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Ex-Bain investor launches $30M web3 consumer VC fund as solo female founder • ZebethMedia

Magdalena “Mags” Kala, a self-described “lifetime degen,” is no stranger to beating the odds. Before she became an investor, she co-founded an all-female blackjack team that sought to exploit gender bias to make a profit through gaming, she told ZebethMedia in an interview. It’s fitting, then, that Kala was able to raise her first fund as a solo GP focused on early-stage consumer startups in the web3 space in just four months despite a broader downturn in the crypto market. Her Miami, FL-based firm, Double Down, blew past its initial fundraising target of $20 million in one month and closed its first fund with a total of ~$30 million this week, according to Kala. The fund has already made nine investments in web3 consumer startups,  including Miami-based OnChain Studios, which makes Cryptoys, and Tally Labs, the company behind the Jenkins the Valet & Azurbala franchises. Kala’s fundraise is no small feat, especially considering that women are deeply underrepresented in venture capital, not to mention the added challenges that come with raising capital as a first-time fund manager in today’s depressed venture market. Women comprise less than 15% of decision-makers at VC firms — a number that’s almost certainly smaller in the crypto space, where less than 5% of entrepreneurs are women. Her success in putting together this fund is also, in part, a result of her deep background in the consumer space. She has been investing in consumer-facing companies for a decade on behalf of Bain Capital and its co-chair, Steve Pagliuca’s, family office. Kala said she decided to raise this fund as a “reluctant entrepreneur” after having conversations with investors and founders in web3 who encouraged her to leverage the relatively niche intersection of her interests in consumer and crypto. “I believe that the future of web3 is in consumer, and I recognize that one of the things that I think is limiting that is actually the lack of good storytelling and go-to-market strategies around that, and communicating the value to people who are outside of the crypto OG, crypto-native customer segments,” Kala said. “To me, it felt like a perfect investor-market fit, if you will … I thought, no one else in crypto was doing it, so I decided to launch the fund.” Double Down’s backers include crypto and venture heavyweights such as Chris Dixon and Marc Andreessen of a16z, Paradigm co-funders Matt Huang and Fred Ehrsam, Alexis Ohanian’s VC firm Seven Seven Six, and consumer-focused LPs such as Paris Hilton and Sara Blakeley. Kala says her LP base is made up of ~30% female LPs and ~30% BIPOC LPs. As a nod to web3 culture, Kala says she is releasing the full deck she used to raise this fund as a series of NFTs on OpenSea. She plans to airdrop pages to her LPs in the order in which they committed to the fund, starting with Pagliuca, Dixon and Ohanian, she added. Double Down is also launching a newsletter that will provide advice on marketing and branding to startups in web3, Kala added. “Consumer culture is essential for driving mainstream adoption of web3, and Mags brings a unique perspective as an experienced consumer investor, strategist, and marketer to invest in and support the next generation of top web3 startups on their journey to mass impact and scale,” Ohanian told ZebethMedia in an email. Kala says she plans to collaborate with some of the crypto-focused investors who are LPs of her fund on individual deals. The small size of her fund, she explained, will allow her to focus on the specific strengths she brings to the table rather than compete with larger firms. To her investors, Kala’s private equity experience is one such advantage, particularly in today’s market. “I’m used to doing real diligence and being disciplined, and I think with a lot of LPs that has resonated,” Kala said. “I’m not going to fly by the seat of my pants, especially given market conditions.”

Microsoft backs web3 game developer Wemade • ZebethMedia

Microsoft has backed Wemade, a popular video game developer that has made aggressive bets on blockchain in recent years, the latest sign of tech giants’ showing growing interest in web3. South Korea’s Wemade said in a press release that it has raised $46 million in a funding round from Microsoft, Shinhan Asset Management and Kiwoom Securities. It did not disclose the name of the funding round or its valuation. “This is a meaningful investment by reputable financial and strategic investors with proven track records,” said Henry Chang, CEO of Wemade in a statement. “Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.” Founded over two decades ago, Wemade is best known for its sleeper hit title ‘The Legend of Mir,” which at one point had over 200 million signups. For the last few years, it has been exploring ways to incorporate blockchain technology into its new titles and offerings. It recently launched its blockchain Wemix3.0 to mainnet and launched a stablecoin and a DeFi platform. The company says it is aiming to “transform everyday games with blockchain technology and establish its Wemix coin as a key currency in the blockchain gaming space.” “A new economy platform NILE that supports NFT and DAO will be introduced soon as well. (EOD),” Wemade said in the press release. Scores of tech giants including Microsoft and Google and storied banks have made a series of investments in the web3 space in recent years. Microsoft is also an investor in ConsenSys, the firm behind MetaMask wallet and enterprise solutions such as Infura, as well as decentralized data warehouse Space and Time and NFT studio Palm, according to Web3 Signals. Google Ventures has backed fraud detection service Sardine, trading app Blockchain.com and NFT startup YugaLabs, according to the tracker.

