StubHub Plans September IPO Amid Renewed Market Optimism

StubHub aims to launch its IPO in September after a delay earlier this year, reflecting growing confidence in the public markets.StubHub is moving forward with plans to go public, with its IPO expected in September.

The online ticketing platform had initially filed to go public in March but paused its IPO plans in April following market uncertainty tied to new trade policies. Now, according to a recent filing with the SEC, the company is set to begin its IPO roadshow shortly after Labor Day, with shares expected to begin trading on the New York Stock Exchange under the ticker symbol STUB.

StubHub reported first-quarter revenue of $397.6 million, a 10% increase compared to the same period last year. Despite the growth in revenue, the company posted a net loss of $35.9 million, up from $29.7 million a year earlier.

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Insurtech Startup Inclined Raises $8M to Make Life Insurance Lending More Accessible

Inclined is helping more people unlock the value of their whole life insurance policies through a tech-driven insurtech platform once only available to the wealthy.Inclined Secures $8M to Expand Its Insurtech Lending Platform

Inclined Technologies, an insurtech company that helps people borrow against whole life insurance policies, has raised $8 million in Series B funding. The round was led by HSCM Ventures, with participation from Northwestern Mutual and other existing and new investors. This brings Inclined’s total funding to $31 million.

The company, based in San Francisco, did not share its valuation but confirmed that this round was raised at a higher valuation than its $16.5 million Series A.

A New Approach to Insurance Lending

Inclined was launched in 2020 by Mark Shaw, Josh Wyss, and Graham Gerlach. Shaw, a tech veteran, previously co-founded Guidewire Software (which went public in 2012) and also served as CTO at Strava.

With Inclined, the founders set out to modernize the traditionally slow and complex process of borrowing against the cash value of whole life insurance. Their goal is to open up a financial strategy that was once mostly used by high-net-worth individuals.

Whole life insurance policies build cash value over time, unlike term life insurance. Policyholders can access this value through loans rather than direct withdrawals, which helps keep their policies active and their money growing.

Shaw compares it to homeownership: “It’s like owning instead of renting. There’s long-term value you can tap into.”

How Inclined’s Insurtech Model Works

Inclined’s main product is iLOC, a revolving line of credit secured by the cash value of a whole life insurance policy. The product is distributed through financial advisers working with Inclined’s partner insurance carriers, including Northwestern Mutual, MassMutual, and Guardian Life.

According to CEO Josh Wyss, the platform charges no recurring interest payments, no late fees, and no borrower fees. “People are essentially borrowing from themselves,” Wyss said.

Users commonly use this built-up value to invest, pay for education, or make large purchases such as real estate—while their insurance policies continue to grow in value. The insurtech model also allows banks to lend at lower interest rates than insurance companies typically offer.

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How Compensation Can Turn Your Team Into Business Owners

The right compensation strategy can align your entire startup, driving growth, accountability, and a performance-focused culture.Build a Team That Thinks Like Owners—with the Right Compensation

Six months ago, I tied our VP of Engineering’s bonus to our company’s ARR (Annual Recurring Revenue) target. At first, he thought I was out of my mind. Half a year later, he thanked me. Why? Because shifting from owning a function to owning an outcome changed everything.

Startups today face growing pressure to hit revenue targets with lean teams. Yet, most compensation plans don’t reflect this. Sales teams often chase commissions, while the rest of the company operates on fixed salaries—disconnected from performance. That’s a lost opportunity.

Done right, compensation can align everyone around growth and build a culture where every team member thinks and acts like an owner. Here’s how to make it work—without damaging morale.

1. Focus on One Clear Metric

Startups are fast-moving and often chaotic. That’s why compensation must be tied to one central metric—usually revenue-related, like ARR.

At our company, the entire team focuses on Net New ARR. It’s not just a finance metric; it’s a shared goal. From engineering to customer support, every team contributes to driving that number. It encourages cross-functional collaboration and a broader understanding of success.

Tip: Don’t overthink it. Choose one metric that reflects your company’s lifeblood and make it the focus of your compensation model.

2. Make Compensation Meaningful

A small bonus won’t shift behavior. If you want real impact, the reward must be big enough to matter.

We set compensation bonuses at around 20% of salary. This level of incentive grabs attention and drives people to act. It motivates teams to focus on outcomes—not just tasks.

The goal isn’t to reward activity. It’s to reward results.

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VC Outlook 2025: Cautious Optimism Amid Surging AI Investment

VCs Are Investing in AI at Record Levels—But With a Strategic ApproachGlobal venture funding is picking up again. In the first half of 2025, VC activity reached $91 billion in Q2 alone—an 11% increase over the same period last year. This marks the strongest half-year for global VC investment since early 2022, signaling a cautious but growing recovery in private markets.

What’s driving the surge? One clear answer: AI.

But while VC firms are heavily backing AI companies, they’re also approaching investments more carefully. To understand where the market is heading, investors from Menlo Ventures, Founders Fund, Bain Capital Ventures, and Left Lane Capital shared their views.

Why VCs Are Betting Big on AI

Matt Murphy, partner at Menlo Ventures, says the funding spike is no accident. “Everyone is chasing the AI wave,” he said, explaining that many VC firms are scrambling to catch up after entering the space late.

