To kick off this week's news roundup, Kirsten walked us through Elon Musk’s recent declaration of his intent to move both SpaceX and X’s headquarters out of California to Texas. Whether or not he’ll see those plans through remains to be seen, but of course, the Equity crew had thoughts. Diving into deals of the week, we talked about Sequoia Capital’s emailing LPs in funds raised between 2009 and 2011 with an offer to buy up to $861 million worth of shares in Stripe. The move is evidence to the crew that LPs are increasingly antsy for liquidity in this dry IPO market. Next up, Rebecca Bellan led a discussion as to how Andrej Karpathy, former head of AI at Tesla and researcher at OpenAI, is launching Eureka Labs, an “AI native” education platform. We had a lively discussion on Karpathy’s new initiative and when and how AI is appropriate in the classroom. We closed out the deals segment with Mary Ann’s scoop on PartnerOne’s acquisition of HeadSpin, a company whose founder was sentenced to prison for fraud earlier this year. Employees were upset that they got nothing for their options as part of the buyout, which Marina Temkin this week reported was valued at a mere $28 million. The group then got into an in-depth conversation about Silicon Valley’s involvement in the election this year. Former President Donald Trump this week picked Ohio Senator J.D. Vance as his running mate, as he runs to reclaim the office he lost to President Joe Biden in 2020. Vance, who’s best known for his memoir, “Hillbilly Elegy,” spent years as a venture capitalist before leaving the industry when elected to the U.S. Senate in 2022. We also talked about Andreessen Horowitz’s controversial vocal support of Trump and the startup-related reasons why its leaders are backing the Republican nominee. We wrapped up Equity with a look at Latin America’s startup scene and how it rebounded in funding in the second quarter, boosted by late-stage funding in the fintech sector. Press play and join the conversation!

Renegade Ventures co-founders Renata Quintini and Roseanne Wincek have seen it all in their careers — notably over the past four years when they launched their first fund as the COVID pandemic took hold and navigated the economic roller coaster that followed. Now, with a second $128 million fund — and a plan to write checks of up to $10 million into 20 startups — Quintini and Wincek join TechCrunch editor Kirsten Korosec on Equity to discuss those early days of their first fund, what they look for in a startup and what’s driving the shift away from megafunds.

On today’s episode of Equity, Rebecca Bellan explored Google’s reported talks to acquire Wiz, a cloud security company, for around $23 billion. Wiz provides an “all-in-one approach to cloud security,” pulling data from Amazon Web Services, Microsoft Azure, Google Cloud and others, then scanning it all for security risk factors – something that Google might see as a good way to fortify its own cloud business, which grew 28% to $9.57 billion in Q1 this year. We also discussed a letter from OpenAI whistleblowers who say the AI company has placed illegal restrictions on how employees can communicate with government regulators. They say OpenAI’s NDAs prohibit and discourage employees and investors from communicating with the SEC over securities violations, and forced employees to waive their rights to whistleblower incentives and compensation, among other things. Bellan also talked about the paradox of how much money is being invested into AI versus how much money it’s making. In the first half of 2024 alone, more than $35.5 billion was invested into AI startups globally, per Crunchbase data. As these AI startups gain force, other companies hopping on the generative AI train want more than the assurance of trigger happy VCs and eye-popping valuations before they pull out their wallets. They want to know that this tech will improve business performance and revenue, as promised. Because after all, many experts say the promise of AI will take much longer to come to fruition than the current investment frenzy suggests, something that they also say could lead to an AI bubble bursting. Finally, we touched on the return of e-bike startup darling VanMoof, and how its new owners want to win over old customers. Their audacious strategy involves offering customers who never got their e-bikes before VanMoof went bankrupt a €1,000 discount off a new bike. Why not just refund those customers? Well, VanMoof’s new owners don’t have access to that customer money, which is tied up in bankruptcy proceedings. Will this strategy be enough to lure back jilted customers? We’ll soon find out.

