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

FinTech HRTech Blockchain Food Service Cannabis Healthcare  Pet Care BioTech Manufacturing Automotive Renewable Energy Construction Other IPO & M&A (300 miles radius from Silicon Valley)  
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