California just raised income taxes by removing the $145,600 wage ceiling on the state’s 1.1% employee payroll tax.

Total income tax – federal, state, and city – for higher earners in Los Angeles, San Francisco, and NYC can be as high at 50.1% (not a typo). I’m increasingly interested in the intersection of investment advice and tax advice. My research shows that using certain types of bespoke alternatives may significantly reduce tax liability, … Read more

New capital raise … Acelyrin (www.acelyrin.com), a biopharma company that acquires drugs and accelerates their release, raised a $300m Series C at a $1.25b valuation; a 247% increase from its $360m valuation Series B in Nov 2021, 11 months ago.

Access Biotechnology led. OrbiMed, Samsara BioCapital, Tybourne Capital Management participated. Acelyrin is a biopharma company focused on providing patients life-changing new treatment options by identifying, acquiring, and accelerating development and commercialization of promising drug candidates and leveraging its expertise to rapidly advance these medicines to patients. The Los Angeles-based company’s lead asset, izokibep, is an … Read more

New capital raise … Doodles (www.doodles.app), an NTF creator, raised a $54m Series A at a $704m valuation; this appears to be the company’s first external capital raise.

Seven Seven Six (GP is Alexis Ohanian, Reddit co-founder) led. 10T Holdings, Acrew Capital, FTX Ventures participated. Doodles is a collection of 10,000 NFTs co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Since its launch in October 2021, Doodles has become one of the most beloved collections since the … Read more

New capital raise … Redesign Health (www.redesignhealth.com), a healthcare venture studio, raised a $65m Series C at a $1.7b valuation; a 254% increase from its $480m valuation Series B in Dec 2019, 34 months ago.

General Catalyst led. CVS Health Ventures, UPMC Enterprises, TriplePoint Capital, Samsung NEXT Ventures, Declaration Partners, Eden Global Partners, Euclidean Capital participated. Founded in 2018 by CEO Brett Shaheen, Redesign’s team of about 300 researches, assembles, brands, and launches healthcare startups by tapping into its team of entrepreneurs, healthcare industry operators, business analysts, and investors. Though … Read more

AG Dillon Pre-IPO Index Update … FTX, a cryptocurrency exchange, has a $32b valuation* and 1.2 million active users (2021). The company is rumored to be raising $1.0b in new capital at a flat valuation.

As a point of comparison, Coinbase – a publicly traded cryptocurrency exchange competitor – is down 73% YTD as of 21 Sep 2022. FTX is a proper LARGE CAP GROWTH company in the purest definition of the term. The company’s revenue soared more than 1,000% in 2021 to $1.02 billion from $89 million the prior … Read more

BeReal is the next big social media app. Check your kid’s phone. If its not on there yet it will be soon.

BeReal has locked in a $600m valuation in just 4 years time and is backed by Accel, Andreessen Horowitz, DST Global. They have 10 million daily active users. BeReal allows you to share photos of yourself and your life, but with a catch. Everyone is supposed to post once a day, at the same time. … Read more

New capital raise … Verkada (www.verkada.com), an enterprise security system company, raised a $205m Series D at a $3.2b valuation; a 100% increase from its $1.6b valuation Series C in Jan 2020, 33 months ago.

Linse Capital led. Next47, MSD Private Capital, First Round Capital, Meritech Capital Partners, Sequoia Capital, Felicis Ventures, Quiet Capital, Friends and Family Capital participated. Verkada is a physical security platform designed to protect people and assets in a privacy-respecting manner. Verkada’s six product lines – video security cameras, access control, environmental sensors, alarms, visitor management … Read more

AG Dillon Pre-IPO Index Update … Instacart, an on-demand grocery delivery app, has a $24b valuation* and 10 million active users. The company recently announced its seeking an IPO in Q4 2022.

At a $24b valuation Instacart is a proper PRIVATE large cap growth company. It has a similar valuation to S&P 500 constituents Fifth Third Bank, eBay, SVB, American Water, and Las Vegas Sands who all have market caps around the $24b mark. Instacart does not plan to raise much capital in its IPO rather plans … Read more

New capital raise … Cymulate (www.cymulate.com), an Israeli cybersecurity tech company, raised a $70m Series D at a $500m valuation; a 197% increase from its $168m valuation Series C in May 2021, 17 months ago.

One Peak Partners led. Dell Technologies Capital, Susquehanna Growth Equity, Vertex Ventures Israel, and Vertex Growth participated. Cymulate’s SaaS-based Extended Security Posture Management (XSPM) provides security professionals with the ability to continuously challenge, validate and optimize their on-premises and cloud cyber-security posture with visualization end-to-end across the company’s MITRE ATT&CK® framework. The platform provides automated, … Read more