Menlo Ventures was early to act, investing in Anthropic’s $450 million round in 2023. By 2024, the firm launched a $100 million AI-focused fund, backing over 30 companies from seed to Series A. Murphy predicts that as AI models improve, VC interest will keep climbing—especially in infrastructure and workflow tools that show rapid growth.

At Founders Fund, investor Robert Windesheim calls AI the most transformative tech since the internet. He expects VC firms to keep pouring capital into AI over the next 12 to 18 months, especially as new use cases continue to emerge from improvements like reinforcement learning on domain-specific data.

All In on AI—But Selectively

Despite the hype, some VCs are still selective. Abby Meyers of Bain Capital Ventures says her firm is wary of inflated valuations. “We’re being deliberate,” she said, noting that Bain chose to back OpenAI rather than spreading investments across multiple model labs.

Still, Meyers agrees that AI is now part of almost every investment decision. “AI will continue to play a major role and create new opportunities,” she said, pointing to applications across legal, education, compliance, and more.

Murphy echoes this. “Everything we pursue has a strong AI component,” he said. “We’re all in on AI.”

However, both agree that strong non-AI companies—especially in sectors like defense—can still raise capital, even if the spotlight is on AI right now.

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How to Succeed in the Hype Cycle of Legal Tech

Legal Tech’s Big Moment Is Here—But Are You Ready for the Hype Cycle?Legal tech is booming. Thanks to generative AI, an industry built on text is now transforming at lightning speed. For lawyers, this shift brings both opportunity and anxiety.

Generative AI is changing how legal work gets done. Tasks that once demanded high hourly rates—like drafting, reviewing, and researching—are being automated. What used to take hours now takes minutes. It’s like giving every associate a jetpack. Exciting? Yes. But also disruptive.

In 2024 alone, legal tech startups raised over $2.2 billion globally. That kind of funding signals a red-hot market. But it also places many founders squarely in the hype cycle—where expectations skyrocket, competition explodes, and pressure mounts.

From Education to Urgency: The Shift in Legal AI

Just a few years ago, selling legal tech meant starting with the basics. Many law firms didn’t even know what legal tech was. Startups had to explain every feature and benefit, often facing skepticism and long sales cycles—sometimes up to two years.

Now in 2025, that’s changed. One strong demo can close a deal. Law firm leaders no longer ask, “What is AI?” Instead, they’re saying, “We needed AI yesterday.”

The legal industry—long resistant to change—is suddenly all-in. This rapid shift has pushed legal tech deeper into the hype cycle, where innovation moves fast, and staying relevant is a daily challenge.

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Automation Leads Growth as Agtech Investment Stalls

Despite a slowdown in broader agtech funding, automation continues to attract strong investor interest across farming sectors.Automation is making steady gains in agriculture—even as funding for agtech as a whole slows. From mushroom harvesting to weed control, startups focused on farming automation are securing significant investments.

One standout is 4AG Robotics, a company based in British Columbia. It recently raised $29 million in Series B funding for its mushroom-picking robots that work around the clock—trimming, packing, and handling mushrooms with minimal human input.

This trend reflects a larger movement: automation is filling labor gaps and meeting rising food demand. It’s not just mushrooms. From leafy greens to pollination, automation is transforming agriculture and drawing billions in funding.

Major Investments in Agricultural Automation

Several companies have raised large funding rounds recently, showing the strength of the automation trend:

• 80 Acres Farms, based in Ohio, raised $115 million in February. The company operates high-tech indoor farms using robotics and AI. It also acquired Plantae Biosciences, a plant-breeding startup based in Israel.
• Carbon Robotics, based in Seattle, secured $70 million last October. The company builds AI-powered robots that handle weed control and automate tractor operations.
• Beewise, an Israeli startup, raised $50 million in June. Its automated “bee homes” handle pollination tasks using robotic arms, sensors, and cameras—helping growers maintain crop yields.

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AI in Hollywood: Creative Revolution or Power Shift?

AI Is Changing How Hollywood Tells StoriesHollywood is undergoing a major transformation as AI tools become a key part of the creative process. Netflix’s use of Runway’s AI video generation technology is more than a production upgrade — it reflects a deep shift in how movies and shows are made.

Under CEO Ted Sarandos, Netflix is using AI to speed up and lower the cost of visual effects. Work that once took weeks can now be done in days. But this is not just about saving time and money. The growing use of AI is changing who creates content, how stories are told, and who holds power in the industry.

Where Does the Artist End and AI Begin?

Hollywood has always adapted to new technology — from sound to CGI. But AI is different. It can create images, animate scenes, and even suggest edits without human input. This blurs the line between human creativity and machine-generated content.

For visual effects artists, this could mean fewer entry-level jobs and less opportunity to build a career. With AI taking over more of the creative process, fewer people may control the final product. That could limit the variety of voices behind today’s stories.

AI Could Also Open Doors for Smaller Creators

At the same time, AI tools like Runway could help smaller creators produce high-quality content without big studio budgets. Independent artists and small teams now have access to technology that was once limited to large productions.

This shift could help make Hollywood more inclusive, breaking down long-standing barriers. But it’s unclear whether the industry will support this change or use AI to tighten control and prioritize content optimized for algorithms instead of creativity.

Streaming Giants and the Battle for Control

For companies like Netflix, AI is a strategic tool in a competitive market. It allows for faster content creation, lower costs, and the ability to test what audiences like — all key advantages in the streaming wars.

