Jun 18, 2025
Kaley Ubellacker
Market Stirrings 🚩
Here's what the week looked like in pre-seed:
$6.3M
7
Data aggregated from proprietary research and Crunchbase; valuation estimate based on 10-20% ownership stake.
VENTURE FUNDS ON THE ROCKS
You can say funds are frozen: after five years, only a third of VC funds have returned capital to their LPs. Even among 2018 vintages, which should be well into their distribution phase by now, just over half have returned any capital. The data highlights how sluggish liquidity has become, with many firms stuck in the long winter of delayed exits and soft valuations.
Good Reads 📖
For the rushed reader …
After a decade-long boom boosted venture capital’s appeal, the industry is now facing a downturn that’s forcing many junior investors to rethink their careers.
Nvidia CEO Jensen Huang is doubling down on autonomous tech, calling this the "decade of AV, robotics, and autonomous machines."
Felicis just closed its biggest fund yet: a $900 million early-stage Fund X, following $825 million raised in 2023 and $600 million in 2021.
For the less rushed reader …
The latest LinkedIn lineup
Junior VCs are exiting the building. After a decade-long boom boosted venture capital’s appeal, the industry is now facing a major downturn that’s forcing many junior investors to rethink their careers. Job prospects are shrinking as promotions slow, pay stagnates, and firms even downgrade titles. While many VCs dream of becoming startup founders, the leap often means big pay cuts and lifestyle changes that not everyone is willing to make. Some are opting for safer moves into corporate venture arms or family offices, though those paths can be competitive and insular. Others are trying to launch their own micro-funds despite a tougher fundraising climate. Why does the VC to founder switchup feel like a freakier version of Freaky Friday?
Next-gen auto-correct
Nvidia won’t be leaving the headlines anytime soon and is quite literally the driving force behind a technological revolution. Nvidia CEO Jensen Huang is doubling down on autonomous tech, calling this the "decade of AV, robotics, and autonomous machines." At VivaTech in Paris, Nvidia unveiled new tools to back that claim, including Drive, a development platform for self-driving cars, and Cosmos Predict-2, an AI model trained on 20,000 hours of driving data to improve performance in tough weather. Nvidia’s automotive division pulled in $329 million last quarter, up 11% year-over-year, with Chinese EV maker Xiaomi already building its SU7 sedan using Nvidia’s platform. Meanwhile, robotaxis like Waymo are gaining traction in U.S. cities, with riders paying a premium over Uber and Lyft. With autonomous components expected in “every single car” eventually, Nvidia is positioning itself as the backbone of this shift, with a $3.5 trillion market cap to prove it. Some might say it’s steeriously impressive.
The million dollar (not so) secret
Here’s a fund with more zeroes than your average AI training dataset. Felicis just closed its biggest fund yet: a $900 million early-stage Fund X, following $825 million raised in 2023 and $600 million in 2021. The firm, led by Aydin Senkut, focuses on seed and Series A startups and has quietly built an impressive track record of over 50 unicorns and 125 exits since 2006. What’s catching eyes now is that about 70% of their active portfolio is AI-native, with companies like Runway, Supabase, and Poolside leading the charge. For founders, Felicis stands out for its speed, conviction, and hands-on support, like go-to-market help and engineering introductions. The fund’s size and AI-heavy focus show Felicis is doubling down on the idea that early-stage bets in AI won’t just be incremental; they’ll redefine the next decade. Maybe unicorns aren’t extinct after all.
Fire Up the Pre-Seeds🔥
Highlights from this week’s pre-seed raises:
healthtech
Innovative Pet Lab - Never fur-get a vet visit.
Innovative Pet Lab raised $1.1 million led by Nordic Laboratories. Innovative Pet Lab is building a science-driven platform offering at-home diagnostic tests for pets, delivering early and personalized insights.
AI
Mediar - Command C, Command V-ictory.
Media raised $2.8 million at a $40 million pre-money valuation. Mediar is developing a data entry copilot that automates repetitive desktop tasks by extracting insights from unstructured data and seamlessly filling in any Windows application.
AI
Tendersight - Make it make cents.
Tendersight raised $1 million at a $10 million pre-money valuation. Tendersight is building an AI operating system for public-sector procurement, helping government contractors find, understand, and respond to tenders.
Outro🚪
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