FABRIC — a decentralized network for coordination and trust. 🖱 SuperGaming ($15M, Skycatcher, Steadview, a16z crypto) India-based game studio behind Indus and MaskGun, building Web3-enabled multiplayer titles. 🖱 BOB ($9.5M, CMS, IOSG, Amber) Hybrid L2 for building Bitcoin-native tokens and applications. 🖱 Perle ($9M, Framework Ventures) Modular AI training data solutions for large-scale model development. 🖱 Euphoria ($5M, Karatage, Robot Ventures, Bankless) MegaETH-based mobile app simplifying crypto derivatives trading. 🖱 BlindPay ($3.3M, Y Combinator, 468 Capital) Stablecoin payment APIs for compliant, instant global transfers. 🖱 Levr.Bet ($3M, Blockchain Capital, Maven 11) Decentralized leveraged sports betting exchange. 🖱 Doppler Finance ($3M, Reforge, DCG, Hashkey) DeFi protocol on XRP Ledger for on-chain trading and lending. 🖱 Hylo ($1.5M, Robot Ventures, Solana Ventures) Solana-based DeFi platform offering LST-backed stablecoin hyUSD and leveraged SOL exposure.

Investor focus this week leaned toward AI-driven infrastructure, Bitcoin scalability, and DeFi payment rails.

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💡Rethinking MVP: From Minimum Viable to Most Valuable Product It’s time to rewrite one of startup culture’s core ideas. The old MVP mindset tricks founders into thinking “minimum” means cheap or free. But that logic is flawed and often fatal. 🖱 Most teams build the core 20% that solves the real user pain, label it MVP, and give it away 🖱 Then they waste years adding 80% of features nobody asked for, just to justify charging 🖱 The paradox: what users would pay for is given for free, while useless extras are monetized ⚡️ The shift: MVP = Most Valuable Product. Your MVP shouldn’t be the smallest thing you can build. It should be the highest-leverage slice of your product—something that: 🖱 Solves the key pain point 🖱 Creates a clear “aha” moment 🖱 Justifies payment from Day 1 👇 How to offer value without giving it away: 🖱 Give 3 free uses, then charge 🖱 Offer a 7-day trial with full features 🖱 Use credits (e.g., $50 worth) for testing If your MVP truly solves a problem, people will pay after trying it. If not—they won’t. That’s your signal to rethink. Example:

Skip the limited free tier. Instead, build a premium tool that does one job incredibly well. Let people try it 3 times. Then charge.

Add the rest only once you’ve validated demand through real feedback and real payments. ✔️Powered by Trade Watcher

🚀 Rocket Lab goes deeper into defense with optical systems play Rocket Lab is pivoting harder into defense, using its latest acquisition to move beyond launch and strengthen its position in high-value government contracts. In Q2, 68% of its record $144.5M revenue came from its space systems segment — not rockets. 🖱 Rocket Lab is acquiring Geost, an optical payload company, for $275M 🖱 This unlocks a new Optical Systems division focused on EO/IR sensors for missile tracking and space surveillance 🖱 The move targets large DoD contracts like the multi-billion dollar Golden Dome initiative 🖱 Already secured: an $515M contract to build 18 missile-tracking satellites for the Space Development Agency 🖱 First Neutron rocket launch still on track for end of 2025, with its Virginia complex nearing completion

With defense spending accelerating, Rocket Lab is positioning itself not just as a launcher — but as a key tech supplier for space-based military systems.

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⏫ Unreal growth in GPT-5 numbers ✔️Powered by Trade Watcher

🚀Firefly Aerospace takes off with 34% IPO surge Spacetech startup Firefly Aerospace jumped 34% on its Nasdaq debut, closing its first day of trading under the ticker $FLY with strong investor interest despite ongoing losses. 🖱 The company raised $868M, pricing at $45/share — above its raised range 🖱 Q1 2025 revenue hit $55.9M, up from $8.3M YoY, but net loss still at $60M 🖱 Firefly offers launch, land, and in-orbit services for national security & commercial clients 🖱 Largest pre-IPO shareholder: AE Industrial Partners (47%) 🖱 The IPO comes amid a strong run for spacetech, with multiple $100M+ raises this year 🖱 Investors are especially excited about spacetech x AI crossovers

Firefly joins a wave of hot 2025 debuts including CoreWeave, Circle, and Figma — another sign that the IPO window is wide open again.

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🚫Tesla shuts down Dojo supercomputer project Tesla has officially pulled the plug on its Dojo AI supercomputer, a project once described by Elon Musk as the key to achieving full self-driving. After years of development, the team is being disbanded and its leader, Peter Bannon, is exiting the company. 🖱 Musk had positioned Dojo as Tesla’s in-house solution to train video-based AI models at scale 🖱 The move follows the exit of ~20 employees who formed a new AI chip startup, DensityAI 🖱 Tesla will now rely more heavily on external partners like Nvidia, AMD, and Samsung 🖱 A $16.5B chip production deal with Samsung will help power both FSD and Tesla’s Optimus robot

Dojo was once expected to add $500B in value, according to Morgan Stanley. Now it’s just another pivot in Tesla’s AI story.