Meta’s reported interest in acquiring Runway shows that the fight over AI in entertainment is heating up. Whoever controls these tools may also shape the future of content.

But there’s a risk: relying too much on AI could lead to formulaic content, where algorithms decide what gets made. This might push out bold, original ideas in favor of what performs best in metrics like watch time.

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Firefly Aerospace Soars Over 50% in First-Day Trading on Nasdaq

Investor Interest Grows as Firefly Aerospace Makes Strong Market DebutFirefly Aerospace made a strong entrance on the Nasdaq Thursday, with its shares rising more than 50% during first-day trading. The stock closed up 34%, reflecting strong investor interest in the growing spacetech sector.

The company, based in Cedar Park, Texas, raised $868 million in its initial public offering. Shares were priced at $45 each—higher than the expected range—and are trading under the ticker symbol FLY.

Founded 11 years ago, Firefly Aerospace provides launch, landing, and in-space transportation services for both government and commercial customers. While it isn’t yet profitable, the company is seeing rapid revenue growth. In the first quarter of 2025, Firefly generated $55.9 million in revenue, compared to $8.3 million during the same period last year.

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Top US Investors in July: Andreessen, Insight, and Y Combinator Lead the Pack

A Busy Month for US Investors Across Seed and Growth-Stage DealsJuly was not only hot in terms of weather—it was also a strong month for venture funding. While startup investments don’t always follow seasonal patterns, many US investors remained active, and some even ramped up their dealmaking.

Leading US Investors by Deal Count

In terms of total deals, Y Combinator and Andreessen Horowitz topped the list of most-active US investors. Y Combinator backed 18 rounds of $5 million or more, while Andreessen participated in 12.

Other firms making multiple investments included:

• Thrive Capital – 7 deals
• Pioneer Fund – 7 deals
• Insight Partners – 7 deals
• BoxGroup – 7 deals
• Bessemer Venture Partners – 7 deals

These firms played a major role in keeping deal activity high across sectors like AI, fintech, and enterprise tools.

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Pivot Warning Signs: Red Flags You Shouldn’t Ignore

How Knowing When to Pivot Can Save Your StartupPivoting isn’t a sign of failure—it’s a smart move when your current product or market strategy isn’t working. For startups, a well-timed pivot can be the difference between growth and shutdown.

Here’s what I learned after shifting our product from a small collaboration tool to a full-scale product lifecycle management platform used by hundreds of companies. These are the red flags that signaled when it was time to pivot, and what you can learn from them.

1. You’re Searching for Answers Instead of Running Experiments

We didn’t just guess our way through change. Each pivot came from testing real hypotheses, looking at customer data, and tracking outcomes. The key was focusing on the ideal customer profile—someone who truly needed the product, was willing to pay, and whose pain points matched what we offered.

2. Your Unit Economics Don’t Add Up

When your customer acquisition cost outweighs customer lifetime value, it’s time to pivot. Initially, we targeted ad agencies with a 3D collaboration platform. They liked the idea, but liking a product isn’t the same as paying for it.

This disconnect told us something was off with our market or offer.

3. Your Target Users Aren’t Willing to Pay

A major pivot happened when we explored the GameDev industry. AAA studios already had in-house tools and didn’t need us. Indie developers, though disorganized in managing assets, weren’t ready to pay for structure either.

Even those who did buy licenses didn’t generate enough consistent revenue. That forced another pivot—this market wasn’t financially viable.

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Figma IPO Sparks Market Optimism as Startup Funding Holds Steady

Global Venture Funding Totals $29.7B in July, Driven by AI and Figma’s Strong Market DebutGlobal startup funding reached $29.7 billion in July 2025, staying flat compared to July 2024 but down from $43 billion in June.

Despite the month-over-month decline, investor sentiment remained positive, thanks largely to the Figma IPO, which exceeded expectations and renewed interest in public market exits. The success of the IPO is raising hopes for other high-growth startups waiting to go public.

Breakdown of Startup Funding by Stage

• Seed-stage startups received 10% of total funding
• Early-stage deals captured 30%
• Late-stage funding made up 60%

Large funding rounds dominated the month, especially those over $200 million, mainly backed by corporate investors and private equity firms.

AI Remains the Top Investment Sector

AI continued to lead in funding, securing $11 billion, or 37% of all investment in July. The biggest round of the month went to Elon Musk’s xAI, with a massive $5 billion deal led by SpaceX. It was the third-largest round of the year, behind OpenAI’s $40 billion in March and Meta’s $14.3 billion investment in Scale AI in June.

In total, startup rounds of $200 million or more accounted for $11.4 billion, representing 38% of all private investment. Most of these were led by corporate and alternative investors. Only OpenEvidence and Lovable had rounds of this size led solely by venture capital firms.

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Automation Startup Clay Doubles Valuation to $3.1B After $100M Series C Funding

Clay, an automation startup focused on sales and marketing, has raised $100 million in a Series C funding round, boosting its valuation to $3.1 billion.Alphabet’s CapitalG led the investment, with participation from existing investors Meritech Capital Partners, Sequoia Capital, First Round Capital, BoxGroup, and Boldstart Ventures. Sapphire Ventures also joined as a new investor.

