E114: Rippling raises at $13.4b, Ramp raises at $7.6b, Klarna’s new US credit card, AI clones in Hollywood, Mistral raises at $5b, Anduril autonomous submarine for Australia Navy, Revolut changes bank partners in US

Send us Fan Mail00:09 | Rippling raises at $13.4b- HR tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- $870m raise at $13.4b post-money valuation- $200m in capital for company- $670m in secondaries for existing shareholder liquidity- $13.4b valuation is +25% from current secondary market valuation of $10.7b01:31 | Ramp raises at $7.6b- Spend management company- $150m raises at $7.6b post-money valuation- 4x revenue increase vs 2022- Surpassed $300m annualized revenue summer 2023- 25,000 business customers- Capital will be used to integrate AI into product suite- $7.65b valuation is +14% from current secondary market valuation of $6.7b02:44 | Klarna’s new US credit card- Consumer credit tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- Launching a credit card; pay by (a) buy now pay later installments or (b) revolving credit line- Physical card and tap-and-pay with Apple/Google- Up to 10% cash back on Klarna shopping marketplace app (like Amazon marketplace)- $9.8b secondary market implied valuation, +45.6% vs its last primary round in Jul 202204:16 | AI clones in Hollywood- Creative Artists Agency creating AI avatars of Brad Pitt, Reese Witherspoon- Clear Angle Studios and Racket Sound scan/capture the actors’ bodily and vocal characteristics- Actors have ownership of their digital likenesses- Applications; reshooting scenes, dubbing in different languages05:42 | Mistral raises at $5b- AI large language models for developers to access with APIs- Raising at a $5b valuation- $2b valuation last round in Dec 2023- $3b valuation increase in just 4 months!06:54 | Anduril autonomous submarine for Australia Navy- Defense technology company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- Delivered Ghost Shark autonomous submarine for Australian Navy- $90m contract for 3 Ghost Sharks- $18.7b secondary market implied valuation, +39% vs its last primary round in Dec 202208:38 | Revolut changes bank partners in US- Mobile banking company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- Changes partner banks from Metropolitan Commercial Bank to Community Federal Savings Bank- Metropolitan Commercial Bank fined $30m by the Fed/NY State banking regulators re: compliance issues for 3rd party program, MovoCash … could have contributed to decision- No changes to product features or pricing- $19.1b secondary market implied valuation, -42% from its last primary round in Jul 202109:33 | Pre-IPO +0.64% for week, +20.29% for last 1yr- Week winners: Chime +17.2%, Ramp +3.5%, Stripe +1.5%, Chainalysis +1.2%, Bytedance +1.1%- Week losers: OpenAI -2.7%, Anthropic -1.9%, Groq -1.5%, Flexport -0.9%, Revolut -0.7%- Top valuations: ByteDance $289b, SpaceX $185b, OpenAI $100b, Stripe $74b, Databricks $42b10:20 | -0.23% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes- 2024 Vintage Index top contributors since inception: Stripe +56%, Rippling +50%, Klarna +32%, Revolut +28%- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory. - Looking at all 20 vintages … here are the winners and losers for the week; …winners = Chime +17.2%, Automation Anywhere +1.8%, Stripe 1.5% and…losers = OpenAI -2.7%, Anthropic -1.9%, Revolut -0.7%- Chime is in the 2021, 2022, and 2023 Vintage Indexes; 3% to 4% weight in these indexes so not a material impact to overall TVPI for indexes