Monday, 2 October 2023

Huge funding deals mount, but so do layoffs

Plus, 5 strategies when pivoting your startup

October 2, 2023

Hi, Agen. Remember Mirror, that giant, thousand-dollar screen thingy for connected fitness? Hey, maybe you even had — or have — one in your living room. But Lululemon, which bought the startup for $500 million as the home fitness craze peaked early in the pandemic, has now moved on. The apparel retailer is throwing in the towel on Mirror, now called Lululemon Studio, and 120 jobs went with it. The Lululemon layoffs along with job cuts at gaming, social media and enterprise software companies drove up the tally on our Tech Layoffs Tracker last week. Even Silicon Valley’s most prestigious startup accelerator shed some jobs.

🏆 Top 10 deals: Anthropic and space tech lead the way

Nobody could beat OpenAI rival Anthropic when it came to the largest U.S. startup funding deals this week, but a few tried. They include a startup building a commercial space station, other AI companies, and, of course, a slew of biotech startups.

See also: The Crunchbase Megadeals Board

✂️ It’s not fun and games for these laid-off tech workers

The gaming sector was hardest-hit on our tech layoffs tracker last week, with nearly 900 workers in the industry losing their jobs.

🕺 Pivoting your startup? 5 strategies to get investors on board

Need to pivot your startup, but scared to talk to your investors about it? Entrepreneur Artem Semjanow, who’s navigated two successful pivots — from B2C to B2B, and then from a sneakers company to an AI health app — shares five strategies to help you gain investor support when navigating pivots.

💰 September’s largest startup deals: AI, batteries and more

To make the cut for our September list of the largest funding deals to U.S. startups, your company had to raise at least $210 million.

☔️ Stats show Seattle’s startup mojo is waning

Seattle startup funding has fallen more than the already precipitous decline in U.S. venture funding we’ve seen this year. This begs the question: Is the Seattle-area decline just a reflection of broader trends, or does it point to specific weaknesses in the local startup ecosystem?

Related Crunchbase Pro lists:
Seattle Startup Funding
Washington State Startup Funding
Washington State VC-Backed IPOs Of The Past Five Years

Recent Investments

Madrigal Pharmaceuticals

$500M / Post-IPO Equity

Madrigal Pharmaceuticals is a biopharmaceutical company developing therapeutics for the treatment of cardiovascular-metabolic diseases.

Categories:

Biopharma • Biotechnology • Medical Device • Pharmaceutical

Founders:

Rebecca Taub

Nord Security

$100M / Venture Round

Nord Security operates as an internet privacy and security provider for individuals and businesses.

Categories:

Cyber Security • Network Security • Privacy

Founders:

Eimantas Sabaliauskas, Jonas Karklys, Tom Okman, Tomas Okmanas

Investors:

Warburg Pincus (Lead), Burda Principal Investments, Novator

Opera

$84M / Post-IPO Secondary

Opera Software is a software company that provides a web browser for mobile and desktop operating systems.

Categories:

Artificial Intelligence • iOS • Marketing • Mobile Apps • Mobile Payments • Software • Web Browsers • Web Design

Founders:

Geir Ivarsøy, Jon S. von Tetzchner

More Fundings

Company Amount / Round Lead Investor
SupraOracles $24M / Venture Round -
Curaleaf 16M CAD / Post-IPO Equity Canaccord Genuity
Federated Wireless $5.0M / Grant NSF Convergence Accelerator
Coty Unknown / Post-IPO Equity -
All Recent Funding Activity

Recent Acquisitions

Chico's Fas

Pending acquisition by Sycamore Partners for $1.0B

More Acquisitions

Company Acquired By Amount
Pocket Aces Saregama 1.7B INR
All Recent Acquisition Activity

Upcoming Tech Events

GTM2023

October 10 - 12, 2023 in Nashville

GTM2023 is a unique conference that gathers full go-to-market executive teams for three days of intensive collaboration.

Accelerator Deadlines

Date Accelerator Location
Oct 30, 2023 xTechSearch Arlington
Nov 6, 2023 (ERA) Entrepreneurs Roundtable Accelerator New York
More Upcoming Deadlines
Don’t see your event? Reach out to us at events@crunchbase.com.

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