This latest round comes just six months after Clay raised $40 million in a Series B extension, which valued the company at $1.25 billion. In May, the New York-based automation startup completed a tender offer led by Sequoia at a $1.5 billion valuation. With this round, Clay’s total funding now stands at $204 million since its launch in 2017.

Automating Sales with AI

Clay’s platform helps companies streamline their sales and marketing efforts using AI. It builds automated workflows to research thousands of potential customers, personalize outreach at scale, and uncover revenue opportunities that are hard to identify manually.

The platform connects with over 150 data sources. Its AI tools can track competitor activity to launch targeted campaigns or analyze satellite images—such as warehouse parking lot size—to predict customer potential.

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How to Handle Layoffs the Right Way: Lessons From a Former CEO

Layoffs are difficult but often necessary. As a former CEO who’s had to lead multiple workforce reductions, I understand the pressure leaders face during these moments. With layoffs continuing across the tech industry, even in fast-growing sectors like AI, it’s crucial for leaders to be prepared—and to act with care and clarity.

Why Layoffs Happen

Layoffs can result from many factors—some internal, others driven by the market. You may have to reduce headcount due to changes in strategy, a shift in market demand, or the sudden loss of a major client. Sometimes, it’s because an organization has become bloated and needs to refocus.

At a broader level, many investors are pulling back. Venture capital firms are raising less, and funding rounds are slower and smaller than expected. This uncertainty means companies must be ready for hard decisions if capital dries up.

Even with the U.S. economy performing better than expected, there’s still risk ahead, especially as we move into late 2025 and beyond. Having a layoff plan—even if you never need it—is smart business strategy.

How to Conduct Layoffs with Compassion

When layoffs become unavoidable, your top priority must be treating people with respect and empathy.

Avoid vague or overly legalistic explanations. Employees deserve to know why the decision is being made and why now. Clear, direct communication builds trust—not just with those leaving, but also with those staying.

Offer severance if possible, and provide job placement support. These steps can boost morale for your remaining team as much as retention bonuses.

Also, make sure your cuts are strategic. Avoid the mistake of evenly reducing teams without considering performance and future needs. A poorly planned layoff often leads to a second round—and more disruption.

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Iconiq’s Big Week: Major Investments, a Hot IPO, and Growing Influence in Tech

Iconiq had a standout week, showing why it remains one of the most influential investors in the startup world. From leading billion-dollar funding rounds to cashing in on a high-profile IPO, the San Francisco-based firm is making bold moves in tech and finance.

Iconiq Leads Major Funding in Anthropic

Last Tuesday, reports emerged that Iconiq is leading a massive funding round for Anthropic, the fast-growing generative AI company. The deal, expected to raise between $3 billion and $5 billion, would push Anthropic’s valuation to an eye-popping $170 billion—up from $61.5 billion in March and just $18.5 billion in early 2024.

If the round closes, Anthropic will become the second most valuable venture-backed AI company, trailing only OpenAI.

$500M Investment in Ramp and Big Bet on Quince

Iconiq also led the largest venture round of the week—a $500 million investment in Ramp, a New York-based fintech company now valued at $22.5 billion. Ramp, founded in 2019, offers financial tools that help businesses automate spending and earn revenue through interchange and transaction fees.

Meanwhile, Quince, a San Francisco-based online retailer offering affordable luxury goods, secured $200 million in new funding. That round, also led by Iconiq, valued the 7-year-old company at more than $4.5 billion.

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Why More Startup Acquisitions Are Happening in 2025

Tighter funding and competitive pressure are pushing startups to acquire each other instead of building from scratch.

Startups Are Turning to M&A as Funding Stalls

Even with a small uptick in IPO activity, many startups are still struggling to raise capital or exit through traditional routes. At the same time, competition—especially in tech—is heating up. The result? More startups are buying other startups to stay ahead.

This rise in startup-to-startup acquisitions is driven by several factors. For many, it’s a faster and more affordable way to access new technology, customers, or talent than building it internally. For others, it’s a strategic move to survive in a more cautious investment environment.

Startup M&A Deals Are on the Rise

In the first half of 2025, 427 startup acquisition deals were reported worldwide—up 18% from the same period in 2024. That’s a strong signal that more startups are using mergers and acquisitions as a key growth strategy.

In comparison, over 1,000 startup-to-startup deals occurred in each of the full years 2021 and 2022. While the overall number may be slightly down, deal activity is clearly rebounding in 2025.

Early-Stage Startups Are Merging for Strength

Michael Mufson, managing partner at Mufson Howe Hunter, says many early-stage startups are joining forces because raising money has become much tougher.

With fewer liquidity events and more selective venture capital firms, startups are getting creative. Merging with another startup can strengthen their story, broaden their customer base, and even bring in missing skills—especially in areas like tech or product development.

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AI Acquisitions Shift Focus to Infrastructure and Real-World Impact

As AI adoption grows, buyers prioritize practical solutions over flashy technology, driving a wave of strategic acquisitions.AI Acquisitions Are Becoming More Purposeful

In late May, OpenAI made headlines with its $6.5 billion acquisition of Io, a specialized company focused on deploying and managing AI models. The deal wasn’t just notable for its size—it revealed a clear trend: the most active buyers in AI are now focused on infrastructure, not innovation for its own sake.

