🦄 Startups & VCs (Web3, AI & SaaS)

🔥 September Web3 Deals: Less Capital, More Signal September brought a mixed picture for Web3 funding. Investors deployed $1.05B across 48 announced rounds. That is well below the previous 12 month average of $2.01B and 66.8 rounds per month. (Source: FinDas) But here is where it gets interesting 👀 The market may be funding fewer companies, but the deals that are getting through tell us a lot about where investors see real opportunities. 🏦 Tare: $13.25M Tare is building onchain infrastructure for private credit, covering everything from origination and servicing to financing and securitization. Why this one? Because of the investor mix. The participation of Janus Henderson, a traditional asset manager, alongside crypto native investors is a strong signal for the RWA narrative. Private credit is moving further onchain, and infrastructure that can connect blockchain rails with institutional credit markets is becoming increasingly relevant. 🃏 CatchBack: $8M The startup combines physical collectibles with custom mystery packs, real time trading and instant buybacks. Why this one? Because it shows where blockchain infrastructure can become almost invisible to the end user. The product is built around a familiar consumer behavior, collecting and trading, while the underlying infrastructure creates new ways to aggregate demand and provide liquidity. With 75,000+ users and more than 500,000 packs opened, CatchBack is also an interesting example of how crypto aligned infrastructure can support consumer markets beyond traditional DeFi. 🛡 Firelight: $8M The startup is building decentralized cover infrastructure designed to protect DeFi capital against protocol, smart contract and economic risks. Why this one? Because DeFi needs more than yield and liquidity. It needs risk infrastructure. For institutional investors, the ability to protect capital can be just as important as the ability to deploy it. Firelight is targeting exactly this gap, building protection infrastructure that could help make onchain finance more accessible to professional capital. 👀 What does September tell us? The biggest signal is capital concentration. Funding activity slowed, but investors continued to write large checks into infrastructure and financial products with clear institutional use cases. Stablecoin infrastructure was the biggest sector anomaly, with 7 rounds versus a monthly average of 1.6. RWA also remained above its historical baseline, while DEXs, Memes, Digital Identity and DePIN all recorded above average activity. Meanwhile, DeFi had the sharpest decline, coming in 10.2 rounds below its monthly average. Another interesting signal is round size. Series A median funding reached $16.6M, up 38% YoY, while Series B reached $45M, up 12% YoY. Seed remained relatively resilient at $5.2M, up 4% YoY. The takeaway for founders? 👇 The market is more selective, capital is concentrating around fewer companies, and investors are increasingly looking for infrastructure that can connect crypto with real financial and institutional demand. September may have been a quieter month for Web3 funding. But the deals themselves are giving us plenty to watch. 🚀

How AI ruined the love story of a crypto founder 💔🤖 TRON founder Justin Sun shared that Claude AI advised him against a $50M request in his love life. Founders nowadays are really trying to outsource anything… Weekend read for u 🍿https://blog.alphamind.co/justin-sun-jing-tian-claude-50-million/

🚩 VC Red Flag of the Week. №3 “Our token will drive the entire ecosystem.” 👀 Sounds ambitious. But then a VC asks: “What happens if you remove the token?” If the answer is “the product stops making sense”, that’s a serious red flag. 🚨 Why? Because the token can create incentives, but it can’t replace product demand. If users only show up for rewards, farming, or token speculation, it becomes much harder to prove that people actually need the product. A stronger approach: Build the product first. Give the token a clear job. The token should solve a specific problem in the ecosystem, for example by enabling access, coordination, governance, or another meaningful user action. The key question is: Would people still want to use the product if the token disappeared tomorrow? If yes, you have a product with token utility. If no, you may have a token looking for a product. 👀 Founders, try this test before your next pitch: 🔥 Remove the token from your deck. Can you still explain why users need your product? 🚩 More VC Red Flags coming next week. #VCRedFlag

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🚀 Save the dates, meet new people, and keep building. And don't forget to check the InnMind Events Calendar regularly for new events and networking opportunities!

