**Bolt’s Drama Unfolds: A Wild Fallout**
Bolt, the fintech startup, has been at the center of attention after its letter to investors revealed a shocking $14 billion valuation and the terms of a potential deal. The fallout from this revelation has been wild, with one of its proposed new backers, The London Fund, scrubbing its web page. However, the saga is likely far from over, leaving us eagerly awaiting further developments.
**Fluid Truck’s Leadership Shake-Up**
Ailing startup Fluid Truck, known as the Zipcar for commercial trucks, experienced a leadership shake-up as its board ousted its sibling co-founders amid allegations of mismanaging funds. This move comes after several rounds of layoffs and cost-cutting measures, indicating that there is more to the story. The future of Fluid Truck remains uncertain.
**GrubMarket Expands Food Delivery Empire**
GrubMarket, the $3.6 billion food delivery and supply chain startup, made another strategic acquisition. Just weeks after acquiring Good Eggs, GrubMarket acquired FreshGoGo, a New York-based B2C platform selling Asian groceries and ready-made dishes. As the food delivery space continues to consolidate, GrubMarket is positioning itself as a major player in the industry.
**Andrew Ng Steps Down as CEO of Landing AI**
AI expert Andrew Ng has stepped down as CEO of Landing AI, the computer vision company he co-founded. Ng will now serve as an executive chairman, while ex-COO Dan Maloney takes over as CEO. This executive shuffle suggests that Ng has other plans in the works, and we can expect to hear more news from his AI Fund in the future.
**OpenAI’s New Funding Round**
OpenAI, the leading AI research lab, is reportedly in talks to close a new funding round led by previous backer Thrive Capital. This funding round could value OpenAI at over $100 billion. As one of the most prominent players in the AI space, OpenAI’s continued growth and investment are worth keeping an eye on.
**Opkey Raises $47 Million for AI-Based ERP Testing**
Opkey, an AI-based ERP testing platform, closed a $47 million Series B funding round. ERP apps are a significant source of IT spend for large organizations, making automated testing valuable. Opkey’s success in securing 200 large enterprise customers and partnerships with system integrators like KPMG and PwC highlights the demand for efficient ERP testing solutions.
**nOps Raises $30 Million Series A for AWS Optimization**
nOps, a company focused on helping businesses optimize their AWS bill, raised a $30 million Series A funding round. With cloud spending being a top concern for many companies, nOps has seen its customer base grow by 450% over the past 18 months. This funding will enable nOps to further develop its platform and help more businesses save on their AWS costs.
**Comun Raises $21.5 Million Series A for Latino Neobank**
Comun, a neobank serving Latino immigrants in the United States, raised a $21.5 million Series A funding round less than nine months after its previous round. The company reported impressive growth, with monthly revenue growing by “50x” in the first six months of 2024. The capital raised will be used to scale the team and launch new products, positioning Comun for further success in the neobanking space.
**Viggle AI Raises $19 Million Series A for AI Video Models**
Canadian AI startup Viggle raised a $19 million Series A funding round led by Andreessen Horowitz. Viggle is known for its 3D-video foundation model, JST-1, trained on YouTube videos, which allows users to control animated characters. This unique technology has garnered attention and inspired many memes. With new funding, Viggle can further develop its AI video models and expand its reach.
**Redalpine Raises $200 Million for Early-Stage Fund**
Redalpine, a European VC firm with a focus on science-heavy startups, raised $200 million for its seventh early-stage fund. With offices in Zurich and Berlin, Redalpine plans to open an office in London to tap into university spinouts. The firm’s track record and expansion plans demonstrate its commitment to supporting innovative startups in Europe.
**Oncology Ventures Focuses on Improving Cancer Care**
Oncology Ventures, a new VC firm, aims to improve cancer patient care by investing in startups in the healthcare space. Led by Ben Freeberg, a solo GP and cancer survivor, Oncology Ventures has raised $30 million in committed capital. This firm joins the ranks of other cancer-focused VC firms but sets itself apart by prioritizing startups that have the potential to make a significant impact on patient care.
**NEA Reenters Secondaries Market, Palico Facilitates LP Transactions**
New Enterprise Associates (NEA), a prominent venture capital firm, raised over $468 million for its NEA Secondary Opportunity Fund. This fund is dedicated to buying secondary shares, reflecting the growing interest in the secondaries market, particularly for shares in AI companies. Additionally, Paris-based Palico received approval from the Financial Industry Regulatory Authority (FINRA) to facilitate end-to-end LP secondaries transactions, further fueling the momentum in the secondaries market.
**Conclusion**
This week in the world of startups was filled with drama, leadership shake-ups, strategic acquisitions, and significant funding rounds. Bolt’s saga continues to unfold, keeping us on the edge of our seats. Meanwhile, Opkey and nOps raised substantial funds by addressing the needs of enterprise customers, and Comun and Viggle AI secured funding by focusing on underserved markets and unique technologies. VC firms like Redalpine and Oncology Ventures are supporting startups in specialized fields, while NEA and Palico participate in the thriving secondaries market. These stories highlight the dynamism and diversity of the startup ecosystem, where innovation and investment intersect to shape the future.