Mary Ann was off this week, but Kirsten took the lead with Becca Szkutak and Rebecca Bellan in the co-host seats. This episode is packed with deals, antitrust musings, AI and more, so let's get into it! For deals of the week,  we kicked things off with a look at why one of the many lawsuits Musk faces after firing 6,000 Twitter employees after his 2022 takeover was dismissed. The result may be good news for Musk, he still faces at least one other lawsuit from CEO Parag Agrawal, who along with three other former Twitter Inc. executives are seeking $128 million in severance payments from X Corp. Next up, Rebecca broke down Microsoft’s decision to leave its observer seat on OpenAI’s board, after which the AI company will no longer host observers. The legacy tech giant said it has seen enough progress being made at OpenAI and is “confident in its direction,” but we’re not exactly buying that Microsoft would give up such a coveted spot so easily. We suspect that the decision was fueled by ongoing antitrust scrutiny of Big Tech’s influence over emerging AI players. Last but not least, Becca talked about Duolingo’s deal to buy Hobbes, a Detroit-based animation and motion design studio. Hobbes is a company that Duolingo has worked with for years on several features, including Duolingo Music, so it’s interesting to see the acquisition happen at this stage. Maybe Hobbes was having money trouble and needed a lifeline? Either way, Duolingo is calling this an acqui-hire deal. While Hobbes isn't an AI company, we make a prediction that we'll see similar acquisitions of smaller AI startups as larger companies scoop up the AI startups they're already working with. Getting into our themes this week, we’ve been noticing a few stories lately that investigate what happens when a company’s founder or owner dies. Today, Rebecca went over the story of Unseen Capital, whose founder Kayode Owens passed away in 2021 just after raising $30 million. The VC’s mission was to help early-stage healthcare companies started by underrepresented founders. Pharma company Eli Lilly was one of Unseen’s LPs, and in a move to protect its own investment while signaling confidence in Unseen’s mission, has brokered a deal for Seae Ventures to acquire the unmoored VC. It’s a good fit, as Seae Ventures is another diversity-focused VC firm. Meanwhile, a recent TC story on deep tech funding caught the Equity pod’s attention. The gist: a recent survey of 30 deep tech VCs from eight countries found that very technical CEOs raise larger rounds. The survey also noted that pre-seed and Series A deep tech hardware rounds were bigger in 2023 than in 2022. While the survey seems to provide a rosy picture for technical CEOs, it does not provide a complete one. For instance, the survey focused on Europe, which got the Equity crew musing about whether those same stats would hold up in North America. And it followed rounds up through Series A. The Equity pod wondered if the results changed in Series B rounds and beyond. Plus, we think the rise of deep tech-focused funds may also play a role here too.

Mike Maples Jr. is a prolific angel investor and co-founder of early-stage venture firm Floodgate. Over the years, he’s taken a lot of bets. Some have paid off handsomely (Twitter, Twitch, Lyft and Bazaarvoice, for example). Others have not. On today's episode of Equity, Mary Ann sat down with Mike to dig into a number of topics, including some of his most memorable investments, the one that got away, what he looks for when evaluating startups that pitch him - and what Godzilla has to do with it. We also talked a bit about his new book that he co-authored with Peter Ziebelman called “Pattern Breakers. Why some startups change the future.” Press play and join the conversation!

On today's episode of Equity, Becca's taking a look at news you might've missed over the holiday weekend here in the U.S., starting with the recent OpenAI security breach. While it doesn't seem that people have to be too worried about what the hackers actually accessed, the fact that it happened is worth paying attention to. TechCrunch's Devin Coldeway argues that AI companies are treasure troves of data and will likely become more of a target for hackers. Companies that work with the large AI companies should pay attention.  We also had an update on Fisker’s slide into bankruptcy. The EV startup, that you've already heard about on Equity, had a new update this week. The company asked its bankruptcy judge for permission to sell its remaining inventory for $14,000 a vehicle, a noticeable drop from the $70,000 Fisker was initially asking for. This has some fearing that this chapter 11 bankruptcy could turn into a chapter 7.  To close out, we looked at a new trend of venture funds helping seed investors exercise their pro rata rights and avoid their equity stake being diluted. This is interesting because while it could be good for smaller funds to have a way to maintain their equity stakes, pro rata rights discussions can get contentious and bringing more capital to the table won't necessarily help that.  Equity will be back on Wednesday with an interesting conversation between Mary Ann and  angel investor and Floodgate Co-Founder, Mike Maples Jr, so we’ll talk to you then!

