📶 The Synapse collapse

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Good morning 👋

I was at a college reunion over the weekend, so I’m writing this late Sunday night.

We have a lot to catch up on, so let’s get right into it.

TL;DR:

• 📰 News

• 🔗 Links

• 🐥 Tweet

• 💰 Funds

• 📶 Recs

• 🗳 Poll

HEADLINES
More bad news from the Synapse collapse 📉

• TCV raises $3bn to back growth-stage companies (Financial Times)

• Inside the Collapse of Synapse: Missing Funds Were Known to Investors, Banks for Years (The Information)

• Virtual Care Drives Rise In Addiction Treatment Startup Funding (Crunchbase)

• VCs are selling shares of hot AI companies like Anthropic and xAI to small investors in a wild SPV market (TechCrunch)

• Companies under pressure to disclose more information to investors (Axios)

• Nvidia says next-gen AI platform Rubin to come in 2026 as CEO Jensen Huang touts chip giant’s tech to handle ‘computation inflation’ (Fortune)

• Saas Startup Funding Falls (Crunchbase)

• Goldman Sachs garners $20B for private credit strategy, closes flagship fund (Pitchbook)

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LINKS

📈 Barriers to Scale: Prime Macaya Capital Management writes about the problems with scaling an investment firm

📉 The End of Software: Why this time is may be different

💰 Pricing strategy for startups: a16z gives their take on how to price your product

⏳ How to lose time and money: One of Paul Graham’s best essays from 2010

👥 Enterpization of Consumer: Li Jin goes deep on why so much money has gone into helping consumers act like businesses

🎯 The Arc PMF Framework: How Sequoia defines product-market fit

🔎 How Bedrock sources: How one of the top funds finds their winners

📝 LP one-pager template: How to tease your fund to new LPs

➡️ Meta Ads Guide: What we’ve learned about running ads on Meta

TWEET

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FUNDS

Recently closed funds:

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.

Lucky for you, we’ve already collected all of that information for you.

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

RECS

• The Early: A new place for junior VC resources and content

• High Yield Harry: Where we get our favorite finance memes

• Big Desk Energy: Lessons on building a company from the founder of beehiiv

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

RESULTS

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

Will xAI become a real challenge to ChatGPT?

🟩🟩🟩🟩🟩🟩 ✅ Yes: Don't bet against Elon (24)

🟨🟨🟨🟨⬜️⬜️ ❌ No: Don't bet against Altman (20)

44 Votes