Gun Powder, Dry Powder…BOOM!
As we look back to 2023, optimism was high (along with funding deals) in Q1 and Q4.
Perhaps it was the New Year’s expectations, deal-activity assurance, or VC money not making points sitting in the bank- dry powder? Q2 and Q3 were even more ‘dry’ for deals as summer heated up: Silicon Bank and tech layoffs, while others closed shop permanently.
The more significant deals were foreign, as reflected in our list below. One thing is sure: VCs had their rose-colored glasses off throughout most of 2023. To win the cash in 2023, a startup must have been dedicated to hard work, solid spreadsheets, tenacity, and a solid idea. Let’s not forget being able to manage their money and already be revenue-producing; BOOM!
For all of you startups, it’s a New Year, a new chapter, and a new historical period to ‘make it’ happen. And for VCs, keep your eye on the prize, and thank you for continuing to fund deals through thick and thin. We wish all of you continued success in 2024!
“October: This is one of the peculiarly dangerous months to speculate. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain
Some notable trends in 2023:
- Payments deals and foreign startups saw the $$
- Big lenders backed new ideas (and startups)
- Q1 and Q4 2023 had $300M + funding deals (Q2 & Q3 barely double-digits)
Up next are 2023’s top 10 VC deals…
1Stripe
$6.5B, Series I | Equity| SF | Payments | GIC, Goldman Sachs Asset and Wealth Management, Temasek, Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, Thrive Capital| https://stripe.com/
LinkedIn Overview:
“Stripe is a financial infrastructure platform for businesses. Millions of companies—from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities…”
2Tabby
$750 million, Series D+, Capital| Equity & Debt | Saudi Arabia | Payments | JPMorgan, Hassana Investment Company, Soros Capital Management, Saudi Venture Capital | https://tabby.ai/en-AE
LinkedIn Overview:
“Tabby creates financial freedom in the way people shop, earn and save by reshaping their relationship with money. +10 million users choose Tabby to stay in control of their spending and make the most out of their money…“
3Northern Data Group
€575 million, Debt, Capital| Equity | Germany |Blockchain | Tether Group | https://northerndata.de/
LinkedIn Overview:
“At Northern Data Group, we believe unlimited High Performance Computing (HPC) will unlock unprecedented opportunities for research and development, business, and ultimately human progress…”
4MNT-Halan
$440M Capital | Equity & Debt| Egypt | FinTech| Chimara Investments, The International Finance Corporation | https://mnt-halan.com/
LinkedIn Overview:
“MNT-Halan is Egypt’s largest and fastest-growing lender to the unbanked. Founded in 2018, with roots dating back to 2010, the company is headquartered in Cairo, Egypt. MNT-Halan was created to digitally bank the unbanked and substitute cash with electronic solutions…”
5Toss
$405M, Series G | South Korea | Mobile Finance | Tonic Private Equity, Korea Development Bank, Altos Ventures, Goodwater Capital, Greyhound Capital, Aspex Management, BOND, DUMAC, Korea Investment & Securities | https://toss.im/en
LinkedIn Overview: (via Google Translate with some edits):
“The goal (of Toss) is clear. Toss is trying to end the uncomfortable and complex financial problems. Toss is filled with people whose hearts are beating for this dream. We want to create a financial service that makes common sense for everyone, the best user experience, and a feeling of happiness every time you use it. Since Toss introduced a simple remittance service that allows easy and fast remittance without an official certificate, it has been growing rapidly by introducing more than 40 different services…”
6Tamara
$340 million, Series C, Capital| Equity & Debt | Saudi Arabia | Payments | SNB Capital, Sanabil Investments, Shorooq Partners, Pinnacle Capital, Impulse, Checkout.com| https://tamara.co/en
LinkedIn Overview:
“Tamara is the leading shopping and payments platform in Saudi Arabia and the GCC region, with a mission to empower people in their daily lives and revolutionize how they shop, pay, and bank…“
7Sumup
$306M, Capital| Equity & Debt | UK | Payments | Sixth Street Growth, Bain Capital Tech Opportunities, Fin Capital, Liquidity Group | https://www.sumup.com/en-us/
LinkedIn Overview:
“SumUp is a leading global financial technology company driven by the purpose of levelling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in over 36 markets worldwide, helping them start, run and grow their businesses...”
8Amber
$300M, Series C | Singapore | Crypto Financial Services| Fenbushi Capital, Temasek, Sequoia Capital China, Coinbase Ventures | https://www.ambergroup.io/
LinkedIn Overview:
“Amber Group is a leader in digital asset trading, products, and infrastructure. We work with companies ranging from token issuers, banks, and fintech firms, to sports teams, game developers, brands, and creators. Operating at the center of markets, we provide liquidity across all major exchanges, applications, and networks. Across all products and categories, we have turned over $1T in volumes since inception. Our core value is building strong relationships with our clients; helping them buy and sell digital assets, earn yield, manage risk, and access liquidity. Through our consumer fintech platform, WhaleFin, individual investors enjoy secure, award-winning investing services including app & web trading, fixed income and structured products..“
9Ramp
$300M, Series D, Capital| Equity | NYC | Payments | Thrive Capital, Sands Capital | https://ramp.com/welcome
LinkedIn Overview:
“Ramp is the ultimate platform for modern finance teams. Combining corporate cards with expense management, bill payments, vendor management, accounting automation and more, Ramp is the all-in-one solution designed to save businesses time and money, and free finance teams to do the best work of their lives…”
10Alpheya
$300M, Capital| Equity | UAE | Wealthtech | Lunate, BNY Mellon| https://www.alpheya.com/
LinkedIn Overview:
“Alpheya offers a full suite of cloud-native, AI-powered wealthtech solutions designed to strip away the complexities of wealth management and deliver differentiated experiences, insights, and new opportunities for your business.“
