Funding falls for cancer fighting startups, strange rounds abound, advice for founders, and more - December 19, 2022

December 19, 2022 [Funding falls for startups fighting cancer]( If one thing could stay steady in this ever-fluctuating startup funding scene, you’d think it would be cancer investment. But that’s not how it works. The sharp downturn in startup funding between 2021 and 2022 extends to venture-backed companies working on cancer therapies and diagnostics. [10 biggest rounds: It was a strange week indeed]( It was a weird week. Two of the top four rounds were actually large down rounds and a third came with “restructuring” and layoff news. Not exactly what you expect when startups raise large rounds, but these are strange times indeed. [91,000 layoffs so far in 2022: The latest U.S. tech layoffs]( While the U.S. jobs market overall remains tight, the tech sector is feeling the sting. The latest cuts came from Airtable, Pluralsight and ChowNow. [What now, promising startup?]( In this guest column, Brett Queener, managing director at Bonfire Ventures, offers advice to founders that haven’t raised their first big round yet. [Survey says: Crunchbase News readers brace for recession in 2023]( A recession is more likely than not in 2023, Crunchbase News readers surveyed predict, although they’re a little more upbeat about their own companies. Still, most say their companies are cutting costs, and headcount is the No. 1 expense on the chopping block. Uncertainty abounds: One reader says VCs are running for the hills while “the rest of us are standing around wondering if they’re geniuses or idiots.” [Truly terrible SPACs trade at lower lows at year end]( For anyone looking to evaporate a large pile of money, we suggest investing in a tech company going public via a SPAC. No sector is safe. We broke down our sample list of 50 completed SPAC deals and wow, the numbers look even worse up close, with nearly half of these blank-check companies trading below $1 a share. [Exclusive interview: Coinbase Ventures on the FTX fallout]( What does the world’s most active crypto and blockchain investor make of the spectacular collapse of the cryptocurrency exchange FTX? We spoke with Shan Aggarwal, head of corporate development at cryptocurrency exchange Coinbase and head of its venture investment arm, Coinbase Ventures, on what the collapse means for his firm and the industry’s future. [As OpenAI aims for $1B in revenue, we look at sector’s biggest players]( OpenAI, the organization behind the buzzy artificial intelligence bots ChatGPT and DALL-E, projects that it can generate $1 billion in revenue by 2024, according to reports. We look at OpenAI’s backers and the other big names in this heavily funded sector. [Submissions closing for Crunchbase Influential Women in Sales List]( It’s your last chance to nominate a friend or colleague to Crunchbase’s 2023 Influential Women in Sales List! We’re looking for rising leaders who are driving innovation and business growth, offer a unique background and perspective, and are committed to equity and diversity in sales and beyond. The winners will be featured in a list published on the Crunchbase Blog in March 2023 in honor of Women’s History Month. Know someone who should be featured? Fill out the [form here](. Exclusive End-Of-Year Promo Discover companies in a position to buy right now with Crunchbase Pro - now 20% off with code CLOSE2022. Redeem now to increase your ROI with a single solution. [Redeem Offer]( [Enhance Your Sales Team’s Prospecting]( [Crunchbase Enterprise is an all-in-one prospecting solution. Download this product overview sheet to learn how to close more deals without the headache.]( [Download Now]( Crunchbase Pro: Searches and Lists Name Type Entries [Healthcare companies that raised $10M+ in the last year]( Companies 1669 [Investments in the past year in insurance companies using AI/machine learning]( Funding Rounds 103 [Top-ranked cryptocurrency companies]( Companies 487 [More Featured Searches and Lists]( [Check out our Crunchbase solutions here]( – prospecting tools made for everyone Recent Investments [Avidity Biosciences]( [$207M]( / [Post-IPO Equity]( Avidity Biosciences is a biotechnology company that develops oligonucleotide-based therapies for its patients. Categories: Biotechnology • Health Care • Life Science • Pharmaceutical • Therapeutics Founders: [Frank McCormick]( [P. Kent Hawryluk]( [Troy Wilson]( [Foodtastic]( [$175M]( / [Debt Financing]( Foodtastic is a franchisor of restaurant brands committed to serving delicious food and drinks in innovative concepts. Categories: Food and Beverage • Franchise • Restaurants Founders: [Jacque Gaspo]( [Lawrence Mammas]( Investors: [National Bank of Canada]( (Lead), [Business Development Bank of Canada]( [Canadian Western Bank]( [+ 3 more]( [MasterControl]( [$150M]( / [Series A]( MasterControl develops quality and manufacturing software solutions to help the life science sector manufacture and commercialize products. Categories: Life Science • Product Management • Productivity Tools • Quality Assurance • Software Founders: [Jonathan Beckstrand]( Investors: [Sixth Street]( (Lead) More Fundings Company Amount / Round Lead Investor [Arcadia]( $125M / [Venture Round]( [Magnetar Capital]( [Aztec]( $100M / [Series B]( [Andreessen Horowitz]( [Ørsted]( 600M DKK / [Grant]( [European Commission]( [Alvotech]( $70M / [Post-IPO Debt]( - [Metso Outotec]( 50M EUR / [Post-IPO Debt]( [European Investment Bank]( [Fountain Life]( $15M / [Venture Round]( [Eos Venture Partners]( [Divergent]( Unknown / [Corporate Round]( [Hexagon]( [All Recent Funding Activity]( Recent Acquisitions [Riggins Custom Homes]( Pending acquisition by [D.R. Horton]( for $107M Upcoming Tech Events Accelerator Deadlines Date Accelerator Location Dec 6, 2023 [Founder Friendly Labs]( Palo Alto Jan 1, 2025 [StartX]( Dubai [More Upcoming Deadlines]( Don’t see your event? 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