AI agents are getting new gigs
Necessary Nuggets
Happy Wednesday! If you’re new here, welcome to Necessary Nuggets, your one-stop pre-seed shop. We deliver updates from Necessary Ventures and helpful tidbits on our little corner of the world. Every edition is also on our blog.
Jobortunities 🚨
✨NEW FEATURED ROLE✨
Magrathea: A climate tech startup making waves by making carbon neutral magnesium metal from seawater and brine.
Nevoya: First fully-electric trucking fleet in the United States, helping truckers trade gas-guzzling for environment-protecting. Get involved and tackle unsolved problems in the trucking industry.
Reach out with any questions! All 142 open job postings are listed here.
Market Stirrings 🚩
Here's what the week looked like in pre-seed:
$17.2M
Total Amount Raised
16
Total Funding Rounds
$1.1M
Average Dollars per Round
$5.4M-$10.7M
Estimated Valuation Range
Data aggregated from proprietary research and Crunchbase; valuation estimate based on 10-20% ownership stake.
MONEY STILL ON THE MIND
According to Crunchbase, global early stage VC investments took a hit in Q3 in terms of both total dollars and number of deals. Compared to Q2, the total amount invested dropped 29% from $34.9 billion to $24.7 billion. However, that amount is slightly higher than last year, which sat at $24.4 billion for Q3.
Good Reads 📖
For the rushed reader …
AI agents are changing the face of employment by automating administrative tasks, which in turn is increasing the prevalence of freelancers and shifting dynamics in the labor market.
After reaching an agreement for American Lease to buy its remaining fleet, a technical issue may force EV startup Fisker to call off the deal.
One year after starting their partnership to form an aviation-focused venture lab, Alaska Airlines and UP.Summit have announced their first startup, Odyssee.
For the less rushed reader …
THE FREELANCE DANCE: The gig economy is nothing to giggle about. It’s hard to go one week without seeing a new company talk about AI agents in the press. AI agents are changing the face of employment by automating administrative tasks, which in turn is increasing the prevalence of freelancers and shifting dynamics in the labor market. Forbes argues that without careful regulation, the shift could lead to more income inequality, job insecurity, and a race to the bottom. Additionally, the entry-level job market is weakened by companies seeking out gig workers rather than full-time hires to reduce costs. Analysts running coffee for their managers are OOO; digital nomads are in.
BREAKING THE BANK: When Fisker tried to run a tight ship, it went under, and now it's floundering. After reaching an agreement for startup American Lease to buy its remaining fleet, a technical issue may force Fisker to call off the deal. Fisker declared Chapter 11 bankruptcy in June after ramping up production and failing to find more than a few thousand sellers for its brand new Ocean SUV. To add salt to the wound, Fisker attempted to cut its losses by negotiating with American Lease to purchase the remaining units; however, the EV startup now believes it will not be able to transfer the information on each SUV to a different server. This comes at the same time as an investigation from the SEC, multiple new subpoenas, and a HQ abandoned and left in complete disarray. The situation has left many with jaws on the floor, fists in the air, and probably thinking something like, “Mother Fisker.”
AIRHEAD: Alaska Airlines and UP.Summit have their head in the clouds. One year after starting their partnership to form an aviation-focused venture lab, Alaska Airlines and UP.Summit have announced their first startup, Odyssee. Commercial airline flight schedules are complex and often made by planners that do it by intuition, without real data to back up decisions. Odyssee is creating software that quantifies how schedule changes affect revenue, profits, and reliability. After user acceptance testing, Alaska will begin a software trial. UP.Labs will continue to speed up commercialization paths for startups, partnering with major corporations and planning to form six startups over three years. One successful take off down, and a couple more to go.
Fire Up the Pre-Seeds🔥
Check out details on the pre-seed raises from the past week:
CLIMATE tech
Grounded - Shock therapy for campers.
Grounded raised $3.5 million led by 81 Collection. Grounded started by building electric RVs for the granola folks and has since expanded into custom-designed electric vans for a variety of services, from pet grooming to food transport.
health tech
Yung Sidekick - AI is focusing on its emotional intelligence and taking notes.
Yung Sidekick raised $825k from Altair Capital and Ultra.VC. Yung Sidekick is creating an AI-powered notetaker for therapists and aims to amp up product development with new features that streamline supervision and client interaction.
fintech
Scale - Raining fintech down in Africa.
Scale raised $700k led by 54 Collective and First Circle Capital. Scale is developing a platform to enable critical payment use cases in Africa, positioning itself as a modern card issuer and infrastructure solution for African businesses.
SaaS
Kavia AI - More context saves a lifecycle.
Kavia AI raised $1 million. Kavia is building a context-aware AI tool to speed up software product development, anticipating a beta release and customer launch in 2025.
Enlaye - Building with rizz instead of risk.
Enlaye raised $1.7 million led by Glasswing Ventures and Hannah Grey. Enlaye is creating an AI-powered risk management system to help contractors and developers manage their projects.
artificial intelligence
JobLeap AI - Bringing car-rears into front focus.
JobLeap AI raised $950k led by FJ Labs. JobLeap is creating an AI buddy for people on the hunt for a new job. Its AI assistant acts as a career expert to provide advice and match people with their dream jobs.
Outro🚪
Feel free to reply to this email with all questions, feedback, or comments. We’ll be iterating and curating the NVTC newsletter according to your interests.
Some last matters of business:
If you’re a technologist (engineer or product manager / designer with a technical background) join us on the NVTC LinkedIn group if you haven’t. We’d love to have you!
Sign up here if you’re interested in co-investing with Necessary.
If you’re a startup founder, we’d love to help where we can! Brex provides full-stack finance solutions for startups. Sign up via Necessary and get bonus points.
Thanks for reading, and see you next week!
© 2024 Necessary Ventures
San Francisco, California