Kheil McIntyre

This was a fantastic conversation about GenerativeAI in sports business. Thank you Matt Abrahams for hosting me, Christa Stout, and David Long (true trail blazers!!) on Think Fast Talk Smart: The Podcast

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The secret—if it ever was one—is out on private equity fondness for vertical software. While PE-backed acquisitions were down 50%+ from a peak in 2021, vertical buyouts have continued to grow, and the fervor seems to be gaining steam. In today’s essay, we will pose an answer to one question: is PE a viable path to exit for a venture-backed startup?

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🗞️ Breaking News: Red Ventures Selling CNET at a huge Loss❗️ Context: Red Ventures, the privately held digital media and marketing juggernaut based in Fort Mill, South Carolina, is selling CNET, one of the largest tech publishers on the web, to Ziff Davis for just $100 million. For context: Red Ventures bought CNET for approximately $500 million. Reason for the Sale: Total traffic to CNET has dropped by a staggering 50% over the last three years. The main driver behind this decline is a 68% drop in organic traffic (loss off Google rankings and traffic). Tables turned: This sale is a stunning turn of events for CNET, which once bought Ziff Davis (then a tech magazine firm) in a deal worth roughly $1.6 billion - more than two decades ago. Catch Up: - Ziff Davis trades publicly with a market value of $1.94 billion. The company lost about half of its marketcap over the course of the last 48 months. Strategic rationale: If Ziff Davis is able to ink a content licencing deal with Google, Bing/Microsoft or ChatGPT (or else e.g. X.AI) - like Reddit did - it might turn out to be a very smart deal …

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These VC firms have fresh capital and are eager to deploy. 🔴 Olivia Wilde launched her new VC firm, Proximity Ventures, with Neil Sirni, Jason Mack, and Santi White. The firm expects to hold a close next month and will invest in consumer and enterprise sectors. 🔴 Greenwich based Tamarack Global closed its $72M Opportunities II fund to focus on energy transition, defense-tech, the space economy, robotics & automation, AI, and more. 🔴 New York based BBG Ventures raised a $60M fund to support diverse founders. 🔴 Los Angeles based MaC Venture Capital raised its third $150M fund to back diverse founders and industries such as aerospace, enterprise software, fintech, health tech, and defense, among others. 🔴 Lisbon based Faber closed its €31 million Faber Tech III fund to support early stage innovation in Southern Europe. 🔴 Chicago based Listen Ventures is planning to raise $75M for its fourth fund to back consumer-obsessed founders building brands at the tipping point of behavior shifts. 🔴 Mumbai based Inflexor Ventures closed its first ₹350 crore Opportunities Fund to support its existing portfolio companies. 🔴 France based Axeleo Capital closed its new €125M greentech fund. 🔴 Singapore’s Nanyang Technological University (NTU) partnered with venture capital firm Walden International to establish a new VC fund, Nanyang Frontier Fund. The fund is looking to raise $37.9M to back deep tech spin-offs from the university.

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Alexandr Wang is exceptional at understanding where technology is going and launching into areas with conviction - it’s clear in this conversation with my partner, Mike Volpi, that it’s core to Scale AI ‘s success. AI is moving incredibly fast, but Alex & the Scale team have a clear sense of what’s next without compromising safety. https://lnkd.in/e2HgQyXT

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As the critical backer of two of the success stories here, Rocket Lab and Planet, DCVC is delighted to see the heroics of these teams highlighted — and their positive impact on humanity’s security and prosperity. It is also an interesting story of the difficulty markets — private and public — have in filtering out charlatans and hypesters in deeply technical arenas that promise gold rush outcomes, whether it is in space systems (as is the case here), AI (we can all watch it happen), energy and climate tech, biotech, or robotics.

