Good morning 👋
It feels like we’re finally starting to be back as an asset class:
Founders Fund closed a $4.6b new growth fund
Companies are raising $2b pre-product
Secondaries and SPV volume is up
Not saying that all of these are positive signals, but it at least shows that capital flowing back into venture.
Speaking of which, we’re breaking down some AngelList data on median valuations for early-stage companies today.
Let’s get into it …
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Today’s highlights
Data on early-stage valuations YoY
Morgan Stanley is entering privates
Discounts on some of the best tools we use every day
TOP
signs of strength for early-stage VC
The fundraising drought over the past four years has hit every part of the venture asset class, but signs are saying that we’re out of the worst of it.
Late-stage opportunities are a different story, but early-stage median valuations are painting a positive story.
Seed valuations are flat (still overpriced IMO)
Pre-seed valuations are up
Series A valuations are up
More data: https://www.angellist.com/data-center
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HEADLINES
Morgan Stanley Collects $2.3 Billion for Private Equity Co-Investments (WSJ)
Forerunner’s long game: As startups stall before IPO, all options are on the table (TechCrunch)
OpenAI co-founder Ilya Sutskever’s Safe Superintelligence reportedly valued at $32B (TechCrunch)
Tariffs shake up VC secondaries as supply outpaces demand (Pitchbook)
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RECS
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LINKS
🥱 What Does It Mean to be a Venture Capitalist Today?: Venture Reflections believes the increase in money flowing into and through the venture capital business has exacerbated the trend toward conformity
💂🏻♂️ Cash is King, But Who’s Guarding the Throne?: Controls aren’t about perfections, but they are about reducing your chances for bad stuff to happen
⚡️ How Trump’s 2025 Tariffs Could Reshape Startups: The VC Corner’s take on how founders can adapt on the new trade landscape
🤝 Why VC Firms with Stronger Networks Produce Higher Returns: For VC investors, sometimes it’s about who you know, not just what you know
< Why Didn’t Anybody Tell Me I Could Raise Less?: “Seedstrapping” or raising one round and then exiting the venture race isn’t as controversial as it once was
Thanks for reading this far and giving us a little bit of your attention this week.
Feel free to unsubscribe whenever this stops becoming valuable to you.
- Clay
(Founder @ Confluence.VC | GP @ Outlaw)
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