Venture Capital Pulse — 2026-05-11
Global venture funding activity continued at an elevated pace this week, with standout crypto deals led by Kalshi's $1 billion round at a $22 billion valuation. Late-stage tech investment is making a decisive comeback after years of drought, with AI, defense tech, and quantum computing emerging as the dominant sector themes. The week also saw notable new fund activity, including Haun Ventures closing a fresh $1 billion crypto-focused fund.
Venture Capital Pulse — 2026-05-11
Top Deals This Week
Kalshi — $1 Billion Funding Round
- Sector: Prediction markets / Fintech
- Lead investor(s): Coatue Management
- What they do: Regulated prediction market platform allowing users to trade on real-world event outcomes
- Why it matters: The $22 billion valuation signals that prediction markets have graduated from niche to institutional-grade asset class; Coatue's lead signals major crossover interest from the hedge fund world
- Valuation: $22 billion
Multi Investment — ~$616 Million Funding Round
- Sector: Blockchain / Web3 infrastructure
- Lead investor(s): Undisclosed
- What they do: Blockchain and Web3 investment and infrastructure firm
- Why it matters: One of the largest single Web3 raises of the week, underscoring continued institutional appetite for crypto infrastructure even as market volatility persists; the scale of this round suggests that category leaders in Web3 are consolidating capital ahead of anticipated regulatory clarity
Quantum Motion — $160 Million Series (VC Fundraising)
- Sector: Quantum computing / Deep tech
- Lead investor(s): Undisclosed
- What they do: Builds quantum computers using standard silicon chip manufacturing processes — the same fab infrastructure used to make conventional semiconductors
- Why it matters: Using standard silicon chips eliminates the exotic materials bottleneck that has hampered quantum scaling; this approach could dramatically compress the timeline to commercially viable quantum hardware and positions Quantum Motion as a potential bridge between classical and quantum computing eras
Indian Startups — $132.3 Million Across 18 Deals (May 4–8)
- Sector: Diversified (space tech, logistics, mobility)
- Lead investor(s): Various
- What they do: Portfolio of Indian startups including Skyroot Aerospace (rocket launches) and Pronto (logistics/mobility)
- Why it matters: Despite a muted deal count of only 18 transactions, the aggregate signals resilience in India's startup ecosystem; Skyroot's presence highlights continued investor conviction in India's domestic space sector following the government's liberalization of the space industry
New Funds & LP Moves
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Haun Ventures ($1 Billion Fund): Katie Haun's crypto-focused venture arm has closed a new $1 billion fund. Haun Ventures, which has backed a range of Web3 and crypto infrastructure plays since its founding, now has fresh capital to deploy at a moment when regulatory tailwinds in the U.S. are creating a more favorable environment for digital asset companies. The timing is notable: closing a billion-dollar fund as crypto markets stabilize signals LP confidence in the long-term thesis even after a bruising 2022–2023 cycle.
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IPEM Global 2026 — LP/GP Discipline Themes: The IPEM Global 2026 preview (published May 7) highlighted that the venture capital industry is pivoting toward selectivity, liquidity management, and more active LP-GP partnerships. Speakers flagged that AI and the secondaries market are the two forces most reshaping fund strategy. LPs are increasingly demanding co-investment rights and faster capital return schedules, pushing GPs to structure funds with built-in liquidity mechanisms — a structural shift from the capital-at-rest model of the 2021 boom era.
Exits & Acquisitions
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Bosta (Egypt/UAE Logistics): Beltone VC and Citadel Capital exited their positions in Egyptian last-mile logistics startup Bosta, booking a 75% IRR. Beltone has now recorded five exits since its 2023 launch — an unusually active return cadence for an emerging-market VC launched just three years ago. The Bosta exit demonstrates that logistics plays in high-growth markets like Egypt can generate top-quartile returns even without a splashy IPO, instead relying on strategic acquirer interest. This exit will likely catalyze more LP interest in MENA-focused venture strategies.
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Late-Stage Tech Liquidity Revival: A broader pattern of late-stage exits and secondary transactions is accelerating, per analysis published May 10. After a three-year drought — during which founders who had expected NYSE bell-ringing ceremonies in 2023 faced down-rounds instead — capital is once again moving through the late-stage funnel. The analysis notes that companies which survived the 2022–2024 trough are now attracting premium valuations from crossover investors and PE firms seeking AI-adjacent exposure ahead of expected IPO windows in H2 2026.
Sector Spotlight: Crypto & Web3 Reclaims the Capital Crown
This week's dominant capital concentration: Crypto / Web3 / Digital Assets
Two of the four largest deals this week — Kalshi's $1B round and Multi Investment's ~$616M raise — were squarely in the crypto and Web3 space, with Haun Ventures closing a $1B fund focused on the same sector. In aggregate, digital assets-adjacent deals alone account for more than $2.6 billion of disclosed activity this week.
Key companies driving the trend: Kalshi (prediction markets), Multi Investment (blockchain infrastructure), and indirectly Haun Ventures' portfolio companies that will receive fresh deployment from the new fund.
What the data signals: This is not a retail speculation wave — it's institutional capital moving at scale. Coatue Management leading Kalshi's round, and sophisticated family offices anchoring the Haun Ventures fund, indicate that prediction markets and Web3 infrastructure are no longer considered fringe allocations. The Kalshi deal in particular is significant because it's a regulated entity — it operates under CFTC oversight — which may be the template that unlocks broader institutional LP participation in the category.
For founders: Teams building in regulated crypto verticals (prediction markets, tokenized assets, compliant DeFi) are best positioned to attract tier-1 institutional capital right now. Fundraising timelines for these companies have compressed significantly compared to 2023.
For investors: The concentration of this week's mega-deals in crypto suggests that the sector has rotated from a "too risky" to a "must-have" allocation for top-quartile LPs — but the selectivity filter remains tight; only companies with regulatory clarity, institutional infrastructure, and clear revenue models are clearing the bar.
What to Watch Next Week
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AI equity compensation data drop: Carta's research showing a 31% rise in median equity grants for AI engineers over two years (nearly triple non-technical gains) is reshaping how startups model dilution and retention costs — expect competing analyses and founder responses in the coming days as compensation norms get re-benchmarked across the ecosystem.
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Late-stage IPO pipeline: Per this week's analysis, SpaceX, OpenAI, and Anthropic remain the three most active names in the VC secondaries market — and their expected public exits would dramatically reshape the secondaries landscape. Watch for any formal S-1 or dual-track filing signals from these companies, which could arrive as early as Q3 2026.
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Europe unicorn momentum: PitchBook reported that Europe is minting unicorns at its fastest pace since 2022 (as of May 6). Next week's data releases may confirm whether that pace is sustained or if Q1's burst was a one-quarter anomaly driven by AI mega-deals in the UK and Germany.
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Quantum computing funding cadence: Quantum Motion's $160M raise this week is likely to trigger competitive announcements from rival quantum hardware companies. Watch for responses from IonQ, PsiQuantum, and European quantum players — Q2 2026 is shaping up as a pivotal fundraising sprint for the entire sector.
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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