Latest news with #NationalVentureCapitalAssociation
Yahoo
4 days ago
- Business
- Yahoo
NVCA Appoints Vineeta Agarwala as New Board Chair
WASHINGTON, June 5, 2025 /PRNewswire/ -- Today, the National Venture Capital Association (NVCA) announced that Vineeta Agarwala, MD, PhD, General Partner at Andreessen Horowitz, will serve as the Chair of the NVCA Board of Directors for the 2025-2026 term. "Vineeta brings a powerful perspective as both a venture investor and physician — someone who understands firsthand how innovation plays out in the real world, and how policy can accelerate or obstruct it," said NVCA President and CEO Bobby Franklin. "Her experience at the forefront of tech and investing gives her a lens on how smart policy and long-term capital can enable American startups. At a time when policy and innovation are deeply intertwined, she'll help NVCA champion a policy environment where innovation can continue to flourish." "As AI and technology reshape every sector — from healthcare and energy, to education and infrastructure — the role of venture capital has never been more critical," said Vineeta Agarwala. "As NVCA Board Chair, I'm honored to help bridge innovation and impact by working with investors, startup founders, and policymakers to ensure that the U.S. remains the best and most competitive environment to build the future." Agarwala succeeds Byron Deeter, Partner at Bessemer Venture Partners. "What set him apart was his deep interest in how policy shapes venture capital—and his determination to ensure our industry is fully engaged and impactful. Under his leadership, the board traveled to D.C. more in pursuit of building strong relationships with policymakers and reinforcing the critical connection between entrepreneurship and national competitiveness," said Franklin. NVCA also announced the appointment of eight new directors to its Board of Directors, each of whom will serve a four-year term from 2025-2029: Adam D'Augelli, True Ventures Alex Doll, Ten Eleven Ventures Alyssa Jaffee, 7wire Ventures Andrew Adams, Oak HC/FT Amy Wu Martin, Menlo Ventures Graham Brooks, .406 Ventures Navid Farzad, Frist Cressey Ventures Sandy Grippo, Bessemer Venture Partners The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the U.S. venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about NVCA, please visit View original content to download multimedia: SOURCE National Venture Capital Association
Technical.ly
30-04-2025
- Business
- Technical.ly
Baltimore hits $90.9M in VC activity to start 2025
The Baltimore region began this year with a slow trickle of venture capital activity, in stark contrast to its spike at the end of last year. This year's first quarter saw $90.9 million invested across 19 deals throughout the Baltimore metropolitan statistical area, according to PitchBook and the National Venture Capital Association's latest quarterly Venture Monitor report. That's about 50% lower than the last quarter, which saw $179.2 million across 15 deals — meaning check sizes are typically lower across more deals. HarborLink, a late-stage telecommunications infrastructure company, nabbed approximately half of the total money in the region this quarter. These statistics are not surprising to Jeff Cherry, the founder of the Baltimore-based accelerator Conscious Venture Lab. In addition to leading the program's parent organization, the Novella Center for Entrepreneurship, Cherry also serves as the CEO and managing general partner of the early-stage investment firm Conscious Venture Partners, which has funded several alums of the accelerator. There's too much money 'on the sidelines,' he explained — in other words, there is wealth to be invested in companies, but limited partners aren't writing many checks to put money in funds. Investing in venture capital is risky, Cherry acknowledged. Liquidity has been lacking over the last decade, with few exits or IPOs. But more deals need to get done, and those funds should also be from the Baltimore region. 'There's not enough money, local money, coming into venture as there should be,' Cherry told 'in order to continue to catalyze the great things that are happening here.' He's about to start raising money for Conscious Venture Partners' third fund, and is bracing for difficulty. 'We know it's going to be a challenge,' Cherry said. 'It's going to be an uphill battle.' Baltimore's VC flow was also slow at the beginning of 2024. In that year's first quarter, the region's companies accrued $89.8 million across 20 deals — nearly identical figures to Q1 2025. 2023 and 2022 started with $78.3 million and $77.7 million, respectively. This isn't unique to Baltimore, though: Cherry noted that deal flow is down in other parts of the Mid-Atlantic. Philadelphia saw a dip in activity, and DC's numbers were lower this quarter compared to the end of last year. Contrarily, Pittsburgh saw historical numbers, though 90% of the total funds went to two companies. AI strength amid anti-DEI attacks David Asbery, founder of the direct-to-consumer platform independent musician platform Pedestal, has been going after capital for about two years. This year, he received $25,000 from Maryland's venture arm TEDCO. TEDCO initially rejected his funding appeal, but encouraged him to do a program through the organization to polish his pitch. He got to pitch for 10 minutes and got 10 minutes of feedback as well as connections to investors. 