As AI moves from labs into real-world applications, the challenge has shifted. It’s no longer about who can build the best model, but who can run AI systems at scale—reliably, efficiently, and securely.

Rising Deal Volume, Split Market Value

From the first half of 2024 to the same period in 2025, AI acquisition activity increased steadily, reaching 262 deals—a 35% year-over-year rise.

Despite the higher volume, deal values show a split. While the median deal size remained at $67.5 million, the average jumped to over $435 million. This gap reflects a divided market: a few large infrastructure deals dominate the headlines, while many smaller, strategic acquisitions quietly continue behind the scenes.

Smaller AI Deals Offer Real Value

These smaller AI companies often operate with less funding but greater focus. They solve specific, high-value problems—like automation, compliance, or niche industry workflows.

Though their exits might not grab attention, these startups provide real value. Their tools often integrate seamlessly into existing systems, offering domain knowledge and operational efficiency. They represent long-term, sustainable businesses built for clear use cases—not hype.

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IPO Market in 2025 Shows Strong Returns — All Eyes Now on Figma

After a string of successful tech IPOs in 2025, Figma enters the public market with high expectations and strong investor interest.The U.S. tech IPO market has been quiet in 2025. But for the companies that have gone public, results have been strong. This trend could benefit Figma, which priced its IPO on Wednesday at $33 per share—slightly above expectations. Figma will trade on the New York Stock Exchange under the symbol FIG.

If the pattern holds, Figma could see its stock rise. Every one of the nine largest venture-backed IPOs this year has seen its stock increase since debut.

Circle’s Massive Jump

Leading the way is Circle Internet Group. The New York-based stablecoin company has become the standout performer of the year. Since going public in June, Circle’s stock has risen more than fivefold, pushing its valuation beyond $40 billion.

Circle’s success has encouraged other crypto-focused companies to enter the IPO pipeline. BitGo and Gemini have both filed confidential drafts, while Bullish filed publicly this month.

A strong crypto market also helped. Bitcoin recently approached a record high of $118,000, giving digital asset companies a major boost.

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Venture Capital Is Shrinking to Extremes, Leaving the Middle Behind

A handful of companies are dominating the venture capital market, while growth-stage startups struggle to survive.As we move through 2025, the venture capital landscape appears to be improving. Funding levels are rising, artificial intelligence is booming, and some well-known companies have gone public. But beneath the surface, the story is very different. Rather than a full recovery, we’re seeing a major shift: capital is concentrating in a small group of large companies, leaving the rest of the venture market behind.

The Barbell Effect in Venture Capital

Today’s venture market shows a growing divide. On one end, early-stage founders are scraping together small checks from angels and microfunds. On the other, massive startups — so-called “ultra-unicorns” worth over $5 billion — are attracting huge investments at record speed.

In the first half of 2025, $70 billion flowed to just 11 companies. Two rounds — $40 billion for OpenAI and $14.3 billion for Scale AI — set all-time records for private venture funding. This extreme concentration of capital is not just unusual; it’s reshaping the entire venture ecosystem.

Large companies now raise more in a single round than many funds deploy over a decade. These outsized deals are pulling investor attention and money away from everything else. If you’re not already a top-tier name, it’s become increasingly difficult to raise follow-on funding.

Why Investors Are Playing It Safe

This shift in venture behavior isn’t hard to explain. Many limited partners remain cautious, and general partners are sticking to safer bets. AI, with its promise of scale and disruption, checks all the right boxes: big potential, large markets, and a sense of inevitability.

That creates a feedback loop. Companies with momentum attract more funding, which boosts their visibility and leads to even more investment. Meanwhile, solid, revenue-generating startups are overlooked — not because they lack merit, but because they lack hype.

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GV Invests Aggressively in AI Startups—Even When Competing with Alphabet

GV Backs AI Innovation Across Sectors, Betting on Speed, Talent, and Bold IdeasGV (formerly Google Ventures) is taking an unconventional approach in the world of venture capital. While most corporate funds avoid backing competitors to their parent companies, GV does just that—investing in startups that sometimes challenge Alphabet’s own AI projects.

Independent Strategy in a Competitive AI Market

With full autonomy in its investment decisions, GV operates independently of Alphabet. This allows the firm to move quickly and take big risks in fast-moving areas like AI. Managing partners Dave Munichiello and Tom Hulme are focused on everything from hardware and infrastructure to AI applications.

They say the firm is investing early and late-stage across multiple industries, confident that fast execution and founder-led innovation will win in the AI era.

San Francisco at the Center of the AI Boom

According to Munichiello, the pace of AI innovation—especially in San Francisco—is intense. Founders are forming startups rapidly, often while receiving job offers from big players like Meta and OpenAI. The competition for top talent is fierce, and many researchers are choosing startups over Big Tech.

Early Bets in AI and Talent-Driven Decisions

GV’s past investments in AI include:

• Lattice Data (acquired by Apple)
• Synthesia (video generation)
• Snorkel AI (data labeling)

More recently, GV joined the record-setting $2 billion seed round for Thinking Machines Lab, valuing the company at $12 billion. Despite competing with Alphabet’s Gemini, GV backed the startup due to strong signals about its leadership, particularly co-founder Mira Murati’s reputation for attracting top AI talent.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Anthropic Set to Raise $5B at $170B Valuation Amid Funding Surge

Anthropic’s Valuation Skyrockets as Major Investors Line UpAnthropic, the company behind AI assistant Claude and a key competitor to ChatGPT, is close to finalizing a $5 billion funding round that would bring its valuation to $170 billion, according to Bloomberg.

