VCs have more than tripled their investment in European metaverse startups. In 2022, European metaverse startups have raised $666M, up from $143M in 2021. The biggest funding rounds went to the metaverse development platform Improbable and the AI-based 3D simulation startup nfinite. In April 2022, Improbable raised $150M, followed by another $112M in October. The startup nfinite raised $100M Series B in a round led by Insight Partners. More: - Namat Bahram at Omers Ventures is watching startups like Eleven Labs, Condense Reality, Moralis, and Hadean.
- The team at Amadeus Capital is interested in Kubos, Deep Render, and ARUVR.
- Zic Reichert, a partner at LocalGlobe, listed Cusomuse, ShapesXR, MetaVoice, and Unai, while Sabrina Wizander, a partner at Creandum, is watching Ready Player Me, The Fabricant, and Sloyd.
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Doug Leone, a partner at venture capital firm Sequoia, warned the current economic downturn would be "more difficult" than in 2000 and 2008. Leone says later-stage startups will be more impacted by a decline in tech stocks than their seed-stage counterparts. More: - Leone says there is currently a "global crisis," noting that interest rates are rising, consumers are burning through their savings, and multiple geopolitical issues, such as the Russian invasion of Ukraine, exist.
- Leone predicted that tech valuations would not start to improve until 2024 at the earliest.
- Klarna's valuation declined by 85% to $6.7B in July after it raised an $800M down round.
- That same month, Stripe lowered its internal valuation by 28% to $74B.
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Index Ventures announced a new $300M fund, dubbed Index Origin II, to back global pre-seed and seed-stage startups. Index intends to co-invest alongside angel investors, seed funds, solo general partners, and other seed investors. More: - Revolut, Notion, and Figma are some notable organizations previously backed by Index Ventures.
- The current fund's predecessor closed at $200M in April 2021.
- The San Francisco, Calif.- and London, U.K.-based venture capital firm will primarily back fintech, marketplaces, gaming, DevOps, AI, security, and SaaS startups.
- Index will also invest in startups working on B2B payments, asset management, neobanks, and consumer wallets.
- The firm launched a dedicated fund to focus on seed-stage startups rather than launch crossover funds like its industry peers.
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New York City-based digital frame startup Aura raised $26M via debt and equity at an undisclosed valuation. Aura's app had two million users as of September, up from one million in December 2021, and this number is expected to reach three million in January 2023. More: - The company did not share information about its revenue, profits, or losses, but it sold 997,000 lenses.
- Aura has raised $26M since its inception in 2012, according to Crunchbase.
- The capital will be used to increase its manufacturing capacity.
- The company was founded by Abdur Chowdhury and Erice Jensen, who were former Twitter employees.
- Twitter acquired its previous startup, the search engine Summize in 2008.
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The London-based startup Turbine has raised $20.74M (€20M) Series A to continue developing its cell simulator platform, which could help predict the efficacy of cancer treatments. The startup has partnered with several pharmaceutical companies to test its simulations. More: - Turbine's goal is to help medical professionals predict whether a patient would benefit from targeted cancer treatments and understand why some people resist certain cancer treatments.
- The round was co-led by MSD Global Heath Innovation fund and Mercia's North Venture Capital Trust.
- Day One Capital, Accel, Delin Ventures, and XTX Ventures also participated.
- The startup began as a research project at the University of Budapest, where the group still runs a lab.
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Axios learned from sources that fintech Assure is shutting down operations. The Salt Lake City, Utah-based startup provided a special purpose vehicle (SPV) and private equity fund administration platform. Assure did not provide a reason for the shutdown. More: - The firm informed clients about the decision on Tuesday.
- In its note addressed to clients, Assure wrote, “The industry has evolved considerably over the decade since we founded our company. Current market conditions have resulted in Assure evaluating its business model.”
- It has created a transition information page to assist current users in taking back their data.
- The firm was founded in 2012 by CEO Jeremy Neilson.
- Crunchbase data shows that it had raised $2.2M in total venture funding from four rounds.
- The firm acquired Utah-based seed financing lender and accelerator platform BoomStartup in 2019.
Disclaimer: Inside.com founder and CEO Jason Calacanis is an investor in Assure.
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- Brian Marshal, CEO of Indonesian startup Sirclo, says the company will trim 8% of its workforce “to ensure the company’s sustainability.”
- Tanzanian consumer packaged goods supply chain focussed startup Ramani raked in $32M in Series A financing. Flexcap Ventures led the funding.
- Alberta Enterprise has invested $10M in Relay Ventures Fund V, which will invest in early-stage technology startups in finance, real estate, sports, gaming, and urban lifestyles.
- Vytal, a developer of reusable packaging networks, has launched a crowdfunding campaign on the WIWIN platform.
- British fintech software startup TrueLayer has stopped operations in Australia 18 months after expanding into the region.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Jigney Pathak is a Business Researcher at Inside who loves technology, finance & sports. He has a Bachelor of Business Administration with a finance specialization & has previously worked at Salesforce.
Courtney Rawlings is an Inside Research Analyst living in Los Angeles, California. She has returned to her hometown of LA after spending several years working at Emory University in Atlanta, Georgia, where she is completing a Ph.D. in Art and Architectural History.
| | | | Editor | Vibha Chapparike is a Freelance Writer & Editor at Inside.com. With her post-graduation in Management and Finance completed, Vibha is expanding her knowledge in venture capital, business, startups, and technology. She has had a career in public relations and communications. An ardent reader and writer currently residing in Singapore, you can follow Vibha on Twitter @VChapparike. | |