Catch these rising startups exhibiting at TC Sessions: Crypto • ZebethMedia

Even when a chill venture wind blows, you’ll find daring entrepreneurs forging ahead, and we’re here to highlight the outstanding early-stage startups in the world of blockchain, cryptocurrency, DeFi, NFT and web3. You’ll find them exhibiting at TC Sessions: Crypto on November 17 in Miami, and what better way to check them out than to buy a pass, get out from behind your screen and come talk to them in person? Check out the eight listed below. You can learn more about five more exhibitors here — and another five exhibitors here. Cityverse: Cityverse is a virtual overlay for a physical city. Powered by local news, a Cityverse connects the community through information, ideas and experiences. Lifo Inc: Tokenized CRM for web3. It aims to become the web3 equivalent of Salesforce. GreenCard: This startup offers digital payment options for cannabis purchases. Howlite: Aims to provide secure, transparent, inexpensive and easy-to-use payments using distributed ledger technology — where traditional payments meet web 3. String Blockchain: A layer-1 blockchain build designed for developers building dApps for everyday use. Poolit: Unlocks access to exclusive alternative investments for as little as $1. Ponds: A web3 copyright licensing platform designed for creators to license their digital content directly to end users. MARPs Club: Defines a new concept, “MARP” (Mass Arts Representative Piece), based on NFTs to accredit value to Mass Art’s artworks Don’t miss your chance to meet, connect and network with some of the most creative early-stage startups bent on redefining the future of finance, blockchain and the web at TC Sessions: Crypto on November 17. Buy your pass now and save $150 — before the early-bird pricing disappears. We’ll see you in Miami! Is your company interested in sponsoring or exhibiting at TC Sessions: Crypto? Contact our sponsorship sales team by filling out this form.

Bitcoin miners struggle as energy prices rise and hash prices fall • ZebethMedia

Bitcoin prices have continued to hold near $20,000 this past week, but some miners are crumbling as spiking energy prices and historically low hash prices cut into profits. Even though bitcoin’s price has been down for a while and has fallen about 56% year to date, the dominoes just began to fall for Bitcoin miners. What’s driving the implosion? “There are a lot of different issues in the motion. Obviously the global recession is looming, on top of inflation and rising prices of electricity,” Christopher Perceptions, founder of PerceptForm and CEO of NoCodeClarity (no-code web3 apps), told ZebethMedia. “Miners are struggling for a multitude of reasons right now,” Nick Hansen, CEO of crypto-mining firm Luxor, said to ZebethMedia. “We’re seeing historically low hash price, which means that miner revenues are at all-time lows.” Hash price is a metric to determine the market value for each unit of hashing power, which is set through changes in Bitcoin mining difficulty (which is currently high) and the price of the cryptocurrency. Image Credits: Hashrate Index The hash price is near a historical low, according to data on Hashrate Index. The current hash price is about $70.72, down 80.5% from $361.82 on the year-ago date. Additionally, energy prices have increased across many markets, which means miners’ expenses are at all-time highs, Hansen said. At a high level, the higher the hash rate the greater the difficulty to mine Bitcoin — meaning that it takes more electricity to do so, Perceptions said. “If the electricity price is high, it’s harder to make a profit.”

