Welcome to Startups Weekly!

This week in startups, we saw a carryover of drama from the previous week as Bolt's fundraising saga continued. But the spotlight also fell on startups with traction, venture capital funds with track records, and promising new investment themes.

Most Interesting Startup Stories of the Week

Some startup stories emerge and disappear quickly, while others leave us wanting more. Here are a few stories that captured our attention this week.

• Bolt's Funding Drama: Bolt, a fintech startup seeking a $14 billion valuation, has been embroiled in controversy since its aggressive fundraising attempt. One of its proposed backers, The London Fund, has been found to be scrubbing its web page, raising questions about the deal.
• Fluid Truck's Board Shakeup: Fluid Truck, a startup that provides commercial truck rentals, has seen its board oust its sibling co-founders amid allegations of mismanagement. This follows several rounds of layoffs and cost-cutting measures.
• GrubMarket's Food Delivery Acquisitions: GrubMarket, a food delivery and supply chain startup, has acquired Good Eggs and FreshGoGo in recent weeks. These deals highlight the consolidation occurring in the food delivery space.
• Andrew Ng Steps Down as CEO of Landing AI: AI expert Andrew Ng stepped down as CEO of Landing AI, a computer vision company he co-founded. He has transitioned to an executive chairman role and is also working on his AI Fund.
• OpenAI's Reported $100 Billion Valuation: OpenAI, the artificial intelligence research lab, is reportedly in talks to close a new funding round led by Thrive Capital at a valuation of over $100 billion. This news underscores the immense potential of the AI sector.

Most Interesting Fundraises This Week

Startups with strong traction are attracting significant investment. Here's a look at some of the most notable fundraises this week.

• Opkey's $47 Million Series B: Opkey, an AI-based ERP testing platform, raised $47 million in Series B funding. The company has secured 200 large enterprise customers and partnerships with major consulting firms.
• nOps' $30 Million Series A: nOps, a company that helps optimize AWS cloud spending, raised $30 million in Series A funding. Its customer base has grown significantly, reflecting the growing need for cloud cost optimization.
• Comun's $21.5 Million Series A: Comun, a neobank serving Latino immigrants, raised $21.5 million in Series A funding just months after its previous round. The company has seen impressive revenue growth and plans to use the capital to scale its operations.
• Viggle's $19 Million Series A: Viggle, a Canadian AI startup, raised $19 million in Series A funding led by Andreessen Horowitz. The company is behind JST-1, a 3D-video foundation model that allows users to control animated characters, making it popular for meme creation.

Most Interesting VC and Fund News This Week

The venture capital landscape continues to evolve. Here are some highlights from the world of VC and funds.

• Redalpine Raises $200 Million for New Fund: Redalpine, a science-heavy European VC firm, raised $200 million for its seventh early-stage fund. The firm has a strong track record and is expanding its operations in Europe.
• Oncology Ventures Launches with $30 Million: Oncology Ventures, a new VC firm focused on startups improving cancer care, launched with $30 million in committed capital. The firm is led by a cancer survivor and will focus on improving patient care.
• SEC Makes Life Easier for Smaller VCs: The SEC has raised the dollar threshold for a fund to be considered a "qualifying venture fund," providing greater flexibility for smaller funds.

The Secondaries Market is Hot

The secondaries market is booming, fueled by the growing demand for shares in AI startups. Here are some recent developments in this market.

• NEA Reenters Secondaries Market: NEA, a prominent venture capital firm, has reentered the secondaries market with a new fund dedicated to buying secondary shares in AI companies.
• Palico Approved for LP-Led Secondaries: Palico, a Paris-based firm, has received approval from FINRA to facilitate end-to-end LP secondaries transactions. This development will make it easier for limited partners to trade their stakes in venture capital funds.

OpenAI and the Rise of AI Venture Capital

OpenAI's reported $100 billion valuation underscores the tremendous growth of the AI sector. Investors are eager to capitalize on this trend, leading to a surge in AI-focused venture capital activity.

Several recent fundraises highlight the increasing investment in AI startups. Opkey, nOps, Viggle, and other companies are attracting significant capital to fuel their growth. This suggests a continued interest in AI-powered solutions across various industries.

The secondaries market is also experiencing a surge in activity, with investors actively seeking to acquire stakes in promising AI companies. NEA's return to the secondaries market and Palico's approval for LP-led secondaries transactions further demonstrate the growing demand for secondary shares in AI startups.

The convergence of these trends suggests that AI is poised to play a major role in shaping the future of startups and venture capital. As the sector continues to grow, we can expect to see even more investment, innovation, and exciting developments in the coming months and years.