📅 9 Web3 & AI Events to Add to Your Calendar The next few months are packed with events for founders, builders, investors, and tech professionals. 🌍 We’ve added these events to the InnMind Events Calendar so you can easily discover new opportunities to network, meet potential partners and investors, and find events that can help move your project forward. 🚀 👉 Check the calendar regularly: https://app.innmind.com/events/calendar AI & Emerging Technology Forum 2026 📅 September 28–30, 2026 A three-day international forum bringing together AI developers, founders, researchers, engineers, and business leaders to explore Generative AI, automation, robotics, cybersecurity, and emerging technologies. 🤖 The program combines expert sessions, workshops, case studies, networking, and practical discussions around AI applications. Web3 x AI Fusion Singapore 📅 October 6, 2026 A focused meetup for founders, developers, investors, and innovators exploring the practical convergence of AI and Web3. 🔗 Expect discussions around decentralized AI infrastructure, smart contract automation, data ownership, AI-powered dApps, and new opportunities for collaboration. AI Marketing Minds Singapore 2026 📅 October 6, 2026 A gathering for marketers, founders, AI innovators, and growth leaders exploring how AI is changing customer engagement, content creation, automation, and campaign execution. ⚡️ The event combines panel discussions, fireside chats, live tool demos, and practical insights into AI-powered marketing workflows. EmpowHER in AI Singapore 📅 October 6, 2026 A community-driven event bringing together women founders, AI professionals, investors, and innovators shaping the future of artificial intelligence. 💜 Expect panel discussions, fireside chats, networking, and conversations around leadership, inclusion, innovation, and the next generation of AI. DeAI Summit 2026 📅 October 28–30, 2026 A global AI leadership forum bringing together AI founders, decentralized infrastructure builders, investors, policymakers, researchers, and enterprise leaders. 🧠 The agenda covers AI governance, safety, decentralized architectures, regulation, investment, and includes technical discussions, policy sessions, and a VC pitch competition. Wiki Finance Expo Cyprus 2026 📅 November 6, 2026 A major FX, crypto, and fintech event bringing together 5,000+ professionals, speakers, exhibitors, brokers, technology providers, and investors from around the world. 💼 Explore market infrastructure, MiCA and compliance, payments, DeFi, AI in finance, trading technology, and cross-border partnerships. Digital Assets Forum New York 📅 November 13, 2026 A closed-door institutional gathering for 800+ senior decision-makers from asset management, banking, and private wealth, focused on the future of digital assets. 🏦 Discussions will cover tokenization, institutional adoption, market infrastructure, stablecoins, private banking, and regulatory developments across 40 sessions. Blockchain Life 2026 Forum 📅 December 1–2, 2026 One of the major global Web3 and crypto gatherings, bringing together founders, executives, investors, and industry participants from 130+ countries. 🌐 Meet the global crypto community, discover new opportunities, and connect with thousands of participants in Dubai. 🎁 Use code INNMIND to get 30% off your ticket. AI Future Forum 2026 📅 December 1–2, 2026 Taking place in Dubai alongside Blockchain Life, this forum brings together AI and Web3 founders, investors, developers, and startups exploring real-world applications and new business models. 🤖 Expect practical use cases, insights from industry leaders, and high-level networking with the global tech community. Global Trading Show 2026 📅 December 15–16, 2026 A multi-asset event bringing together traders, brokers, exchanges, institutional investors, regulators, and fintech innovators across forex, stocks, crypto, commodities, ETFs, and derivatives. 📈 The program features keynotes, masterclasses, a live trading tournament, and dedicated zones for AI & Quant, Web3 & DeFi, and institutional finance.

