Newsletter: Week Of Feb. 6th

Read Up On All The Exciting Developments In VC + All That IVCC Has Going On!

Author

Ivey Venture Capital Club
February 06, 2023

News: Latest news in VC, and tech at large!

Microsoft agrees to a “multiyear, multibillion-dollar investment” into OpenAI, the startup behind ChatGPT and DALL-E. This news comes after Google and Baidu have announced plans to create AI tools that are said to rival ChatGPT and continue Microsoft’s investments into artificial intelligence after their recent acquisition of Nuance.

Mercedes Benz is the first to bring level 3 self-driving to the United States. Level 3 is also known as conditional driving automation, which means the driver can engage in other activities but must still be present and alert to take control of the vehicle at any time. The company’s Drive Pilot program has been approved in Nevada for roads up to 40 mph and hopes to get approved across the country in the coming years.

IVCC Coverage & Quote of the Day

“Raising venture capital is the easiest thing a startup founder is ever going to do.” 

Marc Andreessen

Start-Up of The Week: Bilt

Founded: 2021Industry: FinTechStage: Series B / Unicorn

Bilt is the one and only platform that allows users to earn rewards on their rent payments.

Business Model: They collect standard merchant fees on non-rent spending through their Bilt Mastercard.

Product: They provide their service through an app as well as their Bilt Mastercard. Their Mastercard is a feeless card that allows users to earn rewards at 1x for rent, 2x for travel, and 3x for dining. The company has built partnerships with travel companies (Air Canada Aeroplan, United Airlines), and fitness companies (Rumble, SoulCycle) to give users the chance to fund their next flight or workout through rent payments.

Traction: With over 2 million homes apart of their network and over $3 billion in annualized payments and $1.6 billion in annual card spending, they recently raised a $150 million growth round putting them at a $1.5 billion valuation. Investors include MasterCard, LeftLane Capital, Kairos HQ, Wells Fargo & Company, and Blackstone.

Job Opportunities

For everyone looking for opportunities in VC and tech, here's a list: