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Despite Google I/O gaining as much attention as you might expect, some startups still sharing opportunities and announcements this week had to follow the flow when news came headlines.
The most interesting startup story of the week
This week’s most interesting startup stories came from current and previous IPO seekers, some of which also provided an exit to previous stage ventures.
Billion dollar employment? Jony Ive and his company Lovefrom will lead creative and design jobs at Openai after acquiring IO, an AI device startup co-founded with Sam Altman.
Million-dollar employees: BNPL giant Klarna has reached revenues of $575,000 to $1 million per employee per year, from $575,000 to $1 million after AI-driven efficiency cuts customer service costs. To further showcase the use of AI, Klarna’s quarterly revenue was presented by the CEO’s AI avatar.
Brex for Zip: Brex is partnering with former competitor Zip, a five-year-old procurement startup, to grow its enterprise customer base and continue to reduce Cash Burn, one of the boxes to check for potential IPOs.
Money shortage: Builder.AI, supported by Microsoft, has entered bankruptcy proceedings despite raising more than $450 million in unicorn valuation.
New Ride: Einride founder Robert Falck has moved from CEO to executive chairman. Electric and autonomous transportation startups work towards scaling, funding and potential IPOs.
Freshlight: Luminar, a rider company that was recently replaced by the billionaire founder as CEO following an ethical research, has secured up to $200 million through sales of convertible preferred stock.
Open Road: The Breakaway is a Y-combinator alum that creates popular cycling apps and was the second startup to be acquired by social fitness company Strava in recent weeks.
Most Interesting VC and Funding News This Week
Below is the news about VCs and fundraising to cut this week’s noise.
Seeds Not Typossible: LM Arena is a benchmark project known for its AI leaderboards, and reportedly raised a $100 million seed round at a $600 million valuation.
Grounding: Gravitee, a company that helps businesses manage their APIs, has landed a $60 million Series C led by Sixth Street growth, bringing its total to just over $125 million.
Strong Signal: A startup that develops AI-powered tools for salespeople locked into a $50 million Series B, led by SIRO and Signfire.
Update: Subscription management startup RevenueCat has raised a $50 million Series C, led by existing investor Bain Capital. The company, currently valued at $500 million, is looking to expand beyond app monetization by solving the wide range of issues facing mobile developers.
Enhancement: Founded by Aaron Bye, a 20-year-old Sahil Fadonis, who raised a $11 million seed round a few months ago, Affinity, a fintech startup, has closed its $17 million Series A, led by Signalfire for its traditional cost management software aimed at small and medium-sized businesses.
Deployment details: Headline Asia has raised $145 million for Headline Asia Fund V, dedicated to early stage startups in Asia Pacific. It has already funded 17 investments.
Scribble Network: Scribble Ventures, a venture company for early Twitter executive Elizabeth Weil, secured $80 million in its third fund.
Creative Capital: Creator Ventures, a seed and pre-seed venture capital fund focused on consumer internet companies, has raised $45 million funds, more than twice as much as before.
Last but not least, it’s important
At the TechCrunch StrictlyVc event in London, Accel’s general partner Sonali de Rycker said he is bullish on the European outlook for AI but is cautious about regulatory overreach. “We’re in the supercycle,” she said. “These cycles don’t come often. We can’t afford to chain it up.”