📶 AI is keeping venture afloat

2024 valuations by vertical, Hebbia raises a huge round from a 16z, GPs are cooking up a PE exit recovery plan, and Sequoia's former China unit raises a $2.5b fund

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Good morning 👋

Yesterday we ran a poll asking what types of funds you would invest in if you were an LP.

The most popular answer?

“Not touching venture investing (only looking at other asset classes)”.

Yikes - stay safe out there.

Let’s get into what you missed yesterday.

TL;DR:

HEADLINES
AI is keeping venture afloat 🚢

  • How AI is driving the venture capital market (Axios)

  • Startups Merge In Spaces Where Funding Has Fallen (Crunchbase)

  • AI Startup Hebbia Locks Up $130M Series B Led By a16z (Crunchbase)

  • GPs are cooking up a PE exit recovery (Pitchbook)

  • Artificial Intelligence Boom Lifts Paychecks for CIOs (WSJ)

  • Sequoia Capital’s former China unit raises new $2.5bn start-up fund (FT)

  • Industry Ventures closes latest hybrid fund amid VC secondaries uptick (Venture Capital Journal)

  • Revolut billionaire Nik Storonsky is set for a 9-figure payday as part of upcoming $500 million share sale (Fortune)

  • OpenAI’s China Ban Doesn’t Apply to Microsoft’s Azure China (The Information)

  • After a 10-Year Wait, Mt. Gox Bitcoin Is Finally Being Returned (Wired)

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FUNDS

Name

Fund Size

Fund Number

Ardian

$3.2b

VI

Freeflow Ventures

$15m

I

Freeflow Ventures

$35m

II

KLAR Partners

$943,167,000

II

Blackhorn Ventures

$150m

III

Curie.Bio

$380m

II

P.S. 👉 If you’re looking to get a new VC job … 

We’ve found the best way to do that is to find the jobs before they become available. In our opinion, the best way to do that is to a) find who is raising funds and b) find who is the right person to contact at each of those funds.

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RECS

POLL

Which of the following verticals are you MOST bullish on over the next five years?

Which vertical has the most opportunity ahead?

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RESULTS

Here are the results from our poll question in yesterday’s piece:

If you were to invest as an LP into funds, which of the following would you choose to invest in?

 

🟨🟨🟨🟨⬜️⬜️ ⭐️ Tier 1 established names (Sequoia, Benchmark, Founders Fund, etc.) (10)

🟨⬜️⬜️⬜️⬜️⬜️ 🔎 Spinouts (ex-partners from tier 1 funds) (2)

🟨🟨🟨🟨⬜️⬜️ 📈 Emerging managers (under-the-radar managers with unique deal flow and strategies) (10)

🟩🟩🟩🟩🟩🟩 ❌ Not touching venture investing (only looking at other asset classes) (12)

34 Votes

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