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🚀 How a Solo Founder Sold His AI Startup for $80M in 6 Months Maor Shlomo built Base44, a no-code app builder, entirely solo—with no team, no investors, and no marketing budget. In just 6 months, it was acquired by Wix for $80M upfront, with potential to exceed 9 figures. Here’s how he pulled it off 👇 🖱 Built out of frustration: no-code tools were too complex for true beginners 🖱 Used AI as his full dev team, coding 90% frontend, 50% backend 🖱 Skipped traditional workflows—no branches, no reviews, just shipping 🖱 Targeted complete non-technical users—a massive but ignored market 🖱 Bootstrapped to 250K users, $3.5M ARR, and $189K profit in a single month 🖱 Failed at paid marketing, then went viral by sharing raw founder lessons on LinkedIn 🖱Turned users into a marketing engine by rewarding them for posting their builds Wix didn’t just buy a product—they bought a story, an audience, and a working growth machine. This is the new playbook:

One founder, AI tools, real velocity, and relentless execution.

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💸 Recently Launched Funds — August 2025 A wave of new capital is flowing across Asia and the U.S., with strong focus on early-stage tech, Southeast Asia, and overlooked founders. Here are the highlights: 🖱 Foxmont Capital Partners closed the first tranche of its $20M Fund III to back early-stage startups in the Philippines 🖱 China Galaxy & CICC are eyeing $1B+ to expand into Southeast Asia, targeting innovation and tech 🖱 NEO Group launched a PE fund focused on Southeast Asian tech and consumer sectors 🖱 Vietnam’s NIC VC Fund, backed by the government, aims to support 100 startups by 2030 🖱 Inflection Point Ventures rolled out a ₹500 Cr ($60M) fund via GIFT City for 100+ Indian startups 🖱 Sameer Verma (ex-Nexus) launches solo GP fund for early-stage Indian tech 🖱 UTEC & Emerging Asia Capital Partners teaming up for a deep tech fund across Asia 🖱 Skyline Investors closed $125M to back overlooked U.S. “micro-market” companies 🖱 KKR raised $6.5B for its second Asset-Based Finance fund to target private credit 🖱 Yaletown Partners hit $100M first close on its $250M Innovation Growth Fund III in Canada 🖱 Verified Capital closed $175M debut fund focused on early-stage climate + infrastructure tech 🖱 Blackwood Ventures closed $25M+ to back pre-seed and seed-stage startups 🖱 Anansi Capital (Vinay Iyengar) launched to support overlooked, underrepresented founders 🖱 Juchain launched a $100M fund for early-stage Web3 startups in Asia 🖱 360 ONE Mutual Fund launched a new multi-asset fund under its NFO scheme 📍 Strong signals: Asia-focused funds are ramping up fast, with India, Vietnam, and Southeast Asia seeing new vehicles. Meanwhile, climate tech, credit, and founder diversity remain top U.S. themes. ✔️Powered by Trade Watcher

📣 Trump calls for Intel CEO's resignation Donald Trump has demanded the immediate resignation of Intel’s new CEO, Lip-Bu Tan, citing his ties to Chinese companies, including some with military links. Intel shares fell 5% following the statement. 🖱 Tan took over in March and began a major restructuring 🖱 His changes include 22% workforce cuts and halting some fab builds 🖱 Intel recently received nearly $20B from the U.S. under the CHIPS Act

The clash could escalate tensions over U.S. chip strategy and China-linked leadership.

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🚨 The next unicorns will look boring (until they aren’t) The billion-dollar startups of the next decade won’t start loud or flashy. They’ll look underwhelming at seed—small, niche, hard to spot. But by Series B, they’ll be miles ahead. Here’s why: 🖱 AI and automation make early teams lean but deadly effective 🖱 Real traction is quiet: revenue, execution, strategic focus 🖱 The best companies won’t fit traditional “hot startup” signals 🖱 Big markets often emerge from “niche” wedge plays 🖱 Technical depth and defensibility build long before they’re visible What makes these companies dangerous is compounding. Distribution grows silently. Data moats deepen. The product becomes sticky. And then, suddenly, everyone else is too late. ✔️Powered by Trade Watcher

💵 The quiet $100B empire built by ignoring Silicon Valley While VCs were chasing unicorns and exits, Mark Leonard built a $100B software giant by doing the exact opposite — buying small, boring SaaS companies and holding them forever. His firm, Constellation Software, now generates $2B+ in free cash flow yearly, with just 20 people at HQ. 🖱 Started in 1995 with $25M and a contrarian mindset 🖱 Focused on tiny vertical SaaS businesses overlooked by VCs — things like water billing or camp registration software 🖱 Acquired 1,000+ of these companies over 30 years — no exits, no flipping 🖱 Keeps every acquisition independent: original team, culture, product, branding 🖱 No layoffs, no “synergies” — just profit and long-term ownership 🖱 Doesn’t give Wall Street forecasts, doesn’t do investor calls 🖱 Managers are required to reinvest their bonuses into company stock — by 2015, 100+ employees held over $1M in shares 🖱 Company went public only to provide liquidity for employees — not to cash out or raise growth capital Leonard optimized for permanence instead of speed, and operational discipline over hype. And it worked: 35% CAGR since IPO, $100B market cap, and one of the highest revenue software companies in Canada — ahead of Shopify. In a world chasing flash, Constellation shows the real returns come from staying invisible, disciplined, and long-term.

Probably the best venture strategy no one in the Valley wants to copy.

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🏎 How Formula 1 makes money F1's popularity in the US doubled thanks to the Netflix docuseries released during the pandemic. But in recent months, the flow of new viewers has slowed down. For comparison: 🖱 The NFL earns 7 times more than F1 🖱 NASCAR — a niche American cousin of Formula 1, secured $1.1 billion from media rights deals

There’s still plenty of room to grow.

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