'Anytime I get rejected, and there's some type of, 'Hey, we didn't pick you for this, but click here and do this,'' Asbery told 'I always click here and do whatever they say … because I look at it as following the stream.' Now he's in talks with additional venture capitalists in Baltimore, but he's found that investors want to participate with fellow funders in a $1 million round — not necessarily write the checks for hundreds of thousands that he's seeking out. The process of finding additional investors is also time-consuming. Asbery is not looking for a round of that caliber at the moment, but found these investor conversations helpful for making the connections he can leverage when he reaches that point. That said, he's seen a stark difference in raising money for Pedestal versus Rush Roto, the AI photo editing platform developer he cofounded. 'Depending on the industry that your startup belongs to, that also is a big determining factor in the type of funding and attention you're going to get,' Asbery said. Rush Roto has collected $500,000, including some funds from an initiative for Black founders backed by Amazon Web Services. He predicts that accelerators and programs for underrepresented founders will continue to dwindle under the Trump administration due to attacks on diversity, equity and inclusion programming. He speculated these attacks may explain why venture capital funding dropped this quarter. 'Now we're in a new environment where it's frowned upon,' he said. Founders: It's time to be capital efficient Cherry from Conscious Venture Partners believes it'll continue being difficult for startups to raise. He encourages founders to focus on profitability and becoming capital efficient. Those that follow this will grow slowly, but it'll work out in the long run, he said. Pedestal's founder Asbery is following that rule: He still has money in the bank from the TEDCO investment. Given the economic turmoil, startups will likely have to raise at lower valuations because of risk in the market, Cherry said. Tariffs will also negatively affect founders — some startups relying on products from abroad may fail, he said. Despite these difficulties, Cherry wants venture capitalists to write checks. Investors need to double down on investing in innovation and early-stage businesses, because that's where the returns exist. This quarter marks a downturn for Baltimore, but compared to when Cherry moved to the region in 2013, the ecosystem has grown exponentially. 'I think that we are getting much better as an ecosystem of being connected, but we're still not perfect,' Cherry said, adding: 'I still think that there's work to do in terms of turning this collection of assets we have into a stronger ecosystem. It is light years ahead of where it was.'
Technical.ly
18-04-2025
- Business
- Technical.ly
VCs are losing optimism for Philly startups as investment dollars dip
Despite optimism heading into 2025, macroeconomic conditions caused a decline in venture capital activity in the Philly region. Companies in the Philly region raised $635.4 million across 82 deals in Q1 2025, according to the latest Venture Monitor report, released quarterly by PitchBook and the National Venture Capital Association. Last quarter, the region raised more than $1 billion through 121 deals. Current figures are also lower than Q1 2024, which saw $741 million raised over 123 deals, at the time showing improvement in the region's deal activity. This decline isn't surprising, local investors told Despite hope at the end of last year that the market would show strength in 2025, macroeconomic uncertainty from constant changes at the federal level means that investors are showing more caution, resulting in fewer deals and fewer dollars invested. 'The drop … is not just seasonal fluctuation — it's a market signal,' Howard Lubert, regional president of Keiretsu Forum Mid-Atlantic, said. 'It's paralysis. And that paralysis is driven by policy uncertainty, tariff confusion and the prolonged drought in fund distributions, which are throttling [limited partner] confidence.' The market shows a slowdown in exits compared to last year, which saw an increase in exit activity in Philadelphia. A 'highly volatile' market means the environment right now isn't good for exits, Dean Miller, president and CEO of the Philadelphia Alliance for Capital and Technologies, told Deals like mergers and acquisitions are difficult because the valuation of companies is fluctuating. All together, these trends are dampening the momentum that startups were feeling last year. At the end of 2024, there was a lot of optimism and a general belief that the incoming Trump administration would be more friendly to business, according to Miller. But federal funding cuts to healthcare and education are expected to cause a big impact, especially in Philadelphia, which is known for its ' eds and meds.' 'That day-to-day mayhem creates instability, which at the public market level is really challenging and difficult,' Miller said. 'That also spreads to the private market level as well.' Nationally, deal value is up this quarter, but 10 deals — none Philly-based — valued at over $500 million made up about 60% of all activity in the United States, according to the report. 'Despite a few significant transactions fostering a narrative of market resurgence, VC remains challenging for investors, companies and limited partners,' the report read. Startups need to prove revenue to land funds in 2025 Philadelphia's VC activity aligns with national trends that show that investors are adverse to risk. VCs are only investing in companies that will result in revenue, which could discourage the next generation of regional founders, according to Lubert. '2025 is about surgical precision,' Lubert said. 