The Dealflow by Founders Capital - Edition 2

Key News and Trends

BlackRock isn’t just managing assets - it’s managing access, with a $23 billion bet on the Panama Canal. BlackRock has agreed to acquire two major ports serving the Panama Canal from Hong Kong-based CK Hutchison, as part of a $22.8 billion global deal covering 43 ports across 23 countries. The move is widely seen as a response to U.S. concerns over Chinese influence in the region, with President Trump highlighting the acquisition during his recent address to Congress. BlackRock reportedly briefed both the White House and Congress ahead of the deal, which does not include any mainland China or Hong Kong ports. Read more here.

Wall Street’s love affair with tech just hit a rough patch - Nasdaq slides 10% on tariff troubles. The Nasdaq Composite has entered correction territory, down 10.4% from its December 2024 high, as trade tensions and a sharp tech sell-off drive market volatility. Fresh tariffs on Canada, Mexico, and China, introduced by President Trump, have heightened fears of a broader trade war. The tech sector, particularly AI-focused companies, has been hit hardest, with Broadcom and Nvidia seeing significant declines. Rising supply chain costs and uncertainty are adding pressure, keeping investors focused on trade negotiations and key economic indicators. Read more here.

Musk tried to pull OpenAI back to its nonprofit roots - the judge wasn’t buying it. A federal judge has denied Elon Musk's request to prevent OpenAI's transition from a nonprofit to a for-profit entity. Musk, a co-founder of OpenAI, argued that this shift contradicts the organisation's original mission to benefit humanity. Despite rejecting the injunction, the court acknowledged the public interest in the case and has expedited a trial to address Musk's antitrust allegations against OpenAI, with proceedings expected later this year. Read more here.

Larry Page isn’t just indexing the world anymore - he’s building it. The Google co-founder has reportedly launched a stealth AI startup named “Dynatomics”, focused on automating and optimising manufacturing. Page is working with a small team of engineers on AI that can create “highly optimised” designs for objects and have factories build them. The effort is being led by Chris Anderson, former CTO of Page-backed electric airplane startup Kittyhawk, and could significantly impact industrial production. Read more here.

With public markets under pressure and volatility rising, investors are looking for alternative ways to hedge risk and build resilience. But is it the right fit for your portfolio? Let’s dive in with this week’s Founder’s Take.

Founder’s Take: Investing in a Downturn - Why Private Markets Matter

In times of public market volatility, private markets offer a vital avenue for diversification and resilience. Companies are staying private longer, keeping control of their trajectory while remaining well-capitalised. AI companies have proven the market's immense potential, yet many are still working to grow into their valuations. Take Anthropic’s recent $3.5 billion funding round at a $61.5 billion valuation - it’s proof that private capital is still flowing into high-growth sectors despite broader tech sell-offs. By staying private, they maintain optionality - avoiding public market scrutiny while positioning themselves for future upside.

We are in an unprecedented moment in private markets, where investors have access to opportunities that were once reserved for institutions and insiders. Not every company will make it - but some will redefine entire industries.

Top Venture Deals

Epirus – $250M Series D (8VC, Washington Harbour Partners)

• Epirus, a defence technology startup specialising in counter-drone and directed energy systems, has raised $250 million at a $2 billion valuation. Epirus is best known for its high-power microwave (HPM) technology, designed to neutralise drone swarms and other electronic threats in military and commercial settings. This latest funding will support R&D, product expansion, and deployment of its flagship Leonidas system, which has already gained traction with the U.S. Department of Defense and allied nations. Read more here.

ShieldAI  – $240M Series F-1 (L3Harris, Hanwha Aerospace)

• Autonomous defence technology startup Shield AI has secured $240 million in a Series F-1 funding round, pushing its valuation to $5.3 billion. The round saw participation from existing investors Andreessen Horowitz, U.S. Innovative Technology, and Washington Harbour, alongside new strategic backers L3Harris Technologies and Hanwha Aerospace. Shield AI is focused on developing AI-powered aviation systems, including its Hivemind software, which enables autonomous flight for military drones and aircraft. The fresh capital will accelerate the deployment of AI-driven defence capabilities amid growing global demand for autonomous military systems. Read more here. 

Quantexa – $175M Series E (GIC, Warburg Pincus)

• Quantexa, a UK-based AI and data analytics firm, has raised $175 million in Series E funding, pushing its valuation to $2.6 billion. Quantexa specialises in decision intelligence software, helping businesses detect financial crime, manage risk, and enhance operational insights using AI-driven data analytics. The fresh funding will fuel product development and expansion, particularly in AI-powered tools that integrate structured and unstructured data for real-time decision-making.  Read more here.

Upcoming Public Offerings

Klarna

• Klarna Group is reportedly seeking to raise at least $1 billion in a U.S. initial public offering (IPO) and is preparing to file publicly as soon as next week. According to Bloomberg, the payments processor - best known for its buy now, pay later (BNPL) service - is targeting a valuation of more than $15 billion in its New York Stock Exchange listing, with plans to price the IPO in early April.  Read more here.

StubHub

• The 25-year-old ticket exchange and resale company is reportedly aiming to launch an IPO before the end of the year, at an estimated valuation of $16.5 billion. The company has experienced delays in its IPO plans, initially targeting a 2024 debut but postponing due to market conditions. Read more here.

Private markets are no longer just an alternative - they’re where the biggest moves are happening. With companies staying private longer and AI and defence startups attracting billions, the question isn’t just where to invest - it’s how to get in early.

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