Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #334
What's 🔥 in Enterprise IT/VC #334Q1 round volumes significantly 📉 but keep the faith, true believers needed more than ever - how 2 rounds got done in last 30 daysIt’s ugly out there, but let me share 2 stories of portfolio companies that did raise rounds in the last 30 days. The hardest round to raise so far in 2023 is the Series B. Although, all the early & mid-stage rounds have fallen to levels not seen for 5-10 years.
Q1 volumes by year show broad declines across early-stage venture capital. First up is dope.security. While we’re mostly focused day one investing in new categories in cybersecurity, there are a select few founders like Kunal who know an industry so well that we’ll go after incumbents with a bold approach. In this case, dope.security has created the fly direct, secure web gateway (SWG) with a consumer like experience that puts the intelligence back on the edge vs. the cloud resulting in a 4x faster and more secure approach than existing solutions from Forcepoint, Symantec and others. 💪🏼 Congrats @iamkunala @dopesecurity on $16M Series A led by @GVteam @SangeenZeb!
Team on a mission to reinvent secure web gateways #SWG w/fly direct approach: faster, easier, more secure!
🔥 up to continue investing @Boldstartvc along w/@PrefaceVentures @farooq_abbasi! TechCrunch @TechCrunch We initially partnered with Kunal and team in June of 2021 when just an idea and announced the seed round upon shipping the alpha in September of 2022. Here’s more on why we invested originally. While follow on rounds post-seed are difficult to get done in this environment, it’s even harder to get a round done >$10M since the world has changed dramatically. One of the 🔑 to getting a $15M+ round in this environment is to not only find a true believer in your vision, having some wins on the board in terms of customers, but also spending quality time with your future partner. In this case, Sangeen notes in his LinkedIn post
As I’ve always said, the world got too transactional the last few years, and I’m pumped to see the pendulum swing back to relationship oriented investing. Next up is Dylib.so, a developer tools company focused on accelerating the adoption of WASM into production. We initially partnered with Steve, Zach and Ben in October 2022, and all I can say is this team ships fast with the launch of Extism (an open source universal plug in system) and Modsurfer (analyzes code + dependencies of WASM binaries). On the heels of early traction and excitement around WASM, we were 💪🏼 to double down on our initial investment with Felicis in a $6.6M seed round. 🔥 up to announce @dylibso $6.6M seed funding co-led by @Boldstartvc & @felicis to enable devs to use WebAssembly in Production
🎉 @nilslice, @bhelx, & Zach 🎉
in partnership with @pebble_bed & @crew_capital 🤝
🧵👇
medium.com/boldstart-vent… Once again, Dylib.so found true believers who did not need to understand the opportunity and risks ahead for WASM but who were bought in on the need for developer tools to accelerate the adoption of WASM. So despite the doom and gloom on the stats from Tomasz, keep building and shipping, get some wins, and find the true believers which doesn’t require talking to dozens of firms. As always, 🙏🏼 for reading and please share with your friends and colleagues! Scaling Startups
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