'The days of funding hype are over — it's time for disciplined capital, tough questions and clear outcomes.' Most deals are going to serial entrepreneurs and founders who've already had success, Lubert said. Investors want companies that have traction and real customers. They're only interested in deals that are efficient on capital, have a clear exit timeline and will not need additional funding rounds. Firms like Keiretsu are also preparing for these new conditions by reframing the way they consider investments, Lubert said. 'Bringing in experienced operators, locking in milestone-driven returns, and structuring deals for distributions, not just equity appreciation,' he said. 'That's where the next wins are going to come from.' Conservative decisions and unique products will prevail Despite investors tightening their belts, startups that have unique products and strong teams will always be able to find funding, Miller said. Companies can prepare themselves for continued change by staying informed about what's happening at the federal level and being conservative with their plans and money, he said. Philadelphia also still sees companies in a range of sectors that are getting funding, Sean Dowling, a partner at Osage Venture Partners, said. The top deals of the quarter were in healthcare, financial services and information technology. 'We are encouraged by the diversity of investments that are happening across the region,' Dowling said. 'Reflecting the broad range of startups that are founded in and remain committed to building in Philadelphia.' Sarah Huffman is a 2022-2024 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Lenfest Institute for Journalism.
Politico
14-02-2025
- Business
- Politico
5 questions for Bobby Franklin
Presented by Hello, and welcome to this week's installment of the Future in Five Questions. This week, DFD interviewed Bobby Franklin, the president and CEO of the National Venture Capital Association, whose members include Silicon Valley's Andreessen Horowitz and Sequoia Capital. Franklin, who has led the trade group for more than a decade, discussed why it's premature to assume President Donald Trump's VC-packed administration will bring radical change — as well as the flood of investor cash chasing AI companies and the policies that would actually help the 'Little Tech' startup ecosystem. An edited and condensed version of our conversation follows: What's one underrated big idea? Failure. And what I mean by that is in other societies, other countries, other cultures, failure is often shame on the family, and it sets people back, whereas in the U.S., often the entrepreneurial ecosystem celebrates failure because it recognizes that it's one step closer to success. So [how] venture capitalists and entrepreneurs think about failure is, 'Okay, you figured out one way it doesn't work. Now you can go to the next and get closer to the way it does work.' We talk to policymakers often about it, and I think it's important for policymakers to appreciate the level of failure because if there wasn't [any], it would mean we weren't taking risks enough, and we weren't pushing the envelope of innovation. What's a technology that you think is overhyped? Where I sit, I'm not sure there's any technology that's overhyped. Perhaps there are lots of technologies and ideas that are too early, not yet ready for prime time. There are certain aspects of AI companies that could probably be accused of overhype just because artificial intelligence is such the hottest thing that I think a lot of people may be misappropriating. If you don't have AI in your name, sometimes I think people feel like it's not worth investing in now, and people are so into AI that it's hard for me to imagine that every single one of those examples where people say it's about AI is truly artificial intelligence. Having said that, I have complete faith in the benefits of where AI technology is taking us. I just think around the edges, there might be some overhype. Between a third and a half of venture investment goes into what is categorized as AI, and it's hard for me to believe that every single one of those investments are truly AI. What book most shaped your conception of the future? One that I recently read was Chris Dixon's 'Read Write Own' and the concept is about how blockchain technology can do so much that has nothing to do with crypto or digital currencies or things like that. And it really opened my eyes to imagine a world. One of the examples, a great example, is for us to imagine a social media company that is built on blockchain technology, where the individual user sort of owns their presence in that network, as opposed to the way it is now, where the social media networks own everything about the network. So imagine you're on a network that's built on blockchain technology, and for one reason or another, you don't like the way that network is operating, and you decide to take your name or handle, and because you own it and you move it to another blockchain technology, imagine the competition that brings. And imagine the power differential that puts in the hands of individuals versus companies. What could the government be doing regarding technology that it isn't? I wish