Fundraising Gambit

A Startup Hits the Jackpot With its Out-of-the-Box Fundraising Strategy, Binanceā€™s Venture Arm Stands Tall Despite Looming Regulatory Threat and NYBC Raises $50 Million for Blood and Cell Therapies.

Author

Adam from VC Brags
May 12, 2023

Welcome Shareholders,

In this daily edition of the Brags Newsletter, weā€™ll cover how Rewindā€™s unconventional Fundraise scores a $350 million valuation. Also, Binanceā€™s Venture Arm is remaining resilient amid regulatory roadblocks, and NYBC Ventures secures $50 million to help boost Groundbreaking Blood and Cell Therapy startups.

So sit back, grab a snack, and enjoy!

Startup of the Day

  • Venture Capitalists jumped on an unconventional fundraise proposed by AI Startup Rewindā€™s co-founder and CEO Dan Siroker, ultimately leading to 170 offers and a $350 million valuation.

On April 14, Siroker shared an online form, inviting investors to indicate their maximum comfortable investment amount between $200 million and $1 billion, Despite being a risky experiment (especially considering the current fundraising climate), it ultimately turned out to be a fruitful one. On May 9, Siroker announced that NEA had pledged $12 million for the companyā€™s Series A, leading the funding round at a $350 million valuation, a significant leap from the previous year's $75 million valuation agreed upon with Andreessen Horowitz.

Created by Siroker and Brett Bejcek, Rewind is a tool that records user activity, such as scrolling and chatting throughout the day, and generates a searchable recording of Zoom meetings, functioning as a personal search engine that retrieves past user actions.

Venture Today šŸ‘

  • Despite facing potential US regulatory challenges, Binance Labs, the venture capital arm of the world's largest crypto exchange, continues to expand its Web3 ecosystem investments, growing its assets from $7.5 billion last August to $9 billion at the end of the first quarter.

Binance now boasts a diverse portfolio of investments in over 200 companies spanning 25 countries, 50 of which were nurtured through Binance's incubation programs. Some of the firm's investments include Ethereum sidechain innovator Polygon, cybersecurity firm CertiK, infrastructure provider Polyhedra Network, and South Korean game development powerhouse GOMBLE.

The firm is already deploying money from a $500 million fund raised last year that was supported by LPs including Binance, DST Global Partners, Breyer Capital, and Whampoa Group. Binance claims that the fund is currently generating returns above a 10x multiple. Binance Labs invests in all Web3 sectors and stages, with a distinct preference for early-stage seed and Series A companies that could leverage the extensive operational support of the wider Binance ecosystem.

Whoā€™s Raising?

  • NYBC Ventures has raised $50 million with its focus dedicated solely on startups progressing new blood and cell-based treatments.

The fund will focus on benign hematology, transfusion medicine, and infectious disease, investing in innovative therapies, devices, and tech. The fund has already invested in startups such as Catena Biosciences, HealthQuest Capital, KaloCyte, Thymmune Therapeutics, StealthCo, and STRM Bio.

NBYC will not only offer capital investment but also provides its portfolio companies with access to researchers, cell manufacturing facilities, and necessary source materials. The $50 million was raised by the nonprofit New York Blood Center, which provides blood products, drugs, clinical services, lab services, and transfusion expertise to institutions across the US.

Fresh Finds

  • Meander allows tech professionals to collaborate with industry experts for career advancement, offering professional advice, skill development, and career-boosting support.

  • The platform hosts a carefully curated list of mentors from top organizations and startups like Google, Canva, and Meta, among others.

  • Meander serves as a bridge for career transitions, understanding that career paths are not linear, and provides a fast, simple, and powerful way to navigate to the next stage in a professional's journey.

Memes and Other Things

The Headlines

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