Monday, 14 August 2023

Big bucks for Elon’s brain (startup)

Plus, repeat layoffs offenders

August 14, 2023

Hi, Agen. So much for “cut once, cut deep.” One fintech startup made its fifth appearance on The Crunchbase Tech Layoffs Tracker last week. We also saw the first round of reported layoffs at Mark Zuckerberg and Priscilla Chan’s edtech philanthropy.

Despite some controversies, investors are still bullish on Neuralink, Elon Musk’s brain-implant company that aims to let people communicate with computers through brain function. The startup, which earlier this year received approval for its first human trials, said last week that it raised another $280 million. That was enough to top our list of the week’s 10 largest funding rounds to U.S. startups.

✂️ Cuts keep coming

More than 160,000 U.S. tech workers have now lost their jobs since the start of 2022, per our Tech Layoffs Tracker. In total, 16 organizations were added to the tracker last week.

๐Ÿ‘Ÿ Investors still stepping up for shoe startups

Crocs is a $6.5 billion company. Birkenstock, the hippie staple-turned-Barbie-meme, is reportedly eyeing an IPO at a valuation over $8 billion. And VCs are taking notice: Over the past year, venture investors have stepped up funding to an array of foot-focused upstarts pitching everything from 3D-printed, custom shoes to chic sneaker marketplaces to vegan high-tops.

Related Crunchbase Pro list: Footwear Startups That Raised Funding In 2023

๐Ÿ˜จ The downturn is really hitting seed startups now

It increasingly looks like the startup ecosystem is undergoing a top-to-bottom reset, from seed- through late-stage startups and all the way to the investors that back them. All funding stages — seed, early and late — in July 2023 were down about a third compared to a year ago.

๐Ÿ† The Megadeals Leaderboard: Track $100M+ rounds

Keep track of the largest startup funding deals in 2023 with our curated list of $100 million-plus venture deals to U.S.-based companies. Powered by Crunchbase’s comprehensive data, this leaderboard is updated weekly as companies raise large rounds.

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