Who’s Investing in Anthropic?

The round is expected to be led by Iconiq Capital, which may invest around $1 billion. Other potential participants include the Qatar Investment Authority, Singapore’s GIC, and possibly Amazon, an existing backer.

This marks a significant leap for Anthropic, which was valued at $61.5 billion just four months ago when it raised $3.5 billion. In February 2024, the company’s valuation stood at $18.5 billion—meaning it has grown nearly ninefold in under 18 months.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Dual-Use Tech Is Reshaping Innovation and Defense

Startups and Governments Accelerate Investment in Dual-Use Tech SolutionsDual-use tech—technologies with both civilian and military uses—is rapidly gaining ground across the global innovation landscape. Once sidelined due to funding limits on defense ventures, it has now become a central focus for governments, venture capital firms, and startups.

Why Dual-Use Tech Is Growing Fast

Several factors are fueling the surge in dual-use tech:

• Rising geopolitical tensions
• Increased defense budgets among NATO members
• A shift in innovation from traditional contractors to agile startups

From AI surveillance tools to autonomous systems and secure communications, future defense capabilities are now being driven by the startup ecosystem.

How Big Is Dual-Use Tech?

As of May 2025:

• 17,619 dual-use tech startups operate across NATO countries
• They make up 27% of all scaleups in the 47 countries analyzed
• 1,025 are classified as defense tech startups
  • 200 focus solely on military applications
  • 825 started as civilian startups and later expanded into defense

This means roughly one in four scaleups are now working on technologies with potential military applications.

Massive Growth in Just Months

Between October 2024 and May 2025:

• The number of dual-use tech startups jumped by 16%
• Investment in the sector rose 25%, reaching $1.2 trillion
• Defense tech funding specifically grew 27%, totaling $70.8 billion
• 4,311 new startups were founded, with more than half classified as dual-use tech
• Nearly 70% of all startup funding during this period went to dual-use ventures

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Robotics Startup Funding Surges in 2025

Investors Pour Billions into Robotics Companies as the Sector Gains MomentumInvestor interest in robotics startups is rising fast in 2025. So far this year, companies in the robotics space have secured over $6 billion in funding, putting the industry on track to surpass last year’s total — with several months still remaining.

Top Robotics Funding Rounds of 2025

While humanoid robots continue to grab headlines, the largest investments are spread across a wide range of technologies. This includes surgical robotics, factory automation, and robotics operating systems. These well-funded startups are based around the world, from the U.S. to Europe to China.

Here are some of the top funding stories so far this year:

Humanoid Robots Attract Major Investment

Humanoid robotics companies received some of the biggest rounds in 2025. Apptronik, a University of Texas spinoff, raised $403 million in Series A and follow-on funding. Its Apollo robot is designed for industries like auto manufacturing, electronics, warehousing, and bottling. Apptronik believes humanoid robots can quickly adapt to human environments due to their form and size.

Galaxy Bot, based in Beijing, raised $154 million to advance its humanoid bots for home tasks, retail restocking, and factory sorting.

The Bot Co., founded in San Francisco by former Cruise CEO Kyle Vogt, closed a $150 million round. The company is developing household robots aimed at performing everyday chores.

Medical Robotics Secures Major Capital

Robotics startups focused on healthcare also attracted significant funding. Neuralink, which develops brain-computer interfaces, raised $650 million. Though not strictly a robotics company, Neuralink uses surgical robots to implant its devices and is working on robotic prosthetic control.

CMR Surgical in the UK raised $200 million for its soft-tissue surgical robot. ForSight Robotics, based in Israel, secured $125 million to develop robotic systems for eye surgery.

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Why Venture Is Shifting Toward Physical Production

How AI and Automation Are Opening New Doors for Venture in Manufacturing and Physical IndustriesFor years, venture capital has mostly focused on digital businesses — companies built on software that scales instantly through a web browser. Think of the giants like Facebook or OpenAI. Their growth relies on speed, low distribution costs, and fast feedback loops.

But this focus has overlooked a massive opportunity: the physical world.

Industries like manufacturing, construction, chemicals, and logistics still rely on outdated systems. U.S. manufacturing alone is worth $2.5 trillion. Even capturing a small slice of that market offers true venture-scale returns.

What’s Been Holding Venture Back?

Investors have traditionally avoided deep tech in physical production. Why? Hardware took too long to build, was expensive to maintain, and required complex customer integrations. Many investors still remember failed bets in hardware that never scaled.

But 2025 is different. A major shift is underway.

AI has made it cheaper and faster to deploy powerful software into factories and supply chains. Tasks that used to need teams of engineers can now be handled by AI that configures itself. What used to take months now happens in days.

This transformation is flipping the math — and creating a new venture opportunity.