What’s the common thread between Tesla, building startups, General Motors, venture capital and Lyft? Jon McNeill, co-founder and partner of DVx Ventures, joins TechCrunch editor Kirsten Korosec on Equity to discuss how Elon Musk’s pay package has influenced founders, when it makes sense to go light on cash and heavy on equity, and his firm’s unique approach to investing that eschews the traditional management fee structure. McNeill describes DVx as VC 2.0. The firm comes up with business ideas and builds them into a startup within the firm before it goes out to find the leadership team. To date, the firm has started and invested in 14 portfolio companies that span EVs and AI, SaaS, consumer tech and climate tech. McNeill also walks Equity through the startup creation process, managing risk and how to spot opportunities that can disrupt the market.

Mary Ann, Haje and Kirsten are back on the mic for this week's episode, which was is jam-packed with deals, hot topics, and the latest dramaaaaaa in the tech world. For Deals of the Week, Haje wanted to chat about Formation Bio, an AI-focused drug development startup that just raised a whopping $372 million in Series D funding, led by Andreessen Horowitz. Next, Kirsten broke down the surprising partnership between Volkswagen Group and Rivian and how its initial $1 billion investment could grow up to $5 billion. To wrap up our deals, Mary-Ann highlighted Nubank’s acquisition of Hyperplane, an AI-for-banks startup. Moving onto our themes, Haje took us on a deep dive into the fediverse, a decentralized network of social media platforms like Mastodon, Threads, and even Trump’s Truth Social. The fediverse has seen a surge in popularity, especially after Elon Musk acquired Twitter (now X). Mastodon, for example, has just about tripled its user base since Musk took over. The appeal lies in its decentralized nature, offering users more control and niche communities. Whether you’re a photographer, a journalism enthusiast, or just someone fed up with traditional social media, the fediverse has something for you. Last but not least, we discussed the ongoing debate around DEI (Diversity, Equity, Inclusion) in tech in a more controversial segment. Scale AI’s founder Alexandr Wang recently sparked a debate by advocating for MEI (Merit, Excellence, Intelligence) over DEI. This has drawn support from big names like Elon Musk and Palmer Luckey but also significant criticism. The stats are troubling: new women recruit levels in the U.S. data industry have dropped dramatically, and DEI-related job listings are down. Equity will be back on Wednesday with a new interview episode, so stay tuned!

Today, we’re bringing you a conversation from TechCrunch's StrictlyVC event in DC earlier this month, where TechCrunch Editor in Chief & General Manager Connie Loizos sat down with Luther Lowe, who serves as Y Combinator’s Head of Public Policy. Lowe joined the accelerator last fall from Yelp, where he was SVP of Public Policy. Connie and Luther touched on antitrust efforts to reign in big tech, Y Combinator’s impact, leadership and access to talent, and what competition, policy and regulation look like in the AI era. It’s a super interesting conversation so press play and listen in!

Equity is back with your Monday Morning news rundown! This morning, a press release from the European Commission named Apple as the first of tech’s so-called “gatekeepers” to be charged for violating the EU’s Digital Markets Act. Apple is one of six tech giants named by the European Commission as “gatekeepers” last year, alongside Alphabet, Amazon, ByteDance, Meta and Microsoft. While we continue to keep our eyes on the EU’s attempts to ensure a competitive marketplace, that’s not all we got into on the Equity podcast this morning. Rebecca Bellan led the show this morning and reported that X still has a Verified bot problem, but this time they came for TechCrunch writers (herself included). The experience had us wondering if X’s competitors will step up, and create platforms with more safety…and fewer bots. Rebecca also had an IPO update for our listeners this morning as Shein finally filed for its public debut in London, and we closed out our startup coverage with a look at Sir Jack A Lot’s startup for retail traders. The startup, which recently raised a $4.5 million seed round, had us hyped on the retail trading space and its continued growth. Finally, Haje closed out today’s show with a teardown for Feel Therapeutics. The startup recently raised a $3.5M seed deck to revolutionize mental health care with a science-forward approach that integrates wearable devices, mobile apps, and clinician dashboards. Hit play to hear how they did it!