Connect with Hedera, Wilson Sonsini and MetaJuice at TC Sessions: Crypto • ZebethMedia

ZebethMedia has a long history of partnering with great companies that are not only subject-matter experts, but committed to supporting early-stage startups, too. While this is our first official conference dedicated to the space, TC Sessions: Crypto — November 17 in Miami — is no exception to our great partners rule.  Whether it’s blockchain-, crypto-, DeFi-, NFT- or web3-based, building a startup in the cryptoverse is no easy task — not exactly a newsflash, we know. One of the things our partners do best is provide their expertise and educational resources. They present sessions on a range of topics that help founders gain the confidence and know-how they need to move their startup forward. Keep in mind that, even as our partners dispense valuable insight from our stages, they’re always looking to engage with interesting founders and startups to explore potential partnerships and new opportunities. Let the networking begin. Take a look at some of the speakers and topics that our partners will present in Miami at TC Sessions: Crypto — and be sure to explore the full agenda. Bringing DeFi to the Masses: How Do We Make DeFi a Seamless, Easy Reality for Millions of Users Who Aren’t Crypto Experts — Currently, 72% of the world’s population has, or will soon have, access to instant payments, according to the 2022 Worldpay from FIS Global Payments Report. Many markets are also replacing or renovating their established real-time services to cater to instant payments. What does it take to onboard these users to a web3-first, DeFi world? How simple must it be, and how quickly can we get there?  In this session, Zenobia Godschalk, SVP of Communications, Swirlds Labs, and Mina Khattak, Director, Crypto and Emerging Business at Worldpay from FIS, will address these questions and more from the perspective of one of the world’s largest payment firms. Sponsored by Hedera. Keeping It Legal — The legal issues associated with crypto and web3 are complex. Tech companies may need to consider balancing the ethos of the blockchain industry with protecting their revenue models and reducing regulatory risk. How are they structuring financings — with equity or tokens or both? How can they protect their IP in an open source world? What contracts do they need with customers and service partners? And what are the best ways to operate within regulatory uncertainty and an anticipated wave of enforcement actions?  Attorney Amy Caiazza, Partner and Practice Group Leader, Fintech and Financial Services at Wilson Sonsini; Jonathan Chan, Corporate Counsel, Wilson Sonsini; Neel Maitra, Partner, Fintech & Financial Services, Wilson Sonsini; and Scott McKinney, Partner, Technology Transactions, Wilson Sonsini, will address these and other questions, including questions from the audience. Sponsored by Wilson Sonsini. Creating a True, User-Led Metaverse — The metaverse provides a virtual space that connects people, worlds and communities. A place where users can exchange currency and goods between themselves, not the company behind the platform. As the internet evolves, we hold the responsibility to create platforms that encompass diversity and inclusion, ownership of data, security and sustainability. As leaders in this space, how do we create an environment that allows users and creators to explore their imaginations and earning potential without limits? Chris Jones, Head of Business and Development, MetaJuice; Natalia Mazzuchelli, Strategic Partner Success Manager, ImmutableX; and Alex Mogul, Director, Republic Crypto, will address these and other challenges to building an inclusive, secure and sustainable metaverse. Sponsored by MetaJuice Don’t miss your chance to hear, connect and network with some of the leading movers and shakers bent on redefining the future of finance, blockchain and the web at TC Sessions: Crypto on November 17. Buy your pass now to nab the early-bird price and save $150. We can’t wait to see you in Miami! Is your company interested in sponsoring or exhibiting at TC Sessions: Crypto? Contact our sponsorship sales team by filling out this form.