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And that’s a wrap for #DF24 2024. One thing is clear. Marc and team are putting all of their chips on AI for the next decade. Everything Salesforce has invested in from Einstein to Data Cloud has set them up for this moment. It’s now clearer than ever on why CRM data is foundational for useful enterprise AI. #Agentforce could catalyze the largest shift in B2B I’ve seen in my career. It’s an exciting time to be part of the Salesforce ecosystem. New chapter. If you are a customer of theirs, it’s time to learn about what this means for your business. If you were a customer of theirs, I would consider a hard look at what the trade offs are of staying outside the ecosystem much longer. All of your isolated point solution SaaS products are now a liability moving forward. — What will your answer be to this shift? And to our incredible customers and partners, come join us next week as we dive deeper into FCI new product roadmap, and our perspective on what AI means for revenue #attribution. 👇👇👇

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The state of venture capital is wild right now. We are witnessing a surge of innovation across the spectrum: - Funds merging - VC doing PE - PE doing VC - Secondary funds - Buyout funds - Spin-out funds - Debt funds - Continuation funds - Infrastructure funds - GP turnover - Hard Tech surging - Family Office uptick

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Great time on the Embracing Erosion podcast w/Devon O'Rourke! We talked about: 🚀 How to scale a company from concept to 9-figure exit 🔄 How to break away from the traditional consulting model and apply product approaches ⏩ Why it’s important to iterate quickly and often with messaging 💸📈What signals are important to pay attention to when investing in startups and much more!

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I really enjoyed recording this episode of The Digital Industrial Podcast with Ty Findley. We talked about common misconceptions for deep tech, the "Why Now" for the category, and differences between investor diligence for deep tech and traditional tech. https://lnkd.in/eKtwjauu

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How to value a seed stage company? Who knows...(Well, Jack McQuire does but I had to fill in for him at the last minute for last week's Valuation Masterclass.) Here's a slide I prepared highlighting some of the recent seed rounds we have led and supported. Two surefire valuation methods: comparables (i.e. numerous rational references to companies similar to you) and the market (i.e. pitch as many investors as you can and see where they land). I have seen valuations double simply as a result of well-managed competitive processes. Governance, Terms, and War Stories sessions coming up. Register here: https://lnkd.in/ghJJpdR4

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I just wrapped up a panel with the Marketing Leadership affinity group within the How Women Invest community with my hero Auntie Nancy Hayes, aka the Yoda of board membership, angel investing, and general badassery. We talked about different ways to serve on boards, a role in which experienced Marketers seem to be often underrepresented. Why? If I had to guess, I'd say: 1 - Most heads of marketing are women 2 - marketing is undervalued, especially under sales/revenue experience 3—Compound the first two with the messages you tell yourself about your own worthiness, and suddenly, you're a great marketer for everyone else but yourself. ___________ For those who are interested in getting closer or into the board room, there are so many ways to start/get experience: 1—Board Observer (one of my current board roles)—you represent the investor but have no votes. It is unpaid, but/and hugely essential to act as a bridge of visibility and communication between the fund you've invested with and the company in which the fund has invested. My role brings value to both sides with much less bias than the other VC board seats. 2—Corporate board director—There is much governance but not much influence on the product, as the company usually has big enough teams for that. There is a lot of hiring/firing CEOs (read: drama), which can still be fun, especially for those fresh-popcorn-in-my-bag swag kinda folks (both grossly generalizing and way understating this role's fiduciary importance, but you get the idea). 3—Independent board director—this is another of my favorite places to sit. It is much like the Board observer role but with voting rights and equity (although not always, as these terms are negotiated and influenced by the shareholding board seats). You are NOT representing a VC fund (typically), but you might have subject matter expertise in the product or are a generalist boss gal like myself and bring a sense of neutrality and balance to the board. 4—Advisor. Advisors are similar to IBD in terms of influence and type of advice but are not part of the board or its meetings. This role is usually paid in some combination of equity and cash. It's another of my faves. (Are you seeing the trend here?) We have not even touched non-profit boards (where I got my start and am currently sitting on my sixth), but we will save it for next time as it's a whole 'nother Oprah. If you want to learn more, How Women Lead is hosting its 5th annual #getonboard week, starting October 21. Hybrid virtual and in-person. Check it out: https://lnkd.in/diizwv8j #womeninleadership #boardofdirectors #howwomenlead #governance #boarddiversity #corporategovernance #boardservice #businessleadership #leadership Julie Candelon Susan Greenwood Schroeder Mikayla Ludwig