This week, co-hosts Mary-Ann Azavedo and Haje Kamps were joined by the ever-insightful Kirsten Korosec to dive into the latest and greatest happenings in the startup world. Kicking things off, our trio of hosts break down three major deals of the week. First, there's Waabi, an autonomous trucking startup that just closed a whopping $200 million Series B round. Kirsten Korosec provides an inside look into how Waabi's AI-first approach is setting it apart in the crowded autonomous vehicle space and why investors are still willing to back big bets in this field despite the market's ups and downs. Next, they explore the intriguing case of Gynger, a fintech company that has raised $20 million led by PayPal Ventures. Mary-Ann explains how Gynger is shaking up the way startups handle tech purchases with its buy-now-pay-later model, working both with buyers and sellers to offer flexible payment terms. Kirsten and your trusty correspondent weigh in on the potential risks and rewards of this unique business model, especially in today's volatile economic environment. The third deal takes us into the realm of artificial intelligence with Safe Superintelligence. I'm delving into the story of OpenAI co-founder Ilya Sutskever’s new venture, which aims to develop general AI with a focus on safety. We discuss the ambitious goals of this startup and the challenges of balancing rapid advancement with the ethical considerations of creating superintelligent AI. After dissecting these deals, the conversation shifts to a sobering topic: the wave of bankruptcies that have hit the startup world in 2024. Kirsten provides a detailed analysis of the factors leading to these failures, with a spotlight on high-profile cases like EV startup Fisker and fintech service Synapse. The team discusses the common pitfalls that led to these companies' downfalls and what other startups can learn from their mistakes. But it's not all doom and gloom—our hosts wrap up with an exciting discussion about the future. They dive into Voodoo's acquisition of social media startup BeReal for $537 million. Mary-Ann explores the reasons behind this bold move, how Voodoo plans to integrate ads into BeReal's platform, and what this could mean for the landscape of social media. Kirsten and myself debate the potential success of this strategy and the broader implications for user engagement and authenticity in the age of digital advertising.

Last week, Brex announced that it would be ditching its co-CEO model, and today, Equity hosts Haje Kamps and Mary Ann Azevedo are taking a closer look at co-CEO teams and the effectiveness of the structure overall. Brex, founded in 2017 by Pedro Franceschi and Henrique Dubugras, initially thrived under the co-CEO structure, with Pedro focusing on internal operations and Enrique handling external relations. However, as the company grew, this setup began to slow decision-making, prompting a shift to a single CEO model. Pedro will now lead as the sole CEO, while Enrique transitions to Chairman of the Board. We discuss the broader implications and challenges of co-CEO leadership, highlighting how this change aims to enhance agility and appeal to investors as Brex eyes a potential public offering. We also explore other companies that have adopted or abandoned similar leadership models, providing a comprehensive analysis of the pros and cons of shared CEO responsibilities in the competitive tech landscape.