Indonesia weighs blockchain-powered carbon trading scheme • ZebethMedia

Indonesia wants to direct the blockchain craze toward greener use. The Indonesia Stock Exchange (IDX) has signed a memorandum of understanding with Metaverse Green Exchange (MVGX), a Singaporean startup that specializes in digital exchange technology. The intended collaboration centers around IDX’s emission trading scheme that is slated to launch in 2025, and MVGX’s job is to help IDX build a carbon registry and exchange with blockchain as the infrastructure layer. Using blockchain in carbon trading solves what’s called the double-counting problem where two entities or an entity and a country lay claim to the same climate action, Bo Bai, executive chairman and co-founder of MVGX, tells ZebethMedia. Founded in 2018, MVGX is licensed by Singapore’s finance authority to provide securities and custodial services. Offering SaaS to commercialize carbon credits, the startup’s focus is on “emerging markets seeking to offer access to their emission reduction projects internationally.” “The infrastructure also provides an immutable record of the creation and ownership of the credit, as well as a tamper-proof record of the performance of the green project with which the carbon credit is associated, to date,” explains Bai. Indonesia has joined a raft of countries ramping up their environmental accountability with a financial mechanism. As of July, 46 countries are pricing emissions through carbon taxes or emissions trading schemes (ETS), according to the International Monetary Fund. “The Indonesian government has recognized the vital role that the financial services industry can play in strengthening the country’s sustainability commitments. IDX is currently preparing for the possibility of becoming a carbon exchange in Indonesia and started discussions with several parties to deepen our knowledge,” says Jeffrey Hendrik, director of business development at IDX, in a statement. Carbon trading isn’t a panacea for climate change. The mechanism incentivizes carbon emitters to be less polluting or they’d need to buy from those with excess carbon credits to offset their carbon footprint. The capital generated from the sales of carbon credits can then go towards financing conservation efforts, at least in theory. But one of the biggest criticisms of the mechanism is that offsetting allows entities to claim carbon neutrality without making a significant effort to reduce emissions in the first place. While blockchain is believed to help create a streamlined public record for carbon trading, it doesn’t address the incentive issues around offsetting. Nor does it ensure the quality of emission reductions from credit issuers or whether these claims hold up in the long term. Crypto’s reception in the carbon trading world isn’t particularly warm, either. Startups that work to tokenize carbon credits have soared in popularity in the past year as they promise to entice more investors into the world of carbon exchange. One of the buzziest projects is Toucan, which started out late last year by bridging credits issued by Verra, the carbon trading industry’s standard bearer, onto the blockchain and “retiring” the credits as tradable tokens. In May, Verra banned the conversion of retired credits into cryptocurrencies “on the basis that the act of retirement is widely understood to refer to the consumption of the credit’s environmental benefit.” The backlash of Toucan hasn’t stopped countries from embracing blockchain carbon trading. Aside from the potential partnership with Indonesia, MVGX has also worked with carbon trading initiatives in China, including the Guizhou Green Finance and Emissions Exchange, and is in advanced conversations with relevant authorities in Malaysia and Taiwan to collaborate on infrastructure projects, according to Bai.

Immutable onboarded more web3 games in Q3 than any other quarter, co-founder says • ZebethMedia

Earlier this year, Immutable, a web3 gaming firm with its own layer-2 chain, Immutable X, launched a whopping $500 million fund to boost gaming on its platform. Fast forward a few months and the company says things are going according to plan. “It has been super busy,” Robbie Ferguson, co-founder of Immutable, said to ZebethMedia. “In the last quarter, we’ve onboarded more games than the rest of the company’s lifetime combined. As far as we know, it’s been more than any other layer-1 or layer-2 [blockchains] in the world and nearly half of those games came from competitors in migrations.” In Q3, Immutable onboarded about 50 games and has over 1,000 games being built in a “testing environment,” Ferguson said. “These are ones we’ve actively gone after.” Some games, like Delysium and Ember Sword, were initially developed for the layer-2 blockchain Polygon but switched to Immutable X, the company’s NFT platform and layer-2 scaling solution for the Ethereum blockchain. Other games, like Deviants’ Factions and Undead Blocks, migrated over from the defunct Terra ecosystem after it imploded in May. Today, Immutable X launched GameStop’s NFT marketplace out of beta, which will provide GameStop players and customers across the U.S. access to NFTs tied to games on its layer-2 chain. This announcement follows GameStop and Immutable X’s partnership and $100 million joint grant fund from February. “The attraction we’ve already seen and interest from this community has been insane,” Ferguson said. “We recently shared something on Reddit and had 100,000 people sign up for Guild of Guardians’ waitlist in under two days, just from a single post. So the strength of this community is enormous compared to existing user bases in crypto.”

OpenSea CEO Devin Finzer discusses staying on top of a turbulent NFT market at TC Sessions: Crypto • ZebethMedia

