Dealmaker by The Information Staff

Two times/week

Dealmaker

By The Information Staff

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.

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Recent Editions

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Why One Startup Is Telling Investors Not to Wire the Money

By Natasha Mascarenhas · May 29, 2025 5:06pm PDT

A few months ago, I wrote about a number of early-stage startup founders who chose not to raise venture capital after an initial seed round, instead running their startups on the sales their businesses were generating. Dan Shipper, founder of media and artificial intelligence software startup Every, is taking this “seed-strapping” approach a... A few months ago, I wrote about a number of early-stage startup founders who chose not to raise...

Josh Kushner and Jony Ive. Images via Getty. Art by Clark Miller.

OpenAI’s $6.5 Billion Deal to Boost Returns for Ive’s Backers

By Natasha Mascarenhas and Miles Kruppa · May 27, 2025 3:46pm PDT

The OpenAI deal that values Jony Ive’s artificial intelligence startup at $6.5 billion stands to reward investors in the stealth company handsomely—at least on paper.After becoming one of OpenAI’s biggest outside shareholders, Thrive Capital last year invested about $30 million in the device startup, called Io Products, according to a person... The OpenAI deal that values Jony Ive’s artificial intelligence startup at $6.5 billion stands to...

Elad Gil. Photo via Getty.

Elad Gil’s Latest AI Bet

By Miles Kruppa · May 22, 2025 3:31pm PDT · 1 comment

Elad Gil, the prolific investor known for placing early bets on Airbnb and Stripe, says he’s been backing ventures buying mature businesses and incorporating artificial intelligence into their work. Now we know the identity of one of them.Gil recently led a funding round in Enam Co., a one-year-old AI startup focusing on worker productivity,... Elad Gil, the prolific investor known for placing early bets on Airbnb and Stripe, says he’s been...

Sand Hill Road in Menlo Park, Calif. Photo via Getty

The Hot New Job in VC: Portfolio Pruner

By Cory Weinberg · May 20, 2025 3:30pm PDT

Sand Hill Road in Menlo Park, Calif. Photo via Getty

The Hot New Job in VC: Portfolio Pruner

By Cory Weinberg · May 20, 2025 3:30pm PDT

All the glory within venture capital firms goes to dealmakers who find the next big investments. But a new group that also focuses on selling rather than just buying is now playing a crucial role in the firms as they struggle to return cash to their clients. Former bankers or private equity investors at large VC firms such as New Enterprise... All the glory within venture capital firms goes to dealmakers who find the next big investments....

Screenshot of Andy Chen, left, via YouTube. Photo of Mercedes Bent via Getty

Why Andreessen, Lightspeed and Coatue Partners Are Leaving

By Natasha Mascarenhas · May 15, 2025 3:21pm PDT

After tech stocks crashed three years ago, the correction in private startup valuations led to a wave of partners leaving their venture firms. Over the past year, a new exodus has emerged as investors depart with plans to set up their own funds. Six early-stage partners from Andreessen Horowitz, Coatue Management, Founders Fund, Lightspeed... After tech stocks crashed three years ago, the correction in private startup valuations led to a...

Bill Ford, chairman and CEO of General Atlantic. Photo via Getty

General Atlantic’s IPO Drought Puts Pressure on Fundraising Drive

By Cory Weinberg · May 13, 2025 3:56pm PDT

Some of the tech leaders traveling to the Middle East this week might be able to get travel tips on the region from investors at General Atlantic. The New York–based growth equity investor opened offices in Riyadh and Abu Dhabi last year to make more investments in local startups after getting cash from the region’s vast oil coffers.A recent... Some of the tech leaders traveling to the Middle East this week might be able to get travel tips...

Photo via Skild

Skild AI Round Gets Pricier as Robot Fever Rises

By Natasha Mascarenhas and Rocket Drew · May 8, 2025 3:51pm PDT

Robotics startups are taking over the fundraising market.On Wednesday, my colleague Michael and I published a scoop about Foundation, a robotics startup launched by the former CEO of failed fintech firm Synapse, seeking capital at a $1 billion valuation despite just a year under its belt. That’s one of several robotics rounds in play. Skild... Robotics startups are taking over the fundraising market.On Wednesday, my colleague Michael and I...

Jensen Huang, CEO of Nvidia, at the Milken Institute Global Conference. Photo via Getty

At Milken, Wall Street's Eyes Widen for Data Centers

By Cory Weinberg · May 6, 2025 4:19pm PDT

Jensen Huang, CEO of Nvidia, at the Milken Institute Global Conference. Photo via Getty

At Milken, Wall Street's Eyes Widen for Data Centers

By Cory Weinberg · May 6, 2025 4:19pm PDT

Billions and even tens of billions don't generate much excitement at the annual Milken conference, taking place now in Los Angeles. But trillions, and especially $6.7 trillion, get some attention. That's the much-talked about number from a McKinsey report about the money needed to build out data centers to power artificial intelligence by... Billions and even tens of billions don't generate much excitement at the annual Milken...

Scale CEO Alexandr Wang. Photo via AP

Scale AI’s Share Sale Isn’t Open to All

By Cory Weinberg · May 1, 2025 2:59pm PDT

It’s the startup equivalent of misplacing a winning lottery ticket. Former employees of Scale AI are being excluded from a planned share sale at a $25 billion valuation. “I just heard back from the stock admin. Former employees won’t be participating in the tender offer. rip,” one ex-employee wrote last month in a private Slack channel of... It’s the startup equivalent of misplacing a winning lottery ticket. Former employees of Scale AI...

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

The ‘Unparalleled Capital Implosion’ Worrying VCs

By Cory Weinberg · 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.

Your Cheat Sheet for AI and Finance Summit

By Cory Weinberg · 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.

Carta, the Startup for Startups, Tries to Restart Growth

By Cory Weinberg · Apr 22, 2025 3:47pm PDT

Henry Ward, CEO and co-founder of Carta. Photo via YouTube.

Carta, the Startup for Startups, Tries to Restart Growth

By Cory Weinberg · 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

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.

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...

Hemant Taneja. Photo by Getty

What Worries General Catalyst’s Hemant Taneja

By Cory Weinberg · 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

How Charles Hudson’s Precursor Is Navigating the IPO Drought

By Natasha Mascarenhas · Apr 8, 2025 4:46pm PDT · 1 comment

Charles Hudson of Precursor Ventures. Photo via Getty

How Charles Hudson’s Precursor Is Navigating the IPO Drought

By Natasha Mascarenhas · 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...

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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

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...

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Chinese Startup Behind Manus AI Agent Seeks $500 Million Valuation

By Natasha Mascarenhas, Juro Osawa and Jing Yang · 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...

MIchael Moritz. Photo via Getty

This IPO Slate Won’t Have Many Major VC Winners

By Cory Weinberg · Mar 25, 2025 3:36pm PDT

MIchael Moritz. Photo via Getty

This IPO Slate Won’t Have Many Major VC Winners

By Cory Weinberg · 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...