Silicon Valley Funding News - Week of February 26, 2024. Antora Engery Raised $150M Series B

Happy Monday!  

I am super excited to announce the launch of Topline - an intensive 8-week accelerator program designed to elevate early startup revenue growth. Get unparalleled access to Race Capital’s network of accomplished sales leaders, revenue operators, marketing and growth experts, enterprise founders and more importantly software buyers from JP Morgan, Google, Oracle, ServiceNow, Catapillar, Morrison Forrester and many more.  Calling all enterprise founders to apply!

Here are a few great things to read/watch this week:

• 😲 Nvidia Got Huge ($2 Trillion Market Cap) Because of CUDA - Launched in 2006, CUDA (Compute Unified Device Architecture) is a proprietary parallel computing platform that enable developers to write applications for GPUs. This turned out to be a key building block for the company's AI business. On CNBC, Jensen discussed the CUDA install base is now so large that it is the only acceleration platform that is in every single cloud available on-prem or in the cloud. If you are developing an application for inference, you have to program in CUDA.
• 💰 Google's $60M Deal Will Help Reddit With Its $5-Billion IPO - Nothing is better than announcing a new revenue deal before an IPO. If we apply META PE ratio of 32 for Reddit, a $60M revenue deal "could" create market value of $1.9b. Good for Reddit and their shareholders including Advance Magazine Publishers (30.1%), Tencent (11%), Sam Altman (8.7%), Steven Huffman (3.3%), Jennifer Wong (1.5%), and Andrew Vollero (1.7%). Read more
• 😨 37% of first-time VCs will not be able to raise a second fund More than 247 first-time managers who closed funds between 2019 to 2021 will not be able to raise a second fund.  First-time fundraising in the US VC market reached a peak of $14.7 billion during 2021. Now that economic conditions have changed and LPs are being more selective, many of those same managers are in trouble when it comes to raising a second fund. Read more on Pitchbook
• 💰 Grow Your Topline - Let all your enterprise founders to know about TOPLINE - the Race Capital enterprise accelerator. Click here
• 🎉 March 27 - 28, 2024 - If you are in Hong Kong at the end of March, don't forget to join me, Xiaomi’s KK Wong, Wattpad’s Allen Lau and more at FoundersHK Week.

This week a total of 15 startups raised $549.5M in funding, 2 exits:

• $112.9M goes to 5 Enterprise startups
• $25M goes to 1 Mobile startup
• $6.4M goes to 1 Education startup
• $11.9M goes to 1 Healthcare startup
• $92M goes to 2 BioTech startups
• $31M goes to 1 Construction startup
• $102M goes to 1 Hardware startup
• $7.8M goes to 1 Manufacturing startup
• $150M goes to 1 Renewable Energy startup
• $10.5M goes to 1 AgTech startup