Hello from the smoky and still under COVID San Francisco!
With over 300 projects now built on Solana, Solana is a radically different blockchain system architecture leads to dramatically higher speeds and lower costs than other blockchains. Whereas Bitcoin can handle about 7 transactions per second (TPS), and Ethereum can handle 30 TPS, Solana can currently handle 65,000 TPS. Whereas Bitcoin costs ~$3 today to do a transaction, and ~$8-40 on Ethereum, it costs $0.0001 to do a transaction on Solana. Here is a deep dive on Solana. (Disclaimer: 500 Mobile Collective (my fund at 500 Startups) is one of the first investors of Solana.)
China plans to ban companies with large amounts of sensitive consumer data from going public in the U.S. Chinese leaders consider the internet, telecommunications and education sensitive because of political or national-security concerns. The VIE structure has been vital for the past 20 years for Chinese companies to have access to foreign capital, allowing them to register offshore and go public in the U.S. or Hong Kong. Read more.
Despite all the uncertainties, Norma Chu and team DayDayCook (my portfolio company) just announced their merger agreement with Ace Global Business Acquisition. DayDayCook is valued at $300M and will go public on NASDAQ. DayDayCook is a leading content driven D2C brand in China with over 80 millions of active viewers and paid customers. Congrats Norma and team!
This week a total of 24 startups raised $938M in funding, 5 M&As:
$302.8M goes to 11 Enterprise startups
$130M goes to 1 Mobile startup
$4.2M goes to 1 FinTech startup
$62M goes to 2 HR startups
$66M goes to 2 Education startups
$75M goes to 1 Real Estate startup
$100M goes to 1 Cannabis startup
$77.5M goes to 1 E-Commerce startup
$2.5M goes to 1 Food Delivery startup
$60M goes to 1 BioTech startup
$58M goes to 2 Healthcare startups
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