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Dealmaker

By The Information Staff

Venture capital is at a crossroads. Reporters Cory Weinberg and Natasha Mascarenhas tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.

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Recent Editions

Eric Vishria, General Partner at Benchmark, at The Information's Financing the AI Revolution. Photo by Alyssa Ringler.
Dealmaker

The ‘Unparalleled Capital Implosion’ Worrying VCs

By · Apr 29, 2025 3:08pm PDT
My ears perked up Monday when I heard the words “unparalleled capital implosion.” That came from venture capitalist Eric Vishria, who unspooled some of his anxieties about the current artificial intelligence funding boom at our “Financing the AI Revolution” conference. For more than a decade, Vishria has helped VC firm Benchmark navigate... My ears perked up Monday when I heard the words “unparalleled capital implosion.” That came...
Tony Kim, Managing Director of Fundamental Equities at BlackRock, speaks at last year's Private Capital Conference. Photo via Getty.
Dealmaker

Your Cheat Sheet for AI and Finance Summit

By · Apr 24, 2025 3:06pm PDT
My colleagues and I are sharpening our questions for Monday’s Financing the AI Revolution summit at the New York Stock Exchange. It will be the perfect New York spring afternoon to pressure-test how investors and executives are adjusting to new realities in the business. More companies are slowing their spending on artificial intelligence... My colleagues and I are sharpening our questions for Monday’s Financing the AI Revolution summit...
Henry Ward, CEO and co-founder of Carta. Photo via YouTube.
Dealmaker

Carta, the Startup for Startups, Tries to Restart Growth

By · Apr 22, 2025 3:47pm PDT
There are many ways to visualize the boom and slowdown in tech startups. One is the image of Carta CEO Henry Ward, dressed in a suit in a Midtown Manhattan hotel, describing how he once raised billions and is now trying to restart his company’s growth.Ward and I were sitting together, across the street from offices that house some of the largest... There are many ways to visualize the boom and slowdown in tech startups. One is the image of...
OpenAI CEO Sam Altman. Photo via Getty.
OpenAI’s User Targets; General Catalyst’s Bigger Seed Bet
By Sri Muppidi · Apr 17, 2025 5:30pm PDT · 2 comments
OpenAI CEO Sam Altman. Photo via Getty.
Dealmaker

OpenAI’s User Targets; General Catalyst’s Bigger Seed Bet

By Sri Muppidi · Apr 17, 2025 5:30pm PDT · 2 comments
An earlier version of this column incorrectly stated Thrive Capital has used the option of investing in the latest OpenAI round at the last round’s valuation. While it has that option, Thrive invested in the round with the same terms as the other investors, said a person close to the fundraise. An edited version of the rest of the column... An earlier version of this column incorrectly stated Thrive Capital has used the option of...
Coachella 2025's first weekend. Photo via Getty.
Dealmaker

Figma IPO Filing Defies Economic Gloom

By Cory Weinberg · Apr 15, 2025 3:45pm PDT · 1 comment
Figma on Tuesday threw a bone to the bankers, lawyers and other advisers who make their living by taking tech companies public. The software firm, which we have reported was planning to list this year, announced it had confidentially filed for an initial public offering. The listing, of course, won’t be for months. There are rounds of... Figma on Tuesday threw a bone to the bankers, lawyers and other advisers who make their living by...
Dealmaker Newsletter
Reporters Cory Weinberg and Katie Roof tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.
By providing your email, you agree to The Information’s Privacy Policy
Hemant Taneja. Photo by Getty
Dealmaker

What Worries General Catalyst’s Hemant Taneja

By · Apr 10, 2025 3:26pm PDT · 1 comment
Venture capitalists typically aren’t macroeconomic or geopolitical experts, despite what you may read on X or hear on podcasts. But they do need to have a sufficient worldview to understand where markets are growing, where to put investment dollars and how to raise money.In that way, it’s become clear that General Catalyst CEO Hemant Taneja was... Venture capitalists typically aren’t macroeconomic or geopolitical experts, despite what you may...
Charles Hudson of Precursor Ventures. Photo via Getty
Dealmaker

