MARKETS UPDATE

• US stocks dropped this week after Fed minutes revealed unanimity over the need for further rate hikes to curb inflation, but the S&P has fought back to the green today.

• Global debt sees its first annual drop since 2015, driven entirely by wealthier countries.

• The US housing market lost $2.3T in H2 2022, the biggest drop since 2008, and mortgage applications fall to their lowest level since 1995.

Chart of the day

zerohedge @zerohedge

Inflation word count

7:11 PM ∙ Feb 22, 2023

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ONLINE BUSINESS UPDATE

• Centurica’s free MarketWatch tool, which enables you to set up email alerts to see new listings before anyone else, has been improved. You can now filter by SBA Pre-qualified Only or Boopos Pre-qualified Only, as well as exclude certain brokers.

• Nick Eubanks has joined Semrush as Head of Digital Asset Acquisition and is looking for websites with a digital marketing audience. This comes after the successful acquisition of Backlinko.

• Richard Patey in Acquire Websites wrote about the opportunity for website owners to create editorial newsletters in a way where the newsletter itself can become its own business, and pre-launched The Newsletter Is The Business.

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STARTUPS UPDATE

• Tome, using AI to reimagine digital presentation and storytelling, raised a $43M Series B led by Lightspeed Venture Partners.

• Klarna, offering payment plans for e-commerce, observed a 71% YoY increase in GMV in the U.S. in 2022, surpassing Germany as its largest market.

• Kaito, building a search engine for crypto, raised a $5.3M seed round led by Dragonfly Capital.

CRYPTO UPDATE

• Cypher Capital, led by ex-Binance M&A Chief is looking to raise over $100M for a new web3 VC fund.

• Circle listed a euro-backed stablecoin on Coinbase.

• BlackRock started a Metaverse-themed ETF.

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REAL ESTATE UPDATE

• Bloomberg revealed that the commercial real estate market has frozen, with bond sales declining 85% YoY.

• Grant Cardone believes investors will create enough demand to prevent the market from crashing, stepping in to buy single-family homes at lower prices and with less competition. 

• Den, an ex Wework director’s prop-tech startup, raised $3M in venture funding co-led by Gutter Capital and Crossbeam Ventures Partners. Den provides customizable architectural plans and end-to-end construction management.

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