Network Effects are the Trick for Proving What’s Possible in Marketplaces

??THIS MONTH: Network Effects for Marketplaces

Happy Halloween and welcome to the Startup Advocate for the week of October 31! If you're just coming across the SA for the first time, here's a quick recap of how it works (skip ahead if you already know the drill):

The first week of every month, we set a theme for the month with a longer-form article on our AWS Startups blog. We cover key topics that are fundamental to each stage of a startup's lifecycle. We started with idea creation and validation and each week we progress through to IPO and exit. This month, the theme is network effects as essential drivers of growth for most business models. You can check out the main article for this month here .

For the rest of the month, we take a closer look at one aspect of the broader theme as well as investor and founder spotlights on the topic. As always, each Startup Advocate gives you a full rundown on key events, resources, early-stage startup deal flow, new funds, new venture investment hires and appointments, and AWS Startups job postings.

We love celebrating the movers and shakers in the startup world! More importantly, we love supporting startups by helping them build on AWS while improving access to the capital and contacts they need to succeed! We hope you'll join us each week by sharing insights, resources, and tools on the monthly topic in the comments section or via direct message that will help elevate the entire startup ecosystem.

Although we could talk about network effects every week and still have something new to share, this week is our last week talking about them as a central theme in this newsletter. This week we’re going to dive a little deeper, looking at the inner workings of network effects for marketplaces.

A quick network effects refresher

As you probably know, network effects occur when a venture becomes increasingly valuable to existing participants as more participants start using it. Amazon, Craigslist, TaskRabbit, Hipcamp, eBay, Etsy, DoorDash, Lyft, Airbnb, and Waze are all companies that have leveraged network effects to great success. Imagine the sigh of relief you feel when you type a destination into Airbnb and see a plethora of hosts offering a range of homestay experiences with different amenities, locations, and price points. The product or service each company offers that has scaled through network effects becomes exponentially more convenient, useful, and valuable as new users join.

Metcalfe's Law

Given the way network effects work, it follows that a product with a robust, extensive network would be more appealing to current and potential users than one with a smaller network.

Metcalfe’s Law, which was first coined in 1980 by Ethernet co-inventor and 3Com co-founder Robert Metcalfe, states that “a network's impact is the square of the number of nodes in the network. For example, if a network has 10 nodes, its inherent value is 100 (10 * 10).” The value of the product, in other words, grows exponentially in relation to the number of nodes.

At the time, Metcalfe was not referring to users but to communication devices in general, such as fax machines. (Think about how a fax machine was much more useful when everyone you knew had one as opposed to just you and your bank. Hard to remember the days before DocSend).

In 1993, after the internet reached the masses, George Gilder revamped the law to refer to the correlation between a network’s value and its number of users. While not everyone agrees about how to measure a network’s value, most people generally agree that the number of participants is important for the economic success of a network.

Digital platforms

As you’ve probably noticed, many companies that benefit from using network effects rely on digital platforms. A major characteristic of digital platforms is that they create a two-sided space in more efficient ways than many more traditional marketplaces, allowing asset/service providers and asset/service consumers to engage with each other instantly and at greater scale. In this way, digital platforms are intrinsic to two-sided marketplaces, which have two types of positive network effects.

Despite this, in the early days of launching marketplaces, you often have to employ more traditional sales tactics like phone calls and even door-to-door cold canvassing before you can leverage more advanced network effects. Sometimes both sides of the digital marketplace, still utilize the real world for a number of reasons.

I recall when we were building sonico in Latin America before the exit to IAC, I was meeting with the Mercado Libre team and learning about how people were meeting in person to make the eBay-like transaction, because credit card and online banking (as well as any kind of banking) usage was low in the market, so people met in person, but then you still had the challenge of counterfeit money being exchanged. The digital platform, in this example, made that risk more transparent based on online feedback about the buyer or seller. Despite the challenges unique to certain geographic markets, that business and its users benefitted from both direct and indirect network effects.

• Positive direct network effects occur when the value of a product increases as more people start using it.
• Positive indirect network effects surface when a user from market side B joins, thus increasing the value of a good for a user from market side A.

Marketplaces

Business models based on marketplaces are easy to identify: they connect people or companies that want something (demand) with people or companies that have it (supply). Unlike companies that produce and sell their products and services to consumers and other companies, marketplaces typically don’t own supply. Instead, they enable transactions to occur between buyers and sellers on a digital platform.

