Responsible AI

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Salesforce Ventures Goes All In on Generative AI Startups, Alpha Transform Backs Blockchain Startups With Two New Funds, and Abound's Open Banking Pays off With Latest Raise.

Adam from VC Brags March 08, 2023

Welcome Shareholders,

In this daily edition of the Brags Newsletter, we'll cover how Salesforce is Diving into Generative AI with a new fund, Alpha Transform's plans to target early-stage blockchain & Web3 startups, and Abound's Non-Traditional Lending Approach Scores Big in a new funding round.

So sit back, grab a snack, and enjoy!

Who's Raising?

Salesforce's Latest Investment? Responsible Generative AI Startups

Cloud Software Giant Salesforce is looking to jump on the generative AI hype train with a $250 million fund raised through its VC off-shoot.

The fund, which wants to invest in startups that are developing "responsible generative AI," has already made four investments so far. These include You.com, an up-and-coming search engine with generative AI capabilities, heavily VC-backed Anthropic (founded by ex-OpenAI engineers), natural language processing (NLP) startup Cohere, which recently partnered with Google, and the secretive relationship management focused Hearth.AI.

Over the years, Salesforce Ventures has launched vertical-specific investment funds, including funds for specific geographies like Japan and Canada. It has also introduced a dedicated AI fund aimed at startups developing AI capabilities on top of Salesforce, so it's unsurprising that the firm is now looking to get in on one of the hottest tech trends of recent times.

Alpha Transform Holdings Looks to Boost Blockchain and Web3 with $100 Million Fundraising

US Based digital asset venture capital firm Alpha Transform Holdings said that it would raise $100 million across a pair of funds targeting blockchain and Web3 startups.

Crypto investor Michael Terpin's Transform Ventures merged assets with Alpha Sigma's parent to create a holding company named Alpha Transform Holdings. This new entity will oversee the formation of two funds.

Earlier this month, the Alpha Liquid digital assets fund was launched with an initial investment of $2.65 million by Terpin. He invested in cash, bitcoin, and Ethereum and has the option to invest an additional $2.9 million. The second fund, a closed-end venture capital firm named the Aegean Fund is currently in the process of being established.

Startup of the Day

Alternative Lending Fintech Firm Abound Raises $591 Million Through Debt and Equity

UK Personal Lending Fintech startup, which uses AI and Open Banking to Assess a Borrower's Risk, has raised £500 million ($591 million) in the firm's largest funding round to date.

Founded in 2020 by two senior credit experts, Abound uses open banking and AI to offer an alternative to the traditional lending process backed by credit scores. This enables the company to reach customers overlooked by the traditional banking system, and the company claims that its process reduces risk compared to the traditional process. Abound said its customers missed repayments by 75% less than the industry standards, despite being deemed riskier to lend to by traditional financiers. Since its inception, Abound has been growing 30% month over month, and has now served over 150,000 customers.

The latest funding round for Abound comprises debt and equity financing, bringing the company's total funding close to $675 million while also being one of the UK's largest funding rounds this year. Citi and clients of Waterfall Asset Management provided the debt financing, while K3 Ventures, GSR Ventures, and Hambro Perks, who led the previous equity round, provided the equity investment. The funds will be used to expand Abound's workforce, enhance its B2B offering, and increase its customer base in the UK.

Memes and Other Things

It's not greedy, it's business.  😳🥳🥳🔥

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Salesforce Ventures Goes All In on Generative AI Startups, Alpha Transform Backs Blockchain Startups With Two New Funds, and Abound's Open Banking Pays off With Latest Raise. Adam from VC Brags March 08, 2023. Welcome Shareholders, In this daily edition of the Brags Newsletter, we'll cover how Salesforce is Diving into Generative AI with a new fund, Alpha Transform's plans to target early-stage blockchain & Web3 startups, and Abound's Non-Traditional Lending Approach Scores Big in a new funding round. So sit back, grab a snack, and enjoy! Who's Raising? Salesforce's Latest Investment? Responsible Generative AI Startups. Cloud Software Giant Salesforce is looking to jump on the generative AI hype train with a $250 million fund raised through its VC off-shoot. The fund, which wants to invest in startups that are developing "responsible generative AI," has already made four investments so far. These include You.com, an up-and-coming search engine with generative AI capabilities, heavily VC-backed Anthropic (founded by ex-OpenAI engineers), natural language processing (NLP) startup Cohere, which recently partnered with Google, and the secretive relationship management focused Hearth.AI. Over the years, Salesforce Ventures has launched vertical-specific investment funds, including funds for specific geographies like Japan and Canada. It has also introduced a dedicated AI fund aimed at startups developing AI capabilities on top of Salesforce, so it's unsurprising that the firm is now looking to get in on one of the hottest tech trends of recent times. Alpha Transform Holdings Looks to Boost Blockchain and Web3 with $100 Million Fundraising. US Based digital asset venture capital firm Alpha Transform Holdings said that it would raise $100 million across a pair of funds targeting blockchain and Web3 startups. Crypto investor Michael Terpin's Transform Ventures merged assets with Alpha Sigma's parent to create a holding company named Alpha Transform Holdings. This new entity will oversee the formation of two funds. Earlier this month, the Alpha Liquid digital assets fund was launched with an initial investment of $2.65 million by Terpin. He invested in cash, bitcoin, and Ethereum and has the option to invest an additional $2.9 million. The second fund, a closed-end venture capital firm named the Aegean Fund is currently in the process of being established. Startup of the Day. Alternative Lending Fintech Firm Abound Raises $591 Million Through Debt and Equity. UK Personal Lending Fintech startup, which uses AI and Open Banking to Assess a Borrower's Risk, has raised £500 million ($591 million) in the firm's largest funding round to date. Founded in 2020 by two senior credit experts, Abound uses open banking and AI to offer an alternative to the traditional lending process backed by credit scores. This enables the company to reach customers overlooked by the traditional banking system, and the company claims that its process reduces risk compared to the traditional process. Abound said its customers missed repayments by 75% less than the industry standards, despite being deemed riskier to lend to by traditional financiers. Since its inception, Abound has been growing 30% month over month, and has now served over 150,000 customers. The latest funding round for Abound comprises debt and equity financing, bringing the company's total funding close to $675 million while also being one of the UK's largest funding rounds this year. Citi and clients of Waterfall Asset Management provided the debt financing, while K3 Ventures, GSR Ventures, and Hambro Perks, who led the previous equity round, provided the equity investment. The funds will be used to expand Abound's workforce, enhance its B2B offering, and increase its customer base in the UK. Memes and Other Things. It's not greedy, it's business.  😳🥳🥳🔥. How was today's newsletter? Give us your honest opinion. We really don't mind. Awesome  👏. Mid  🧐. Cramer  🤡.