🚩 VC Red Flag of the Week. №2 A big fundraising number looks great on slide 1. But investors may look at a different number: how much capital actually reached the company? A $5M headline can include: • committed but unsettled capital • refunds or cancellations • launchpad and platform fees • token allocations counted as funding • capital that never reached the project wallet The useful signal is the settled amount the company can actually use. Before putting a fundraising figure in your deck, make sure you can clearly show where that number comes from. Headline funding ≠ usable capital. 💬 If you raised $1M, would you show the headline amount or the final amount actually received in your deck? #VCRedFlag

💻 $10,000 FOR YOUR DEV STACK? GitHub Has a Startup Perk Your engineers already live in GitHub. So why not make your startup budget stretch further? 👀 Through GitHub for Startups, eligible InnMind startups can get up to $10,000 in flexible platform credits. The credits can be used across: 💻 GitHub Enterprise 🤖 GitHub Copilot 🔐 GitHub Advanced Security ⚡️ GitHub Actions That means the perk can support everything from everyday coding and AI-assisted development to CI/CD and application security. GitHub has become one of the core platforms for modern software teams, serving millions of developers and businesses around the world. And with Copilot becoming increasingly embedded into developer workflows, having credits that can cover both development and AI tooling can be especially useful for early-stage teams. There’s one catch founders need to know 👇 You must be affiliated with an approved GitHub for Startups partner. InnMind is one of those partners, so you need to claim the perk through InnMind. You also need outside funding and must be new to GitHub Enterprise within the relevant six-month eligibility window. 🚀 Check the perk and start your application here: GitHub for Startups on InnMind Save the cash. Give your engineering team more room to build. 🛠

🔥 90% OFF HubSpot + $10K GitHub Credits: New Perks Are Live! Founders, we’ve been busy adding more value to your startup stack. 🚀 Our Perks Club just got a serious upgrade with 4 new offers + a major HubSpot update from some of the biggest names in startup tech. Here’s what you can unlock through InnMind: 💥 HubSpot for Startups: up to 90% OFF in year one, then 50% in year two and 25% in year three. 💻 GitHub for Startups: up to $10,000 in flexible credits for GitHub Enterprise, Copilot, Advanced Security and Actions. ⚙️ GitLab Ultimate: get the highest GitLab tier FREE for 12 months, with up to 20 seats. 📊 Amplitude: one year of Growth at $0, with a package valued by Amplitude at $60,000. 📩 Customer.io: up to 12 months free, including Journeys, email, SMS, push, Data Pipelines and AI Agent. These are tools built for the problems founders actually face: shipping faster, understanding users, automating growth and building a scalable operating stack. 👉 Explore the new Perks Club offers and see what your startup qualifies for. Your next essential tool might already be waiting for you. 🧡

🚨 Your $1M token raise might be worth far less than $1M Founders love a “$1M raised” headline. But how much of that money actually reaches your treasury? 👀 One case from a recent launchpad analysis is a serious reality check: CHIPS Protocol had more than $1M in participant commitments across four launchpads. After refunds, unclaimed allocations and launchpad fees, the project received only $37,765. And the launchpad fees alone exceeded $90K. 🤯 So what looked like a seven-figure raise could leave the team with a fraction of the capital they expected. This is why choosing a launchpad in 2026 requires a different mindset. Before signing a deal, founders should look beyond follower counts, “SOLD OUT” banners and gross commitments. 🔍 The numbers that actually matter: • How much capital was retained after refunds? • What are the total fees and mandatory costs? • Who are the actual participants? • Who controls the funds and when are they released? • What happens to tokens used to pay launchpad fees? • How much traffic actually converts into KYC, purchases and settled capital? Here’s the key formula: Settled Net Proceeds = Gross Commitments − Refunds − Fees − Mandatory Costs And this can completely change the winner. A $500K refundable sale can leave a project with $45K. A $300K committed sale can leave $240K. The bigger headline can deliver dramatically less usable capital. 📉 If you're planning a token sale, this is one checklist worth reading before choosing your launchpad. 👉 Read the full Founder’s Checklist for choosing a crypto launchpad in 2026

