This Week in Pre-IPO Stocks - Market Update - Mar 31, 2023 - E40

Send us Fan MailPre-IPO Stock Market Update - Mar 31, 2023 | China AI investments, Q1 startup funding vs prior year, Klaviyo IPO, ByteDance/Tiktok 2022 revenue, Instacart increases valuation 00:26 | China and AI- Chinese AI companies are commanding big valuations and are attracting a lot of capital from US investors- China AI companies must adhere to Chinese govt regulation ... this means they are limited on the data sets available to train their AI models- Sequoia has invested into a new company by Yang Zhilin (a Google and Meta AI lab alum) who previously founded Recurrent AI, an AI solution for Chinese based sales teams- Matrix (San Francisco) and Qiming (Boston) funded Frontis, a ChatGPT like solution for Chinese users- Minimax, another China focused ChatGPT solution, is 16th months old and is currently raising $100m at a $1.0b valuation, up from its last round at $500m valuation less than 1 year ago01:36 | Start up funding fell 53% - Crunchbase Research on startup capital raises...- Global startups raised $76b in Q1 2023 vs $162b in Q1 2022; down 113% year over year- The $76b Q1 2023 number includes $10 billion raised by OpenAI and $6.5 billion raised by Stripe- There was a slowdown in funding across all stages. Capital invested in seed deals fell 44%, while late-stage funding dropped 54%- AI startups accounted for about 20% of capital invested in the first quarter02:27 | Klaviyo to IPO- Klaviyo, a marketing software company, has hired Goldman to explore an IPO- the IPO could take place as soon as September- Klaviyo helps companies send marketing emails and text messages- The company has seen a surge in demand for its products following Apple’s 2020 changes that tightened up third-party access to customer data, which has made it more difficult for online sellers to reach shoppers through digital ads.- Klaviyo last primary round was in Jul 2022. It raised $100 million from Shopify and Cross Creek Advisors, valuation was not disclosed. The company posted a $9.5 billion valuation in a May 2021 funding round- Klaviyo delivered $575 million in 2022 recurring revenue03:19 | ByteDance revenue up 30%- ByteDance, the Chinese owner of TikTok, generated more than $80 billion in annual revenue in 2022, up 30%+ from $60 billion in 2021- A substantial majority of ByteDance’s revenue growth came from its core advertising business in mainland China, not the US03:56 | Instacart increases valuation by 18%- Instacart, the grocery delivery company, increased its internal valuation by 18% this week to $12b- This follows four conservative internal valuation decreases in 2022- Instacart institutes a quarterly 409A valuation process- The recent valuation gives Instacart 4.8x revenue multiple, Instacart 2022 revenue was $2.5 billion- The company turned a profit in Q4 202204:36 | Large capital raises- Ledger | $452m Series C, $3.8b valuation- Cart.com | $38m Series C, $1.6b valuation- Sonoma Biotherapeutics | $30m Series B1, $715m valuation- Graphiant | $66m Series B, $425m valuation- ArriVent Biopharma | $155m Series B, $380m valuation05:34 | Pre-IPO stock market performance- Pre-IPO stocks were down 2.04% for the week vs the S&P 500 up by 3.43%. That’s a 5% swing in one week.- YTD pre-IPO stocks still trail the S&P by most 17%.- Not much movement in the YTD numbers … OpenSea and Kraken still lead, 36% and 11% respectfully. Flexport, Discord, Airtable, Epic Games, and Chime continue to be down over 20%. Chime is down 38% ytd.- Stripe was up 11% last week. Chime, Discord, and Databricks were down … 9%, 10%, and 13%.AG Dillon & Co venture capital funds...- AG Dillon SpaceX Pre-IPO Stock Fund = www.agdillon.com/spacex- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15Subscribe or follow...Youtube = https