This week on Equity, we discussed some big news that really matters: How Black founders are addressing the diversity gap in AI chatbots. We’ve all noticed how OpenAI’s ChatGPT and other AI chatbot tools struggle with cultural nuance, often coming up with answers that reflect a largely Euro-centric worldview. Now, a handful of Black-owned chatbots and ChatGPT versions – like Latimer.AI, ChatBlackGPT and Spark Plug – have cropped up to ensure Black POVs are included in the AI conversation, and that Black founders get a cut of this trillion-dollar industry. That’s not all Rebecca talked about on Monday’s show. We also looked at how different social media companies are playing around with what’s real and what isn’t, an increasingly salient topic in the age of AI. On the one hand, we’ve got TikTok’s introduction of generative AI avatars, which creators and brands can use to speed up ad campaigns and spread them out to a global audience. And on the other hand, YouTube is experimenting with a “Notes” feature that lets users add context to videos. It’s an attempt to combat misinformation as AI threatens to inundate us all with deepfake and misleading political content in the lead up to the 2024 presidential election. In IPO Land, Rebecca touched on Tempus’s 9% rise and $441 million raise on its Nasdaq debut last Friday. The genomic testing and data analysis company, started by Groupon’s founder, need have only hinted at its future genAI integrations for investors to throw money at it. Meanwhile, Chinese e-commerce giant Shein is struggling to get Beijing to approve its London IPO, reports the Financial Times. Shein’s executive chair reportedly angered Chinese regulators last month by saying its corporate values meant it “could be considered a US company,” so now the retailer is trying to walk back on those comments. Shein is trying to raise £50 billion (US$64 billion) from its London IPO, and it needs Beijing on its side to do so.   Haje closed out today’s show with a teardown of Kinnect’s $250K angel deck. Founded just last year, the digital archive startup is already making waves with $100,000 in funding from Techstar’s Rising Stars program. Hit play to hear how they did it!

Welcome back to Friday Equity! In today’s episode Equity podcast, Mary Ann, Haje and Becca dug into three very different but all super interesting deals of the week. Haje wanted to discuss Raspberry Pi’s debut on the public market, and we all agreed that what this profitable company has managed to build – a tiny affordable computer that fits into the palm of your hand – is very neat. Mary Ann then wanted to talk about InScope, a fintech which just raised a $4.3 million seed round of funding led by Lightspeed Venture Partners to automate financial reporting. Becca got to riff on Meowtel, a niche – and also profitable – startup focused on cat-sitting that has raised just $1 million in venture capital over its nine-year life. The trio then talked about all the Apple news (largely AI-focused) that came out of WWDC and its potential impact on the startup world. They then turned their attention to Elon Musk’s reaction to Apple’s announcement that it would be integrating ChatGPT into its iOS. While he clearly wasn’t happy about it, we discussed what his true motives for threatening to pull Apple devices from his companies might be. That’s it for this week, but we’ll be back bright and early Monday with more tech and startup news. Talk soon!

Vanessa Larco, partner at New Enterprise Associates (NEA), believes that Generative AI’s impact on the world of SaaS could be huge. The investor joined Mary Ann Azevedo on Equity to talk through, among other topics, her theories about how GenAI could alter the pricing models SaaS businesses use when charging customers. Larco also touched on how incumbents’ AI strategies may impact the startup world in general and in particular, what Apple’s new intelligence offering might mean for founders, and why despite being a big believer in the enterprise, she’s also still bullish on consumer investing and what she looks for when evaluating startups in the space. It was a fun conversation, so press play and listen in!

Apple’s WWDC is just hours away, and we’re gearing up for big announcements on – you guessed it – AI. We're kicking off today’s episode of Equity with a list of what we can (and can't) expect from the highly anticipated developer conference. But that's not all we talked about this morning. Becca Szkutak also took a look at Byju’s alarming valuation drop. The news may not come as a surprise given the rocky year Byju’s has had, but as Manish Sing put it, its journey stands to be one of the most “spectacular startup slides in recent memory.” To close out, we had news of a new fund looking to give the Italian startup ecosystem a boost. We’re optimist about the Italian Founders Fund and what it could contribute to the market, so press play and join the conversation!

Mary Ann and Rebecca discussed Robinhood’s plans to buy European crypto exchange Bitstamp for $200 million in cash and why they weren’t really surprised by the news. The duo then dug into not just one but two exciting health-care related deals. Rebecca wanted to riff on Sword Health’s innovative AI-powered virtual physical therapy tech and recent fundraise and corresponding cool valuation bump. Mary Ann then brought up Eko Health, which just raised $41 million after getting FDA clearance to help detect the first signs of heart failure during a routine medical exam (really, how cool is that?!). From there, they got to grill transportation reporter extraordinaire Sean O’Kane about his in-depth investigation into the mess at electric vehicle manufacturer Fisker. Think hoods flying off and pinching parts from the production line kind of mess. Oof. From there, they talked about the drama at AI mortgage startup LoanSnap and how that company is being sued left and right among other things. On a more positive note, they then riffed about two very interesting fintech startups focused on Gen Z, Frich (which stands for ‘effin rich) and Fizz – the latter of which is a YC alum just raised $14.4 million in a seed round led by Kleiner Perkins.

