🕶️ Energy startups find new backers

Six bullets of updates

1. 🏹 Is the new dating app Cheers, the future of dating? It is designed for your friends to set you up on dates with their friends.

2. 🌋 The Chainsmokers are using their VC fund to add unique value to B2B startups, leveraging their corporate network.

3. 🇨🇳 While Brussels prepares to impose tariffs on China, some early-stage climate techs say Europe needs to work with Chinese partners.

4. 🚐 Aurora delayed the autonomous truck launch to April 2025. It aims for 90% driverless operations, up from 80% currently.

5. ☸️ AI favors larger companies, necessitating a change in mindset for startups from disruption to transformation. 

6. 🚀 Space CEOs at TechCrunch Disrupt explored the tricky world of dual-use tech—where startups juggle defense and commercial demands.

✦

Energy startups find new backers outside the industry

Corporate investment in energy startups is evolving, with half of 2024’s funding coming from tech and transportation companies rather than energy sector investors. Major players like Microsoft, Amazon, and Google are investing in nuclear power and renewable energy technologies, responding to rising energy demands and sustainability goals.

Tech firms have also launched climate-focused funds, such as Microsoft’s $1 billion Climate Innovation Fund and Amazon’s $2 billion Climate Pledge Fund, backing startups in areas like solar, geothermal, and direct CO₂ capture.

The transportation sector follows suit, with United Airlines’ Sustainable Flight Fund and Stellantis’ solar investments supporting sustainable fuel and clean energy development. This cross-industry trend highlights a growing push for innovative energy solutions. Read more!

✦

Startup Events and Deadlines

1. Crash Course in Financial Modeling | November 5 | Webinar

2. Financial Modeling Bootcamp | November 11-15 | LIVE 1-week bootcamp

3. Techstars Columbus | November 20 | Columbus

4. Techstars New York City Accelerator | November 20 | New York City

5. Techstars Anywhere Accelerator | November 20 | Remote

6. Techstars San Francisco | November 20 | San Francisco

✦

✦

These companies just raised money

1. 🤝 Sierra, the AI startup co-founded by OpenAI chairman Bret Taylor, has raised $175M in a funding round that values the startup at $4.5 billion.

2. 💭 GMI Cloud secures $82M in Series A to expand its GPU cloud services, targeting AI-driven industries.

3. 🏳️‍🌈 BBG Ventures raised a new $60M fund to support founders from “diverse backgrounds,” including gender, race, age, and class. 

4. 📋 Read AI raised $50M to capitalize on strong demand for its AI summary bot, which integrates with email, Slack, and enterprise tools.

5. 💊 Archon Biosciences emerges from stealth with $20M and ‘antibody cages’ to power up drug development, using AI to design novel biomolecules.

6. 🇨🇴 Colombian fintech AgriCapital raises $7.4M in a mix of debt and equity to continue to develop personalized financing products.

✦

Fundraising and growth: Startup pain points

A recent Slush survey shows that founders' top challenges are fundraising and customer acquisition, with 63% and 49.6% of founders listing them among their top concerns. Industry-specific issues also stand out: cybersecurity and education startups prioritize customer acquisition, marketing tech focuses on scaling, and proptech is driven by revenue growth needs.

Founders and investors differ in focus; founders worry less about hiring and regulation, while investors are more concerned with compliance and data protection risks, seeing these as potential threats to startup growth. Revenue growth also ranks higher among investor concerns, alongside fundraising.

Challenges vary by company size: smaller startups (up to 20 employees) focus on fundraising, mid-sized ones (20–100 employees) prioritize scaling, and larger companies (100+ employees) shift back to competition and fundraising. Among future trends, 63.6% of investors highlight AI and machine learning far ahead of climate or regulatory changes. Read more! 

✦

✦

✦

I Did 3 Startup Accelerators (So You Don't Have To)

Watch this video! Caya, from Slidebean, shares his experiences in startup accelerators like DreamIt Ventures, 500 Startups, and Startup Chile, highlighting challenges, benefits, and advice on managing equity. We also cover vital differences between accelerators and offer tips on funding, networking, and mentorship for founders. Subscribe here!

✦