What Sets the Winners Apart

At CloudNC, where we build AI to speed up CNC machining, we’ve found that successful startups in this space all meet four key criteria:

1. A serious, urgent problem: Customers must already be spending money to fix a pain point. If it’s not keeping executives up at night, it’s not urgent enough.
2. A large, fragmented market: You don’t need to dominate the entire industry to build a big company. In the U.S. alone, there are thousands of precision-machining shops.
3. Simple setup: The product must be easy to use. Today’s AI can self-integrate into existing factory software. At CloudNC, we designed our tools to plug directly into systems shops already use.
4. A strong competitive edge: Whether it’s proprietary data, years of R&D, or regulatory advantages, winning companies build deep moats. At CloudNC, our AI is trained on data we had to gather ourselves, over years of factory work.

Meet all four, and you’ve got a rare thing: a software-like product that drives real-world results — and is very hard to copy.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Top Unicorn Investors: Firms Backing the Most $5B+ Startups

Private equity and venture firms are building major portfolios of ultra-valuable unicorns.

The Rise of Ultra-Unicorns

Startups valued at $5 billion or more—known as ultra-unicorns—are growing in number. In 2025 alone, 17 companies joined this exclusive group, which now totals 211.

Though they make up just 13% of the global unicorn landscape, these companies account for over $3.5 trillion in combined value—more than half of the total $6 trillion among all unicorns.

Both venture capital and private equity firms have played key roles in funding these high-value startups. In fact, private equity now makes up half of the most active unicorn investors.

Leading Unicorn Investors by Portfolio Size

When looking at the firms with the largest number of $5B+ investments, five names stand out:

• Andreessen Horowitz
• Sequoia Capital
• Tiger Global Management
• Lightspeed Venture Partners
• Accel

Even though Tiger Global has reduced its private market activity since late 2022, it remains a major player. It has backed major ultra-unicorns like Databricks, Scale AI, and Shein.

Private equity firms dominate late-stage investments and have amassed large portfolios by backing more mature companies. By contrast, venture capital firms tend to invest earlier and stay with their strongest bets.

Among the largest portfolios:

• Tiger Global: 19% of ultra-unicorns
• Coatue: 18%
• SoftBank Vision Fund and GIC also rank highly
• Andreessen Horowitz is the top-ranking venture investor on this list

Early-Stage Unicorn Investors

At the early stages (Series A and B), the top unicorn investors are:

• Andreessen Horowitz (16 companies)
• Accel (14 companies)
• Sequoia Capital (14 companies)

These firms have backed well-known startups like Stripe, Klarna, Scale AI, and Databricks. Most of these early-stage investments come from U.S.-based firms.

In China, leading early-stage unicorn investors include:

• IDG Capital (Beijing)
• HSG (Hong Kong)
• Tencent (Shenzhen)

Private equity firms are generally absent at this stage, as they focus more on later rounds.

Other notable early-stage backers include Index Ventures, which has invested in unicorns like Figma, Revolut, and Discord.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Selling Software in the AI Era: Why Long-Term Deals Are Getting Harder

Short-term commitments are replacing multiyear contracts as AI reshapes software buying.

Software Sales Are Changing — Fast

In the past year, we’ve spoken with many SaaS founders, sales leaders, and enterprise buyers who are adjusting to a big shift: how software is sold and, more importantly, how it’s bought.

The traditional SaaS sales model — pitch the product, close a three-year contract — is no longer working. It’s not due to poor sales tactics, but because buyers have changed. Today, even large enterprises are hesitant to lock into long-term contracts. Why? Because with AI moving so quickly, the product they’re buying now might be outdated in just a few months.

AI Is Shortening the Life of Software

Buyers know that innovation, especially around AI, is moving fast. New, smarter tools appear constantly, and switching is easier than ever thanks to modern software design. So instead of big commitments, companies are testing tools in short bursts — often six months or less — before deciding to expand.

The result: Software buying has become more cautious and experimental. Sellers need a new strategy to keep up.

The New Advantage: Speed, Not Features

It’s no longer enough to say, “We have the best product.” In the AI era, buyers care more about how fast your product is improving.

If you can show that your software is evolving faster than others — solving problems before they arise — you’re more likely to win deals. The focus has shifted from what your product does today to how quickly it adapts to what buyers will need tomorrow.

This makes speed of iteration — not just product quality — your strongest selling point.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Why the Modern CFO Thinks Like a Founder

Today’s top CFOs do more than manage finances — they drive strategy, growth, and business clarity.A few years ago, I was advising a startup on growth, go-to-market strategy, and investor relations when one of the founders said, “Why don’t you just be our CFO?”

I laughed it off. “I’m not an accountant,” I replied.

Back then, I believed a CFO had to be a full-time, in-house expert in compliance and audits. I saw myself as a strategic advisor — not a finance executive.

But that comment made me rethink what a great CFO really is.

Today’s CFOs Are Business Leaders First

The best CFOs today are not just finance experts. They are business operators who know how to turn capital into real growth.

Take Dave Stephenson, who became CFO at Airbnb without a CPA background. He came from Amazon’s operations team. What he brought was not audit knowledge, but experience in scaling businesses and using data to drive growth. That mindset helped Airbnb navigate some of its toughest times.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Rocksalt Raises $3.5M to Help Executives Build Influence Through AI-Powered Marketing

The new platform helps B2B leaders grow visibility and credibility by engaging in high-value online conversations.Rocksalt, a San Francisco-based startup, has raised $3.5 million in seed funding to help business leaders grow their online influence using AI. The round was led by Lightspeed Venture Partners with participation from Defy.vc and angel investors including Gokul Rajaram, Mike Volpe, and Atlassian President Anu Bharadwaj.

