Stableton Navigator | Revolut Secures UK License, OpenAI Unveils SearchGPT, Stripe Expands with Lemon Squeezy
Andreas Bezner, CFA
Stableton | ?????? ?????? ???? ???????????? ???????? ???????????????? ???? ?????? ?????????????????? | Guiding investors with innovative, low-cost, and semi-liquid private market investments | Co-Founder & CEO
This week in the Navigator, we dive into our portfolio updates to see how companies like SpaceX, OpenAI, Stripe, Airtable and Canva are making waves. Find out how Revolut's new banking license is shaking things up, why generative AI is the talk of the town, and what’s driving the secondary market boom.
THIS WEEK’S BREAKING NEWS
Revolut secures UK banking license
Revolut has secured its long-awaited UK banking license, marking a significant milestone for the fintech giant. This move comes after a three-year pursuit and a series of strategic steps, including a share deal with SoftBank to comply with regulatory requirements. This development allows Revolut to expand its banking services within the UK, further solidifying its position in the fintech industry. (1)
MARKET UPDATE
Generative AI leads tech revolution
McKinsey's Technology Trends Outlook highlights generative AI as the leading trend with a 700% rise in Google searches and a sevenfold increase in investments from 2022 to 2023. The technology is enhancing clinical productivity, marketing campaigns, and drug discovery, with 65% of surveyed organizations regularly using generative AI. Job postings for AI-related roles have increased, reflecting high demand. (2)
Liquidity needs drive secondary market growth
A recent Palico report highlights a significant increase in HNWIs participating in the secondaries market, with 36% of sellers this year being HNWIs, up from 11% last year. Family offices also saw an increase from 33% to 45%. This trend underscores the growing need for liquidity and active portfolio management among investors, driving a shift towards more accessible and efficient secondary market transactions. (3)?
PORTFOLIO & CO-INVESTMENT UPDATE
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PORTFOLIO NEWS
Introducing OpenAI’s SearchGPT
OpenAI's SearchGPT, powered by GPT-4 models, launches as a prototype with 10,000 test users. It organizes search results, providing real-time information with clear attributions. Initially free, it competes with Google and Perplexity. Development costs are projected to hit $7 billion in 2024 due to high compute demands from millions of users. (4)
Stripe acquires startup Lemon Squeezy
Stripe has acquired Lemon Squeezy to enhance its global payment processing and compliance capabilities. This acquisition will help Stripe better handle sales tax for digital products worldwide. Lemon Squeezy's technology and expertise will integrate into Stripe's merchant-of-record services, improving efficiency and expanding Stripe's market reach. This move aligns with Stripe's strategy to broaden its service offerings and support its rapid growth, addressing the increasing demand for streamlined, compliant payment solutions. (5)
Airtable’s AI: No coding, no problem
Airtable's new AI feature allows users to build applications in seconds, bypassing traditional coding requirements. This feature leverages advanced AI to generate functional apps from simple prompts, enhancing productivity and accessibility. Airtable's AI-driven approach significantly reduces development time and democratizes app creation for non-technical users, positioning Airtable as an innovative leader in the tech industry. (6)
SpaceX boosts Starlink with 300th booster launch
SpaceX successfully launched the Starlink 10-4 mission from Cape Canaveral, deploying 23 Starlink V2 Mini satellites. This marked SpaceX's 300th launch of a flight-proven booster and the 77th landing on the droneship 'A Shortfall of Gravitas'. The mission underscores SpaceX's resilience and operational efficiency following recent setbacks. (7)
领英推荐
Canva acquires Leonardo.ai to boost its generative AI efforts
Canva acquired Leonardo.ai, which has 19 million registered users and raised over $38.8 million from investors like Smash Capital and Samsung Next. The financial terms of the deal were undisclosed. Leonardo's tools have generated over a billion images. Canva plans to integrate Leonardo’s technology into its Magic Studio suite, enhancing AI capabilities for its 180 million monthly users. Canva, valued at $26 billion, is approaching an IPO with annual revenue nearing $2 billion. (8)
CHART OF THE WEEK
This chart reveals a strong link between IPO activity and late-stage valuations. When Series D and E+ valuations surge, IPOs hit the fast lane, reflecting investor confidence and a high-octane market. The sharp decline in 2022 indicates a significant slowdown. However, the forecasted recovery by Q1 2024 suggests that the market is preparing for a rebound. Tracking late-stage valuations can help investors and companies time their moves for maximum gains.
THE UNTOLD UNICORN STORY
Airtable: Empowering people to bring their creative visions to life
Founded in 2012, Airtable combines the features of a database with the simplicity of a spreadsheet, enabling users to create custom applications without any coding experience. Airtable's flexibility and user-friendly interface have made it popular across various industries, from project management to content production. The company has attracted significant investment and a diverse user base, establishing itself as a leading tool for organizing and managing information efficiently.
Fun Fact: Howie Liu, CEO of Airtable, pitched Ashton Kutcher in his movie trailer on the set of "Two and a Half Men." Liu had driven to the Warner Brothers studio in Los Angeles to meet Kutcher, who was filming at the time. After a 45-minute wait, Liu and his co-founder, Andrew Ofstad, were invited into Kutcher's trailer. Despite the unconventional setting, Liu's presentation of Airtable's potential captivated Kutcher. He saw immense value in the tool for organizing information in Hollywood and beyond. Kutcher was so impressed that he decided to invest in Airtable on the spot, adding another unique chapter to the startup’s early history. (10)
QUESTION OF THE WEEK
Are there distributions expected for the Stableton Unicorn Top 20 Fund?
No, the Stableton Unicorn Top 20 Fund is an accumulating fund. Any exit proceeds are reinvested, and gains are equally accumulated for all current share classes of the fund. In the future, a distributing share class may be added. Please reach out if you are interested.
Generally, dividends do not apply to late-stage venture-backed unicorns. The most relevant distribution events are liquidity events (IPOs, acquisition/mergers) for late-stage venture-backed unicorns. However, such proceeds from selling stock in the public market are then reinvested in the next largest private company that is entering the Stableton Unicorn Top 20 Fund. Investors can redeem part of their investment to obtain liquidity if desired.
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Sources
1 - TechCrunch, 2 - AI Business, 3 - Secondaries Investor, 4 - The Verge, 5 - TechCrunch, 6 - Venture Beat, 7 - Space Flight Now, 8 - TechCrunch, 9 - Forbes, 10 - Business Insider
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