TC+ Roundup: Many Black founders are rooting for SVB
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Before being known as the bank that collapsed, Silicon Valley Blank made a name for itself as a bank that helps support underrepresented founders. Eight months later, the bank is now trying to repair its reputation among the Black community, and as part of rebuilding of trust, it sponsored events and parties last week at AfroTech.
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Though many people left the bank for larger institutions, Dominic-Madori Davis spoke with some founders who are still rooting for SVB. “I feel like everyone has moved on,” one founder at the party told her.
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How to raise a substantial round with angel investors
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“Raising capital before the year ends doesn’t have to be a far-fetched dream,” writes Finematter CEO Caroline Chalmer. Angel investors don’t only offer capital; they can also provide founders with tons of tools, such as networks, experience and moral support. But before getting started, it’s helpful to have a few things sorted out in order to find the right angel investor for your company.
Pitch Teardown: The CancerVAX crowdfunding campaign on StartEngine
Image Credits: CancerVAX / StartEngine (opens in a new window)
Resident pitch deck expert Haje Jan Kamps experimented in his latest edition of Pitch Deck Teardown. Rather than analyzing a company’s pitch deck, he analyzed the CancerVAX campaign on the equity crowdfunding platform StartEngine. Using this method can be a compelling way to tell a company’s story, but beware of the red flags — among them being, Why crowdfund instead of going the traditional route?
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AI’s not the only sector dodging the funding slowdown
Image Credits: RichLegg / Getty Images
Everyone’s eyes are on AI and the promises it brings, but don’t count out defense tech. Just last week, Shield AI raised $200 million in a Series F round. The company’s co-founder and president, Brandon Tseng, points to its incredible revenue growth (90% year over year) as being the reason it was able to raise a mega-round in this environment. “As tensions across the globe continue to expose the shortcomings of the defense industry, the sector is likely to see even more entrepreneurs coming up with new solutions to those problems,” writes senior reporter Rebecca Szkutak.
Klarna’s financial glow-up is Alex’s favorite story in tech right now
Image Credits: Daniel Harvey Gonzalez (opens in a new window) / Getty Images
Not even a week after celebrating Unicorn Day, we have more unicorn-related news: Klarna, which had its valuation cut by 85% in 2022, reported Q3 earnings, adding to the evidence that the “Swedish fintech giant is evolving from a loss-making unicorn to a durable company ready for the public markets,” writes TC+ editor in chief Alex Wilhelm.