A Sound Venture?

Sound Ventures is the Latest to Chase the AI Hype Train, EU Looks to Inject Life into Tech Startups, and a Transit Company gets a Big Boost.

Author

Adam from VC Brags
February 14, 2023

Welcome Shareholders,

In this daily edition of the Brags Newsletter, we'll cover the latest venture fund to chase the AI Boom, the European Union's plan to create a thriving tech landscape, and a transportation startup looking to scale up with its new funding.

So sit back, grab a snack, and enjoy!

Venture Today 👏

  • Sound Ventures, which counts the likes of Actor Ashton Kutcher as a partner, is currently in talks with investors to raise $200 million in commitments for a fund targeting artificial intelligence startups.

The Los Angeles-based venture firm has made investments across companies, including Airbnb, Uber, Spotify, and Pinterest.

The funding comes amidst heightened interest for AI startups, thanks in part to Microsoft's $10 billion investment in ChatGPT creator OpenAI. Other VCs that have raised or shown interest in raising dedicated AI funds include Radical Ventures, Air Street Capital, and Conviction Partners.

Who's Raising?

  • The European Investment Bank and Five European Countries have collectively invested $4.02 billion in a new fund-of-funds vehicle targeting late-stage tech startups.

The aim of the fund is to incentivize startups in Europe to stay and list in the continent rather than list on the US stock exchange. The fund, which is called the European Tech Champions Initiative (ETCI), has commitments of €1 billion from Spain, Germany, and France, a €150 million investment from Italy, and a €500 million investment from EIB.

The fund will invest in large-scale funds, which itself will make commitments in growth tech companies in late-stage rounds that are looking to raise more than €50 million. Over the long term, ETCI wants to create a significant number of €1 billion+ European vehicles (anywhere between 10 and 20 funds) to greatly enhance liquidity for Europe's homegrown startups.

Startup of the Day

  • New York City-based transportation company Via is now valued at $3.5 billion after raising $110 million in a new round led by 83North.

Other investors who participated in the round include Exor, Pitango, Janus Henderson, CF Private Equity, Planven Entrepreneur Ventures, Riverpark Ventures, and ION Crossover Partners. Via, which was founded in 2012, has been developing public mobility systems through a network of buses, shuttles, and EVs across 35 countries.

The company said it would use the new funding to expand its products, improve its end-to-end digital infrastructure and expand into new business verticals & markets. Via last raised $130 million through a Series G in November 2021 and has since doubled its revenue run rate to over $200 million. Since its inception, Via has raised over $900 million from investors.

Memes and Other Things

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