Happy Monday!

Here's 5 great reads for this week:

• Sequoia in Crypto - 95% of all Sequoia Capital existing LPs supported their three new umbrella funds: Crypto, Ecosystem Fund (Fund of Funds) and Expansion Fund (Global Growth).  It’s cool to see 20% of Sequoia's investments in 2021 have been focusing on crypto. Read more.
• When the SPAC music is over… - SPAC king Chamath is stepping down from Virgin Galactic’s board while, at the same time, it’s valued dropped over 80%. Meanwhile, many other SPACs he sponsored are not doing so well either… Metromile now -92.6%, Desktop Metal now -85.9% and Sofi now -49.0%.  
• Crypto Scam - I am quite impressed by how much effort scammers put into this “social engineering” scam. Moral of this story?  Don’t put all your crypto in one wallet. 
• Series A Metrics and KPIs - I really like this article by Initialized on Series A KPIs for SAAS, D2C and marketplaces companies.  I particularly like the focus on monthly gross churn (< 3%) and LTV:CAC ratio. As I often have said, getting media coverage or getting rewards are just noise. Achieving healthy revenue growth is truly something that all founders should focus on.
• I am hiring!  Race Capital is hiring Head of Content.  Want to be that person who help define our brand and voice? Tell all your friends.

This week a total of 28 startups raised $1.26B in funding, 2 M&As: 

• $254M goes to 9 Enterprise startups
• $250M goes to 1 FinTech startup
• $10M goes to 1 HRTech startup
• $8.3M goes to 1 Blockchain startup
• $24M goes to 1 Food Service startup
• $27M goes to 1 Cannabis startup
• $54M goes to 2 Healthcare startups
• $20M goes to 1 Pet Care startup
• $107M goes to 2 BioTech startups
• $60M goes to 2 Manufacturing startups
• $320M goes to 3 Automotive startups
• $54.5M goes to 2 Renewable Energy startups
• $75M goes to 1 Construction startup
• $3.6M goes to 1 Other startup