The NFT market is worth tens of billions of dollars and saw rapid growth throughout the crypto bull run. NFT exchange OpenSea, led by CEO and co-founder Devin Finzer, emerged as a clear market leader, earning a $13.3B valuation in January and controlling an estimated 90% of the overall NFT market. Since then, it’s been a bumpy ride for NFTs. Trading volumes have fallen over 90% from their January peak, forcing exchanges, including OpenSea, to conduct steep layoffs. And for OpenSea specifically, competition is mounting, as newer entrants such as Magic Eden threaten its dominance and rumors of an OpenSea IPO have fizzled out. Big tech could stifle long-term growth in the space, too, as Apple’s and Google’s high marketplace fees challenge the idea that NFT trading can ever reach mobile adoption. There are plenty of challenges on the horizon, but there’s also tremendous potential for OpenSea to capture long-term growth in the NFT market if it does indeed occur. There are undeniable pockets of excitement in the space, so the question is whether that excitement will be realized and whether OpenSea is well-positioned to capture it. These are some of the topics we’ll discuss with Finzer onstage at ZebethMedia Sessions: Crypto. We’ll ask him about what use cases for NFTs he sees the most potential in and will hear about how the company plans to sustain its first-mover advantage and seize new growth opportunities through a bear market. The event takes place on November 17 in Miami. Save $150 with early bird pricing and buy your pass today, and then join the web3, DeFi and NFT communities to keep up with the ever-evolving and always exciting crypto world.

Hong Kong to explore legalizing retail crypto trades in reversal of previous proposal • ZebethMedia

Hong Kong has proposed allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds and plans to conduct pilots in NFT issuance and CBDC as it looks to regain its status as a global financial hub. The city had earlier proposed limiting crypto trade to professional investors, a move that saw many crypto entrepreneurs shift base to Dubai and Singapore. Hong Kong will review property rights for tokenized assets and explore legalizing smart contracts “to provide a solid legal foundation for their development,” it said. It is also planning to put in place “appropriate regulations” on aspects such as “governance, stabilization and redemption mechanism” of stablecoin. The proposal comes at a time when China has ramped up its efforts to crackdown on crypto transactions and Singapore is exploring a series of stringent guidelines surrounding virtual digital assets. “We want to make our policy stance clear to the global market, to demonstrate our determination to explore fintech with the global virtual asset community,” said Hong Kong Financial Secretary Paul Chan. In the initial stage, Hong Kong expects the underlying assets to be “confined to bitcoin futures and ether futures on the Chicago Mercantile Exchange,” he added. Hong Kong also detailing the approach it wishes to undertake in a policy statement. It said the Securities and Futures Commission will conduct a public consultation on how retail investors may be given a “suitable degree” to access to virtual asset under the new licensing regime. “We recognise VA [virtual asset] is here to stay, given how it has attracted attention of global investors and is increasingly viewed as a conduit for financial innovations, not to mention the future opportunities that will be opened up as VA moves into the areas of Web 3.0 and the Metaverse,” the Financial Services and the Treasury Bureau said in a statement. “The Government, in conjunction with the financial regulators, are working towards providing a facilitating environment for promoting sustainable and responsible development of the VA sector in Hong Kong.” Sam Bankman-Fried, the chief executive of crypto exchange FTX and a high-profile backer in the industry, called Hong Kong’s steps today “really promising,” but added that if only the region had taken this stand last year, referring to aggressive exodus that Hong Kong’s previous proposal caused. “I deeply appreciate when policymakers engage constructively and optimistically with the people who matter the most for an industry’s direction: the customers,” he said in a tweet. In its statement Monday, Hong Kong said it will pilot projects to test the technological benefits of virtual assets and their applications in the financial markets. These pilot projects include issuance of NFTs, tokenization of green bonds, and “possible launch of retail Central Bank Digital Currency, the eHKD.” Hong Kong, Singapore and Dubai have attracted crypto entrepreneurs, investors and tech employees from around the globe in the past half decade with their friendly views on cryptocurrency. But in recent quarters, they have wrestled with just how open do they want to remain. Last week, Singapore proposed new guidelines that may soon require retail investors to take a test and not use credit card payments and other forms of borrowing for trading cryptocurrencies. The Monetary Authority of Singapore said in a set of consultation papers that it’s worried that many retail customers may “not have sufficient knowledge of the risks of trading” digital payment tokens, which may lead them “to take on higher risks than they would otherwise have been willing, or are able, to bear.”

