The Dealflow by Founders Capital - Edition 9

Key News and Trends

The QB is now calling plays in venture. NFL quarterback Josh Allen is joining Cashmere Fund as a partner, aligning with the firm’s mission to democratise access to private markets. Branded as “VC powered by influence,” Cashmere backs companies at the intersection of culture, tech, and community, where celebrity-led capital is increasingly reshaping dealflow. Read more here.

Call it open-ish AI, with a lifeline to the cloud. OpenAI is preparing to launch a free, downloadable AI model this summer - its first truly open model in years. But the twist? It may include a “handoff” feature that lets the open system call on OpenAI’s more powerful cloud-hosted models for complex queries, blurring the line between open-source and proprietary AI. Read more here.

​Musk’s brainchild is fundraising - literally. Elon Musk’s brain-computer interface startup, Neuralink, is reportedly in early discussions to raise approximately $500 million in funding, targeting a pre-money valuation of $8.5 billion. The company is advancing human trials of its implantable brain chip, which aims to enable users to control digital devices using neural signals. Read more here.

From bonds to Bitcoin: Cantor’s gone crypto-core. Cantor Fitzgerald has teamed up with SoftBank, Tether, and Bitfinex to launch Twenty One Capital, a bold $3.6B crypto venture aiming to become the third-largest holder of Bitcoin globally. The fund plans to launch with over 42,000 BTC and eventually go public - marking one of the most aggressive institutional moves into digital assets this year. Read more here.

Founder’s Take: Why the Private Markets Are Tapping Athletes Next

With global reach, elite discipline, and cultural clout, athletes are increasingly establishing themselves as influential players in early-stage investing.

The potential here isn’t just capital, it’s reach. Athletes bring huge audiences, credibility, and a mindset built on performance. That’s exactly what early-stage companies, especially B2B or tech-driven ones, are looking for. It’s not just about endorsing products, but backing innovation with influence.

A great example is sequel, founded by Alex Macdonald. Think Founders Capital for athletes - educating and empowering elite sportspeople to invest in high-quality private deals with long-term alignment.

This growing trend shows how private markets are becoming more mainstream. But with that comes a responsibility - for platforms like ours, and sequel’s - to support new entrants with education, access, and context.

Top Venture Deals

Chainguard – $356M  (Kleiner Perkins, IVP)

• Chainguard, a Kirkland-based startup securing open-source software supply chains, raised $356M at a $3.5B valuation. Its secure-by-default container tools are used by GitLab, Canva, and HPE, with ARR jumping from $5M to $40M in a year. Read more here.

Supabase – $200M Series D (Summit Partners)

• The open-source Firebase alternative built on Postgres has raised $200M at a $2B valuation, just seven months after its previous round. With over 1.7M developers and 81K GitHub stars, it's become a go-to backend for AI and web apps, offering tools like auth, storage, and vector search. Read more here.

Altruist –  $152M Series F (GIC)

• Altruist, a custodian and software platform for financial advisors, raised $152M at a $1.9B valuation. The company has doubled its valuation since 2021 and reported 300% YoY revenue growth heading into 2025. Read more here.

Upcoming Public Offerings

Autodoc

• Autodoc, a Berlin-based online car parts marketplace, is preparing for an IPO as early as summer 2025. Backed by Apollo Global Management, the company reported €1.3B in 2023 revenue and serves over 7 million customers across Europe. Read more here.

Discord

• Discord CEO Jason Citron is stepping down, with former Activision Blizzard vice chair Humam Sakhnini taking the helm. Asked about IPO plans, Citron said, “No specific plans. But as you can imagine, hiring someone like Humam is a step in that direction.” Read more here.

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