Decacorns Venture Arm - Last year, I predicted that all Decacorns wanted to be VCs. This week OpenSea launches its venture arm and they are not the only one. Out of 49 Decacorns today, 14% of them have setup their own corporate venture arms including Databricks, FTX, Bytedance, Stripe, Ripple, and DCG.
Millennial Heist - In 2016, Heather Morgan (31) and Ilya Lichtenstein (34) stole 119,754 Bitcoins from Bitfinex valued at $71 million and which is now valued at ~ $5.3 billion. The millennial couple’s story to me sounds like pages out of a spy novel from trying to get fake passports on the Dark Web to being a self-described “cringe” rapper or being homeless. The most bizarre thing is that Heather Morgan was part of the 500 Startups accelerator batch. Crazy! Read more.
Demo - Solana released Solana Pay - a beautiful way to pay merchants using SPL assets with no fees! My partner Chris tested it in real life at a coffee shop in Redwood City. It’s pretty cool.
Buzzword - All the Web3 buzzwords are quite confusing. Great thread on all the terminology. My favorites are still WAGMI and BTFD. Here is a complete guide to all buzzwords.
China - China's venture capital investment reached US$130.6 billion for 2021,50% higher than 2020. The Chinese government may not like Ant Group or the education sector, but semiconductors, robotics and enterprise software are hot venture sectors in China.
This week a total of 25 startups raised $1.0078B in funding, 3 M&As:
$321M goes to 11 Enterprise startups
$305.5M goes to 5 FinTech startups
$20M goes to 1 InsurTech startup
$12.7M goes to 1 Logistics startup
$70M goes to 1 Environmental startup
$4.4M goes to 1 BioTech startup
$14.5M goes to 2 Healthcare startups
$60M goes to 1 Food and Beverage startup
$199.7M goes to 2 Other startups
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Funding (300 miles radius from Silicon Valley)
Venture capital funding in the US continues to break records.