Liquidity For Canned Liquids


Jul 17, 2023


Cindy Grazer


Jul 17, 2023


Cindy Grazer


Liquid Death, the canned water company that promises to murder your thirst, made a splash in the news this week when it was announced that the company intends to go public next year and has hired Goldman Sachs to lead. The Los Angeles based company was valued last year at $700m and its cap table includes celebrity investors like Swedish House Mafia, Machine Gun Kelly, Tony Hawk and Whitney Cummings.

The hype around the company has led at least 240 superfans to sport tattoos of the Liquid Death logo, but it remains to be seen whether the company – which was reportedly unprofitable and had 12% gross margin as of last year – can turn a profit. The news of a potential public offering comes off the heels of Cava’s strong debut as a public company. Since its IPO last month, the Mediterranean restaurant chain’s stock is up 25% and has been received favorably by investors.

So, why is the financing strategy of a water company interesting, you might ask? The announcement implies the IPO market is finally opening after more than two years of stagnation, paving the way for long-awaited mega deals from the likes of Arm, Stripe and Instacart. It could also breathe life into the depressed late-stage VC financing environment.

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Portfolio News

Mattilda grabs another $19m, this time to expand beyond Mexico’s private schools - GSV Ventures led the round and is joined by FinTech Collective, which led the seed, and Dila Capital. The company has now raised a total of $39m. Last October, CEO Agote told me that mattilda was approaching 14,000 students that it was collecting payments for. Today, that has grown to 35,000 students. Read more

Antler expands into Malaysia through partnership with Khazanah - Antler will be involved in the Future Malaysia Programme – an initiative under Khazanah’s 6b ringgit (US$1.3b) Dana Impak (Impact Fund) – which is committed to investing in local startups over the next five years. Antler will also have a base in Kuala Lumpur, aiming to invest in over 30 startups in the country on its own over the next three years. Read more

Flutterwave launches Tuition to ease education fee payments for Africans abroad and on the continent - Tuition is designed to solve the challenges in paying school fees for students studying abroad and at home and aims to ensure payments ease when making the transactions. The new service enables students, parents, guardians and sponsors to pay school fees to over 40 institutions in the UK, with plans to add more institutions in more countries in Africa and beyond. Read more

CapIntel's wealthtech platform adds new features to help meet SEC's Marketing Rule - The Marketing Rule sets forth principles-based general prohibitions that apply to all advertisements disseminated by a Registered Investment Advisor (RIA). CapIntel's innovative proposal generation builder includes a range of controls to assist RIAs in meeting the key requirements outlined in the Marketing Rule. Read more

Liquidity For Canned Liquids

Liquid Death hires Goldman Sachs, aiming for 2024 IPO - If it goes forward, Liquid Death’s listing would represent a test for VCs’ on-and-off interest in startups that compete in more traditional sectors rather than internet or software. Read more

Even with a $700m valuation, Liquid Death may need a lot of luck to become liquid gold - Former adman Mike Cessario has a plan to drastically cut costs at his buzzy, money-losing water brand by shifting production to the U.S. Read more

Nvidia in talks to be an anchor investor in Arm IPO - The Silicon Valley-based chipmaker is one of several existing Arm partners, including Intel, that the UK-based company is hoping will take a long-term stake at the initial public offering stage, which could come as soon as September. Read more

Industry News

Why private equity is chasing plumbers and lumber yards - Wall Street has been buying into fragmented Main Street industries for years, with dental and veterinary practices among the favorite targets. It’s known as the roll-up strategy – and it’s catching a tailwind right now, and expanding rapidly in household services and building materials. Read more

Ripple Labs notches landmark win in SEC case over XRP cryptocurrency - Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring. While the decision is specific to the facts of the case, it likely will provide ammunition for other crypto firms battling the SEC over whether their products fall under the regulator's jurisdiction. Read more

Credit scores went up in the pandemic. Now, more borrowers are slipping - Americans whose credit scores jumped early in the pandemic are falling behind on loan payments at higher than expected rates. Delinquency rates for credit cards and personal loans opened in mid-2021 more closely resembled those of borrowers with credit scores 25 points lower in the first quarter of 2023. Read more

A deep dive into the tech priorities of the banking industry - Overall 61% of all banks expect to increase tech spending in 2023 over their 2022 levels. Banks are prioritizing security, fraud mitigation and customer onboarding/mitigation. Concerns about compliance are top of mind as well. Read more

