Last month Sequoia left the board of its portfolio company Citizen, otherwise known as the app that scares the crap out of you because every time you wake up in the morning, you have 10 citizen. Notifications and none of them are ever good. This is why these crammed down rounds have apparently been happening frequently in this new environment. It anticipates since, hey, those four fund raisings I just described happened easy peasy lemon squeezy. The person's will raise our last round in 100 million and nobody can agree. And then some people might have to block some valuations.
Jason is BACK with Molly to break down the news! They cover Sequoia leaving Citizen's board after passing on a "pay to play" round (5:46), two major companies reportedly going public in 2023: Instacart and ARM (27:11), and the recent turmoil at Dapper Labs (50:44).
(0:00) J+M tee up today's news show!
(2:25) Jason's back!
(5:46) Sequoia leaves the board of Citizen
(14:21) Squarespace - Use offer code TWIST to save 10% at https://Squarespace.com/TWIST
(15:51) How investors make the decision to pass on a "pay to play" round
(25:41) Contra - Get $500 off your first hire at https://contra.com/twist
(27:11) IPO window starts to open, Instacart prepares for IPO after big Q4
(35:42) Revelo - Get 20% off the first 3 months by mentioning TWIST at https://revelo.io/twist
(37:09) ARM prepares for IPO, reasons for CHIPS Act speed
(50:44) Chaos at Dapper Labs: reckless spending, securities lawsuit
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