Michael Bodley

New York

Senior VC Reporter at PitchBook

Senior VC reporter @PitchBook [email protected] for Signal | Bigger @maggierogers’ fan than you 🪐

Articles

GitHub co-founder Tom Preston-Werner is raising a $100M fund to back early-stage tech startups.

1 week ago | pitchbook.com | Michael Bodley

Tom Preston-Werner, a co-founder of GitHub, is aiming to raise $100 million for a new VC fund that will back early-stage technology companies, according to a regulatory filing. This is Preston-Werner’s latest act, having co-founded language learning startup Chatterbug after parting ways from GitHub under contentious circumstances more than a decade ago.
The US direct venture capital secondary market is swelling

1 week ago | pitchbook.com | Michael Bodley

The market for venture capital direct secondary transactions in the US is swelling, according to new PitchBook research. In Q1 2025, the average premium was 6% while the median was 3%. Both had been negative since 2022. A depressed primary venture market and ensuing sluggish secondary activity had entrenched deep discounts for more than two years. Tariffs have since roiled the markets, leaving LPs looking for liquidity and triggering more secondary sales.
VCs circle stablecoin-linked startups as supply hits $239B

1 week ago | pitchbook.com | Michael Bodley

With B2B stablecoin transactions booming, venture capitalists are eyeing startups that help companies integrate stablecoins into existing business models. The global supply of stablecoins is approximately $239 billion, up from less than $10 billion half a decade ago, according to new research from Artemis, Castle Island Ventures and Dragonfly.
The US government helped create 24% of unicorns, a study finds

2 weeks ago | pitchbook.com | Michael Bodley

Tesla famously benefited from quite a bit of government assistance, but it’s far from the only venture-backed success to do so. Nearly 1 in 4 venture-backed US unicorns eclipsed the $1 billion valuation mark with the help of government funding or support, Commonweal Ventures found in a new study exclusively shared with PitchBook. The study accounted for municipal, state and federal government help. The findings come as the debate over the role of government in private markets has intensified.
Airwallex raises $300M at $6.2B valuation as enterprise fintech deals pop

2 weeks ago | pitchbook.com | Michael Bodley

Enterprise fintech startup Airwallex has raised $300 million at a $6.2 billion valuation, the latest sizable venture deal in the sector. Airwallex’s Series F round, which included $150 million in a secondary transaction, comes as the venture-backed fintech sector regains its footing after a three-year downturn. It follows recent headline tender offers for Stripe and Ramp.
How a $50 million loan to CoreWeave became Magnetar Capital's boldest bet

3 weeks ago | pitchbook.com | Michael Bodley

CoreWeave’s first earnings report on Wednesday will be a crucial test for the AI infrastructure company—and its largest investor, Magnetar Capital. CoreWeave appears to be Magnetar’s biggest and boldest bet in the hedge fund’s more than two decades in business. Magnetar has already parlayed an initial $50 million loan to the once-obscure startup into billions of dollars in potential profits. Now, the capable crossover firm’s next challenge is proving it has staying power as a venture investor.
Defense VCs firm up investment priorities with $1T proposed DoD budget in play

1 month 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.
The VC industry is hoping to finally get more investment flexibility

1 month 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.
Why all US crossover funds are averaging just 170 VC deals a quarter

1 month 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.
Andreessen Horowitz names Erik Torenberg general partner, acquires his podcast startup

1 month 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.