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This week has been full of news. This is probably because this week is also the “real” last week of 2024. This is another way we say goodbye for now and see you in 2025!
This week's most interesting startup stories
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There was some M&A this week, but also a reminder that it's always worth watching things carefully, whether it's a future LP or a shiny announcement.
Clean Capital: More than 20 venture capital firms, many of which invest in defense technology, have signed the Clean Capital Certification, meaning they have not received funding from geopolitical adversaries of the United States, such as China or Russia, and will continue to do so. I have proven to myself that I will not accept it.
The have-nots: AI hype is distorting aggregate VC data. Digging deeper, the funding landscape for non-AI startups is fundamentally different, with many companies that raised Series A rounds 18 months ago likely facing challenges raising Series B funding. That's expensive, Tribeca Venture Partners co-founder Brian Hirsch told TechCrunch.
Important deals to watch out for: Sam Altman-backed nuclear startup Oklo has signed a large but non-binding deal with data center operator Switch. The deal is also conditional on the startup receiving approval from the Nuclear Regulatory Commission in 2022, after its previous application was rejected.
AI Productivity: Grammarly acquires productivity startup Coda to expand its reach. In an unusual move, Coda CEO and co-founder Shishir Mehrotra will become Grammarly's new CEO, replacing Rahul Roy Chowdhury, who will move into an advisory role.
Informed answers: Perplexity acquired Carbon, a Seattle-based startup that connects LLMs to external data before generating answers. This could allow Perplexity to leverage “internal databases, cloud storage, or document repositories,” the company said.
This week's most interesting fundraisers
There were a number of deal announcements this week as startups rushed to disclose their latest funding news before the holidays.
Huge pre-IPO round: Databricks raises $10 billion in one of the largest rounds in VC history. The huge Series J may be the company's last financing before its long-awaited IPO. However, the company's CEO has not ruled out 2025, but says 2026 is also a possibility.
Africa’s newest unicorn: South African fintech Tyme Group has raised $250 million in a Series D round. The move was led by Nu Holdings, the parent company of Latin American fintech company NuBank, and valued Time Inc. at $1.5 billion.
Ring Maker: Finnish wearable startup Oura has raised $200 million in a Series D funding round at a valuation of $5.2 billion. Also participating were Fidelity Management and glucose device maker Dexcom, with whom Oura recently formed a partnership.
Travel is back: Hostaway, a Canadian travel startup that develops software for vacation rental companies, has raised $365 million at a valuation of $925 million. The round was led by General Atlantic and will help the company double its growth.
Accessibility momentum: Evinced, which helps businesses comply with online accessibility requirements, has raised $55 million in a Series C round to expand into Europe, where new regulations take effect in June.
Rapid funding: San Francisco-based AI startup Decart with operations in Israel raises $32 million in new funding at a $500 million valuation just two months after emerging from stealth has been secured.
FIND THE FUND: Agave Games, the Turkish startup behind the highly entertaining mobile game Find the Cat, receives $18 million in Series A funding that it will use to strengthen its team and work on future titles. has been procured.
This week's most interesting VC and fund news
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Pendulum Swing: Jay-Z's venture capital firm, Mercy Venture Partners, merged with Pendulum Opportunities to form MercyPen Capital Partners, which now manages $900 million in assets.
Going Backstage: Backstage Capital founder Arlan Hamilton has announced that he is moving into an advisory role. 360 Venture Collective will “acquire a significant stake in Backstage's management entity”, joining the joint operator and providing capital to the company, which has previously faced criticism and struggles.
Vote of confidence: G2 Venture Partners, a spinout from Kleiner Perkins Caufield & Byers that invests in climate and sustainability startups, raises $700 million as third fund to back up LP's bullishness on its thesis. It has raised $50 million.
Last but not least
Image credit: Bryce Durbin / TechCrunch
We bring you a list of the 51 most disruptive startups of 2024. This is a collaborative effort with contributions from several members of the TechCrunch team. Please read on and enjoy your holidays!