Symbiosis

In a perfect world, the participation of one side of the marketplace will inspire participation from the other side, each propelling the other forward without outside intervention—and increasing overall value.

We can look to Lyft for a great example of network effects for two-sided marketplaces: the more riders there are, the more appealing and lucrative it is to be a driver. And the more drivers there are, the easier it is to find a ride quickly, thus improving the experience of being a rider. Users on each side of the marketplace drive value upwards for users on the other side of the marketplace, which—voilà!—is a perfect example of how network effects can work effectively in a two-sided marketplace.

Applying network effects to marketplaces

While the way each company uses network effects varies, depending on the type of business and its business model, all startups should think about how they can strategically implement two-sided network effects. Ask yourself:

• How can I position my product so that I’m implementing network effects for two-sided marketplaces?
• How can I create a structure that not only invites network effects but allows them to become self-perpetuating and continuous?

Crypto Marketplaces

One of the newer marketplaces are crypto-focused and crypto-enabled marketplaces. Crypto-focused marketplaces are marketplaces for crypto assets such as Opensea , one of the largest NFT marketplaces whereas crypto-enabled marketplaces are more traditional marketplaces using digital platforms or in the real world that accept crypto as a form of payment through tokens or other mechanisms such as NFT ownership for access to certain art marketplaces, for example, when founders are trying to constrain the community in some way. More on these rapidly evolving marketplace models are below.

Angel investing in marketplaces:

Check out the marketplace musings of Fabrice Grinda who I've known and learned from for well over a decade. He has refined marketplace models down to a science. He and his team can usually identify the optimal CAC to LTV ratio and key metrics that drive successful outcomes even in the earliest startup stages based on pattern recognition through many years of experience as marketplace founders and investors. Two phone calls if you're fortunate to land them, will result in a "yes" or "no" and "here is why" which is perhaps just as valuable as the check itself. I’ve invested in marketplaces as an investor in FJ Labs , one of the most prolific investors in marketplaces, and I also invest directly into marketplace startups ranging from mobility, mental health, healthcare, music, entertainment, sports, cannabis, and psychedelics and beyond. Giggster , one of my marketplace investments, started with an emphasis on supply-side given that they had access to an inventory of unique venues they discovered for TV and film shoot locations. Building on the tailwinds of consumers wanting to find insta-worthy backgrounds for their photos, they have grown beyond an initial niche for bookable event and production spaces. I’ve also been a founder of and operator of creator, mobility, gaming, and other marketplaces that helps me help my portfolio beyond the capital injection of the investment. As an angel investor, when I am looking at early-stage investments in marketplaces, here are two primary things I look for:

• Team - do I like them and what to see them win, but beyond that, I like to see that they love the problem they’re trying to solve rather than fixed on the solution that will inevitably evolve in many ways; do they have prior marketplace experience or any special insights into the customer and networks with the sellers and do they have any success leveraging network effects; and how are they approaching the cold start or chicken and egg challenge of marketplaces.
• Traction - assuming I also like the business, I look at where they are on both sides of the marketplaces in acquiring users. The seller side is almost always quicker to grow since they are financially motivated to sign up first, so I first look at how quickly and efficiently they’re able to onboard sellers. If they’re struggling with sellers, they’ll likely struggle with buyers. It’s important to curate the sellers initially so that you can focus on the demand for sellers’ goods and services instead of a chaotic free-for-all. You don't want to have lots of supply and buyers that will churn because you haven’t found the seller-buyer match which leads to product market fit. It seems counter-intuitive to constrain either side of the marketplace or both sides by categories or geographies, for example. However, most marketplace success stories have employed this strategy and it’s especially helpful when you are cash and resource constrained to start with a more narrow focus. When you can get the flywheel working, you begin to create defensibility from which you can grow a bigger moat.

What are you waiting for? See the STARTUP RESOURCES section below for resources to help you launch or grow your marketplace and prove what’s possible !

???LAST WEEK RECAP:

I've been attending a lot of in-person events as those heat up post-pandemic. Here and here are fun updates on some events I’ve attended! Let me know if you want to connect with anyone I tagged.

?? UPCOMING EVENTS

November 1st | Harness the Potential of Data - Thailand Edition

Join us for this one-day event for Business/IT leaders and technical professionals to learn from AWS, our partners and industry experts on accelerating insights and unlocking the value of data to improve productivity, enhance customer experiences, optimize business processes, and drive innovation at scale.

