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📶 SEC has questions for Uniswap backers

📶 SEC has questions for Uniswap backers

Crypto VCs get SEC letters (again), the most-active investors from July, and Balderton pulls in $1.3b in new funding

August 13, 2024 • Estimated Reading Time: 6 minutes

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Good morning 👋

Olympics are over, kids are going back to school, partners are still offline.

Summer isn’t over yet, but it’s getting there.

Enjoy the next few weeks before all of those OOO notifications turn into email requests.

Let’s get it into the biggest stories from yesterday.

HEADLINES
SEC targets Uniswap backers 🎯

Source

The SEC has questions for VCs about Uniswap (Axios)
Early-stage crypto startups see more dollars in fewer deals (Axios)
Most-Active US Investors In July: Andreessen Horowitz Led Cool Month (Crunchbase)
UK’s Balderton pulls in $1.3B to target European startups (Pitchbook)
Why company-led secondaries are becoming increasingly attractive to later-stage venture investors (Venture Capital Journal)
The New Fake Math of AI Startup ARR: Not So Annual, Not So Recurring (The Information)

LINKS

✍️ Open-Source Memo Template: One of the better investment memo templates we’ve found from Point Nine Capital

📋 Memos: A collection of some of the best tech, business, and political memos

⠿ Patterns of Successful Startups: Data-driven VC shares an overview of what successful startups, specifically the teams behind them look like

✅ Marketplace Metrics: The metrics that matter according to Airbnb, PayPal and Uber

⛙ PayPal—A Merger of Enemies That Reshaped Silicon Valley: The story of PayPal’s IPO

🧑‍🎓 The Lesson To Unlearn: Paul Graham delivers another gold nugget of wisdom

🔎 6 Ways to Get Better Deal Flow: Dusting this off from our archives

This is the biggest market decline since the last decline you don't remember or care about anymore.
— Morgan Housel (@morganhousel)
3:30 PM • Aug 2, 2024

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FUNDS

Name	Fund Size	Fund Number
Stonepeak	$3.15b	I
TPG	$580m	I
Flint Capital	$160m	III
Thrive Capital	$1b	IX
Thrive Capital	$3b	III
Quinbrook Infrastructure Partners	$3b	V

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Here’s how to see all the information we have on funds (plus contact info)

STARTUPS (Together with Harmonic)
OpenAI-backed startups 🔎

Name	Description
🤖 Vengo	Your sales expert with one line of code
🌐 KudoAI	Bring AI to the masses
🕹 Portkey	Control panel for AI apps

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RECS

Strategy Breakdowns

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POLL

What do you think about the SEC going after VCs for backing crypto companies?

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- Clay

RESULTS

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

With respects to valuations and down rounds, what are you seeing?

🟨🟨🟨🟨⬜️⬜️ More down rounds - a lot of companies are not valued at what they used to be (10)

🟨🟨🟨⬜️⬜️⬜️ Mostly flat rounds - not a haircut but also not a premium to their last round (7)

🟩🟩🟩🟩🟩🟩 More up rounds - more companies raising at higher valuations than their previous round (14)

31 Votes

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