$450M for Noname, two billion-dollar rounds, and good news for crypto startups

May 8, 2024

Crypto venture capital is reviving, signaling optimism for Web3 founders. Akamai's massive $450 million deal for Noname highlights the cybersecurity sector's growth. Wiz has raised $1 billion to acquire struggling unicorns, boosting its valuation to $12 billion. Meanwhile, Monzo's fundraising climbs to over $600 million amid TikTok's legal troubles and Oyo’s valuation decline. Plus, Puerto Rico emerges as a startup hub, and insights into effective pitch decks are shared to help founders tell their stories better.

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INSIGHT

Crypto Funding Recovering

Crypto startup fundraising is recovering after a multi-year low.
While improving, funding remains far below 2021-2022 highs.

ANECDOTE

Akamai Acquires Noname

Akamai acquired API security firm Noname for $450 million, less than half its 2021 valuation.
This highlights the consolidation trend in cybersecurity and the impact of a conservative valuation market.

INSIGHT

Wiz's Acquisition Strategy

Wiz raised $1 billion, valuing it at $12 billion, to acquire both struggling unicorns and promising smaller startups.
This shows a trend of larger cybersecurity platforms acquiring point solutions.

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Good news, crypto founders: Venture capital activity is picking up in your sector after falling to multi-year lows in late 2023. Put another way, venture folks appear more web3-bullish than before, even if recent tallies are far under highs seen in late 2021.

But that was hardly the only news item we had to dig into on Equity this morning. Akamai is spending $450 million for API security firm Noname, a deal that TechCrunch previously reported was looking to get done at around $500 million. The transaction, notable for its size, is also worth considering given that Noname was valued at a unicorn price tag back in 2021.

Wiz is another name in the cybersecurity space that could do deals, thanks to a recent $1 billion fundraise. It intends to buy both wounded unicorns and hot, smaller startups to bolster its business. The company is now valued at $12 billion, which is a lot. (Wayve also raised north of $1 billion, but is focused on the self-driving space instead of security.)

We also saw Monzo snag $190 million more, bringing its full-year fundraising score to more than $600 million as TikTok fights a ban, and Oyo tries to raise new capital at a fraction of its prior worth.

And to close, Haje is bringing Pitch Deck Teardown to Equity! If you have not read the series — start here — you are in for a treat. We're kicking the new segment off with a look at NOQX's deck, what worked, what didn't, and what's next.

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Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.

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