Many startup statistics focus on the probability of failure for startups, with reportedly 90% of startups failing in the first year. However, few startups turn out to be wildly successful, exceeding all expectations. While these startups represent less than 1% of all startups, even startups reaching unicorn status are, in my opinion, wildly successful. Background: - There were 475 active unicorn startups, with valuations above $1B, in 2020.
- In less than two years, the number has more than doubled, with the global unicorn count crossing the 1,000 mark in March 2022.
- By October, the unicorn count stood at 1,200.
- In April, there were 48 decacorn startups, with valuations above $10B, worldwide.
- U.S.-based startup success rates in 2022 were 353.1% higher than in 2013.
Share your thoughts: - What targets would your startup need to achieve to be considered a wild success in your view?
- How do you define success for your organization? Is it in terms of monetary success or impact on society?
- What would you do next if your startup became wildly successful?
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Norwalk, Conn.-based 8vdX launched a startup fundraising and venture debt CRM platform. The platform is designed for early-stage startups and is free for all startups until the first fundraiser. More: - The platform generates investor leads by analyzing their investment profile, average investment size, historical conversion rates, and strategy.
- The platform also provides valuation insights and an end-to-end CRM tool with an option to automate investor outreach.
- 8vdX expects to have 750 startups on its platform by Dec. 2023. Vijay Lavhale and Ravi Chachra founded the company in 2021.
- The firm raised $3M in seed funding from Y-Combinator, Zillionize, GMO Venture Partners, Grant Park Ventures, Fox Ventures, and others in May earlier this year. It aims to raise its own $50M venture debt fund.
- The firm has previously launched a performance and valuation benchmarking tool, a startup capitalization management platform, and a startup investment platform for investors.
- It expanded in the U.K., Singapore, and Australia in August.
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Vow, a cultured meat startup based in Australia, is expected to sell its cell-based meat product, Morsel, in Singapore restaurants by EOY. Singapore is the first country to approve the sale of cultured meat. Vow recently raised $49.2M Series A in a round co-led by Prosperity7 Ventures, Blackbird, and Aramco Ventures. More: - Vow uses animal cells to produce meat products for consumption.
- The company currently uses quail cells to produce "cultured umami quail."
- The firm intends to use the proceeds to scale its organization and manufacturing capabilities.
- It has initiated the regulatory process for Australia and the U.S.
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Multiple venture capital firms have told their portfolio companies the fundraising environment will remain difficult throughout 2024 due to FTX's bankruptcy, according to the Information. Venture capitalist Arjun Sethi, whose firm Tribe Capital invested in FTX, has advised portfolio companies to reduce their expenses significantly. More: - Sethi has told companies to ensure they have enough cash to sustain operations "through 2024."
- Sethi said the "good times" are "several years out."
- Electric Capital and Dragonfly Capital, which didn't invest in FTX, expect crypto startups will face increased scrutiny from regulators.
- Electric Capital is discouraging startups from taking on debt, arguing it could become extremely costly in the future.
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Quix announced it had raised $12.9M Series A to organize data streaming. Unlike other streaming technology startups using Java or SQL, Quix's Python-based platform quickly streams data. More: - MMC Ventures led the round.
- The startup has partnered with McLaren, the mobility startup Voi, and the U.K.'s National Health Service to showcase how Quix can help companies download information in milliseconds.
- According to Quix co-founder Mike Rosam, the startup will use the funds to "simplify event-driven data engineering so that more companies can build modern data-intensive apps.”
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NFT marketplace Joepegs raised $5M at an undisclosed valuation. Joepegs claims it's the largest NFT marketplace on the Avalanche blockchain. Joepegs has accumulated 12,000 users and $3.4M of secondary sales since its inception in May. More: - The round was completed in June and led by FTX ventures, which has since shut down after FTX filed for bankruptcy last week.
- Joepeg said it transferred funds out of FTX before the company went bankrupt.
- NFT sales on Avalanche total $408.2M, the seventh-most of any blockchain.
- U.S. NFT sales were $460M in October, a 90% decline from January, according to CryptoSlam.
- This was the first time since July 2021 that NFT sales fell below $500M.
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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.*
- Liza Landsman, a general partner at venture capital firm NEA, joined the board of directors of fintech startup Stash as its second independent director.
- Richard Aberman, Gustaf Alströmer, Tom Blomfield, Dalton Caldwell, Umur Cubukcu, Edrizio De La Cruz, Nicolas Dessaigne, Aaron Epstein, and others are set to mentor the startups in Y Combinator’s winter cohort of its accelerator program.
- Army veteran and CEO of Candelytics Clark Yuan received a $100,000 award for winning the From Service to Startup: USAA’s 100th Anniversary Pitch Contest.
- Zenlytic raised $5.4M in seed funding led by Bain Capital Ventures. The firm will use the funds further to develop its NLP-based business intelligence tool for commerce.
- Neural networks and artificial intelligence Mythic Inc exhausted its cash runway, burning through the $140M funding raised to date. Senior management is now looking for potential buyers for the firm.
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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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