A $700M SAFE, more IPOs, and how one venture fund is transcending borders
whatshot 7 snips
Mar 22, 2024
This week, the discussion opens with Onyx's pivot from B2C to B2B, and Montauk Climate's innovative push amidst environmental challenges. The intriguing dynamics of a $700 million SAFE fundraiser and cross-border investing through the Ethos Fund are explored. The Saudi Arabian government's plan to invest heavily in AI raises eyebrows, while VCs are revealed to be cautious gatekeepers of the IPO rush. And just as they chat, Reddit enjoys a successful trading debut. Dive into this lively conversation!
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Onyx Pivots to B2B
Onyx, a neobank targeting wealthy millennials and Gen Z, pivoted from B2C to B2B.
Regulatory issues and the already well-served target demographic might have contributed to the shift.
insights INSIGHT
Montauk Climate's Unique Approach
Casper co-founder Philip Krim launched Montauk Climate, a climate incubator.
It focuses on developing internal ideas before seeking external venture capital.
question_answer ANECDOTE
Wonder's Large SAFE
Mark Lore, founder of Quidzy and Jet.com, raised $700 million for his new venture, Wonder, via a SAFE.
Wonder initially focused on a food truck network but now operates in the crowded food delivery space.
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This week we had Mary Ann, Becca, and Alex aboard.
Here's what the crew got into:
Deals of the Week: Mary Ann wanted to talk about Onyx, a neobank aimed at wealthy early-to-middle career adults. It's pivoting to B2B and is not, despite what the Internet said, dead. Alex wanted to discuss Montauk Climate, a climate incubator set up by the former co-founder of Casper and the recent Marc Lore/Wonder deal. The climate isn't doing well, in case you've missed the news. So, projects like this are welcome. And Becca brought Ethos Fund to the table, allowing us to discuss cross-border investing.
The upcoming Saudi AI push: What has lots of capital and is ready to pour it into AI investments? Sure, your local venture scene but also the Saudi Arabian government. Notable venture funds have been flying to the Middle Eastern state to raise capital, but perhaps in the future the capital will come for them.
How some VCs are holding back an IPO rush: A recent Becca investigation unearthed an interesting finding, namely that it may not be the fault of late-stage founders that their companies are not going public. Their backers might actually be the ones holding the door closed.
Oh, and Reddit started trading during our recording slot, and it's doing well!
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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