Dealmaker by The Information Staff

Two times/week

Dealmaker

By The Information Staff

Reporters Cory Weinberg and Katie Roof tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.

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Recent Editions

Screenshot of Andy Chen, left, via YouTube. Photo of Mercedes Bent via Getty

Why Andreessen, Lightspeed and Coatue Partners Are Leaving

By Natasha Mascarenhas · May 15, 2025 3:21pm PDT

After tech stocks crashed three years ago, the correction in private startup valuations led to a wave of partners leaving their venture firms. Over the past year, a new exodus has emerged as investors depart with plans to set up their own funds. Six early-stage partners from Andreessen Horowitz, Coatue Management, Founders Fund, Lightspeed... After tech stocks crashed three years ago, the correction in private startup valuations led to a...

Bill Ford, chairman and CEO of General Atlantic. Photo via Getty

General Atlantic’s IPO Drought Puts Pressure on Fundraising Drive

By Cory Weinberg · May 13, 2025 3:56pm PDT

Some of the tech leaders traveling to the Middle East this week might be able to get travel tips on the region from investors at General Atlantic. The New York–based growth equity investor opened offices in Riyadh and Abu Dhabi last year to make more investments in local startups after getting cash from the region’s vast oil coffers.A recent... Some of the tech leaders traveling to the Middle East this week might be able to get travel tips...

Photo via Skild

Skild AI Round Gets Pricier as Robot Fever Rises

By Natasha Mascarenhas and Rocket Drew · May 8, 2025 3:51pm PDT

Robotics startups are taking over the fundraising market.On Wednesday, my colleague Michael and I published a scoop about Foundation, a robotics startup launched by the former CEO of failed fintech firm Synapse, seeking capital at a $1 billion valuation despite just a year under its belt. That’s one of several robotics rounds in play. Skild... Robotics startups are taking over the fundraising market.On Wednesday, my colleague Michael and I...

Jensen Huang, CEO of Nvidia, at the Milken Institute Global Conference. Photo via Getty

At Milken, Wall Street's Eyes Widen for Data Centers

By Cory Weinberg · May 6, 2025 4:19pm PDT

Jensen Huang, CEO of Nvidia, at the Milken Institute Global Conference. Photo via Getty

At Milken, Wall Street's Eyes Widen for Data Centers

By Cory Weinberg · May 6, 2025 4:19pm PDT

Billions and even tens of billions don't generate much excitement at the annual Milken conference, taking place now in Los Angeles. But trillions, and especially $6.7 trillion, get some attention. That's the much-talked about number from a McKinsey report about the money needed to build out data centers to power artificial intelligence by... Billions and even tens of billions don't generate much excitement at the annual Milken...

Scale CEO Alexandr Wang. Photo via AP

Scale AI’s Share Sale Isn’t Open to All

By Cory Weinberg · May 1, 2025 2:59pm PDT

It’s the startup equivalent of misplacing a winning lottery ticket. Former employees of Scale AI are being excluded from a planned share sale at a $25 billion valuation. “I just heard back from the stock admin. Former employees won’t be participating in the tender offer. rip,” one ex-employee wrote last month in a private Slack channel of... It’s the startup equivalent of misplacing a winning lottery ticket. Former employees of Scale AI...

Eric Vishria, General Partner at Benchmark, at The Information's Financing the AI Revolution. Photo by Alyssa Ringler.

The ‘Unparalleled Capital Implosion’ Worrying VCs

By Cory Weinberg · Apr 29, 2025 3:08pm PDT

My ears perked up Monday when I heard the words “unparalleled capital implosion.” That came from venture capitalist Eric Vishria, who unspooled some of his anxieties about the current artificial intelligence funding boom at our “Financing the AI Revolution” conference. For more than a decade, Vishria has helped VC firm Benchmark navigate... My ears perked up Monday when I heard the words “unparalleled capital implosion.” That came...

Tony Kim, Managing Director of Fundamental Equities at BlackRock, speaks at last year's Private Capital Conference. Photo via Getty.

Your Cheat Sheet for AI and Finance Summit

By Cory Weinberg · Apr 24, 2025 3:06pm PDT

My colleagues and I are sharpening our questions for Monday’s Financing the AI Revolution summit at the New York Stock Exchange. It will be the perfect New York spring afternoon to pressure-test how investors and executives are adjusting to new realities in the business. More companies are slowing their spending on artificial intelligence... My colleagues and I are sharpening our questions for Monday’s Financing the AI Revolution summit...

Henry Ward, CEO and co-founder of Carta. Photo via YouTube.

Carta, the Startup for Startups, Tries to Restart Growth

By Cory Weinberg · Apr 22, 2025 3:47pm PDT

Henry Ward, CEO and co-founder of Carta. Photo via YouTube.

Carta, the Startup for Startups, Tries to Restart Growth

By Cory Weinberg · Apr 22, 2025 3:47pm PDT

There are many ways to visualize the boom and slowdown in tech startups. One is the image of Carta CEO Henry Ward, dressed in a suit in a Midtown Manhattan hotel, describing how he once raised billions and is now trying to restart his company’s growth.Ward and I were sitting together, across the street from offices that house some of the largest... There are many ways to visualize the boom and slowdown in tech startups. One is the image of...

OpenAI CEO Sam Altman. Photo via Getty.

OpenAI’s User Targets; General Catalyst’s Bigger Seed Bet

By Sri Muppidi · Apr 17, 2025 5:30pm PDT · 2 comments

An earlier version of this column incorrectly stated Thrive Capital has used the option of investing in the latest OpenAI round at the last round’s valuation. While it has that option, Thrive invested in the round with the same terms as the other investors, said a person close to the fundraise. An edited version of the rest of the column... An earlier version of this column incorrectly stated Thrive Capital has used the option of...

Coachella 2025's first weekend. Photo via Getty.

Figma IPO Filing Defies Economic Gloom

By Cory Weinberg · Apr 15, 2025 3:45pm PDT · 1 comment

Figma on Tuesday threw a bone to the bankers, lawyers and other advisers who make their living by taking tech companies public. The software firm, which we have reported was planning to list this year, announced it had confidentially filed for an initial public offering. The listing, of course, won’t be for months. There are rounds of... Figma on Tuesday threw a bone to the bankers, lawyers and other advisers who make their living by...

Hemant Taneja. Photo by Getty

What Worries General Catalyst’s Hemant Taneja

By Cory Weinberg · Apr 10, 2025 3:26pm PDT · 1 comment

Venture capitalists typically aren’t macroeconomic or geopolitical experts, despite what you may read on X or hear on podcasts. But they do need to have a sufficient worldview to understand where markets are growing, where to put investment dollars and how to raise money.In that way, it’s become clear that General Catalyst CEO Hemant Taneja was... Venture capitalists typically aren’t macroeconomic or geopolitical experts, despite what you may...

Charles Hudson of Precursor Ventures. Photo via Getty

How Charles Hudson’s Precursor Is Navigating the IPO Drought

By Natasha Mascarenhas · Apr 8, 2025 4:46pm PDT · 1 comment

Charles Hudson of Precursor Ventures. Photo via Getty

How Charles Hudson’s Precursor Is Navigating the IPO Drought

By Natasha Mascarenhas · Apr 8, 2025 4:46pm PDT · 1 comment

Charles Hudson’s Precursor Ventures, a nine-year-old firm specializing in writing the first investment checks to nascent startups, just raised $66 million for its fifth fund. That’s 20% less than Hudson raised for his firm’s fourth fund, in 2021, and shows the rising challenge of VC fundraising these days.Since venture funds can’t rely on... Charles Hudson’s Precursor Ventures, a nine-year-old firm specializing in writing the first...

Photo by Getty

How the Tariffs Will Roil Venture Capital

By Natasha Mascarenhas and Sri Muppidi · Apr 3, 2025 3:22pm PDT

President Donald Trump’s decision to impose big tariffs on imported goods may feel like an issue for supply chain managers or chip developers. But the stock market’s decline today shows that all markets are interconnected. For venture capital, the impact may be more indirect. Asked if the tariffs would affect venture investors, Tomasz... President Donald Trump’s decision to impose big tariffs on imported goods may feel like an issue...

