Good morning!
Welcome to another Inside/VC edition. This issue takes 5 minutes to read.
Got 20 seconds? Here’s what matters this week:These VCs have the best unicorn rates since 2020 (🇺🇸)
Google wants Gemini to replace the search bar (🇺🇸)
N26 founder steps down as CEO (🇩🇪)
Norrsken launches €57M impact fund (🇸🇪)
Canva jumps to $42B valuation (🇦🇺)
Let’s get into it.
Weekly Spotlight:
These VCs have the best unicorn rates since 2020 (🇺🇸)
Stanford’s VC initiative just dropped fresh unicorn data. Firebolt Ventures leads the pack with a 10.1% hit rate — 13 unicorns from 129 investments since 2020. Greenoaks follows at 9.4% and IVP at 9.2%. Redpoint posted 9% with 17 unicorns on 188 deals.
Six Point Ventures reached 8.7% while Ribbit Capital and Breyer Capital came in at 7.2% and 7%. Venrock and ARCH Venture Partners both landed at 6.9%. Spark Capital logged 25 unicorns from 378 deals, a 6.6% strike rate.
Andreessen Horowitz produced the highest absolute number with 56 unicorns but only a 5.5% hit rate from more than 1,000 investments. Lightspeed followed with 37 unicorns on 622 deals at 5.9%. Founders Fund and Greylock just cleared 5%, while Sequoia did not make the cutoff. (Sorry for the data spam, but this is crazy interesting.) Read more
Inside/VC Shorts
🚀 Startup Shorts:
Google wants Gemini to replace the search bar (🇺🇸)
After 25 years the clean white homepage could vanish. Google is testing a Gemini-first start screen with chat in the middle and shiny AI tools like Deep Research and Imagen ready to click. It would be the biggest makeover since google.com went live in 1998.
Search still generates more than half of Alphabet’s 198B revenue in 2024. But no-click searches have already jumped from 56 to 69 percent in the last year as users get answers without leaving the page. That puts the golden ad machine under serious stress unless Google finds a way to weave promotions directly into AI replies.
For startups this is a rare opening. Giants rebuilding their cash cows leave cracks everywhere. Privacy-first products, AI-ready SEO and vertical agents are all up for grabs. Read more
HelloFresh to open “mega kitchen” in Verden (🇩🇪)
HelloFresh is building a new production hub in Verden that will handle all EU output for its ready-to-eat brand Factor starting Q1 2026. The site will be one of the largest industrial kitchens in Europe and create around 900 jobs.
The facility is part of HelloFresh’s multi-brand strategy. While Barleben takes over the meal-kit lines, Verden will focus entirely on fresh prepared meals. Factor already operates in Germany, Sweden, Denmark, the Netherlands and Belgium, with more markets on the roadmap.
Europe’s ready-meal segment has been growing for years thanks to dual-income households and health-driven convenience. By producing locally HelloFresh cuts supply chains and boosts freshness, while heavy automation keeps costs down. Read more
N26 founder steps down as CEO (🇩🇪)
After nearly a decade at the helm, N26 co-founder Valentin Stalf is leaving the CEO role and moving to the supervisory board. Chairman Marcus Mosen is expected to take over as co-CEO, ending months of boardroom tension at the Berlin neobank.
The transition marks the biggest leadership change since N26’s founding in 2013. The digital bank, valued at around $3 billion in its last funding round, has struggled with profitability while facing strict regulatory oversight in Germany and the EU.
Investors see the shake-up as a bid to reset strategy. With 8 million customers across Europe and the US retreat behind it, N26 now needs to prove it can scale sustainably. A new leadership duo could be the final chance to deliver the growth story its backers have been waiting for. Read more
AAMG eyes defense pivot with Lilium (🇩🇪)
Investment holding AAMG is preparing to acquire the insolvent air taxi maker Lilium and push it into defense applications. The plan is to evolve the electric vertical takeoff jet into an autonomous cargo and potentially military drone platform.