November 1st | Discover AWS: Belfast

Join us for a half-day event in Belfast to explore how the cloud can help you save costs, improve agility and accelerate innovation. Hear first-hand as our customers share their cloud journeys. Draw inspiration from their experiences leveraging the cloud to innovate and digitally transform their businesses. Plus, take advantage of this opportunity to meet, network and discuss your own cloud journey with your peers, AWS account teams and partners.

November 1st | Innovate & Optimise with AWS - Birmingham

Join us for a half-day event in Birmingham to explore how the cloud can help you save costs, improve agility and accelerate innovation. Hear first-hand as our customers share their cloud journeys. Draw inspiration from their experiences leveraging the cloud to innovate and digitally transform their businesses. Plus, take advantage of this opportunity to meet, network and discuss your own cloud journey with your peers, AWS account teams and partners.

November 1st at 1 pm PT | Angel Club Masterclass re: Co-Founders with Stephen Price

Join us for a conversation with Stephen Price, CEO of CoFoundersLab, one of the largest founder platforms globally, about co-founders. Do you need them? How do you find the right fit? How do you resolve conflict? How do you thrive together?

He will share his hard-earned experience and wisdom on this topic. Don't miss it!

November 14-18 | Austin Startup Week

Started in 2011, Austin Startup Week is a celebration and showcase of everything entrepreneurial in Austin. Each year, we bring entrepreneurs, local leaders, and friends together to connect, collaborate and grow through our educational tracks, mentor office hours, startup showcases, and networking mixers.

Click here for more events.

?? MEET AN ANGEL CLUB MENTOR

Angel Club is an inclusive membership community for underrepresented angel-stage founders and angel investors. Angel Club provides access to seasoned mentors, monthly events, a robust resource library, investor and media databases, and more. Join Angel Club or email [email protected] for more info.

Rodrick Miller is the President and CEO of Ascendant Global, an economic development firm focused on providing bold growth solutions to help economies sustain themselves and gain jobs and private investment. Miller is recognized as one of the foremost economic development leaders in the United States, respected for his ability to navigate complex political and business environments and devise strategies to create long-term value for communities and investors.

Angel Club Members can register for a 1:1 mentor session with Rodrick as part of their membership.

?ASK AN EXPERT

The AWS Startup Loft exists to support your startup journey. Start and grow with a wealth of resources, exclusive webinars, and free 1:1 sessions with an AWS startup expert .

?? STARTUP RESOURCES

• Apply for up to $100k in free AWS credits & utilize startup resources and training with AWS Activate
• AWS Startup Programs
• Crypto-Enabled Marketplaces
• State of Marketplaces 2021
• Top Founder Marketplace Resources
• 28 Ways to Grow Supply in Marketplaces
• Developing a Growth Model & Marketplace Growth Strategy

???JOBS TO BE DONE

AWS is hiring for literally thousands of roles ! If you or someone you know is on the job hunt, make sure to take a look here . If you see something that’s a fit, send your resume to [email protected] and I can pass it along to the hiring manager.

?? Startup Account Manager , Startups

?? Partner Sales Manager , Startups

???Sr. Solutions Architect, Startups , AWS, (UK & Ireland)

?? CELEBRATIONS

NEW DEAL FLOW: Check out who’s investing in your sector!

New York-based financial technology platform The Coterie has launched with $50 million of funding. The funding was led by Andreessen Horowitz, with participation from Initialized Capital, Pear VC, Gradient Ventures, Stanley Tang (who co-founded Doordash) and Naval Ravikant (the founder of AngelList). More here .

The Longmont, Co.-based cloud computing startup Fermyon Technologies has raised $20 million in Series A funding. The round was led by Insight Partners and Amplify Partners, bringing the total amount of money the company has raised to $26 million. More here .

The Waterloo, Canada-based indie game development studio Odyssey Interactive has raised a $19 million Series A round. The funding was led by Makers Fund, with participation from Anthos Capital, The Mini Fund, Andreessen Horowitz, and Mitch Lasky. More here .

Apex Space, the Los Angeles-based company looking to improve satellite bus manufacturing, has emerged from stealth mode with $7.5 million in seed funding. The funding was led by Andreessen Horowitz. More here .

San Francisco-based startup Ciro, which gives sales teams access to the same capabilities as larger tech companies, raised $3.8 million in seed funding. The deal was led by CRV, with participation from Y Combinator. More here .