government better understood where new technology comes from. And in my front row seat, technology comes from entrepreneurs, along with their VC investors, taking chances and pushing the envelope. I want government to appreciate and understand how companies are formed, and for the most part, they have no idea. [Last week], it was reported the president raised tax issues with Republicans, and one of them was carried interest [a tax break that lets investors lower their taxable income and Trump said he wants to end]. And to me, that shows a lack of understanding of how the entrepreneurial ecosystem actually works. The last several administrations have had people from this space, and just because you have a handful of people doesn't mean that the vast number of policymakers and staff, the White House and Capitol Hill, and everything else have that same appreciation. It's just like the challenge we had in the last administration, when there was a lack of mergers and acquisitions for fear that the FTC or DOJ would block this, that and the other. And so the flywheel of innovation came to a much slower pace, and that hurts the entire ecosystem. If you can't have exits, then you can't return the dollars that enable entrepreneurs to take chances. … We are absolutely hopeful and optimistic [that will change with new leadership], but proof's in the pudding. What has surprised you the most this year? I have been most surprised — and this is after sitting in this role since 2013 — by a company that I learned about from one of our board members. So the name of the company is HistoSonics, and it is based on technology and research out of the University of Michigan, and they have a headquarters in Minneapolis. And they're treating cancer and cancer tumors in a way that I think everyone should be excited about. They've been approved by the FDA to treat liver cancer, and what they have found is they can couple a little device on the outside of one's skin and send basically sound waves to that tumor, in precise [ways]. I mean, it's almost like internal surgery without ever going inside the patient. A new direction for the FTC's tech guru For the first time, the FTC's top technologist comes from a political organization, signaling a shift in how the agency will enforce tech-related regulations. POLITICO's Alfred Ng reported for POLITICO Pro today on the FTC's new Chief Technology Officer Jake Denton's background at the Heritage Foundation, where he pushed against Big Tech's role in alleged online censorship against conservatives, and criticized tech monopolies. The job title was renamed from chief technologist after Denton was appointed on Monday. The role, which began in 2011, is responsible for supporting technical matters in FTC investigations and enforcement, and Denton's predecessors came from academia, computer research and civil service organizations. With Denton's history at the Heritage Foundation, the FTC's Office of Technology is expected to prioritize tech enforcements that align with his policy recommendations rather than technical matters, Neil Chilson, a former acting FTC chief technologist, told Alfred. Rebranding AI guardrails Vice President JD Vance was vocal about his issues with the UK's approach to AI safety, and the British government heard his complaints loud and clear. POLITICO's Tom Bristow reported today on Britain's science and tech ministry changing the name of the UK's AI Safety Institute to the UK AI Security Institute, shifting the focus to cybersecurity threats posed by AI, and moving away from an emphasis on 'public accountability' and 'societal impacts.' The change comes after Vance said the UK's focus on AI safety would prevent it from winning the global AI race. He also insisted that 'AI must remain free from ideological bias.' Tweet of the Day The Future in 5 links Stay in touch with the whole team: Derek Robertson (drobertson@ Mohar Chatterjee (mchatterjee@ Steve Heuser (sheuser@ Nate Robson (nrobson@ Daniella Cheslow (dcheslow@ and Christine Mui (cmui@
Technical.ly
05-02-2025
- Business
- Technical.ly
Baltimore VC investments jump to $158M in 2024's final quarter
In line with Maryland's industry trends, one of the state's leading technology sectors landed its primary city's biggest venture capital deals last quarter. Following a languid Q3, Baltimore saw $158.1 million in venture capital funding across 13 deals in 2024's final three months, according to the latest quarterly Venture Monitor report from PitchBook and the National Venture Capital Association. By comparison, the late summer and early fall comprised $69.2 million in funding across 10 deals. It's not the highest valuation of 2024 — the year's second quarter saw $359.4 million across 14 deals, and a much lower $89.7 across 19 deals in Q1. The last quarter of 2023 was even more sluggish at a mere $45.8 million through 22 deals, meaning the transactions were more frequent and lower in valuation. E-commerce firm SamCart, whose website lists offices in Fulton, Maryland and Austin, Texas, brought in half of the most recent quarter's venture funds, trailed by other largely later-stage companies. This company stage trend reflects VC dynamics throughout the country. Funders still look for more mature companies in which to invest, per Mike Ravenscroft, the managing director of the University System of Maryland Momentum Fund. That was the case for most of 2023 and 2024, so he doesn't find this continuation surprising. The uptick in cash is promising, but nowhere near as robust as 2021's highs, he explained. Caution is still the name of the game. Mike Ravenscroft 'I do not think that the average startup is, or should be, throwing caution to the wind,' Ravenscroft told 'and thinking that the environment is picked up and that everything's turned around.' Raising at the seed stage remains a challenge, he said. Venture firms, many of which are struggling to raise money themselves, now look to companies with a high return potential and little risk. In some ways, this sobering reality for early-stage companies can be positive, Ravenscroft said. 