NFT, or non-fungible token, startups are struggling in H2 2022. Q4 2022 is expected to be one of the slowest for NFT startups. VC deals could drop 80% compared to Q1. More: - This quarter, the largest funding rounds for NFT startups are around $10M.
- The cost of NFTs is also falling.
- For example, the NFT of the first tweet, which sold for $2.9M earlier, has since only attracted bids for a few hundred dollars.
- NFT startups hit their zenith in Q1 2022 when companies attracted $2.1B worth of investments.
- Yuga Labs took about 25% of the funds when it landed $450M.
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E-commerce technology firm Rokt is looking to go public in late 2023 or early 2024, according to The Information. Rokt’s technology enables brands to show customers relevant transactions based on an AI-powered analysis of their transaction history. More: - Rokt says demand soared after Apple introduced its App Tracking Transparency feature in 2021, which made it harder for brands to target customers on social media.
- The company's revenue is expected to rise from $228M this year to $350M in 2023.
- Rokt has raised $487M since its inception in 2012, according to Crunchbase.
- It has hired Nathan Kotz as its new CFO.
- Rokt raised $325M at a $2B valuation in December 2021.
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 A message from DELL Tech Savings Keep Coming! Dell's Black Friday deals are here to help you from client systems to infrastructure hardware. We have your startup covered with the best scalable technology. Our most powerful 13-inch XPS laptop is up to twice as powerful as before* in the same size. It features 12th Gen Intel® Core™ processors and the latest battery technology, providing long battery life in a lightweight design—all for a stunning combination of speed, performance, and premium mobility. Plus, dual fans are now larger, providing up to 55% more airflow* and in turn, enabling a more powerful system in the same size without increasing noise or temperature. Inside members can save up to 50% off on Dell orders when connected to a Startup Advisor. For more information go to www.dell.com/inside or contact us at startups@dell.com. Claim your discount
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Nirvana Money, a fintech startup that beta-launched on October 24, is suspending operations. Nirvana's first product was a card that could function as both a credit and debit card that would enable low-to-middle-income consumers in the U.S. to develop their credit rating. More: - Nirvana founder Bill Harris blamed the move on macroeconomic conditions noting it's risky to lend money to individuals on the " lower end of the credit spectrum" during a "recessionary environment with interest rates spiking."
- Nirvana says it will permanently close all accounts on December 1.
- Harris previously served as the CEO of PayPal and Intuit.
- LinkedIn data shows the company employed over 50 people.
- It's unclear how much money Nirvana had raised, however, Harris claims that none of its customers or investors lost money.
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Former PayPal executive, Jack Selby, launched a new venture firm called AZ-VC. The firm will exclusively invest in Arizona-based startups. Selby has raised a $110M debut venture fund vehicle for the firm. More: - The debut fund is backed by numerous local real estate organizations.
- Utility company Arizona Public Service, an affiliate of Pinnacle West Capital Corp., is the anchor investor for the fund and has committed to invest $25M in the fund.
- Selby is the managing director of Peter Thiel’s investment firm Thiel Capital and will remain in the position.
- Neither Peter Thiel nor Thiel Capital’s limited partners have contributed to AZ-VC’s fund.
- According to a previous report, the fund is sector agnostic.
- The firm has already backed home building contracting service Mosaic and bookkeeping solutions developer Uplinq.
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Arcturus, a volumetric video capture startup, recently raised $11M Series A to continue developing its HoloSuite platform and grow its team. Cloudtree Ventures led the round. Susquehanna Private Equity Investments, LLLP, QBN Capital, Epic Games, and Autodesk also participated. More: - Between Q2 and Q3 2022, Arcturus saw a 270% increase in demand for its 3D video creator HoloSuite.
- In the future, the company hopes to reduce the number of cameras required to capture volumetric video.
- The startup's Unreal Engine tools make streaming 3D video content of real-world events easier within virtual or augmented realities.
- In 2021, BITKRAFT Ventures led Arcturus's $5M Seed round.
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Nick Schrock is stepping down from the role of CEO at Elementl. He will transition into the role of CTO to focus on engineering and product. Peter Hunt, the founding member of React and co-founder of Smyte, will step into the CEO role. Hunt joined Elementl in February this year. More: - Schrock founded Elementl and is the creator behind the open-source orchestration tool Dagster.
- Schrock decided to step down from the CEO role after coming to the self-realization that he was not well suited and passionate about running the day-to-day operations as much as he was about creating products.
- Elementl's early investors were reportedly betting on Schrock's vision for the company.
- Notable backers of the firm include Sequoia, Index Ventures, Dbt Labs, and Amplify.
- The firm has raised $15.8M in total funding to date.
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I'm Kiani from Inside.com, and this week, we featured a question asked by a fellow Startups community member, Hussein Muhaisen (p/hussein | LinkedIn), and received dozens of responses once again! ⭐️ Hussein asked the community to “Describe innovation in one word.” Here are some of our favorite answers: - Janne Tamminen (p/jannetamminen | LinkedIn), Founder at Xarena Inc., answered, “Imagination.”
- Pedro Gonzalez (p/PedroTMBA), Founder and President of TalentMBA answered, “Transformative.”
- Rochelle Silveira (p/rochellesilveira), CEO and Co-founder at giveback, answered, “Obvious” and further explained why, writing, “My definition of innovation is when you have that feeling of "this is how it is supposed to ever be.”
- Lokesh Kumar (p/lokesh-kumar | LinkedIn), CTO at Sheeva.ai, answered, “Risky.”
- Dale Cooper (p/DaleCooperXact29), CEO at XACT COMMUNICATIONS, answered, “Disruption.”
It was tough to choose five answers out of the dozens that came in. We always love hearing from the community. Thank you to everyone who participated! Here’s how to follow the conversation: Describe innovation in one word. Want your question featured? Ask a question. Join the conversations at Inside.com, and we may shout out your name and business or contact you for more! ⭐️
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Quick Hits: - Apis Cor holds the current Guinness World Record for the largest 3D-printed building on Earth. Invest in the future of construction.*
- Autonomous delivery startup Nuro is laying off 20% of its workforce, equating to 300 people.
- MIT Reap Rio program head Hudson Mendonça confirmed that the founders and partners are investing $60.4M into the startup acceleration program over the next two years.
- Australian grocery delivery startup Voly has shut down operations. Co-founder Thibault Henry said in a LinkedIn post that the firm's existing investors were not interested in investing further in the business. The company had previously raised $18M in seed funding from Sequoia Capital India, Global Founders Capital, and Artesian Capital.
- Design and branding platform Looka teamed up with Microsoft, Hubspot, and Square to offer over $3,000 worth of exclusive discounts for small business owners.
- Archipelago Labs launched a $10M fund to back Web3 startups in the Philippines.
*This is sponsored content.
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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. | |
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