The deal is not signed yet. Lilium filed for its second insolvency just six months ago, and the administrator has yet to confirm financing proof. AAMG says it has secured €250 million with access to another €500 million, enough to restart development if the takeover clears.
If it happens, it would mark a dramatic shift for one of Germany’s most hyped startups. From flying taxis for commuters to drones for defense contracts, Lilium’s third life could depend less on urban mobility dreams and more on military budgets. Read more
💸 Fundraising Shorts:
Norrsken launches €57M impact fund (🇸🇪)
Stockholm’s Norrsken Foundation just rolled out a new €57 million fund called Norrsken Evolve to back early-stage impact startups across Europe. Each company gets €250K up front with the option for follow-ons, double the size of its earlier accelerator checks.
The fund is led by Johan Attby, Alex Bakir and Rebecka Löthman Rydå and counts Saminvest, EIF and SmartCap Green Fund among its LPs, alongside tech founders and family offices. Since 2021, Norrsken has already backed 80 startups through its accelerator.
The first batch includes everything from underwater robots (Bubble Robotics) to industrial batteries (FION Energy) and AI-powered supply chain tools (Atmospheric AI). With new hubs opening in Tallinn, Kigali and Barcelona, Norrsken is positioning itself as Europe’s go-to ecosystem for impact unicorns. Read more
FieldAI raises $405M (🇺🇸)
Irvine-based FieldAI secured $405M to build universal “robot brains,” with Bezos Expeditions, Prysm and Temasek leading and Khosla, Intel Capital and Canaan joining. The models are physics-driven and designed to help humanoids, drones and cars adapt safely to new environments.
Founded in 2023, the company already has contracts in construction, energy and urban delivery. The fresh capital will fund production and international expansion as FieldAI pushes to become the default brain across robotics. Read more
Canva jumps to $42B valuation (🇦🇺)
Design unicorn Canva just launched a secondary sale that values the company at $42 billion, up more than 30% from last year’s $32B. The round lets employees cash out while keeping IPO plans on ice.
The company now reports $3.3 billion in annualized revenue and over 240 million monthly active users. That puts it ahead of rival Figma at $34B and within striking distance of Adobe’s $153B public cap.
Founded in 2013, Canva has become one of the most valuable private software firms globally. With growth this strong, the only real question is when—not if—the IPO finally lands. Read more
Stark Defence hits $500M valuation (🇩🇪)
Munich-born Stark Defence raised $62M just 18 months after launch, reaching a $500M valuation. The startup builds autonomous, armed drones already being tested in Ukraine.
Sequoia Capital led the round, joined by Peter Thiel, In-Q-Tel, NATO’s fund, Project A and Doepfner Capital. Founder Florian Seibel, ex-Bundeswehr officer, also co-founded drone unicorn Quantum Systems.
Stark is now scaling in Europe with a new factory in the UK and a software acquisition in Berlin. With Germany’s defense budget set to double by 2029, it is positioning itself as Helsing’s main homegrown rival. Read more
🧑💻 Career Corner: Hot VC Internships & Jobs Internships
🇺🇸 Aspire - Sr/Manager VC & Ecosystem Partnerships (SF) ➤ Job desc.
🇺🇸 Venture Guides - Associate Investor (Boston) ➤ Job desc.
🇺🇸 Alexander Chapman - Venture Capital Analyst (NYC) ➤ Job desc.
🇺🇸 StepStone Group - 2026 Venture Capital Summer Associate (Baltimore) ➤ Job desc.
🇩🇪 YZR Capital - Visiting Analyst (Munich) ➤ Job desc.
🇩🇪 Lea Partners - VC Analyst (Karlsruhe) ➤ Job desc.
🇧🇪 Astanor - Visiting Analyst Impact (Brussels) ➤ Job desc.
🇩🇪 Alstin Capital - Venture Capital Analyst (Munich) ➤ Job desc.
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Catch you next week.
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