'The shortage of funding has compelled founders to be a lot more precise and measured in the growth targets that they're projecting,' he said. 'That ultimately will prove a lot more valuable to founders that are trying to grow the companies not just quickly, but also responsibly.' Justin Amoyal, the founder and CEO of the digital health company Impruvon Health, recently reported a second seed round despite the tough investing environment. The startup, which developed medication management software to avoid medication errors, previously raised capital every subsequent year since its founding in 2020, per Amoyal. He declined to disclose the value of this round, but did note it was oversubscribed. It was led by San Francisco's Ford Street Ventures, with participants including the State of Maryland -founded TEDCO, the Maryland Momentum Fund and TCP Venture Capital. The tech is being used in intermediate care and assisted living facilities across 20 states, and the company is close to being profitable. 'We're building our technology fast,' Amoyal told 'The technology works really, really well, and investors are excited to see that. And they see that we're dedicated to solving the problem.' Healthcare tech dominates top raises in Baltimore — for now Many life sciences-related founders also rely on government funding and other nondilutive capital in their sector, especially in the early stages of development, per Ravenscroft. Venture capitalists do not invest in very early-stage, high-risk science startups because of the volatility, he explained. The federal funding freeze scare was not a good sign for local companies in life sciences. 'If all that research stops getting funded, if all those companies at the early stages stop getting funded, then we don't have a pipeline anymore of innovation,' Ravenscroft said prior to President Donald Trump rescinding the decision to freeze funding following a judge blocking the order. Below are the Baltimore region's largest deals of Q4. As always, it's important to note that these figures may vary slightly after publication: Some deals aren't accounted for until weeks after quarterly VC reports are published, and PitchBook may find errors in its data. E-commerce startup SamCart raised a Series B valued at $87.6 million, according to the Venture Monitor report. In a Dec. 30 filing with the Securities and Exchange Commission, the company logged that amount to cover its Series B Preferred Stock and Warrants — terms referencing equity investments that give certain funders priority for buying common stock later on — and convert that into common stock. SamCart reported a Series B of $82 million in 2022. Formerly known as NeoProgen, the University of Maryland, Baltimore spinout Secretome Therapeutics raised a later-stage round valued at $20.4 million and announced on Nov. 25. The firm develops cell therapy for patients suffering from heart attacks and advanced heart failure. It's also a Maryland Momentum Fund portfolio company whose website lists offices in Baltimore's Inner Harbor area, Chicago, Illinois and the Dallas, Texas metro area. Sonavex, a Johns Hopkins University spinout in Baltimore's Canton neighborhood, which developed a device to detect at-risk blood vessels, announced a second Series A valued at $15.0 million on Nov. 19. Biotech company Gliknik, headquartered at the University of Maryland BioPark, raised a later-stage VC of $11.2 million. The company is building biomolecules for autoimmune diseases and cancer and is a tenant at the University of Maryland BioPark. The Venture Monitor flagged that the Baltimore AI software startup EcoMap Technologies raised $6.9 million. That funding was not entirely new, per company sources. How Baltimore fits in with national trends Venture capital flow slightly increased across the country compared to 2023, per PitchBook's lead VC analyst Kyle Stanford. The report noted that Baltimore's deal count decreased dramatically from 93 in 2023 to 56 in 2024. This translated to annual totals of $792.3 million and $676.3 million, respectively. Later-stage companies dominated throughout the country, as well. For instance, 30 firms accounted for more than 68% of the United States' total VC investments in 2024, per the Venture Monitor report. Fewer funds are comfortable leading rounds, so there's been an uptick in co-leading because individual investors struggle to raise capital themselves, said Maryland Momentum Fund's Ravenscroft. 'Nobody wants to go to the dance alone,' he said. This then makes founders' lives harder because there's a need to meet with more investors than usual. Founders typically meet with two to three times more investors compared to a couple of years ago, he explained. Overall, startups should be aware that fundraising at the early stages will stay difficult. 'Caution,' Ravenscroft said, 'is still the name of the game.'
