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This newsletter took a break for the Fourth of July, and maybe you did, too, but the news didn’t. Even the biggest startups are still running after more funding. To help you catch up, we’ve got the top startup stories from the week, plus some from the previous one.
Most interesting startup stories from the week
So far this month, we’ve learned that not getting acquired by Adobe can be good business and that it is sometimes worth embracing the messiness. As for cheating, we are afraid the messages are still mixed.
Blockbuster ahead: Figma released a regulatory filing ahead of its IPO, which experts estimate could raise up to $1.5 billion for the design company — and its financial details are impressive.
Multitasking: In case you missed it, everyone in tech has an opinion about Soham Parekh, the serial moonlighter Silicon Valley startups apparently can’t stop hiring.
Between the cheats: Cluely is making noise with its rage-bait marketing, but the numbers are also following. Its annual recurring revenue doubled to about $7 million in a week, founder Roy Lee told TechCrunch. Lee also said he isn’t worried about rivals, nor cheating detectors.
Insights from Brex: If your company is struggling to procure the right AI tools, you’re not alone, and you may find it interesting to know how corporate credit card company Brex has embraced the “messiness.”
New stripes: Stripe’s first employee, Darragh Buckley, who went on to found fintech startup Increase, has seemingly succeeded in achieving his long-rumored goal to buy a bank; but his interests are not what his competitors think, he told TechCrunch.
Most interesting VC and funding news this week
Several interesting deals and new funds were announced in the last couple of weeks — and there are more to come.
In talks: Revolut is reportedly seeking a new funding round at a $65 billion valuation; SpaceX is looking to raise $250 million at a $400 billion valuation; and Lovable is on track to raise $150 million at a $2 billion valuation. Meanwhile, LangChain may become a unicorn soon.
Also: Rivian spinoff Also, a micromobility startup building e-bikes and more, raised $200 million from Greenoaks Capital.
Concrete: Colorado-based startup Terra CO2 locked in a $124 million Series B to slash the carbon footprint of concrete.
AI for robots: Genesis AI, a startup that aims to build a foundational model for enabling robots to perform tasks, emerged from stealth with a $105 million seed round (yes, seed) co-led by Eclipse and Khosla Ventures.
From Dubai to Spain: Huspy, a proptech startup that streamlines finding homes and mortgages, closed a $59 million Series B to double down across the Middle East and expand in Europe. It is already present in Spain.
Happy accidents: After rediscovering a forgotten hydrogen tech, Tulum Energy raised $27 million to build a pilot plant in Mexico alongside a steel plant belonging to Techint Group, out of which it spun out.
Quantum collective: Israeli quantum startup Qedma just raised a $26 million round with participation from IBM, which takes the stance that driving quantum further requires a community effort.
Composed: Tailor, whose system Omakase allows AI agents to securely access its enterprise resource planning platform via API, raised a $22 million Series A. “[B]usinesses want systems that can be composed, not hardcoded,” CEO Yo Shibata said.
Battle-tested: Co-founded by Pipedrive CEO and angel investor Ragnar Sass, Estonian VC firm Darkstar completed a first close of approximately $17.5 million to invest in defense solutions that have been tested in combat in Ukraine, with the goal of helping re-arm Europe.
Alum backing alums: Phosphor Capital, a venture firm launched by Zeus Living founder Kulveer Taggar, will solely invest in Y Combinator companies, and YC CEO Garry Tan is one of its investors.
Last but not least
As evidenced by Salesforce snapping up cloud management firm Informatica for $8 billion, AI is forcing the data industry to consolidate, but there’s more to it. “This consolidation is being driven by customers being fed up with a multitude of products that are incompatible,” trend analyst Sanjeev Mohan told TechCrunch.