How Charles Hudson’s Precursor Is Navigating the IPO Drought

By · Apr 8, 2025 4:46pm PDT · 1 comment
Charles Hudson’s Precursor Ventures, a nine-year-old firm specializing in writing the first investment checks to nascent startups, just raised $66 million for its fifth fund. That’s 20% less than Hudson raised for his firm’s fourth fund, in 2021, and shows the rising challenge of VC fundraising these days.Since venture funds can’t rely on... Charles Hudson’s Precursor Ventures, a nine-year-old firm specializing in writing the first...
Photo by Getty
How the Tariffs Will Roil Venture Capital
By Natasha Mascarenhas and Sri Muppidi · Apr 3, 2025 3:22pm PDT
Photo by Getty
Dealmaker

How the Tariffs Will Roil Venture Capital

By Natasha Mascarenhas and Sri Muppidi · Apr 3, 2025 3:22pm PDT
President Donald Trump’s decision to impose big tariffs on imported goods may feel like an issue for supply chain managers or chip developers. But the stock market’s decline today shows that all markets are interconnected. For venture capital, the impact may be more indirect. Asked if the tariffs would affect venture investors, Tomasz... President Donald Trump’s decision to impose big tariffs on imported goods may feel like an issue...
OpenAI CEO Sam Altman. Photo via Getty
Dealmaker

A ‘Biblical’ Test of AI Investor Faith

By Cory Weinberg · Apr 1, 2025 2:50pm PDT · 2 comments
OpenAI CEO Sam Altman described the awe-inspiring usage of ChatGPT’s new image generation tool a few days ago as “biblical.” His use of religious terminology fits the moment. The money that Altman, Elon Musk and tech giants require to finance chips, data centers and power is a test of faith for Wall Street. OpenAI CEO Sam Altman described the awe-inspiring usage of ChatGPT’s new image generation tool a...
Photo via Getty
Dealmaker

Chinese Startup Behind Manus AI Agent Seeks $500 Million Valuation

By · Mar 27, 2025 11:16am PDT
The Chinese startup that operates Manus, the artificial intelligence agent that became a viral hit in the U.S. earlier this month, is in talks with potential investors including U.S. venture capital firms to raise a new funding round at a valuation of at least $500 million, up around fivefold from its previous valuation, according to three... The Chinese startup that operates Manus, the artificial intelligence agent that became a viral...
Dealmaker Newsletter
Reporters Cory Weinberg and Katie Roof tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.
By providing your email, you agree to The Information’s Privacy Policy
MIchael Moritz. Photo via Getty
Dealmaker

This IPO Slate Won’t Have Many Major VC Winners

By · Mar 25, 2025 3:36pm PDT
Three technology companies are preparing to go public with valuations north of $15 billion over the next few weeks. So, cue the balloons on Sand Hill Road, the party at the Rosewood, the juicy bonuses for venture capitalists? Not so fast. The largest shareholder of AI cloud upstart CoreWeave is a debt-focused hedge fund. The biggest backer... Three technology companies are preparing to go public with valuations north of $15 billion over...
Photo via Insight Partners
Insight’s Wiz Win; CoreWeave’s Skeptics Speak Up
By Cory Weinberg · Mar 20, 2025 3:48pm PDT
Photo via Insight Partners
Dealmaker

Insight’s Wiz Win; CoreWeave’s Skeptics Speak Up

By Cory Weinberg · Mar 20, 2025 3:48pm PDT
Wiz’s $32 billion sale to Google is giving at least one venture capital megafund a case study for why it can pay to double and even triple down on top startups.Insight Partners, the VC and private equity giant that owns 8% of Wiz, wrote to limited partners Tuesday that the transaction turned a $213 million investment into $2.6 billion. Including... Wiz’s $32 billion sale to Google is giving at least one venture capital megafund a case study for...
Parker Conrad, founder and CEO of Rippling. Photo via Getty
Dealmaker

Investors React to Rippling vs. Deel; Susa's $175 Million Seed Fund

By Sri Muppidi · Mar 18, 2025 1:44pm PDT · 1 comment
For Silicon Valley venture capitalists dealing with overpriced bets made during the low-interest rate period, Rippling and Deel have been bright spots. The San Francisco HR rivals passed new revenue milestones and minted higher valuations—great news for investors who poured a combined $2 billion into both startups. By some measures, Deel’s... For Silicon Valley venture capitalists dealing with overpriced bets made during the low-interest...
Mira Murati. Photo via Getty
Dealmaker

