Nov 21, 2023

• Deel surpassed $400 million in ARR.

• Kraken was sued by the SEC for not registering itself as an exchange.

• OpenAI’s reinstated its CEO, Sam Altman.

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Nov 06, 2023

• The Boring Company sold shares to existing investors at a $7 billion valuation.

•  Cohere was raising a new round at a $6 billion valuation.

•  Flexport acquired Convoy’s tech stack following its bankruptcy.

•  Klarna posted profitable quarterly results.

•  Olive AI shut down.

•  OpenAI’s ChatGPT surpassed 100 million weekly active users.

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Oct 23, 2023

• Arctic Wolf acquired Revelstoke, a security automation platform.

• Convoy went bankrupt.

• Databricks acquired Arcion, a platform that replicates enterprise databases.

• Loom was acquired by Atlassian for $975 million.

• Next Insurance was raising more than $100 million at a $2.2 billion pre-money valuation.

•  Stash raised $40 million in a convertible note.

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Oct 09, 2023

Secondary Market Trend Highlight:

Due to the lowered pricing environment, companies are more regularly exercising their ROFR (Right of First Refusal). As a result, an artificial pricing floor has been created for buyers thereby causing them to increase their pricing to transact. In these instances, buyers can no longer rely on their underwriting or benchmark pricing heuristic and instead pay closer to market pricing to obtain access to these later stage investment opportunities.

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Oct 02, 2023

Secondary Market Trend Highlight:

Anduril acquired Blue Force Technologies, anTransaction sizes (Price * Quantity) are down given that pricing has lowered and sellers are less inclined to sell quantity at these prices unless liquidity is a need. Several sellers are aggregating their transactions to meet institutional level transaction sizes. Several funds with smaller transaction sizes are now able to get supply to these later stage narratives given that supply has outnumbered demand (buyer’s market) so sellers are open to expanding their buyer universe to optimize on pricing and liquidity.

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Sep 20, 2023

• Anduril acquired Blue Force Technologies, an aircraft parts developer.

• Flexport’s original CEO, Ryan Petersen, was reinstated.

• Instacart went public and closed at $33.70/share which represents a $11 billion valuation.

• Indigo AG raised $250 million in a new funding round.

• Klaviyo went public and closed at $32.76/share which represents a $10 billion valuation.

• Neuralink received approval to begin the recruitment for human trials.

• Redwood Materials acquired Redux Recycling, a European battery recycling company.

• Shield AI raised $150 million at a $2.5 billion valuation.

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