Consumer startups have taken a hit when it comes to venture funding. But according to Eurie Kim, partner at Forerunner Ventures and founding member of All Raise, consumer is where it’s at. The investor joined Mary Ann Azevedo on Equity to talk through the intricacies of the space. She pointed out that last year, just 7% of seed capital went to consumer startups. Yet, research shows that consumer company performance has outpaced enterprise, Kim contends. Forerunner itself has backed the likes of Oura, Chime and Prose, among others.

Welcome to this week's Episode of Equity Monday. We're kicking off the week with a deep dive from this weekend into the demise of electric vehicle startup Fisker at the hands of its founders' whims. Fisker, which was founded by famed vehicle designer Henrik Fisker, is on the brink of bankruptcy after only having delivered a few thousand electric Ocean SUVs. Then, Rebecca Bellan talked about X's new rules to allow adult content (as long as it's "consensually produced," whatever that means), and why that's problematic for the safety of other users -- namely women, who are most often the targets of sexually explicit trolling and harassment. We also touched on Trump's TikTok debut, which came in the wake of the former president's felony conviction. To wrap up, Bellan also discussed a story that TechCrunch published over the weekend looking into the new trend of smaller, lesser-known investors getting shares of hot private AI companies like Anthropic, X.ai and Perplexity by using special purpose vehicles, or SPVs. The result has been a Wild West, high risk, buyer-beware situation, with SPV terms varying wildly. Haje closed out the show with another Pitch Deck Teardown, this time looking into the Angel pitch deck for RAW Dating App. RAW just raised a $3 million friends and family round to shake up the dating scene by shedding fake, TikTok-ified, heavily filtered photos and replacing them with a more genuine, unvarnished experience.

Welcome back to Equity Friday! In this week’s episode, Mary Ann, Becca Szkutak,and Haje Kamps tackled three deals of the week: xAI, Elon Musk has once again proven that his name alone can shake up the investment world, raising a staggering $6 billion for his AI startup. Solutions by Text, The Dallas-based company, which has been bootstrapped for over a decade, secured $110 million in funding. And WeatherXM, which is a company bringing Web3 into the weather forecasting space that raised $7.7 million in a Series A. Then they discussed the Synapse Collapse and what it means for the larger FinTech ecosystem. Synapse, a banking-as-a-service (BaaS) provider, filed for Chapter 11 bankruptcy leaving many startups and customers in the lurch. Lastly, the crew wraps it up by discussing Becca’s piece on who is (and is not) going to IPO this year and what that signals to the industry. That’s it for this week, but we’ll be back bright and early Monday morning with more tech and startup news, along with another round of Pitch Deck Teardown. Talk soon!

It’s no secret that the bar for startups to land a Series A has risen, but has it risen too high? According to Jenny Fielding, a co-founder and Managing Partner at Everywhere Ventures, startups are facing what she calls “The Series A Chasm.” In a post on X this month, Fielding said, “there’s a huge backlog of seed stage companies with nice traction – just not $3m ARR + 30% MOM growth kinda traction.” The post sparked a conversation online, and Fielding joined Haje Kamps on Equity to talk through it all. Looking beyond Fielding’s portfolio, we can see that the early stage storm has been brewing for quite some time. According to data from Crunchbase, seed companies have raised about $7 billion so far this year, which is down $1 billion year over year and down significantly in the later stages. Crunchbase has even taken to calling this a moment of “extended adolescence” for startups, with an increase in companies raising $5 million+ seed rounds instead of a Series A. Of course, this meant we had to address the AI elephant in the room, and the $135 million seed round Musk’s xAI raised last December. Note that after 6 months, the company behind Grok has already announced a $6 billion Series B round. It was an interesting chat, so press play and join the conversation!

