Hey, Insider! Want to be featured in next week’s newsletter? Answer our weekly question: How many hours a week do you typically spend working on your startup(s)? Share your response here. | |  Nicolas |  |
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Carbon removal and related startups brought in a record $4.2B in VC funding last year, up from $3.6B in 2021, according to PitchBook data. The uptick defies the broader VC slowdown and highlights growing investor interest in the emerging carbon tech industry. More: - Carbon emissions removal and management startups raised funds across 204 deals in 2022, an increase from the prior year's 164 deals, per PitchBook.
- For the larger category of carbon tech plus green industry, construction, and land use, VC funding stayed fairly flat last year, bringing in $13.8B compared to $14.1B in 2021.
- Climate change legislation in Europe, the U.S., and elsewhere is pressuring high-carbon industries to find new ways to cut their emissions, PitchBook analyst and report author John MacDonagh said.
- Last April, Microsoft-based Swiss startup Climeworks announced 600 million francs ($650M) in funding, the most ever raised by a carbon-dioxide removal company.
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Zillow CEO Rich Barton said the company's voluntary attrition "declined steadily across the organization" in 2022, decreasing by more than 50%. Zillow, which switched to a work-from-anywhere model, claims 4x more candidates per position versus 2019 levels. More: - The company claims it has received ~200,000 applications from women since it instituted its new work policy, increasing by 60%.
- Last year, Zillow announced it would begin issuing additional restricted stock units to its employees over the next few years, which would cost between $180M and $190M, with a 2% dilution.
- The real-estate site cut 25% of its staff after shutting down Zillow Offers in 2021.
- "After a year of significant people-related and other expense reductions in 2022, we are now investing during a tough housing market while others retrench, as we see a real opportunity for growth," said Barton.
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Quell, a startup that works on exercise gamification, raised a $10M Series A led by Tencent. The startup's CEO, Cameron Brookhouse, says that VC interest has not been impacted by an increase in gym memberships post-pandemic, however, investor interest has shifted to "a strong focus on numbers and a greater expectation of PMF evidence, even in early rounds." More: - Quell develops a resistance bands system that connects to the fighting game Shardfall.
- The startup seeks to grow its team from 30 to over 50, focusing on game and platform development.
- "We're starting to see signs of this relaxing a little earlier than many analysts predicted, with several of the VCs we've spoken to gaining confidence as they observe resilience in the private markets and see LPs continuing to invest in new funds," said Brookhouse.
- The round included participation from Khosla Ventures, Social Impact Capital, and co-founder of AngelList Naval Ravikant, among others.
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Synchron, a brain-interfacing startup backed by Gates Frontier and Bezos Expeditions, is about halfway through an early feasibility trial of its technology, according to CNBC. Synchron is among the growing number of companies working on brain-computer interface (BCI) technology. More: - Synchron's Switch device enables paralyzed people to communicate by controlling computers through brain activity.
- Unlike other BCI startups, Synchron's device is inserted through the patient's jugular vein via a minimally-invasive endovascular procedure. It detects and wirelessly transmits motor intent from the brain.
- The firm's early feasibility trial aims to demonstrate that the technology is safe for people. Synchrons BCIs will be implanted in six patients, CNBC reports.
- In December, Brooklyn-based Synchron announced a $75M funding round led by ARCH Ventures Partners.
Zoom out: - Others startups working on BCI tech include U.S.-based Neuralink, co-founded by Elon Musk, and Swiss digital neurotherapeutics startup MindMaze.
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Kenyan construction tech startup Jumba secured $4.5M in funding in a seed round led by LocalGlobe. Local hardware stores and developers can use Jumba's marketplace web platform to purchase and finance construction materials. More: - The round also included participation from Enza Capital, Foundamental, Seedstars International Ventures, Logos Ventures, SpeedInvest, First Check Africa, and Alumni Angel Network.
- Jumba says the funding will go toward scaling its operations to keep up with strong demand.
- The startup said it experienced 3x quarterly growth at the end of 2022. Its platform now covers about 60% of Kenya's counties, many of which have a shortage of housing.
- Jumba raised a $1M pre-seed round last year, also led by LocalGlobe.
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QiO Technologies, a U.K.-based startup that helps companies use data to reduce carbon emissions, raised a €9.3M ($10M) Series B led by Wave Equity Partners. QiO plans to use the funds to expand in Europe and the U.S. More: - The startup works with telecom operators, data centers, materials companies, and automakers.
- QiO claims it saved its customers up to 20% on energy and maintenance costs and reduced their GHG emissions by up to 10%.
- The startup built its Foresight Optima DC+ platform in collaboration with Intel, as it sought to reduce its data center energy usage.
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Community Corner I'm Kiani from Inside.com, and last week, we asked our community, "What is a big lesson you have learned as a startup founder?" Here are some highlighted responses we received: - Tina Houser (p/PressPlayCEO), CEO at Press Play, answered, "Everyone LOVES your idea until it comes time to put their money where their mouth is 🤣😂 … So, I'd say the biggest lesson I've learned as a startup founder is you must kiss 100 toads (possible investors) before 1 prince/princess (probably investor) appears. AND even if the prince[/]princess appears, it doesn't mean you will get any funds. Raising funds can be difficult, a lot more difficult than you can imagine. Don't give up!"
- Lorne Mattner (p/lorne534034), COO at Pace Diagnostics, answered, "The BIGGEST lesson learned is never to get too high, never get too low. keep your head down and eye on the ball. I've been through it all and have found that the all-nighters, screaming matches, causing nervous breakdowns, family issues, etc., are merely fake intensity. Looking back over the years, the same outcomes, on average, would have been achieved without all of the dissonances you see in many startups."
I recommend you view the full post for dozens of amazing lessons from founders. ⭐️
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 |  | Nicolas is a Sr. Analyst at Inside, covering transportation and startup trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped startups. _____ Beth is a writer and editor at Inside.com covering artificial intelligence and daily technology news. You can reach her at Beth.Duckett@inside.com. | | | | 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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