🕶️ UK chases crypto clarity as US steals the show

Six bullets of updates

1. 💥 Quantum computing funding skyrockets to $1.5B in 2024, with Quantinuum and PsiQuantum leading massive rounds.

2. 📈 Spill, a social app by ex-Twitter staff, sees 10x user growth amid X's controversial policies and backlash.

3. 🚨 U.S. confirms China-backed hackers breached telecom giants, accessing wiretap data for months or longer.

4. 🚀 ABL Space pivots to missile defense after raising $461M, shifting focus from launch vehicles to defense opportunities.

5. 💼 JobGet acquires Snagajob, aiming to dominate the hourly job market with access to 100M potential workers.

6. 🔓 Open-core is out; Elastic and others return to true open-source, embracing community trust and commercial balance.

✦

UK chases crypto clarity as US steals the show

The UK is gearing up to unveil its long-awaited cryptocurrency regulations, aiming to counter the appeal of Donald Trump’s pro-crypto promises in the US. The Treasury plans to legislate on stablecoins and redefine staking services, ensuring they don’t fall under stricter financial regulations as collective investment schemes. This move comes amid concerns that Trump’s pledge to make the US the global crypto hub, including firing SEC Chair Gary Gensler and establishing a government Bitcoin reserve, could lure startups away from the UK. The Labour government’s delay in advancing the regulatory agenda, following a general election, has left crypto firms hesitant to invest resources in the UK while clearer frameworks emerge in the US and EU.

The Financial Conduct Authority (FCA) is expected to outline a roadmap for stablecoin regulation and broader crypto policies soon, taking a phased approach. Meanwhile, industry insiders highlight the UK’s potential to capitalize on a "second-mover advantage" if it acts swiftly.

✦

Startup Events and Deadlines

1. Techstars Columbus | November 20 | Columbus

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

3. Techstars Anywhere Accelerator | November 20 | Remote

4. Techstars San Francisco | November 20 | San Francisco

5. Crash Course in Financial Modeling | November 21 | Webinar

6. NYC B2B: Startup Founders & Operators Meetup | November 21 | Meetup

✦

✦

These companies just raised money

1. 🛸 Skydio raises $170M, doubling its business at a $2.2B valuation as defense tech funding reaches $9.1B in H1 2024.

2. 💻 Tessl raises $125M at a $750M valuation to develop AI that writes and maintains code, led by top VCs.

3. ✈️ Berlin-based Tourlane secures $26M (led by Sequoia) to enhance AI capabilities and scale operations, serving 5x more travelers post-COVID.

4. ⚡ Dutch startup Sympower lands €21M to expand its AI-powered grid-balancing technology, managing 2GW of energy assets.

5. ♻️ Tozero secures €11M in Series A funding, scaling operations and building its first industrial plant for battery recycling in Munich.

✦

The startup takeover of real estate

The real estate tech sector is navigating a sharp decline in venture funding, yet investors remain bullish on specific themes that address today’s market challenges. These areas include home equity financing, rental management, eco-friendly building innovations, and construction streamlining tools. Startups like Splitero, Unlock, and EasyKnock are enabling homeowners to tap into home equity without selling, while rental-focused companies like Bilt Rewards and Rentberry are thriving as rental demand rises. Simultaneously, eco-conscious ventures like Sublime Systems and Quilt are tackling the industry’s massive carbon footprint, and construction tech platforms like HighArc and PermitFlow are working to simplify and reduce building costs.

These investments align with broader market trends, such as higher lending rates, reduced affordability, and a surge in renters. Startups are addressing critical pain points—from offering sustainable construction solutions to helping homeowners access liquidity and builders cut costs.

✦

✦

✦

How remote work lost New York $12 billion

✦