Kirsten Korosec, a regular guest host, joins the show this week. They discuss various topics including FTX's former CEO heading to jail, Better.com going public, Vinfast's SPAC deal, the impact of the Inflation Reduction Act on American manufacturing, and new venture funds raised by women. They also touch on Monday.com's growth, the pre-seed market, leaked diaries, and General Motors' investment in a battery materials startup.
The success of women-led venture capital firms in closing substantial funding rounds suggests a potential shift towards a more inclusive investing landscape.
Despite initial challenges, VinFast's debut on the market has positioned it for success in the long run, with its focus on volume production and technological capabilities.
Deep dives
Venture Capital Funding Landscape: Women-led firms raise significant funds amid a damp market
Several women-led venture capital firms have successfully closed substantial funding rounds, surpassing the median fund size for this year. Cake Ventures raised a debut fund of $17 million, Adverb Ventures closed a $75 million fund, and Supply Change Capital secured $40 million. These funds provide optimism for the future of women-led firms in the venture capital landscape. The success of these firms suggests that LPs are recognizing the need to diversify their investments and are willing to support underrepresented groups. This trend could potentially bring about a more realistic and inclusive investing landscape.
Vietnamese EV Maker VinFast Goes Public Via SPAC
VinFast, the electric vehicle arm of Vietnam-based conglomerate VinGroup, has gone public through a SPAC merger. The company aims to compete in the US market by manufacturing electric vehicles specifically designed for American consumers. Despite encountering challenges and receiving mixed reviews for their initial SUV, VinFast's debut on the market resulted in a significant increase in its market cap, surpassing that of established automakers like Ford and GM. While facing negative gross margins, VinFast's focus on volume production and its technological capabilities may position it for success in the long run.
The Impact of the Inflation Reduction Act on Transportation and Green Tech
The one-year anniversary of the Inflation Reduction Act (IRA) is being celebrated, as the legislation has had a significant effect on the transportation and green tech sectors. The IRA has led to the acceleration of investment in American manufacturing, particularly in electric vehicle (EV) and battery production. The growth in battery factory projects and battery materials startups in the US indicates a shift towards onshoring, as companies seek to strengthen their supply chains and increase domestic manufacturing capabilities. Additionally, the IRA has boosted the investment in energy storage and other climate tech sectors, aiding the national effort to combat climate change.
Positive Signs for Women-Led Venture Capital Firms
Three women-led venture capital firms have successfully closed noteworthy funding rounds, signaling a potentially positive trend for women-led firms in the industry. Cake Ventures secured a $17 million debut fund, Adverb Ventures closed a $75 million fund, and Supply Change Capital raised $40 million. These fund sizes surpass the median for this year, indicating greater investor support for women-led ventures. While it remains to be seen if this is a short-term trend or a long-term shift, these fundraising successes demonstrate the potential for increased diversity and inclusion in venture capital.
Better.com is going public: After much controversy Better.com's SPAC merger is a go. The deal is a fundraising mechanism by our understanding, though we had a bit of a tough time coming up with a bull case for the company in the present moment.
Monday.com's growth: Alex has kept tabs on the earnings cycle as always, which led him to write rather kind things about Monday.com's most recent quarterly results. In short, the former startup is posting quick and cutting its losses and generating lots of cash. What's not to like?
Vinfast went public, and investors are stoked: Another SPAC deal for the list today is the Vinfast debut. Vietnamese EV company Vinfast is now worth more than many major auto companies, despite falling revenues and massive unprofitability. So what, says the market.
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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