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| Here's a look at today's Startups briefing. - ⚠️ PropTech startup Veev is on the verge of shutting down after failing to secure new funding.
- 📝 GoodFirms survey shows 16.8% of startup respondents do not have a business plan.
- 🤝 EQT is set to acquire a majority stake in Japanese HR startup HRBrain.
Thank you. Karan
p/karan-chafekar | |
| 1 | | Modular construction technology proptech startup Veev is on the verge of shutting down; sources informed Calcalist. The firm announced the news of the impending closure to its staff members on Sunday. Veev had to take the drastic step after a fundraising initiative got canceled at the last minute. More: - Veev said in a statement that it "will be closed in the coming days and transferred to an assignee who will be in charge of the assets and their sale in the U.S."
- The firm is currently negotiating with an unnamed firm to buy the assets.
- The firm had raised $646M in total funding to date from investors, the last of which came in the form of a $400M Series D round led by BOND in Mar. 2022, propelling it to unicorn status.
- Veev also raised $100M through the Tel Aviv Stock Exchange's TASE UP platform in Mar. 2021.
- At its peak, it had 400 employees, 100 of which were based in Israel.
- It laid off 100 employees last November.
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| 2 | | A new survey done by GoodFirms found that 16.8% of the respondents did not have a business plan. 70.4% of the respondents had a valid business plan in place, with another 12.8% planning on creating one in the near future. 
What the numbers say: A business plan has helped 81.5% of the respondents focus on specific tasks. 73.7% of the respondents feel that having a business plan helps improve marketing strategies, and 63.2% believe it assists financial projections. Other benefits of having a business plan include better investment/ funding planning, prioritizing business processes, allocating resources, tracking achievements, making informed decisions, and having better preparedness for adverse conditions. Relevance: 68.4% of the startups participating in the survey faced difficulty gathering accurate market analysis while preparing a business plan. 63.2% struggled with getting the financial details on paper, 57.9% had trouble setting realistic goals, and 55.8% had difficulty projecting/managing cash flow. Keeping the business plan flexible and having an effective contingency plan were the other challenges startups faced while creating a business plan. | | | |
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| 3 | | The California Energy Commission (CEC) has given a $4M grant to thermal storage startup Antora Energy. The firm will use the proceeds from the grant to scale its thermophotovoltaic (TPV) technology. More: - Antora manufactures thermal batteries that store renewable energy in solid carbon blocks as heat.
- The stored heat is later converted back to electricity using heat-to-power TPV technology.
- TPV technology is a cost-effective energy storage method that converts heat into power with a rapid ramp rate.
- Antora unveiled a large-scale thermal battery manufacturing facility at an industrial site near Fresno, California.
- Antora received the grant from the Duration Addition to electricitY Storage (DAYS) program, launched by the Electric Program Investment Charge (EPIC) program and the Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E).
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| 4 | | Swedish private equity giant EQT AB is set to acquire a majority stake in human resource management software maker HRBrain Inc. The firm is set to own more than half of the firm, while founder Hiroki Hori will retain a significant minority stake. Financial details of the transactions were not disclosed. More: - The Japanese startup helps organizations streamline and simplify internal talent evaluation processes.
- EQT acquired the stake through its BPEA EQT Mid-Market Growth Fund.
- HRBrain is Japan's third-largest HR software company by revenue, behind Plus Alpha Consulting and Kaonavi.
- Plus Alpha is valued at $770M, while Koanavi is worth $178M.
Zoom out: - Japan typically lacks unicorn startups as many young companies often prefer to go public early, a move that helps them gain public recognition and increase brand value.
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| 5 | | French nuclear startup Naarea is in talks with VCs, industrial, and institutional investors to raise a €150M ($164M) Series A funding round. The firm has already raised €50M ($54.7M) from a group of investors, including the family office of Eren Group SA. Additionally, the firm has secured €10M ($10.9M) from the French government. More: - Rothschild & Co. is helping the firm raise its Series A round.
- Naarea, short for Nuclear Abundant Affordable Resourceful Energy for All, will use the proceeds to build a small nuclear reactor prototype, which is expected to be completed by 2028.
- The prototype will have a capacity of producing 40 megawatts of electricity, which is enough to power a car factory or desalination plants.
- Naarea is working along with the French nuclear industry and foreign laboratories.
- The startup will require €2B ($2.19B) by 2030 to complete the reactor, fuel plant, and a separate reactor factory by 2030.
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| 6 | | Indian edtech startup Byju's hired Jiny Thattil as the CTO of the firm. Thattil will succeed Anil Goel, who is leaving the firm amidst a broader restructuring initiative aimed at reducing costs and unifying various businesses. A source claims that Goel's departure was through mutual agreement. More: - The Bengaluru-headquartered startup is aiming to reach break-even next year.
- Last week, Byju's CFO Ajay Goel resigned within six months of joining the firm and will leave after completing the long overdue audit formalities for the financial year ending Mar. 2022.
- In response, the firm promoted Nitin Golani to the CFO role and hired Pradip Kanakia as a senior advisor.
- Byju's CEO of India business, Arjun Mohan, said, "Thattil's extensive experience and leadership skills make him the ideal candidate for this crucial role as we continue to rebuild for greater efficiency and sustainability."
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| 7 | | Quick Hits: - Competitors are killing your efficiency. Read how Greenhouse gained $85M in revenue from reps who used Klue over non-Klue users.*
- Healthcare startup Harmonic Health launched a comprehensive pilot program for people living with dementia. The new program leverages AI-powered risk assessments and a centralized digital patient portal to provide dementia care, including screenings and referrals.
- Fresh off a $700M funding round from Saudi Arabia's Neom Investment Fund, supersonic passenger jet startup Boom is looking to complete the demonstration flight of its XB-1 flight by this year's end.
- Brazilian logistics startup Logcomex raised $32.5M (BRL 165M) in fresh funding led by Riverwood Capital. Endeavor Catalyst, Igah Ventures, Alexia Ventures, and Caravela Capital participated in the round.
- Google is planning to invest $4M into Indian AI startup Corover. The tech giant had already invested $500,000 in the firm earlier this year.
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Term of the Day Capital call: An investment firm's right to request a portion or all of the committed capital from a limited partner (LP) at discretion is called a capital call. Question of the Week What perks would convince you to return to the office? Join the conversation |
 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | This newsletter was edited by Vibha Chapparike | |
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