🚩 VC Red Flag of the Week We’re launching a new weekly series where we unpack the little things in a Web3 pitch deck that can make investors hit “pass”. 👀 This week: “We have 100K community members.” Sounds impressive, right? 🚀 For a VC, the next question is: “How many actually come back?” Telegram members, Discord users, quest participants, and airdrop hunters can make your growth chart look amazing. But what happens when the rewards stop? That’s where the real traction starts showing. 🔍 Investors want to see things like: • Are users coming back without incentives? • Are wallets performing repeat actions? • Is the product generating organic fees? • Does activity survive after the campaign ends? A community of 100K can be a great distribution asset. A community of 10K that keeps using your product can be a much stronger investment signal. 💡 Founders, be honest: would you put your Telegram or Discord numbers on Slide 1 of your deck? 👇 🚩 More VC Red Flags coming next week.

Nasdaq + ESMA: A signal for Web3 founders 🚀 Two very different stories this week: 💰 Nasdaq is investing $100M in Payward, Kraken’s parent company, to work on tokenized-equity infrastructure (Source) ⚠️ ESMA is warning about the growing connection between crypto and traditional financial markets (Source) Put them together and the signal is clear: Crypto is moving closer to traditional finance. And the bar for Web3 startups is getting higher. For founders, this means more opportunities in tokenization, stablecoins, custody, settlement, compliance and financial infrastructure. But also more questions from investors: 👉 What real problem do you solve? 👉 Why does it need blockchain? 👉 Who pays for it? 👉 How do you manage risk? 👉 What proof do you have? “Building the future of finance onchain” sounds great. “We reduce settlement time from X to Y” sounds much better. 📊 The next generation of Web3 winners may be the startups that combine blockchain technology with real financial demand, strong infrastructure and measurable results. Less hype. More proof. 🧡

👀 Your Investor Said “Interesting”. Now What? You just finished a great investor call. They smiled. They asked questions. They said: “This is really interesting. Let’s stay in touch.” And you leave thinking: “Nice. We’re almost there.” 🚀 But here’s the awkward part: “Interesting” can sometimes mean “I’m not convinced yet.” Investors rarely say “Your valuation is too high” or “I don’t see enough traction” that directly. Instead, you get polite phrases that sound positive but can hide a very different message. 🔍 “Let’s stay in touch.” Translation: “I’m curious, but I don’t have enough conviction to move this forward yet.” The real signal is what happens next. ▪️ Do they schedule another call? ▪️ Introduce you to a partner? ▪️ Ask for specific metrics or data? If there’s no concrete next step, you may have received a soft pass. 👀 “You’re a bit too early for us.” Translation: “I need more proof before I can justify this investment.” For a Web3 startup, that proof could be traction, retention, revenue, protocol activity, or stronger evidence that growth goes beyond incentives and short-term hype. And then there’s the classic: 💬 “We really like the project, but…” Sometimes the missing piece is your FDV, token structure, round size, traction or investor fit. That’s why founders shouldn’t only ask: “How do I get more investor introductions?” A better question is: “Why are the investors I already reach saying no?” 🧠 Because sending your deck to another 100 funds won’t fix a fundraising blocker hiding inside the raise. This is exactly what we built PitchPop for. Paste your pitch deck or website and get a free diagnosis of the potential blockers in your raise, from valuation and proof gaps to tokenomics, deal structure and investor targeting. And if you already have investor replies sitting in your Telegram inbox, you can use PitchPop’s Reply Decoder to understand what the investor may actually be signaling. 👉 Try it here: https://pitchpop.app/ Decode the feedback. Fix the blocker. Then go back to fundraising. 🚀

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🚀 Would Your Web3 Pitch Deck Survive the VC Filter? You have 10 slides. An investor has a few minutes. And somewhere around Slide 6, you may already have lost them. 👀 So here’s a quick challenge for founders: Open your pitch deck and ask yourself: 👉 Does Slide 1 clearly explain what you do and what investors are buying? 👉 Does Slide 2 show a painful problem with a real budget behind it? 👉 Does your traction prove real usage, rather than a big community number? 👉 If you have a token, can you explain exactly what job it does and where value flows? 👉 Can you show why your project has a moat beyond being first? 👉 Does your final slide explain exactly what this round unlocks? 🔥 Here’s the real test: Could an investor understand your entire investment story without opening your appendix? If yes, you’re making their job easy. If not, you may be making your deck harder to fund than your startup needs to be. 💬 Founders, which slide is currently the weakest in your deck? 1️⃣ Problem 2️⃣ Traction 3️⃣ Tokenomics 4️⃣ Go-to-Market 5️⃣ Moat 6️⃣ The Ask Drop the number below 👇

