Michael Bodley

1 week ago | pitchbook.com | Michael Bodley

Fresh off a banner 2024, venture capitalfirms investing in national security startups are fine-tuning their approach to both align with the Trump administration’s priorities and have broader potential. The Department of Defense has proposed a record $1 trillion budget, which is undoubtedly increasing investor interest in defense startups. At the same time, VCs are also hedging their bets by examining startups that do business with both governments and the private sector.

2 weeks ago | pitchbook.com | Michael Bodley

With a new administration in the White House, the venture capital industry is reviving a long-standing effort to relax adviser rules they say were built for Wall Street, not startup investing. The National Venture Capital Association (NVCA) and allied groups have pushed to give venture funds more flexibility within their exemption from registering as investment advisers (RIA), including in the types of investments and asset limits.

2 weeks ago | pitchbook.com | Michael Bodley

Crossover fund managers have diminished their venture capital dealmaking as inflated valuations and a lack of exits weigh down portfolios. Last year’s cumulative US deal value with crossover fund participation was $89.6 billion, according to the latest PitchBook–NVCA Venture Monitor. That’s just over half of the record $172.4 billion in 2021 when hedge funds and other liquid asset managers piled into hot tech startups. Crossover firms’ pandemic-era enthusiasm for startups has not since held.

3 weeks ago | pitchbook.com | Michael Bodley

Andreessen Horowitz has acquired tech podcast network Turpentine and named its founder, Erik Torenberg, as the firm’s newest general partner. This is the venture capital firm’s latest move in its “going direct” approach to marketing and communications, advocating for founders (and investors) to share their messages directly with their audiences.

4 weeks ago | pitchbook.com | Michael Bodley

US venture capital funding for manufacturing startups has slowed since its 2021 peak—and now, President Donald Trump’s tariffs are injecting fresh uncertainty into the sector. US manufacturing startups notched 213 VC deals in Q1, according to the latest PitchBook–NVCA Venture Monitor. That puts 2025 on pace to fall well short of last year’s 1,004 total deals. But total deal value is ticking up with the market maturing since the 2021 boom, and valuations still buoyed by that era’s highs.