The Dealflow by Founders Capital - Edition 15

Key News and Trends

Claude’s shortcut hit a paywall. Reddit just sued Anthropic for scraping its forums to train AI without permission. Unlike OpenAI and Google, who paid for access, Anthropic allegedly took a shortcut - over 100,000 times. Now Reddit wants damages and a ban on using any of its data in Claude. Read more here.

Starlink’s really taking off. SpaceX is set to hit $15.5 billion in revenue in 2025, up from $4.6 billion in 2022, according to Elon Musk. The bulk will come from Starlink, projected to generate $12.3 billion, up from $7.8 billion last year. Read more here.

Another Brit takes the Wall Street exit. UK fintech Wise is ditching London for a New York listing, aiming to tap deeper capital markets and boost share liquidity. Despite solid profits, it's the latest in a line of British firms eyeing Wall Street for growth. Read more here.

Founder’s Take: Patriotism Doesn’t Pay in Public Markets

Every time a British company lists in New York, it dominates the headlines. “Another blow to London.” “UK loses another tech star.” But honestly - who cares? Founders don’t owe loyalty to a stock exchange. They owe it to their business.

NY gives them deeper capital, better liquidity, and investors who get tech. That’s it.

So why does this story keep showing up in every financial paper? Because it stings. It reminds policymakers, investors, and old-school institutions that London still hasn’t cracked how to support modern growth companies. The talent is here. The ambition is here. But the rewards? Too often, they’re still over there.

Until London stops regulating ambition and starts rewarding it, expect more exits - and not the kind we celebrate.

Top Venture Deals

Anduril –  $2.5B Series G (Founders Fund)

• Defence tech startup Anduril has raised $2.5 billion at a $30.5 billion post-money valuation, doubling its previous valuation. The round was led by Founders Fund, which invested $1 billion - the largest cheque in the firm’s history. A spokesperson for Anduril said the round was more than 8x oversubscribed. Read more here.

Mubi  –  $100M Growth Financing (Sequoia Capital)

• London-based indie streaming platform Mubi has secured a $100 million investment, propelling its valuation to $1 billion and marking its entry into the unicorn club. This funding will support Mubi's global expansion and original film productions, positioning it as a formidable player in the streaming industry. Read more here.

Bolttech  –  $147M Series C (Dragon Fund)

• Singapore-based Bolttech, a five-year-old startup specialising in embedded insurance tech that enables telcos and retailers to digitally offer and distribute insurance products, has raised $147 million at a $2.1 billion valuation. Read more here.

Upcoming Public Offerings

Voyager Technologies

• Voyager Technologies, a space and defence roll-up backed by Industrious Ventures and Scout Ventures, has launched its IPO with a $1.6 billion valuation target. The company, behind the Starlab space station project, will trade under the ticker “VOYG.” Read more here.

Circle

• Circle, the 12-year-old stablecoin issuer, soared 168% on its NYSE debut, boosted by Senate progress on the GENIUS Act and renewed crypto optimism. Read more here.

See you in the next edition,
Sam Scott and the Founders Capital Team