November 2024 Top 10
November's Top Ten:
- Over the next six years, Microsoft plans to allocate $10 billion to CoreWeave, a startup specializing in cloud computing for artificial intelligence infrastructure. This investment is designed to strengthen Microsoft's AI capabilities and secure the resources required for operating complex AI systems.
- According to CNBC, Perplexity AI is nearing the completion of a $500 million funding round, which will value the company at $9 billion. The round is being led by Institutional Venture Partners.
- Databricks is nearing the completion of a funding round worth several billion dollars, valuing the company at $55 billion. This investment aims to allow employees to cash out. Already one of the most valuable private startups in Silicon Valley, Databricks has been considered a potential candidate for an IPO. However, according to a source speaking with CNBC, this latest round of funding will likely delay its public offering plans.
- Primary care provider Forward has unexpectedly announced the closure of its operations, shutting down locations and canceling upcoming appointments. Launched in 2016, Forward operated as a tech-enabled, cash-based primary care service that did not accept insurance. TechCrunch reported that the company had raised $657 million and reached a $1 billion valuation in 2021.
- Canva has appointed Kelly Steckelberg, former finance head at Zoom, as its new Chief Financial Officer. With annualized revenue of around $2.5 billion and 220 million monthly users, Canva is seen as a strong candidate for an upcoming IPO in the venture-backed tech sector.
- ServiceTitan is set to be one of the few "unicorns" to go public in 2024, with an IPO roadshow expected to begin soon. The company previously accepted a challenging antidilution term in its Series H funding round led by TPG, and much of the motivation for going public now is to minimize the impact of this provision and avoid excessive dilution.
- Ramp, a startup offering business card and expense management software, is reportedly exploring the sale of shares held by employees and other stakeholders at a valuation of $11 billion, according to sources familiar with the deal. This price represents a 35% increase over Ramp’s highest valuation in 2022 and signals the company's recovery after a down round 15 months ago.
- Cerebral, a telehealth company, has agreed to pay a fine exceeding $3.6 million after being accused of attempting to boost prescriptions of Adderall and other controlled substances. The Department of Justice and the Drug Enforcement Administration claimed that the company exploited telehealth regulations to increase stimulant prescriptions in order to enhance patient retention and revenue.
- Scott Cutler announced he will step down as CEO of StockX on December 31, 2024. The company’s Board of Directors has selected Greg Schwartz, co-founder, president, and COO, to take over as the next CEO.
- Bitcoin is back! The cryptocurrency hit its all time high this month, reaching $99,834.81.
Why this matters: Even though the Google’s Wiz deal didn’t go through, the increased acquisition interest is a great sign for an industry that hasn’t seen a ton of activity in the past couple of years. We expect to see a continued uptick in activity as the economy improves and the Fed decreases interest rates.
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