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There are a lot things you can bank on seeing at a startup conference: strobe lighting and techno at 11am; some free but disgusting snacks (often vegan); one of those robot dogs; and a life-size statue of a unicorn. 

It’s time for nearly all of them — but especially the horned horse — to go.

We’re 12 months into a downturn. Thousands of people have been laid off from European tech companies. We’ve just survived a full-scale bank run caused in part by interest rate rises and VC groupthink. And all this still hasn't broken the industry’s collective idolisation of the mythical creature. 

Shouldn’t we be finding another animal to put on a pedestal? 

2023 is, after all, the year of profitability. This year VCs are (still) advising startups to break even and posting on LinkedIn about revenue over growth. It’s the second year in a row in which startups are laying off 10%, 20%, 30% of their teams to achieve said goal. And it’s so far a year in which just one new billion-dollar business (DeepL) has been minted — and far more unicorns have been de-horned. 

So what should we elect our new mascot? My vote is for the honey bee. (Bear with me.) 

Bees are good for the planet. They work well in teams. They have a woman in charge (and we could do with a few more of them). And they are extremely productive.

We’re on track for climate disaster, says the latest IPCC report. We have no real idea how to care for our ageing populations or properly fund our creaking health systems. Paris is burning, British doctors are striking. But technology could help — if we focus on the right kind. 

Let’s start idolising the businesses that sort out the world’s BIG, BIG problems (we’ve recently written about a few) and make stuff we really, really need. Let’s start giving headline speaker slots to the founders who figured out how to build happy hives. And let’s start celebrating the startups that do a lot with a little. 

After all — unicorns aren't real.

— Amy Lewin, editor

Sana’s new guide on AI-powered learning will tell you how they can transform L&D at your startup.

💰 More investors at top-tier VCs like Sequoia, Index and Lightspeed carry the "partner" title than ever before — and though it might help with hiring, it can be a pain for founders. And, as one investor tells Sifted, it isn't fooling anyone: "It’s not that you become a partner — you’ve just come to a firm where everyone is a partner."

📖 Recently, excitement about the potential of large language models like GPT-4 — and criticism of them — has been focused on their ability to write. But for founders who want to weather the generative AI hype cycle, that's not where the real value lies, argues Christopher Brennan, chief product officer at NLP AI startup Overtone.

🇫🇷 French tech is having a moment, despite the slowdown — here are 18 startups worth keeping an eye on.

Do you want to get in front of Sifted's audience of startup founders, operators and VCs? Get in touch here.

🥳 Pre-seed funding in 2023 — when to raise, how long it takes and what investors are looking for. 

🤩 Seed funding in 2023 — everything founders need to know this year.

😎 Series A funding in 2023 — what you need in your pitch deck, how to find the right investors and the questions you need to ask them. 

💰 Series A+ 

• Raisin, a Berlin-based savings manager, has raised a €60m Series E from investors including Goldman Sachs.

• 1X, a Norwegian robotics startup developing androids, has raised $23.5m in Series A funding from OpenAI's Startup Fund and Tiger Global.

💰 Pre-seed & seed

• HeavyFinance, a Lithuanian marketplace for agricultural financing, has raised a €3m seed round.
• GoJoe, a UK-based social fitness app, has raised £1.2m in seed funding.

💰 Undisclosed

• Hadean, a UK-based metaverse startup, raised an additional $5m in funding. It raised a $30m Series A in September last year.

Sifted Talks | Online | March 29
Trying to nail your sustainability strategy but coming unstuck? Worried about greenwashing? Then join our online Sifted Talks on March 29, where Brompton Bicycle, Revent, SOJO and South Pole will explore sustainable strategies and reveal the many ways to take meaningful climate action together.
Sign up to learn the tips and tricks.

Sifted Sessions | Berlin | May 25
Calling all DACH startup superfans! On May 25 we’re hosting a day of lively debates and intimate networking in Berlin. We’ll be talking through everything you need to know to equip your business for success, including how to slash bureaucracy, access capital, attract top-tier talent with proper employee perks and much more!

Get involved in the event here.

Kai Nicol-Schwarz

Reporter

Get in touch with him at

kai@sifted.eu

He tweets from 

@NicolSchwarzK

Tom Nugent

Digital Editor

Get in touch with him at

tom@sifted.eu

He tweets from

@TJNugent92

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