Gearflow, the parts market platform for heavy equipment users, has raised a $5.5 million round. It was led by Brick & Mortar Ventures. More here .

London startup Sunsave, which offers users a subscription plan that will help them switch to solar power, raised a $5.65 million round this past January. It was funded by Neurone Group and Plug and Play Ventures, as well as other investors. More here .

New York-based startup Bilt Rewards, which runs a loyalty program and credit card that turns rent payments into points, raised $150 million in equity funding. The round was led by Left Lane Capital with participation from Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, Smash Capital, Prosus and Kairos. More here .

In a combined Series A and B round, Celestia Labs, the startup behind the Celestia blockchain network, ****raised $55 million. The round was co-led by Bain Capital Crypto and Polychain Capital, with Spartan Group, FTX Ventures, and Jump Crypto pitching in. More here .

The Boston and West Haven, Ct.-based startup Normunity, which is working to develop drugs that will help the immune system fight tumors, raised a $65 million Series A round. The round was led by Canaan Partners, with participation from Sanofi Ventures, Taiho Ventures, and Osage University Partners. More here .

The Eindhoven, The Netherlands-based AI chip startup Axelera AI raised a $27 million Series A round. The deal was led by Imec.expand and Federal Holding & Investment Co. This brings the total amount of capital the company has raised to $45.7 million. More here .

The Washington, D.C.-based startup Limber Health, which offers both virtual and in-person musculoskeletal care services, raised an $11 million Series A round. It was led by Blue Venture Fund, with participation from Glenview Capital. More here .

The ****San Francisco-based startup wholesaler Limit raised a $14.5 million Series A round. It was led by IA Capital Group, with participation from American Family Ventures, Indicator Fund, and Material V. This brings the company’s total funding to $21 million. More here .

Nitricity, the agtech startup pioneering the creation of renewable nitrogen fertilizer, raised a $20 million Series A round. Khosla Ventures and Fine Structure Ventures co-led the round. Energy Impact Partners, Lowercarbon Capital, and MCJ Collective pitched in, as well. More here .

Barcelona startup Seqera Labs, which creates data orchestration and workflow software for life sciences clients, raised a $21.7 million Series A round. It was led by Addition, with participation from Talis Capital, Speedinvest, BoxOne Ventures, and Amino Collective. More here .

Atlanta startup Arnica, which uses behavioral analytics to identify hackers who are pretending to be developers, raised a $7 million seed round. It was co-led by Joule Ventures and First Rays Venture Partners. More here.

Israeli startup Ask-AI, which offers an NLP-powered direct answer and insight surfacing platform, raised a $9 million seed round. The deal was co-led by Vertex Ventures and State of Mind Ventures. More here .

The independent digital health technology marketplace company Elion, which is based in

Menlo Park, Ca., raised a $3.3 million seed round. It was co-led by NEA and Max Ventures. More here .

Stockholm startup Grafbase, a self-described “data platform for developers,” raised a $5 million seed round. The deal was led by Next47, with participation from Alven and Uncorrelated Ventures. With the addition of this funding, the company has raised a total of $7.3 million. More here .

Berlin startup Vara, which is developing an AI-powered breast cancer screening platform, raised a $4.5 million Series A extension round. This round, which increased the total size of the Series A funding to $11 million, was led by VI Partners. EQT Foundation, Med360, Merantix, and Think Health also participated. With the addition of this funding, the company has raised $15.2 million in total. More here .

San Francisco startup Wispr, which is creating a wearable device that capitalizes on neural signals to interact with technology, raised a second seed round of $5 million. Investors included Neo, Triple Point Capital, MVP Ventures, NEA, and 8VC. In total, the company has raised $14.6 million. More here .

Dutch B2B lending platform Floryn raised $65 million from NatWest. This brings the total amount the company has raised to $151.6 million. More here .

Battery tech startup AM Batteries, which is based in Acton, Ma., raised a $25 million Series A round. The deal was led by Anzu Partners, with participation from TDK Ventures, Foothill Ventures, Toyota Ventures, Zeon Ventures, SAIC Capital, VinFast, Doral Energy-Tech Ventures, and Creative Ventures. In total, the company has now raised $30.3 million. More here .

