Weekly Tech Pulse
From Sequoia's Matt Miller Exiting to Launch a European Venture Firm, to Nubank’s $150M Stake in Tyme Group, and Bitso’s $12B Milestone in LATAM.
US & International Startup & Tech News
Plans for high-speed train running from Vancouver, B.C., to Portland gets nearly $50M for next phase
The U.S. Department of Transportation has allocated nearly $50 million to support the development of a high-speed rail line connecting Vancouver, B.C., to Portland, Ore., as part of the long-discussed Cascadia corridor. The project, supported by major tech companies like Microsoft and local and federal leaders, aims to reduce travel time between cities in the region, with trains reaching speeds of up to 250 mph. Despite slow progress, the initiative has garnered significant investment and is moving forward with federal backing to advance planning, route identification, and community engagement.
Sequoia’s Matt Miller is exiting the firm after making headlines earlier this year
Matt Miller, a partner at Sequoia Capital, announced he is leaving the firm after 12 years to start his own venture firm focused on European founders, although he will still remain a venture partner at Sequoia. His departure comes after a reported conflict with former colleague Michael Moritz earlier this year, which led to a public apology and a leadership change at Sequoia. Several London-based VCs, including those who worked with Miller on Sequoia’s European expansion, congratulated him on his next steps.
Female Founder Beats Funding Odds To Build A Top CMS Platform
Contentstack, a leading content management system (CMS) platform founded in 2018 by Neha Sampat, is making a significant impact in the growing CMS market, projected to reach $54 billion by 2032. Despite the challenges faced by female founders in securing venture capital, Sampat raised $169 million in funding, including a Series C round in late 2022. Under her leadership, Contentstack has evolved from a simple app into a powerful platform that helps businesses manage digital transformation and deliver engaging customer experiences.
First Mode files for bankruptcy in sudden downfall for clean trucking company
First Mode, a Seattle-based clean tech company, filed for Chapter 11 bankruptcy on Sunday after its majority shareholder, Anglo American, stopped providing funding. The company, which focuses on reducing carbon emissions for mining trucks and heavy vehicles, had explored a sale but found no buyers. Despite receiving a bid from Cummins as part of the bankruptcy process, First Mode has faced significant financial strain, with nearly $100 million in liabilities and a major workforce reduction over the past year.
LATAM Startup & Tech News
Medellín Venture Capital to invest $1.2M in micro VCs
Medellín Venture Capital, co-led by the city's municipality and innovation center Ruta N, plans to deploy $1.2 million in pre-seed and seed funding starting in 2025. The initiative will invest in micro VCs to support 15-30 startups tackling challenges in sectors such as mobility, health, and energy. The program aims to create long-term returns that will reinvest into Medellín’s economic and social development projects.
Brazilian digital lender Nubank invests $150 million in Tyme Group
Brazilian digital bank Nubank has invested $150 million in Tyme Group, a Singapore-based digital bank with 15 million customers in South Africa and the Philippines. This investment, part of Tyme Group's $250 million Series D funding round, has helped the company reach a $1.5 billion valuation, making it a unicorn. Tyme Group plans to expand into Southeast Asia, relaunch credit cards in South Africa, and potentially list on the New York Stock Exchange by 2028.
Bitso surpassed the US$12 billion barrier in corporate segment operations in Latin America
Bitso, a leading cryptocurrency exchange in Latin America, has significantly expanded its business through its B2B division, Bitso Business. In the past year, Bitso Business saw a 90% growth in transaction volume, surpassing $12 billion, with a particular focus on cross-border payments, remittances, and industries like e-commerce and gaming. Additionally, the company now handles over 10% of remittances between the U.S. and Mexico, and aims to drive further adoption of blockchain and stablecoins in the region to improve the efficiency and cost-effectiveness of cross-border payments.
Airbag raises $750K bridge round
Mexican startup Airbag raised a $750K bridge round, bringing its total funding to over $1.5M. The company offers a platform that helps transportation companies reduce fleet accidents by monitoring drivers, rewarding safe behavior, and providing insights into performance. With the new funding, Airbag plans to enhance its product and expand its customer base, having already gained traction with over 200 clients and 8,000 users across two countries.
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