Startup Funding Tracker — 2026-03-31
Today's edition highlights a strong wave of fresh capital across fintech, litigation tech, and biotech, with the biggest fresh deal being German tokenization startup Midas raising $50 million in early-stage funding. The IPO pipeline remains the week's dominant macro story, with SpaceX's anticipated June listing at a $1.75 trillion valuation commanding attention alongside Relativity's proposed IPO filing. On the VC side, Bow River Capital's acquisition of Spur Capital Partners and Audeo Ventures exceeding its $50M fund target signal continued structural activity in the investor ecosystem.
Startup Funding Tracker — 2026-03-31
Top Deals
Midas — $50M Early-Stage Round
- What they do: German tokenization startup enabling investors to access tokenized real-world assets
- Investors: Led by RRE and Creandum, with backing from Coinbase Ventures and Franklin Templeton
- Why it matters: One of the largest early-stage raises in the European tokenized-assets space in 2026, underscoring continued institutional appetite for tokenization infrastructure as blockchain-based finance matures
Steno — $49M Series B
- What they do: LA-based legal-tech company providing court reporting, transcription, and litigation-support infrastructure for high-stakes lawsuits
- Investors: Undisclosed in this report
- Why it matters: In a market dominated by AI copilot narratives, Steno's raise signals enduring investor demand for durable, workflow-critical legal infrastructure — a segment often overlooked but structurally resilient
Biotech Continues Mid-Sized Rounds (via Fierce Biotech Tracker)
- What they do: Biopharma companies tracked in Fierce Biotech's ongoing 2026 fundraising monitor (latest entries include Gilgamesh's $60M Series A and Immutrin's $87M round, among others)
- Investors: Various institutional healthcare and life sciences VCs
- Why it matters: The Fierce Biotech tracker confirms that biopharma venture activity remains robust heading into Q2 2026, with rounds of $50M+ continuing to close at a steady pace despite broader market uncertainty
IPOs & Exits
- SpaceX: According to a March 27 IPOX update and Euronews reporting from the same date, SpaceX is preparing for a potential June IPO listing targeting a $1.75 trillion valuation and a $50 billion raise — which would rank as the largest public offering in history. Notably, Elon Musk is reportedly planning to allocate up to 30% of shares to retail investors, a significant departure from standard Wall Street practice. Prediction market Kalshi placed odds at 47% for a June listing.
- Relativity (legal tech): The legal-technology company announced a proposed IPO following a brand refresh and startup investment activity. Filing details and pricing have not yet been made public; the number of shares is still to be determined.
- Zetwerk (India): The Indian B2B manufacturing platform is in talks to raise pre-IPO funding, according to ETtech's Morning Dispatch dated March 30.
Investor Spotlight
- Most active VC this period: Based on available data, a16z (Andreessen Horowitz) remains highly active — most recently leading Glimpse's $35M Series A (announced March 25), backing the CPG dispute-tracking automation startup after a pivot.
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New fund announcements: Audeo Ventures, an early-stage VC firm, announced it exceeded its $50 million fund target, per a PR Newswire release dated within the past 72 hours.
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Emerging investors / Consolidation: Bow River Capital, a Denver-based alternative asset manager, announced it has agreed to acquire Spur Capital Partners, a VC firm founded in 2001. The deal will expand Bow River's venture capital capabilities.
Wonderful raises $150M Series B at $2B valuation | TechCrunch
AI startups are eating the venture industry and the returns, so far, are good | TechCrunch
Bengaluru food delivery startup Swish raises $38M, its third round in 18 months | TechCrunch
Here are the 55 US AI startups that raised $100M or more in 2025 | TechCrunch
Market Pulse
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Deal size trends: The fresh rounds visible in the past 24 hours cluster in the $49M–$87M range, with no mega-round comparable to last week's AI/defense giants. The Midas $50M tokenization deal and Steno's $49M legal-tech raise suggest strong mid-market activity in non-AI verticals.
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Investor activity: a16z's continued deal pace in enterprise/CPG automation and the emergence of Audeo Ventures' oversubscribed fund signal that early-stage conviction remains high. The Bow River–Spur Capital acquisition reflects ongoing consolidation at the smaller VC fund level.
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Geographic spread: Today's deals span Germany (Midas), Los Angeles (Steno), and India (Zetwerk IPO talks), with the IPO pipeline concentrated heavily in the U.S. (SpaceX, Relativity). India's startup IPO pipeline — with 21 DRHPs already filed in 2026 — continues to expand independently.
What to Watch
- SpaceX IPO timing: With Kalshi odds at 47% for a June listing, watch for any formal S-1 or confidential filing confirmation in the coming weeks. A $1.75T valuation raise of $50B would be the largest IPO in history.
- Anthropic IPO signals: The IPOX March 27 update also flagged Anthropic's potential $60B debut as one to watch in the near-term pipeline.
- Relativity pricing: The legal-tech company's IPO pricing and share count remain undisclosed — a formal prospectus filing would be the next catalyst.
- Zetwerk pre-IPO close: India's Zetwerk is actively in pre-IPO funding talks; a close announcement could come within weeks and signal the next major Indian tech listing.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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