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In Today’s Edition
100x Entrepreneur Founders Launch $25 Mn Fund For B2B SaaS Startups
D2C Beauty & Personal Care Brand Clensta Raises $9 Mn Funding
Instagram’s Threads surpasses 100 million users
Longshot Space wants to make space launch dumb — and really cheap
Developer Report 2023 Mid-Year Update
Crypto Scammers Ramp Up Grifts by Impersonating Regulators and Law Enforcement
🚀Startups Nuts
The Neon fund aims to help the startups reach the $10 Mn mark in annual revenue in under 5 years. Neon will also extend expertise to its portfolio startups to ensure their visibility and stability in the market. Prior to this, 100x Entrepreneur hosts launched $10 Mn 100x Entrepreneur fund, which has invested in over 40 B2B startups till date.
The debt and equity funding round was led by TradeCred and co-led by the Royal Family from the UAE with participation from Mumbai Angels, Keiretsu, and LetsVenture, among others. The D2C startup has also roped in actor Parineeti Chopra as an investor, partner, and brand ambassador. Clensta is looking to use the fresh funds to scale up operations, strengthen brand awareness nationally, and strengthen its marketing and distribution efforts across geographies.
🏭Business Nuts
Threads has already surpassed 100 million users, reaching the milestone dramatically faster than ChatGPT. It took ChatGPT two months to pass the mark, while Threads only launched last Wednesday. Users have made more than 95 million posts and shared 190 million likes on the platform. Mark Zuckerberg said in a post that the growth was mostly organic. Threads is still in its infancy and it is yet to be seen whether the platform will retain its users.
This article contains a transcript of an interview with Dennis Hassabis, CEO of Google DeepMind. Google DeepMind is the result of an internal merger between DeepMind and Google's previous internal AI team called Google Brain. DeepMind was purchased in 2014 and the merger was completed earlier this year. The two divisions were not focused on the same things when they were merged, resulting in a culture clash. The interview covers the merger and the dramas around it as well as AI risk and artificial general intelligence.
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📱Tech Nuts
Longshot Space's CEO Mike Grace thinks that rockets are an overly exquisite solution to the problem of sending large masses to space. The company's answer is a kinetic launch system that will be capable of reaching hypersonic speeds and shooting projectiles to orbital velocities for as low as $10 per kilogram. Its system involves a multiple-kilometer-long horizontal concrete tunnel that is basically a vacuum chamber. The system will generate a lot of noise, so it will have to be built somewhere very remote.
According to Electric Capital’s Developer Report, the number of active open source crypto developers has declined by 22% over the past year, largely due to newcomers leaving the industry. However, the number of developers working in crypto for over a year has remained steady and has accounted for most of the space’s activity, contributing more than 80% of code commits. Despite the overall drop, the number of active developers is higher than the pre-peak period in 2021. Ecosystems such as Osmosis, Sui, Aptos, TON, Optimism, and Aztec Protocol have reported year-over-year growth.
🔥Newsletter Spotlight
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🎁Miscellaneous
Crypto scammers are increasingly impersonating regulators and law enforcement officials to defraud victims. Despite intense government scrutiny and efforts to curb such fraud, these impersonation scams have still been effective and difficult to prosecute due to their international and mutating nature.
💡What else are we reading and seeing?
Private equity firms are forcing stock sales into fragile markets
How higher rates are changing the corporate bond market
India to become world’s second-largest economy by 2075
SVB sues FDIC to get $1.9 billion seized returned
😎Fun Fact
A woman proudly told her friend, “I’m responsible for making my husband a millionaire.” “Well what was he before he married you?” the friend asked. “A billionaire.”‘
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