Muse: Hotel SAS Startup

• Muse, an Amsterdam-based hotel SAS startup, raised $110 million at a $1.2 billion valuation, becoming a new unicorn.
• Muse offers software tools for hotels to streamline check-in, payments, and guest room service bookings.
• The company experienced significant growth, with its gross payment volume increasing from $2.3 billion in 2022 to $8 billion.
• Muse plans to expand beyond the hotel sector into commercial properties, Airbnbs, and other accommodations.
• Muse has made eight acquisitions in the hotel tech space to date.

Quota Lab: South Korean Cap Table Management Software Company

• Quota Lab, a South Korean cap table management software company, is doing well in its domestic market but faces challenges in expanding to other regions.
• Formed through the merger of Quota Book and Logos Systems, Quota Lab has a 40% market share on the startup side, 80% market share on the VC side, and claims to be the sole player on the LP side in Korea.
• Quota Lab's potential revenue is limited by the size of the South Korean venture capital market compared to the US market.

Deal: HR Decacorn's Global Expansion

• Deal, an HR Decacorn, acquired PaySpace, a large HR player in Africa, Brazil, and the UK, to expand its global reach and acquire more enterprise customers.
• Deal's acquisition strategy involves a mix of cash and stock, depending on the preference of the acquired company.
• Deal is a potential candidate for the public markets but is not considering an IPO until 2025 or 2026.

Africa-Based Companies Gaining Attention

• Africa-based companies are gaining attention, with several acquisitions in the past 18 months.
• Remo first, a global HR tech company, raised $25 million and aims to compete with Deel and Rippling by offering affordable pricing, serving larger customers, and partnering with legal experts.
• Despite focusing on SMBs, Remo first plans to expand into the enterprise market.
• Gusto, another HR tech company, reached the half-billion recurring revenue mark last year.
• RemotePass, based in the UAE, raised $5.5 million, and Remote and Ingred are also players in the HR tech space.

VC Trends and Musical Chairs

• Sam Blonde, former CRO of Brex, stepped down from his role as a VC at Founders Fund after only 18 months, citing that full-time investing as a VC isn't the right fit for him.
• There's a trend of VCs growing disenchanted with the profession due to the shift from an exciting boom to a more conservative and challenging investment climate.
• Miles Grimshaw announced his departure from Benchmark after 3 years to rejoin Thrive Capital, founded by Joshua Kushner.
• Venture capital firms can vary greatly in their approach and ethos.
• Benchmark is an example of an old-school VC firm with a focus on privacy and a lack of public presence.
• Thrive, on the other hand, is a newer firm known for being public, loud, and rapidly growing.
• Miles leaving Benchmark to join Thrive could be due to cultural differences and a desire for a different type of investment firm.
• The venture capital industry is experiencing a period of change, with more firms hiring and expanding.
• The trend of venture capital musical chairs is expected to continue in 2024.

Roger Lee's Investment in Sunset

• Maryann will be releasing an interview with Roger Lee, co-founder, angel investor, and creator of layoffs.fyi, discussing his investment in Sunset, a startup that helps other startups shut down.
• The conversation will cover the reasons behind Lee's investment, the connection to his work at layoffs.fyi, and the increase in startup shutdowns and layoffs in 2023.