We’re kicking off the short week with news about Elon Musk, and no, it’s not about X or Tesla. Instead, we’re talking about Musk’s other other company, xAI. In a blog post this weekend, xAI announced it raised $6 billion in Series B funding, confirming earlier reports that the AI startup was looking to raise at a pre-money valuation of $18 billion. The ongoing AI race was only the beginning of what we covered on today’s episode of Equity. This morning, Becca Szkutak dove deep into the collapse of Synapse, a banking-as-a-service company whose bankruptcy could impact an estimated 10 million end customers and 100 fintechs, including teen banking-focused Copper. To wrap up this morning’s news segment, we also discussed a report from The Washington Post that election officials and researchers are considering a new approach to combating misinformation called “pre-bunking.” Companies like Google are testing it out in the lead up to the European Union election, but we remain skeptical about how successful the technique could be. Haje closed out the show with another Pitch Deck Teardown, this time examining Berlin-based Terra One’s deck. The startup just raised a cool $7.5 million to make sure Germany’s clean energy isn’t going to waste. Listen through to the end to hear how they made it happen!

Say hi to the new Equity crew! To kick off today's show, Mary Ann invited her new co-hosts - Becca Szkutak, Rebecca Bellan, and Haje Kamps - to introduce themselves and shared a bit more about what they do here at TC. The team then jumped right into the news, starting with Techstars CEO Maëlle Gavet's announcement that she is leaving the company. For deals of the week, Rebecca wanted to talk about Farcaster, a blockchain-based social protocol that ​​invites developers to build other apps on top of it. The startup raised a $150 million round, news that had the Equity team asking, “Is crypto back?” Mary Ann dug into immigrant banking platform Majority securing $20M in funding after notching an impressive $40 million in ARR as of April. To close out, we riffed on the news that a bunch of tech majors made commitments to the safe development of their AI models, including a potential “kill switch.” While we felt the news was mostly positive, we are also skeptical, too. The team also discussed the challenging environment for emerging fund managers, and our surprise at just how many of them there are.

Today, we’re listening back to not one but two interviews from the other side of the globe, thanks to our new co-host Rebecca Bellan, who spent three years in Auckland, New Zealand. Late last year, Rebecca hopped across the Tasman to Australia to report on the startup scene in Australia, and came back to us with a temperature check on VC in the Antipodes. Rebecca spoke to two Aussie VCs: Dan Krasnostein from Square Peg and Gabrielle Munzer from Main Sequence. Rebecca and our guests dug into why early stage funding is popping off in the region, the government's role in growing a startup ecosystem, fintech, climate tech, and what it’s like to compete and collaborate with Silicon Valley.

The AI news continues this week, and we're kicking things off with OpenAI's deal with Reddit. Per the terms of the deal, OpenAI will get to use content from Reddit like posts and replies to train its AI, and Reddit will get access to some unspecified AI tools. Reddit's stock soared 11% in extended trading following the news. That's not all we talked about on today's episode of Equity. This morning, Rebecca Bellan also walked us through a new social media platform called Maven that wants to do away with likes, followers and clout-chasing in favor of more serendipitous internet exploration. Maven was co-founded by OpenAI alum Kenneth Stanley and is backed by Twitter co-founder Ev Williams. Speaking of Twitter, X.com is officially live as a platform. Annoyingly for Elon Musk, so is Twitter.com. Bellan also covered some fresh cybersecurity consolidation. Israeli security firm CyberArk has purchased Venafi out from Thoma Bravo for $1.54 billion -- that's $1 billion in cash and the rest in shares. Before you go, don't miss the latest Pitch Deck Teardown from Haje Kamps. In today's segment Haje digs deep on Berlin-based startup Goodcarbon's deck. The startup just raised a €5.25 million (around $5.5 million) seed round to make its mark on the big business of carbon credits, and its pitch deck does a great job at showing traction, but is not so great its team slide. Listen to the end to learn more!