As we enter 2024, it’s natural to pause and reflect on the events and developments that defined the past year. 2023 was a year of continued ups and downs, recovery, and shut-downs, cautious optimism and uncertainty, and new beginnings following the upheaval of the previous years.

The world witnessed both triumphs and tribulations across numerous fronts. There were inspirational moments that revealed the strength of the human spirit, contrasted by tragedies that tested our resilience. New leaders and innovators rose to prominence, bringing hope along with lessons learned from the past.

Technologically, advancements accelerated across sectors like AI, renewable energy, space exploration, transportation and medicine. However, concerns around misinformation, privacy and automation’s impact on jobs remained front and center. Businesses and societies continued adapting to rapid digital transformation and startups (a lot) and VCs (a bit less ;)) played crucial roles in this process.

As we recap 2023, we remember both the progress made and problems revealed. Hindsight grants us a valuable opportunity to assess what we’ve learned, where we fell short and how to carry these lessons into the year ahead.

💰 Big VC fundraising events:

• Bain Capital raises $7.1 billion in largest pan-Asia PE fund (more here)
• Rally Ventures Fund V: $240 million (more here)
• Turnspire Value Fund II: $275 million (more here)
• Playground Global closes Fund III with $410M (more here)
• Congruent Ventures has closed a $300 million-plus “Continuity Fund” (more here)
• Khosla Ventures is in the final stages of raising $3 billion for its latest set of venture funds (more here)
• Andreessen Horowitz expects to target around $3.4 billion for its next core early-stage and seed-stage funds (more here)

🚀 Big Startup rounds:

• Mistral AI raised funding at $2B Valuations (more here)
• Open AI is discussing raising between $8B and $10B (more here)
• Anthropic in talks to raise $750 million, led by Menlo ventures (more here)
• SpaceX closed $750 million at $137Bm valuation (more here)
• Together AI $102.5M. Round: Series A (more here)
• Enable $120.0M. Round: Series D (more here)

😬 Startups shakeups

• 3200 VC Backed Startups Shut Down this year: total raised $27.2Billions (more here)
• Silicon Valley Bank / SVB collapsed (more here)
• First Republic Bank collapsed (more here)
• Elizabeth Holmes, founder and CEO of Theranos, was sentenced to more than 11 years in prison (more here)
• Sam Bankman-Fried, founder and CEO of FTX, was found guilty of seven charges (more here)
• Nikola Corp.’s founder, Trevor Milton, was sentenced to four years in prison (more here)
• Flexport founder and CEO Ryan Petersen handed the company to Dave Clark and a few months later came back (more here)
• Sam Altman was fired and rehired by OpenAI (more here)
• WeWork announced the mass closure of almost 70 prominent offices across the United States (more here)
• Agility Robotics builds RoboFab manufacturing facility to mass-produce humanoid robots (more here)
• Hyperloop One, Elon Musk’s company, is shutting down (more here)
• Adobe abandons $20 billion acquisition of Figma (more here)
• From remote to the office again (more here)
• Startups face massive layoffs (more here)

🤫 VCs shakeups:

• OpenView Ventures shut down (more here)
• George Iakovou, CEO of New York-based venture capital firm Vika Ventures was sentenced to prison for 97 months (more here)
• SoftBank is selling its Opportunity Fund (more here)
• Mike Rothenberg, former VC, was convicted of fraud and money laundering (more here)

And so we enter 2024, carrying both the memories and lessons of the past year, using them as motivation to move forward with purpose. Though 2023 was challenging, the resilience, compassion, and courage we witnessed serve as reminders that even in darkness, light finds a way through. Problems untangle when met with empathy, creativity and understanding.

The new year represents a chance to start fresh, to plant promising seeds through renewed unity, vigilance and care for our shared planet, businesses and collective humanity. We inch closer to the world as it should be — one where all can thrive and fulfill their potential.

So as the calendar turns and we toast to 2024, let’s move forward mindfully, purposefully and compassionately. The future rests in both our hands and hearts. Through cooperation, we can yet build a happier, healthier, bolder society — one more resilient to challenges and nourishing to human souls. Our passionate work continues, and by collaborating together we will get there…

…the best is yet to come.