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Happy Monday!

This coming week is going to be busy =) On Monday, I am hosting one of my long time friend Yat Sui -chairman of Animoca Brands, the most active NFT and gaming investor. Yat has made over 150 investments including Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot). On Tuesday, I will be at Race Capital Web3 Meetup in San Francisco - our very first in-person event after two years! Join us here and here.

Here's 5 great reads for this week: 

  • How NOT to launch a fund - Bain Capital Crypto launched their fund on March 8 (aka International Women's Day) with an all-boys crew and was probably one of the biggest fund launch failures. The backlash was swift. By the evening, the original tweet had been deleted and the fund had to issue an apology. This is too good not to share 😂.  Read more.
  • Investors Love Concrete Ideas 💡 - I hate that founders use the word "disrupt" when talking about their company. The ideas of startup founders can either be grand or vague, or smaller and more concrete. Many founders think investors want the former. Maybe bad investors do. But the successful founders are the ones whose ideas are concrete. Great thread by PG.
  • President Biden Gone Crypto - With 40 million Americans (16% of U.S. population) having reportedly invested in cryptocurrencies, President Biden issued an executive order on this topic.  I think this is a good sign that the U.S. government is finally giving its blessing and attention, unfortunately there is no real concrete plan or actions. 
  • Startup Survival in Ukraine - Andriy, founder of Allbridge, one of our portfolio companies, made it out of Kiev after driving 36 hours. I cannot imagine running out of gas while trying to escape and save your family. Bloomberg wrote about him. My partner Alfred also spoke with Emily Chang on how startups should deal with sanctions and protect their team members in the region.
  • China's Tech Giants Market Cap Dropped $2 Trillion - China daily local COVID cases hit two-year high of over 1500 cases while combined market cap of China tech stock dropped almost $2 trillion in one year. 🩸 🛁 

This week a total of 22 startups raised $555.7M in fundingM&As:

  • $114.6M goes to 6 Enterprise startups
  • $119.7M goes to 3 FinTech startups
  • $22.5M goes to 1 E-Commerce startup
  • $65M goes to 1 Retail startup
  • $30M goes to 2 Marketplace startups
  • $50M goes to 1 Construction startup
  • $17.6M goes to 1 Manufacturing startup
  • $4M goes to 1 FoodTech startup
  • $26M goes to 1 BioTech startup
  • $95.3M goes to 5 Healthcare startups
  • $11M goes to 1 Gaming startup
If you love this newsletter, ask your best friends to sign up.

Edith

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  Funding (300 miles radius from Silicon Valley)
Venture capital funding in the US continues to break records.


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