Dear Friends,

We hope the past months since our last newsletter have been both rewarding and enjoyable for you. We are excited to share the latest updates on our firm, our funds, and the evolving venture capital landscape.

In the last month, our firm crossed a significant milestone, especially for a solo GP-led firm. Companies in which we have been fortunate seed investors have now crossed $200Bn of market value within 14 years since the founding of our firm.

This incredible milestone was driven by the extraordinary public market performance of companies such as Applovin (NASDAQ: APP), which has now crossed $110Bn in market cap, DoorDash (NASDAQ: DASH), which currently stands at over $70Bn in market cap, and 16 other unicorns, including OpenGov (acquired for $1.8Bn this year), Rappi, Speechify, EasyPost, Flip, FLYR, and others.

We are also pleased to announce that we are approaching the final close on two new funds this year – our sixth Seed Fund and our fourth Opportunity Fund – and we expect both funds to be over-subscribed. We have already been investing from both funds. This year we have led seed rounds in 11 new companies from our new Seed Fund and five companies from our new Opportunity Fund. We expect to be just as active next year.

In the last 12 months, Streamlined is fortunate to have had a number of M&A exits, including in companies such as OpenGov, Grandata, and Compliance.AI. Two additional acquisitions are in the works and we expect their completion and announcement in the coming months.

Heading into 2025, we expect the environment for venture capital (investments and liquidity) to improve meaningfully, as interest rates taper further and a more business-friendly environment brings risk capital back to the table. The IPO market pipeline is packed with numerous large companies poised to go public – notable among whom is our portfolio company, Rappi. We also expect a robust M&A environment next year, especially as larger companies seek to augment their IP/product portfolios with next generation AI-enabled assets.

Since inception, we have been thematic investors and have had some of our largest winners come from our strong points of view on themes such as data science, on-demand models, APIs, crypto/blockchain, software automation, and AI-driven autonomous applications and agents. We continue to execute on investments across most of these themes, with a particular emphasis on software automation and AI-enabled applications/agents. If you know high quality founders working in any of these areas, please continue to introduce them to us.

We are also excited to announce the launch of our new website, and invite you to view it here: streamlined.vc. 

Best wishes,

The Streamlined Team

Recent Liquidity & Follow-On Rounds In Our Portfolio

We are pleased to report several significant exits in 2024, with two more currently in the works:

• OpenGov was acquired by Cox Enterprises for $1.8Bn

• Grandata was acquired by Evertec for $75M

• Compliance.AI was acquired by Archer

Additionally, 11 of our portfolio companies have raised up-rounds this year, including one from our new Seed Fund.

Firm Activity

In October, we hosted 25 founders and CEOs from our portfolio companies in Napa, California for Streamlined’s Annual Founder Summit. The event provided a space for discussion, learning, and networking, with a focus on supporting the founders of younger companies. We were fortunate to welcome a few founders from our portfolio companies valued at over $1Bn to share their insights and experiences. The day’s discussions revolved around all elements of business building, navigating current market conditions, and fundraising strategies.

In November, we hosted our Annual Limited Partner Meeting in Palo Alto, and we are pleased to share that the event was a resounding success. Our LPs enjoyed a "State of the Union" address by our Founder & General Partner, Ullas Naik, and were excited to see presentations by five select founders from across our Seed Funds. These founders shared compelling stories of company building and their collaboration with Streamlined. It was wonderful to see how Streamlined’s passionate partnership with extraordinary founders continues to deliver tremendous value for both them and our Limited Partners.

New Seed Investments 

We are actively investing from our latest Seed Fund and have made 11 new investments to date. Below are some of the more recent investments. Two additional companies, currently in stealth, will be featured in future newsletters.

News

Applovin: Meet the Newest AI Stock in the Nasdaq-100. It Soared 2,140% in 2 Years and Is Still a Buy, According to a Wall Street Analyst.

Rappi: TIME100 Most Influential Companies 2024

Flip: Social Commerce Company Raises $144 Million At $1.05 Billion Valuation

Gordian launches with $60m and platform that predicts outcomes in age-related diseases

Findigs Raises $27M in Series B Funding

NobleAI Secures Over $10 Million in Series A Extension Funding

Mesa Raises $9.2M to Solve the Home Cost Crisis

Mermaid Chart, a Markdown-like tool for creating diagrams, raises $7.5M

Censia Announces Investment from Workday Ventures to Advance AI-Powered Talent Intelligence Solutions

Mesh and Moonpay Partner to Enhance Crypto Accessibility

HerculesAI was working with large language models long before it was cool

Destiny Tech100 ETF Could Surge 100% Over the Next Year

Ullas Naik: Streamlined Ventures Founder and GP on AI and Data Science Investing

We wish you the best for the rest of 2024!
The photo above is from our team offsite in July at Stanly Ranch, Napa CA.