Zurich startup LatticeFlow, the artificial intelligence platform that helps machine learning teams by automatically finding and fixing AI data & model errors, raised a $12 million Series A round. The deal was co-led by Atlantic Bridge and OpenOcean, with participation from FPV Ventures. In total, the company has raised $14.8 million. More here .

UK-based data and payments fintech company Moneyhub raised a $39.5 million round. The deal was co-led by Legal & General and Lloyds Banking Group. Shawbrook added an additional $5.8 million debt facility. This brings the total amount of money the company has raised to $63.1 million. More here .

Digital twin startup Resonai, which is based in Tel Aviv, raised a $20 million Series A extension round. It was co-led by Meitav-Dash, Blue Square Israel, and Irani Ventures, with participation from previous investors SBI, Vive Nevo, and Redds Capital. More here .

The New Statement, a new digital news property founded by media entrepreneur Jimmy Finkelstein, has reportedly raised $40 million from investors. More here .

Valence Security, a Tel Aviv-based startup dedicated to securing business app infrastructure, raised a $25 million Series A round. The deal was led by M12 with additional investments from YL Ventures, Porsche Ventures, Akamai Technologies, Alumni Ventures, and Michael Fey. The company has now raised $32 million to date. More here .

Israeli startup?Yoom, formerly known as Tetavi, has raised a $15 million round. Investors included the co-founder of Interscope Records and Beats Electronics Jimmy Iovine. To date, the company has raised $39 million. More here .

The San Francisco-based Saas platform Bearer has raised a $4 million seed round. Alven led the deal, with Kima Ventures, Partech, and Point Nine pitching in. To date, the company has raised $7.6 million in total. More here .

San Francisco startup flyp, which has created a more efficient property sales platform for property owners and agents, raised a $5.7 million seed round. The deal was led by Outward VC. More here .

Israeli startup Forsea Foods raised a $5.2 million seed round to help catalyze research and development for cultivating eel meat. The deal was led by Target Global, with participation from The Kitchen FoodTech Hub, PeakBridge VC, Zora Ventures, FoodHack, and Milk & Honey Ventures. More here .

Boston startup Memorable AI, which tests the efficacy of ads using AI, raised a $2.75 million pre-seed round. The deal was led by LDV Capital, with ****participation from TenOneTen Ventures, BDMI, and AperiamVentures. More here .

Boston startup Perygee, which has created a security platform for Internet of Things (IoT) and Operational Technology (OT), raised a $4.75 million seed round. The deal was led by Ballistic Ventures. In total, the company has now raised $6.4 million. More here .

Paris-based startup Surfe, which is creating a fully connected workplace, raised a $4 million seed round. The deal was led by 360 Capital with participation from TS Ventures. More here .

Cambridge, Ma.-based startup Syso Technologies, which provides end-to-end renewable energy and storage management, raised a $10 million Series A round. The deal was led by Lacuna Sustainable Investments. More here .

Raleigh, Nc.-based SaaS startup Allstacks raised a $12.3 million Series A round. The deal was led by Companyon Ventures, with participation from Atlassian Ventures, CreativeCo, Hyperplane Venture Capital, S3, and Bala Investments. In total, the company has raised $21.2 million. More here .

The Brooklyn-based biotechnology company Cresilon has raised a $25 million Series A-4 round from an undisclosed set of investors. More here .

London femtech Daye, which is pioneering innovative sexual and reproductive health products for women, raised an $11.5 million Series A round. The deal was led by Hambro Perks, MassMutual Ventures, and Cross Border Impact Ventures. In total, the company has raised around $22 million. More here .

Indian startup Devtron, which provides a low-code delivery platform optimized for Kubernetes, raised a $12 million round. The deal was led by Insight Partners. More here .

Midi Health, the Los Gatos, Ca.-based virtual care clinic for women in midlife, has closed a $14 million seed round. The deal was co-led by Felicis and SemperVirens with participation from Emerson Collective, Icon Ventures, Operator Collective, Muse Capital, Steel Sky Ventures and Anne and Susan Wojcicki. More here .

Hong Kong fintech startup Reap, which has created a payments platform for small businesses, raised a $40 million round. The deal was co-led by Acorn Pacific Ventures, Arcadia Funds, and HashKey Capital, with participation from Payment Asia, Hustle Fund, and Fresco Capital. To date, the company has raised a total of $46 million. More here .

The Hospital for Special Surgery has raised a $21 million Series A round to launch RightMove, which will offer virtual triage and physical therapy for musculoskeletal conditions. The deal was led by the Hospital for Special Surgery and Flare Capital. More here .