🔥 What August VC Deals Tell Web3 Founders August brought a sharp reset for crypto VC. $596M was invested across 49 deals, down 74% from July’s $2.31B. And with no mega-rounds distorting the picture, the signal is pretty clear: 💡 Investors are still funding Web3. They are simply becoming much more selective. So, what are they actually looking for? 🏗 1. Infrastructure is taking the lead $311M of August’s $596M went into infrastructure. Think market infrastructure, financial data, tokenized investment products, DeFi credit, authentication and verification. The message for founders? - Don’t lead with the technology. Lead with the problem. Who needs your product? How often do they use it? What does it save them? And where does your revenue come from? 📈 2. Traction is speaking louder than narratives Several August deals came with something investors love: proof of demand. City Protocol already has around $30M TVL. Twyne has more than $14M TVL. FinTax serves 70+ institutional clients with around 90% renewal. You don’t need millions in TVL or hundreds of customers. Even 10 paying customers, strong retention, repeated usage or successful pilots can show that people actually need what you are building. 🏦 3. Crypto and traditional finance are getting closer One interesting example is Cambrian, whose $6M seed was co-led by Polychain Capital and Franklin Templeton. For founders, this means your pitch increasingly needs to make sense beyond crypto-native investors. Instead of saying “next-gen DeFi infrastructure”, explain how you help financial institutions move faster, reduce costs or manage risk. 📋 4. Regulation can create markets FinTax is another strong signal. As crypto regulation grows, companies need tax reporting, compliance, accounting, monitoring, identity, custody and audit infrastructure. So when a new regulation appears, don’t only ask: “Where will this hurt my startup?” 👉 Also ask: “What new problem does this create, and can we build the solution?” 🤖 5. AI × Web3 is becoming more practical Cambrian is a good example of the shift. The interesting part isn't simply combining AI and blockchain. The value comes from solving a specific problem: giving AI agents reliable, fast and verifiable financial data for economic decisions. That’s the kind of AI × Web3 story investors can understand. 💰 6. Investors want to see the business behind the token August capital allocation is another useful signal: infrastructure attracted $311M, while CeFi received $199M and DeFi $73.1M. The takeaway? - A project built around TVL, incentives or token growth needs a stronger business case today. 🔎 Try this test: Remove the token from your pitch. Is there still a valuable business? -If yes, you have something interesting to build on. 💡 When capital becomes more selective, the questions become sharper. And that gives you a clearer fundraising checklist: ✓ Why your company? ✓ Why now? ✓ Why this market? ✓ And what proof do you already have?

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Am I really seeing this? 😳 From “software is eating the world” to “full steam ahead to socialism”. Marc, blink twice if the Politburo took over the account. 😉

AI agents got crypto wallets. Banks moved money onchain. Crypto VC capital kept flowing, but toward fewer startup teams. 👉 The August Techstars Web3 Startup Digest is live, curated by InnMind. What founders should pay attention to: ☁️ Cloudflare is building stablecoin wallets for AI agents, with delegated budgets, spending caps & merchant controls. ⚖️ The US published concrete proposals for stablecoin licensing & token fundraising. 💸 July crypto funding looked healthy on the surface, but the 10 largest rounds captured 85% of disclosed VC investment. 🔐 Most stolen value came from infra & operational failures, not the smart-contract exploits founders usually obsess over. The useful question is no longer “which chain?” It is: who needs to move value, what permissions do they need & why should they trust you? Read the full founder briefing: https://read.letterhead.email/techstars-web3/78mqnogzt8