Fundraising beyond the Bay Area, web3 gaming, TDD prep checklist • ZebethMedia

In a previous era, aspiring journalists relocated to New York, would-be actors made pilgrimages to Hollywood, and plucky tech founders moved to the Bay Area so they could attract capital and talent. But San Francisco is no longer the center of the startup universe, and it hasn’t been for a while. Cities like Boulder, Detroit and Austin had emerging tech ecosystems long before the pandemic forced VCs to start taking pitches via Zoom, and social media has leveled the playing field when it comes to networking and PR. Full ZebethMedia+ articles are only available to membersUse discount code TCPLUSROUNDUP to save 20% off a one- or two-year subscription “We noticed a couple of years ago, in looking at our own analytics, that most of our deals were coming through Twitter,” said Elizabeth Yin, co-founder and general partner of Hustle Fund, last week at ZebethMedia Disrupt. “If I look at my portfolio, my companies that are active on Twitter actually do have an easier time raising money because investors feel like they know them.” Reporter Dominic-Madori Davis moderated a discussion with Yin, Mike Asem (founding partner of M25), and Accel partner Rich Wong that elicited suggestions for early-stage founders who don’t live in the 415 area code and spilled the tea about “the emerging markets on their radars.” If you’re interested in the entire conversation, there’s a link to a video at the end of the article. Keep an eye out for more recaps from TC Disrupt in the coming days. Thanks for reading, Walter ThompsonEditorial Manager, ZebethMedia+@yourprotagonist 5 tips for launching in a crowded web3 gaming market Image Credits: Chelsea Sampson (opens in a new window) / Getty Images Every online product requires some network effect, but gaming is unique: Without large, loyal and enthusiastic customers, there’s no way to build products that can be monetized. Play-to-earn games (P2E) are particularly susceptible to this problem, which is why “building a game that succeeds in the long term means developing monetization strategies that can weather market ebbs and flows,” says Corey Wilton, co-founder and CEO of Mirai Labs, the gaming studio behind Pegaxy. In this primer for P2E founders, Wilton shares suggestions for how to approach investors, explains why tokens are not a reliable fundraising vehicle and discusses the recent “shift toward Web 2.0 monetization.” A prep checklist for startups about to undergo technical due diligence Image Credits: Pixelimage (opens in a new window) / Getty Images On Tuesday, founder and CEO of codebase analytics company Sema, Matt Van Itallie, shared a guest post for founding teams who are about to begin technical due diligence before an investment or acquisition. On Wednesday, he followed up with a detailed checklist for C-level executives and senior managers responsible for helping VCs determine whether their “codebase is safe enough for investment.” Product roadmap Code quality Code, network and information security Intellectual property Development process Engineering team contributions DevOps Pitch Deck Teardown: The Palau Project’s $125k pre-seed deck Image Credits: Palau Project (opens in a new window) Fundraising takes many forms, but because pre-seed founders are so often coaxing money from family and friends to validate their ideas, it can raise the emotional stakes. To raise money for The Palau Project, an app that lets users find the environmental impact and nutritional benefits of packaged food, founder Jerome Cloetens put together a 22-slide deck with a $500,000 goal. In the end, the team raised just $125,000. Dear Sophie: How can early-stage startups improve their chances of getting H-1Bs? Image Credits: Bryce Durbin/ZebethMedia Dear Sophie, We have a stealth early-stage biotech startup. Do we qualify to petition a co-founder on STEM OPT for an H-1B in the lottery? Is it worth it or are there better alternatives? — Budding Biotech 3 VCs explain how founders can stand out when pitching Image Credits: Kelly Sullivan (opens in a new window) / Getty Images There’s a lot of wisdom in corny motivational writing. For instance, this quote by Will Durant, a historian and philosopher: We are what we repeatedly do. Excellence, then, is not an act, but a habit. A great pitch requires more than charm and storytelling skills: investors expect founders to understand their market and competitors, and help them prepare before the meeting begins. “I generally recommend having almost like a teaser version of the deck with enough data and information to give us a sense of where you are in terms of the journey of your company,” said Jomayra Herrera, a partner at Reach Capital. “Just enough information so that we come prepared to the meeting.” 5 ways biotech startups can mitigate risk to grow sustainably in the long run Image Credits: jayk7 (opens in a new window) / Getty Images Thanks to R&D and clinical trials, life science startups have long lead times before they can bring their capital-intensive products to market. “But,” asks Omar Khalil, a partner at Santé Ventures, “what happens when the funding suddenly dries up?” In a guest post for TC+, he shares five strategies for biotech startups that are trying to stay warm through the winter ahead. “It’s still too early to know whether this is a short-term correction, or if it’s a new normal that will be maintained for the foreseeable future.”

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