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En route to meet a potential seller in DC, I can't help but reflect on the key considerations outlined in my recent Forbes Business Council article - "Passing The Torch: Finding The Right Buyer For Your Tech Business." Founders of SMBs pour their hearts into nurturing their ventures, so the decision to sell demands meticulous evaluation of prospective buyers. A buyer’s expertise, vision, and commitment to honoring your legacy while unlocking new growth avenues are paramount. Thoroughly vetting buyers' presentations on these aspects is crucial, as it takes decades to cultivate a thriving business, but mere minutes to undermine it. The right buyer can not only preserve your rich history but also catalyze expansion into new markets by combining complementary strengths. I invite you to read the full article for an in-depth exploration of this pivotal juncture for tech entrepreneurs, and share your thoughts in the comments! P.S. if you are in DC today and tomorrow (May 16th/17th) let’s meet up! DM me. https://lnkd.in/eytRcCjX

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Halle Kaplan-Allen and I will be chatting with Ali Hamed tomorrow about sourcing LPs. You can RSVP here: https://lnkd.in/edYZhKrA Ali wrote this excellent tactical piece on networking that is well worth a read for anyone networking their way to capital: https://lnkd.in/eZ_2f_4x This event is presented by Sydecar, a frictionless deal execution platform for venture capitalists. By pioneering a standardized approach to private investing, they enable capital allocators to identify and back entrepreneurs who are changing the world. Their platform reliably handles back-office operations, automating banking, compliance, contracts, tax, and reporting so that customers can focus on making deals and building relationships.

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Younger investors are risk on when it comes to investing in alternatives (private markets, crypto, collectibles). With an $84T wealth transfer to younger generations at stake, how should alternative asset managers build their brand to resonate with the next generation investor? Read the Alt Goes Mainstream AGM Weekly (brought to you by Intapp, Intapp DealCloud ) to learn more about how alternative asset managers can be effective in reaching the individual investor 👇 Alt Goes Mainstream AGM Alts Weekly 9.1.24: https://lnkd.in/etXq2di9 Alt Goes Mainstream AGM Alts Weekly 8.25.24: https://lnkd.in/en52r4bp

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“The funding landscape has changed during the time we have been involved in it, and continues to evolve,” “And we’re evolving with it, to ensure that there is even more flexibility for companies to access the specific capital they need for a given scenario. We’ve funded well over 180 technology companies across multiple industries and verticals, and we’re not slowing down any time soon.” Regarding the total addressable market for Tractor to operate in, Imam explains that the one-funding-product-fits-all approach has required tweaking, simply due to the totally different needs expressed by the financial decision-makers, related to time, total access to the capital itself, and looming milestones that require a more strategic approach to accessing capital. “If you’re a SaaS company, or an ecommerce company, or a hardware company, or operating in a particular niche or vertical like marketing tech for example, you will have a different set of needs for funding based on your revenue,” explains Imam. “We’ve moved to a scenario-based funding model, based on the most common queries we receive at this point in time. B2B Enterprise SaaS we will always be able to fund in an instant. Other scenarios arise when the financials require a bit more flexible and bespoke assessment.” “In particular, our Inventory product points to our capability to fund in some very very specific and founder-focussed ways, and that flexibility really excites us, now and for the future.” Thank you for this write up SmartCompany!

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🌱 For founders taking on venture debt, covenants are the fine print you cannot afford to ignore. 📃 They set the boundaries for how you can operate and manage your company’s finances. If you don’t play by these rules, the consequences can be pretty dire. It’s all about negotiating terms that align with your startup’s financial health. Be sure to read the original post by Kruze Consulting to get the full breakdown. Link in the 1st comment. 👇 #StartupFinance

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