Palo Alto, Ca.-based startup SGNL.ai , which is developing enterprise authorization software, raised a $12 million seed round. The deal was led by Costanoa Ventures, with Fika Ventures, Moonshots Capital, and Resolute Ventures also chipping in. More here .

Stamford, Ct.-based startup SwiftConnect, which offers tools that help employees access the office via their mobile devices, raised a $17 million Series A round. The deal was co-led by JLL Spark and Navitas Capital, with Bridge Investment Group, Crow Holdings, Cushman & Wakefield, Jamf, Nuveen, World Trade Ventures, and 1414 Ventures all pitching in. In total, the company has raised $27 million. More here .

San Francisco startup Bit.io , which aims to make using Postgres databases as easy as editing a Google Doc, raised a $7.5 million seed round. Battery Ventures and GreatPoint Ventures co-led the deal, with contributions from Neo and Combine. More here .

Santa Monica, Ca.-based startup HeyRitual, which is dedicated to increasing the accessibility of couples support, raised a $2 million pre-seed round. The deal was led by Ground Up Ventures with participation from Samsung Next, Verissimo Ventures, 97212 Ventures, Fresh Fund, and Homeward Ventures. More here .

Oakland, Ca.-based startup Joro, which created a personal carbon-cutting app, raised a $10 million Series A round. The deal was led by Sequoia Capital and Amasia. Norrsken, Incite, Arrive, and Mike Einziger pitched in, as well. In total, the company has raised a total of $13.5 million. More here .

California and Bengaluru startup Mason, which offers a commerce engine that allows sellers to hawk their wares without paying the “Amazon tax,” raised a $7.5 million seed round. The deal was co-led by Accel and Ideaspring Capital. Lightspeed India, Mana VC, Gaingels, Core91, and VH Capital also chipped in. More here .

Mexican startup Mattilda, which allows tuition payments to be made in a variety of ways, raised a $10 million seed round. The deal was led by FinTech Collective. DILA Capital, QED Investors, GSV Ventures, Picus Capital, Emerge Education, SMP, and Xochi Ventures also pitched in. More here .

Embedded insurance solution provider Neat, which is based in Paris, raised a $10 million round. The deal was led by Octopus Ventures, with participation from New Alpha, Founders Future, and Mundi Ventures. More here .

The Stanford, Ca.-based, privacy-focused identity protocol Notebook Labs has raised $3.3 million in seed funding. The deal was led by Bain Capital Crypto, with Y Combinator, Soma Capital, Abstract Ventures, Pioneer Fund, and NFX pitching in. More here .

New York-based startup Pasito, which helps employees obtain high-deductible health plans and health savings accounts, has raised $3.25 million in funding. It was backed by Google, Y Combinator, and Core Innovation Capital. More here .

London startup Pixaera, which is dedicated to gamifying professional e-learning, raised a $4.5 million round. The deal was led by LocalGlobe, elevating the total the company has raised to $5.7 million. More here .

Portland, Ore.-based calendar software startup Reclaim.ai has raised $3.2 million in pre-Series A funding. Yummy Ventures, Character.vc , Flying Fish, Operator Partners, and Grafana CEO Raj Dutt all participated. More here .

London-based active investment management platform SideKick has raised a $3.8 million pre-seed round. It was led by Octopus Ventures, with participation from Seedcamp and Semantic. More here .

The Los Angeles-based VR gaming startup ForeVR raised a $10 million Series A round. The deal was led by Lobby Capital, with participation from Bessemer Venture Partners and Galaxy Interactive. This brings the company’s total funding to $18.5 million. More here .

Blockchain software developer Fun, which is based in San Francisco, raised a $3.9 million pre-seed round. The deal was led by Tinder co-founder Justin Mateen’s JAM Fund. There was additional participation from SOMA Capital, NOMO Ventures, and Great Oaks Venture Capital. More here .

The financial platform for pet parents Fursure, which is based in Miami, raised a $3 million seed round. MaC Ventures led the deal, with Sure Ventures, Scrum VC, Western Tech Investment, Slope Fund, Winklevoss Capital, Streamlined Ventures, and Upside Partnership also pitching in. This brings the company’s total funding to a total of $6 million. More here .