Mira Murati’s Stock-Option Strategy Pays Off With Recruits

By · Mar 13, 2025 3:44pm PDT · 1 comment
It says something about the hype around ex-OpenAI executive Mira Murati’s new startup, Thinking Machines Lab, that when Sequoia Capital’s Alfred Lin said his firm was “talking” to the startup, that was deemed worthy of a headline.We’ll do you one slightly better: Murati has told people she’s also had conversations with Vinod Khosla, an early... It says something about the hype around ex-OpenAI executive Mira Murati’s new startup, Thinking...
Photo via Getty
Dealmaker

A VC-Backed Startup Tempts Volatile Stock Market

By · Mar 11, 2025 2:54pm PDT
Venture capitalists backing Hinge Health, which sells software to help people dealing with chronic pain, were likely cheering on Monday when the company filed to go public. It turned out to be the worst day of the year for the stock market, with the S&P 500 falling nearly 3%. Hinge was one of the few tech firms to attempt to go public... Venture capitalists backing Hinge Health, which sells software to help people dealing with...
Dealmaker Newsletter
Reporters Cory Weinberg and Katie Roof tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.
By providing your email, you agree to The Information’s Privacy Policy
Limited Partners Kvetch About Cash Crunch; Altimeter’s VC Returns
Limited Partners Kvetch About Cash Crunch; Altimeter’s VC Returns
By Sri Muppidi · Mar 6, 2025 4:11pm PST
Limited Partners Kvetch About Cash Crunch; Altimeter’s VC Returns
Dealmaker

Limited Partners Kvetch About Cash Crunch; Altimeter’s VC Returns

By Sri Muppidi · Mar 6, 2025 4:11pm PST
I’ve spent the last few days at March Capital’s Montgomery Summit. The mood was pretty buoyant: preparations to go public by startups such as CoreWeave were stoking excitement among venture capitalists and their backers, who have been waiting three years for exits that can return their investments. But the chill in the Santa Monica air also... I’ve spent the last few days at March Capital’s Montgomery Summit. The mood was pretty buoyant:...
Plaid co-founder Zach Perret. Photo via Getty
Dealmaker

Plaid’s Valuation Haircut, CoreWeave’s Good Timing

By Cory Weinberg · Mar 4, 2025 3:32pm PST
Two very different startups, Plaid and CoreWeave, have been preening themselves in recent weeks to raise money. Their diverging fortunes show how timing, luck and fast-changing tech trends can create and destroy value quickly. Plaid is a victim of circumstance. The fintech startup is working on a secondary share sale, led by mutual fund... Two very different startups, Plaid and CoreWeave, have been preening themselves in recent weeks...
Photo by Getty
Dealmaker

The Coming AI Down Rounds; Plus, Always Be Raising

By · Feb 27, 2025 1:40pm PST · 1 comment
You could sum up the vibe at this year’s Upfront Summit, the Los Angeles gathering of venture capitalists and the limited partners who back them, as: always be raising. Followed closely by, beware a correction in artificial intelligence startups. Mark Suster, a partner at Upfront Ventures, kicked off the event by shouting out fund managers... You could sum up the vibe at this year’s Upfront Summit, the Los Angeles gathering of venture...
The New York Stock Exchange floor earlier this year. Photo via Getty.
Dealmaker

What’s at Stake for Upcoming ‘Jumbo’ IPOs

By · Feb 25, 2025 4:30pm PST
I’m overcaffeinated from a string of meetings in San Francisco this week. I’m asking people how long the venture capital industry can keep pouring money into startups  without getting much cash back from initial public offerings or mergers. One manager compared this dynamic to a traffic jam. We’ll soon know whether this backlog will... I’m overcaffeinated from a string of meetings in San Francisco this week. I’m asking people how...
Figure AI's Figure 02 robot. Photo via Figure AI.
SPVs Are Circling Robotics Startup's $40 Billion-Valuation Funding Round
By Natasha Mascarenhas · Feb 20, 2025 4:51pm PST
Figure AI's Figure 02 robot. Photo via Figure AI.
Dealmaker

SPVs Are Circling Robotics Startup's $40 Billion-Valuation Funding Round

By Natasha Mascarenhas · Feb 20, 2025 4:51pm PST
Special purpose vehicles are now a mainstay in venture capital, showing up in some of the biggest deals in artificial intelligence, from OpenAI to Anthropic, as a flexible way to raise cash from a larger pool of investors.Now fund managers are considering using SPVs to fund a huge new round for Figure AI, a three-year-old startup that builds... Special purpose vehicles are now a mainstay in venture capital, showing up in some of the biggest...