Founded in October 2023 by siblings Arjun and Anita Moorthy, along with Ajoy Sojan, Rocksalt helps B2B companies build credibility by engaging their internal experts in relevant online communities like LinkedIn and Slack.

“The old strategy of relying on SEO and blogs doesn’t work anymore,” said co-founder Anita Moorthy. “People now discover content through social feeds or research using AI tools.”

Instead of pushing content to search engines, Rocksalt helps executives participate in meaningful discussions where their audience is already active. The platform uses AI to identify valuable conversations and makes it easy for experts to engage in just 10 minutes a day.

Helping Experts Stand Out Online

The platform focuses on helping small and medium-sized businesses connect with potential customers by sharing real expertise in online discussions.

“It’s inefficient for experts to find the right conversations,” said Anita. “Rocksalt surfaces the most relevant ones so they can join and contribute authentically.”

Unlike keyword-based tools, Rocksalt understands user intent and provides conversation suggestions that go beyond simple search terms. It also offers comment-assist features that help users respond naturally without sounding automated.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Protein Startups Thrive as Investors Shift Focus from Alt-Meat

While lab-grown meat loses traction, protein startups continue to attract major funding.

Investors Still Backing Protein Startups

Despite a drop in investor interest in lab-grown meat, protein startups are still attracting large investments. Companies are raising millions to offer high-protein foods and ingredients — from chickpeas with boosted nutrition to animal-free egg whites and dairy proteins.

A recent analysis shows 28 protein startups have raised over $2 billion combined. These startups are meeting growing demand for healthier, more sustainable protein options.

Why Protein Remains a Hot Market

High-protein diets have remained popular for decades, from Atkins to keto. Fitness trends, diet culture, and rising health awareness continue to drive demand. But many traditional protein sources — especially beef and seafood — raise ethical and environmental concerns.

This opens the door for protein startups to innovate with better alternatives that are scalable, ethical, and tasty.

New Approaches Beyond Plant-Based Meat

Many new protein startups are shifting away from trying to mimic meat. Instead, they focus on high-protein ingredients in forms consumers already enjoy.

• NuCicer, based in Davis, California, is developing chickpeas with 75% more protein.
• Khloud, a popcorn brand launched by Khloé Kardashian, offers protein-enhanced snacks with about twice the protein of regular popcorn.

High-Protein Snacks and Ingredients in Demand

Startups are finding ways to pack more protein into familiar products:

• David, a New York-based energy bar company, leads the space with bars that offer 28 grams of protein in just 150 calories. Their dessert-inspired flavors sell for around $40 per dozen.
• In India, The Whole Truth raised $15 million to expand its whey protein snack bars.
• Brazil’s Mais Mu also secured funding to grow its line of protein drinks and bars.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

Is Spain’s Startup Ecosystem Ready for the Next Level?

Spain’s startup sector is strong, but can it grow fast enough to stay globally competitive?Spain’s Startup Growth Is Impressive — But Is It Enough?

Spain’s startup ecosystem has seen steady growth in recent years, especially in 2021 and 2022 when it outpaced many European countries. Even in 2023, during global economic uncertainty, Spain remained one of the most stable innovation hubs in Europe.

This progress is backed by strong fundamentals:

• A thriving startup scene supported by over 15 major tech events each year, including South Summit and Mobile World Congress.
• More than 120 active investors backing early and late-stage companies.
• A growing base of 1,194 startups that have raised a total of $22.6 billion, placing Spain fourth in Europe.
• Increasing maturity, with 42 startups securing over $100 million in funding and two surpassing the $1 billion mark.

Falling Behind Global Leaders

Despite solid numbers, Spain’s startup growth is slower than in some newer innovation leaders. Countries like South Korea and Australia have outpaced Spain in the last decade. For example:

• South Korea now has 2,127 scaleups — nearly double Spain’s total.
• Australia has 1,512, about 1.5 times more than Spain.

What’s behind this gap? Many global competitors benefit from stronger government support and better access to funding. South Korea’s Global Unicorn Project, for instance, has become a model for accelerating startup growth through public initiatives.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!

June Sees Highest Number of New Unicorns in Three Years

Twenty companies reached unicorn status in June — the most in a single month since July 2022 — as sectors like AI, robotics, and fintech led the surge.The most valuable new unicorn was Thinking Machines Lab, which raised a record-setting $2 billion seed round, giving the AI research lab a $12 billion valuation.

The U.S. led global unicorn creation with 11 companies, followed by China with four. Israel, India, UAE, Switzerland, and New Zealand each contributed one new unicorn, with New Zealand celebrating its first.

Major Exits: IPOs and Acquisitions

June was also notable for company exits. Six unicorns went public, including four from the U.S.

• Chime, a neobank, was the largest, going public at a $9.8 billion valuation.
• Circle, a payments platform; Caris Life Sciences, a precision medicine company; and Omada Health, a behavioral health startup, also made public debuts.
• In China, Unisound (voice AI) and Caocoa Chuxing (vehicle sharing) went public.

Two companies were acquired:

• Melio, a small-business payments service, was bought by Xero.
• Movable Ink was acquired by Symphony Technology Group.

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Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!