Portland, Or.-based healthcare startup Gabbi, which is creating a tool to help users detect breast cancer at the earliest possible date, raised a $4.4 million round. The deal was led by Bread and Butter Ventures, with participation from Female Founders Fund, WR Hambrecht, Phoenix Rising, Claridge Ventures Advisors VC, Coyote Ventures, and Gaingels. In total, the company has raised $6.2 million to date. More here .

Aptos wallet Martian, which is based in New York, raised a $3 million pre-seed round. Race Capital led the deal, with FTX Ventures, Superscrypt, Jump Capital, and Aptos Labs pitching in. More here .

The Los Angeles-based startup Onward, whose goal is to help end money-related disagreements between divorced parents, has raised a $9.7 million Series A round. The deal was led by TTV Capital, with participation from Lerer Hippeau, Citi Ventures, Correlation Ventures, and Gingerbread Capital. This brings the total amount of capital the company has raised to $12.7 million. More here .

London startup Oxford Medical Simulation, whose goal is to use virtual simulations to help train healthcare workers, raised a $2.4 million round. The deal was led by ACF Investors. More here .

???MONEY MOVES

Mark Kvamme , co-founder of Columbus, Oh.-based firm Drive Capital, is now "partner emeritus." More here .

The Seattle-based venture firm Madrona just announced two new members: Wei Gao is a new venture partner and Vivek Ramaswami will be a partner at the firm's Palo Alto office. Gao comes from the virtual events startup Hopin; before that, she did a 16-year stint at Amazon. Ramaswami worked at Steadfast for two years previously.

Evan Neu is the new partner and general counsel at Venrock. He was a managing director and deputy general counsel at TPG before this. More here .

Andy Rubin, the former Google executive and “Father of Android,” just launched a new startup in downtown Palo Alto, Ca. called Simple Things. It will focus on home surveillance services. More here .

?????NEW FUNDS: Applauding the latest funds investing in startups!

For its latest Tech Opportunities Fund, Bain Capital has raised more than $2 billion. The company plans to use some of the investment to grow its dealmaking in Europe.?More here .

The New York-based startup Jellysmack, whose goal is to help content creators become YouTube and TikTok stars, is partnering with Kuala Lumpur-based WebTVAsia. Together, the companies are investing $30 million in rising influencers. This is part of a larger $500 million package that Jellysmack is devoting to funding the long-term growth of social media personalities. More here .

VC fund Female Founders has launched its F Fund, which will support pre-seed and seed start-ups that were founded by a team that includes at least one woman. The F fund held a first close on €12 million from two anchor investors—Austria Wirtschaftsservice and the Austrian bank Raiffeisen Landesbank Steiermark—with female investors comprising a third of the fund. More here .

Boston-based climate-tech investment firm Propeller has managed to raise $100 million for its first seed fund. The firm, which was co-founded by former HubSpot CEO Brian Halligan, specifically backs and incubates startups that are focused on keeping the ocean clean. More here .

The ****Paris-based venture firm Satgana, which is focused on climate investing, reportedly held a first close for a debut fund with a target of €30 million. The fund has already invested the capital it's raising in several startups and plans to invest up to €500,000 at the pre-seed and seed stages across Europe and Africa. More here .

One of the largest Black-owned first-time funds, Collide Capital, just closed its $66 million debut VC fund. The firm says the fund is the first to be backed by Amazon, Alphabet, and Twitter at the same time. More here .

Helmed by VC Ullas Naik, Streamlined Ventures raised $140 million in new capital commitments for its two newest funds: the fifth seed fund, which totals $102 million, and the second seed fund, which totals $36 million. This brings Streamlined Venture’s total funds managed to eight, with assets under management now totaling approximately $325 million. More here .

Remember to reach out to advisors that can help you build your team, business, or fund. Learn all about how to source and leverage advisors and customize these templates to start reaching out today!

AFTER HOURS:

???Listening to - Angel Eyes by The Jeff Healey Band . Who remembers this 80s love ballad? Ahhhh nostalgia.

???Watching - The Serpent Queen . I’m looking forward to watching this period drama based on France’s longest-serving queen. I am hoping for a complex range of cunning characters contradicted by a raunchy aristocracy that this uniquely intriguing woman must have possessed to maintain power for so long during this period in Europe.

???Inspired by - Jessica Wade who made over 1,600 Wikipedia bios for women scientists who never received recognition. What a fantastic way to be an ally.

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Make it a great week!

With grit, grace, and gratitude,

Angel