OpenAI CEO Sam Altman. Photo via Getty

A ‘Biblical’ Test of AI Investor Faith

By Cory Weinberg · Apr 1, 2025 2:50pm PDT · 2 comments

OpenAI CEO Sam Altman described the awe-inspiring usage of ChatGPT’s new image generation tool a few days ago as “biblical.” His use of religious terminology fits the moment. The money that Altman, Elon Musk and tech giants require to finance chips, data centers and power is a test of faith for Wall Street. OpenAI CEO Sam Altman described the awe-inspiring usage of ChatGPT’s new image generation tool a...

Photo via Getty

Chinese Startup Behind Manus AI Agent Seeks $500 Million Valuation

By Natasha Mascarenhas, Juro Osawa and Jing Yang · Mar 27, 2025 11:16am PDT

The Chinese startup that operates Manus, the artificial intelligence agent that became a viral hit in the U.S. earlier this month, is in talks with potential investors including U.S. venture capital firms to raise a new funding round at a valuation of at least $500 million, up around fivefold from its previous valuation, according to three... The Chinese startup that operates Manus, the artificial intelligence agent that became a viral...

MIchael Moritz. Photo via Getty

This IPO Slate Won’t Have Many Major VC Winners

By Cory Weinberg · Mar 25, 2025 3:36pm PDT

MIchael Moritz. Photo via Getty

This IPO Slate Won’t Have Many Major VC Winners

By Cory Weinberg · Mar 25, 2025 3:36pm PDT

Three technology companies are preparing to go public with valuations north of $15 billion over the next few weeks. So, cue the balloons on Sand Hill Road, the party at the Rosewood, the juicy bonuses for venture capitalists? Not so fast. The largest shareholder of AI cloud upstart CoreWeave is a debt-focused hedge fund. The biggest backer... Three technology companies are preparing to go public with valuations north of $15 billion over...

Photo via Insight Partners

Insight’s Wiz Win; CoreWeave’s Skeptics Speak Up

By Cory Weinberg · Mar 20, 2025 3:48pm PDT

Wiz’s $32 billion sale to Google is giving at least one venture capital megafund a case study for why it can pay to double and even triple down on top startups.Insight Partners, the VC and private equity giant that owns 8% of Wiz, wrote to limited partners Tuesday that the transaction turned a $213 million investment into $2.6 billion. Including... Wiz’s $32 billion sale to Google is giving at least one venture capital megafund a case study for...

Parker Conrad, founder and CEO of Rippling. Photo via Getty

Investors React to Rippling vs. Deel; Susa's $175 Million Seed Fund

By Sri Muppidi · Mar 18, 2025 1:44pm PDT · 1 comment

For Silicon Valley venture capitalists dealing with overpriced bets made during the low-interest rate period, Rippling and Deel have been bright spots. The San Francisco HR rivals passed new revenue milestones and minted higher valuations—great news for investors who poured a combined $2 billion into both startups. By some measures, Deel’s... For Silicon Valley venture capitalists dealing with overpriced bets made during the low-interest...

Mira Murati. Photo via Getty

Mira Murati’s Stock-Option Strategy Pays Off With Recruits

By Natasha Mascarenhas, Kalley Huang, Stephanie Palazzolo and Rocket Drew · Mar 13, 2025 3:44pm PDT · 1 comment

It says something about the hype around ex-OpenAI executive Mira Murati’s new startup, Thinking Machines Lab, that when Sequoia Capital’s Alfred Lin said his firm was “talking” to the startup, that was deemed worthy of a headline.We’ll do you one slightly better: Murati has told people she’s also had conversations with Vinod Khosla, an early... It says something about the hype around ex-OpenAI executive Mira Murati’s new startup, Thinking...

Photo via Getty

A VC-Backed Startup Tempts Volatile Stock Market

By Cory Weinberg · Mar 11, 2025 2:54pm PDT

Photo via Getty

A VC-Backed Startup Tempts Volatile Stock Market

By Cory Weinberg · Mar 11, 2025 2:54pm PDT

Venture capitalists backing Hinge Health, which sells software to help people dealing with chronic pain, were likely cheering on Monday when the company filed to go public. It turned out to be the worst day of the year for the stock market, with the S&P 500 falling nearly 3%. Hinge was one of the few tech firms to attempt to go public... Venture capitalists backing Hinge Health, which sells software to help people dealing with...