Top News | TikTok ban upheld: This morning, the Supreme Court of the United States rejected an appeal by TikTok with a score of nine to zero. The ruling means that TikTok is racing towards at least removal from app stores on the 19th — and potentially a full shutdown, as has been reported. The TikTok issue, we suspect, is far from over and will spill over into the incoming administration. $150M for Phantom: What has 15 million monthly active users and a shiny new $3 billion price tag? Phantom, the well-known crypto wallet provider, that’s who. Phantom is best known for its work with the Solana blockchain, but it supports multiple blockchains, staking, and other normal wallet functions. Crypto is enjoying a moment in the sun after yet another cycle out of favor. Expect more nine-figure crypto rounds this year. Instabase snaps up $100M: Instabase, a startup that helps companies understand and leverage their unstructured data, has raised another nine-figure round. TechCrunch reports that the new cash—led by the Qatar Investment Authority—saw its valuation dip. Down rounds are more common these days, and Instabase proves that raising at a lower price is far from a death sentence. To the contrary, the unicorn is now recapitalized ahead of what is expected to be a busy year for business.
| TWiST500 | The TWiST500 is an effort to find the private-market companies that will lead to the largest financial outcomes. That means we need to look high, low, and with great breadth to avoid missing potentially massive startup exits down the road. | That’s a long-winded way of saying that we’re a bit light on crypto companies on the TWiST500 today, something at which I shall chip. We added MoonPay to the list recently — stay tuned for them on the podcast in the coming weeks — but I think Phantom has earned a spot as well. | Not because it just raised more money, though attracting capital is no sin to success. No, instead, it’s this line from the company’s own release, stating that Phantom has “15 million monthly active users.” A purely social app with 15 million MAUs would be notable. A financial product with that scale of use? Now we’re really talking. | | Perhaps a weakness in my thinking has been that crypto needs to be filed under the fintech or social business type and not both. It may be both. There’s a seemingly neverending supply of folks who want to buy, trade, tinker, create new tokens, and play with those more established. Phantom’s Solana roots matter here, as there have been a great number of meme coins built on that blockchain of late. | By that logic, Phantom is putting the — please excuse me in advance — fun into fintech? — Alex |
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| Tired of doing the same workouts at the gym? Fitbod will build you personalized workouts that help you progress with every set. Get 25% off your subscription or try out the app for FREE when you sign up now at fitbod.me/TWIST. | This Week in Startups | E2073: Alex kicks off the show by diving into the Supreme Court ruling on TikTok and some key market numbers. He also sits down with two CEOs from companies freshly added to the TWIST500. We get a masterclass from Bob van Luijt of Weaviate on vector databases, helping AI and LLMs do what they do. Then, Philip Johnston from Lumen Orbit explains his vision of building data centers in space. | E2072: Jason and Alex interview Aarush Selvan, lead PM at Google Gemini Deep Research, and discuss what's going on with the application and their groundbreaking work. They also take a moment to cover TikTok’s precarious future and geopolitical implications. Plus, the episode features demos of Synthesia's AI video tools and highlights from Jason’s Japan skiing adventure. | E2071: Alex opens the show and dives into Mark Zuckerberg's Joe Rogan interview, OpenAI's economic pitch, and the pending IPO of India’s Groww. Alex interviews two of our TWiST500 members: James Cadwallader (Profound) and Martin Rehak (Resistant AI), who discuss their companies' innovative approaches to SEO and fraud detection. The episode also covers the Biden administration's AI diffusion plan and shifts in the global tech landscape. | TWiST Partner Offers | Lemon.io: Hire pre-vetted remote developers, get 15% off your first 4 weeks of developer time at https://Lemon.io/twist Northwest Registered Agent: Starting your business should be simple. With Northwest Registered Agent, you can form your entire business identity in just 10 clicks and 10 minutes. From LLCs to trademarks, domains to custom websites, they’ve got you covered. Get more privacy, more options, and more done—visit https://www.northwestregisteredagent.com/twist today! Vanta: Compliance and security shouldn't be a deal-breaker for startups to win new business. Vanta makes it easy for companies to get a SOC 2 report fast. TWiST listeners can get $1,000 off for a limited time at https://www.vanta.com/twist
| Founder University | Applications are open for Founder University Cohort 10, a 12-week remote pre-accelerator program tailored towards navigating early-startup practices, building an MVP, and growing traction. Submit your application at Founder University— Cohort 10 will kick off Spring 2025! | | The TWiST500 newsletter is the new, updated, and improved TWiST Ticker. |
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