Phoenix Rising

Tribe Capital Looks to Revive FTX, Define Ventures Raises $460 Million for Digital Health Future, and Odeko Brews Up $53 Million for Small Coffee Shops.

Author

Adam from VC Brags
April 19, 2023

Welcome Shareholders,

In this daily edition of the Brags Newsletter, we’ll cover how a VC firm is looking to resurrect FTX after its bankruptcy. Also, Define Ventures raises its largest fund to date to boost digital health’s brightest innovators, and a startup looks to strengthen independent cafes with its new funding.

So sit back, grab a snack, and enjoy!

Venture Today 👏

  • Venture Capital firm Tribe Capital has shown interest in the potential revival of the bankrupt crypto exchange FTX.

Tribe Capital is contemplating leading a $250 million fundraising campaign, with a $100 million anchor investment from itself and its limited partners. The Menlo Park-based firm, established in June 2018, oversees $1.6 billion in assets and previously invested in FTX. Tribe, founded by CEO Arjun Sethi and CFO Omar Chohan, also holds stakes in other crypto firms like Kraken, MoonPay, and Binance US.

Bahamas-based FTX, collapsed last year and will require substantial capital to relaunch its crypto exchange. After filing for US bankruptcy protection in November and witnessing the resignation of founder Sam Bankman-Fried as CEO, the company faced difficulties raising billions to avert collapse.

Who’s Raising?

  • Define Ventures said it has raised $460 million through two funds to support early-stage digital health startups.

With around $800 million under management, the venture capital firm concentrates solely on incubating and investing in Seed, Series A, and Series B-focused digital health startups, making it unique among Silicon Valley firms. Define Ventures' latest funds consist of Fund III, targeting new investments, and the Opportunities Fund, aimed at supporting existing partners.

The digital health investor reports that the $460 million raised for Define Ventures' Fund III and Opportunities Fund constitutes one of the largest early-stage digital health funds. The firm has invested in 21 companies previously, including women's health startup Tia, wellness brand Hims & Hers, virtual LGBTQ+ care provider Folx Health, and mental health company Concert Health.

Startup of the Day

  • Odeko recently secured $53 million in Series D funding, led by existing investor B Capital and joined by current investors GGV Capital & Tiger Global Management and newcomers Amex Ventures, KSV Global, and FJ Labs.

Okedo, which rose to prominence during the pandemic, primarily supports independent restaurants and shops lacking online ordering systems, offering supply chain management and operations tools. The company provides software for inventory management, data insights, and cost-effective ordering from over 400 vendors, reducing their environmental impact.

Founded in 2019, Okeda now works with over 10,000 small businesses across 16 markets, growing its revenues threefold over the last year. The new funding, which brings the total amount raised by investors to $177 million, will be used to develop the company’s technology, scale its operations, and partner with businesses in new markets.

Fresh Finds

  • Google Sheets Integration - Softr enables users to turn spreadsheets into powerful apps with a beautiful frontend, action-packed logic, and advanced roles and permissions, all with real-time data display and updates.

  • Data Source Agnostic Platform - Expanding beyond Airtable, the platform now supports Google Sheets and will add more data sources, such as SQL databases, CRM, BigQuery, and Rest API, for various use cases.

  • 20+ Professionally Designed Templates - Softr now includes over 20 ready-to-use templates for internal tools, such as Employee Onboarding, Customer Feedback Management, KPI Dashboard, Issue Tracking, and Help Desk.

Memes and Other Things

The Headlines

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