Banks’ newest Fed headache: nonstop instant payments - Although it is a boon to consumers and many businesses, some analysts warn that FedNow could destabilize banks’ reliance on customer cash, fanning the flames of deposit flight that became the bane of several regional banks this spring. Read more

The accountant shortage is showing up in financial statements - Companies such as car-parts provider Advance Auto Parts, electric-air-taxi firm Joby Aviation and German biotech company Evotec in recent months have disclosed efforts to address material weaknesses due at least in part to a lack of accounting staff. Read more

Shopify shames employees with cost calculator for pointless meetings - The tool uses average compensation data across roles and disciplines, along with meeting length and attendee count, to put a price tag on the event. A typical 30 minute endeavor with three employees can run from $700 up to $1,600. Read more

Under-21s targeted by money launderers, warns UK fraud agency - Fraudsters are capitalizing on a tough economic climate to target young people online, offering cash in exchange for laundering funds.One in five “money mule” cases in the UK in the first six months of this year involved people aged under 21. Read more

America’s biggest banks are going to need more capital - The Federal Reserve’s regulatory chief outlined steps to strengthen the financial cushions for larger banks, which he said would help boost the resilience of the system after a spate of midsize bank failures this year. Read more

Revolut’s US payment flaws allowed thieves to steal $20m - The problem stemmed from differences between European and US payment systems, which meant that when certain transactions were declined Revolut would erroneously refund accounts, handing them its own money, according to three people with knowledge of the situation. Read more

Jack Ma’s clash with Beijing costs Ant, Alibaba $850b - Ant has had to overhaul its business model, pulling back from sensitive sectors and easing up on competition with state-backed banks. Its valuation, envisioned at about $315b after the IPO, has dropped to about $78.5b. Read more

Fintech partnerships surge as insurance firms adopt real-time disbursements - Speed and ease of use are the primary reasons cited by insurance companies for adopting real-time payments. Read more

Robinhood rival Public.com makes its international debut in UK - The New York-headquartered firm will allow British retail investors to trade more than 5,000 US stocks and access additional services such as data and research. The company plans to eventually expand the products it offers in the UK and move into other European countries. Read more

Select Financings

Alluvial - UK based enterprise-grade liquid staking startup raised $12m in Series A funding led by Ethereal Ventures. Read more

CapStack - Miami based bank-to-bank marketplace startup raised $6m in pre-Seed funding led by Fin Capital. Read more

Collective - San Francisco based financial platform for freelancers raised $50m in growth funding led by Gradient Ventures. Read more

Efficient Capital Labs - New York based revenue-based financing startup raised $7m in Seed funding led by QED. Read more

Equabli - Austin based debt recovery startup raised $3.35m in new funding led by Social Leverage. Read more

Finres - Paris based agricultural finance decision-making platform raised €4.1m in Seed funding led by Speedinvest. Read more

Gondi - New York based NFT lending protocol raised $5.4m in Seed funding led by Hack VC. Read more

Hepster - Germany based embedded insurance startup raised €10m in Series B funding led by Element Ventures. Read more

House Numbers - San Francisco based home wealth management platform raised $3.75m in pre-Seed funding led by Resolute Ventures. Read more

Ivy - Germany based instant bank payments startup raised €7m in Seed funding led by Creandum. Read more

Jirav - San Francisco based financial planning startup raised $20m in Series B funding led by Cota Capital. Read more

MerQube - San Francisco based index-linked investing startup raised $22m in Series B funding led by Intel Capital. Read more

Narval - Paris based web3 wallet usage platform raised $4m in Seed funding led by BlockTower VC. Read more

Qover - Brussels based embedded insurance orchestration startup raised $30m in Series C funding led by Alven. Read more

RightRev - Santa Clara based accounting and revenue recognition startup raised $12m in new funding led by Norwest Venture Partners. Read more

Roi - San Francisco based investing platform raised $3.6m in new funding led by Spark Capital. Read more

Sigo Seguros - Austin based auto insurance startup for immigrant and working-class communities raised $5.1m in Seed funding led by Zeal Capital Partners. Read more

Silo - San Francisco based food supply chain ERP and financing platform raised $32m in Series C funding led by Koch Disruptive Technologies. Read more

Solaris - Germany based embedded finance platform raised $42m in Series F funding led by BBVA. Read more

Trunk Tools - New York based construction-focused earned wage startup raised $9m in Seed funding led by Innovation Endeavors. Read more

U Fintech Hub - South Korea based global remittance platform raised $4m in new funding led by Forest Partners. Read more


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