Whop has raised $200M in Series D funding at a $5.1B valuation, backed by @sequoia and @shopify.
It really feels like we are barely touching the tip of the iceberg in a market larger than anyone can imagine.
We first launched Whop as a better way for us to sell sneaker bots, one of the most niche types of desktop software out there.
Total TAM? Probably $20,000 per day.
Who cares, tiny market.
But, what people discounted is the idea that there were actually 70,000 other markets exactly like that one.
Beyond the investment itself, I am especially excited to welcome legendary silicon valley investor @dougleone to our board of directors. Doug and the sequoia team are nothing but a brilliant, resourceful, and principled group of people.
My co-founder Cameron and I started building on Shopify when we were 13 years old. Shopify is one of the most impactful all-in-one cloud ecosystems ever created; @tobi has pioneered modern entrepreneurship the way we know it and we are thrilled to have him in our corner.
We have a tenet at Whop to be the dumbest in the room and I am very grateful that this has recently become a lot easier.
We are focused on markets, scale economies, and progressive media. If that is up your alley, please message me directly.
The $200M raised will support our expansion as we build economic infrastructure for the next century, continuing on our mission of delivering everyone an income.
Today Monaco is launching Agent Matrix.
Monaco unleashes countless agents working together, goal seeking, with one outcome in mind: accelerate revenue growth.
If you don’t have an army of agents working 24/7 to accelerate revenue growth, you’re living in the past.
Apply for early access now.
Incredible company! Outcomes > tasks! Moritz and the team are about as good as it gets! I am annoyed though, we went to the same high school and he is trying to steal my thunder as most famous alumni haha
Today Hone launches Engines: AI that owns business outcomes.
Chatbots give answers. Agents do tasks. Engines deliver outcomes, and we hold them responsible for creating real value, measured in actual dollars instead of tokens or vibes.
You point it at a business metric, and the Engine figures out the rest. It onboards itself, builds the necessary agents, skills, and memories, collaborates with the right people, and gets better with experience.
From AI leaders to global enterprises, our customers have already used Engines to:
• Uncover millions in procurement savings
• Optimize product funnels
• Manage credit risk
• Increase qualified pipeline in new territories
• Accelerate implementations and improve account management
To scale this impact across the economy, we’ve raised a $60M seed led by Benchmark and Index with participation from Elad Gil, Hanabi, Definition, Diffusion, Lux, SV Angel, and Align.
AI’s raw capabilities are far ahead of the value it creates in the real world, and Engines will help close the gap.
Here’s how they work…
Introducing Griffin, the first model to pass the video Turing test.
48% of people who talked to it live thought it was a real human. Previous systems have had a pass rate <3%. It is #1 on NVIDIA's benchmark for full-duplex AI video.
It’s the first Human Interaction Model (HIM).
We are terminating Chris Degnan for unethical conduct involving Cognition.
The last few months have seen incredible progress in AI capabilities. San Francisco has flourished as new companies that solve new, more ambitious problems are finding great success. Generally, it is a wonderful time to be building.
We at @FactoryAI have seen overwhelming interest in our model-agnostic coding agents and our software factory product. Our team has 10x’d in size, while our revenue has 100x’d year over year. This momentum has been unprecedented.
A much larger competitor, Cognition (makers of Devin) has fallen behind us on the capabilities that matter most to customers: cost, quality, and security. Instead of competing in the market, Cognition engineers feigned interviews with us to pry information about our product. Not finding what they were looking for, Cognition has decided to throw their weight and money at people with direct knowledge of our most confidential plans.
It feels as though ethics is being thrown out of the window in the AI era. People are willing to do anything, including exploiting privileged information and violating ethical boundaries. I think this is unique to our time, and I don’t think it’s right. Integrity still matters.
Yesterday, I made the decision to immediately terminate Christopher Degnan’s roles as a Board Observer and Advisor to Factory, after over a year of service.
Prior to this decision, Chris told me he had a casual conversation with an executive at Cognition AI. When I questioned his intentions, he reassured me that ethics aside, he had “made too much money” and was “too lazy to go work for Cognition,” which I trusted and believed.
On Monday, Chris spent time advising the Factory team on a handful of confidential board-level matters. That evening, he called me to say that the conversation that was initially described as casual and one-off was actually formal and recurring. For weeks, while he sat in our board meetings and advised our leadership team, he was also confiding with executives of our largest competitor. Chris was subject to confidentiality obligations in connection with his work with Factory. We do not know the extent of the information he shared, but it puts his timely questions about our product roadmap and what the parity gap involves into a new light.
It is sad to sever a relationship with someone who has been a trusted advisor - and even a close friend - for over a year. But Chris’s conduct is unacceptable to me. Trust in Board Membership is one of the sacred bonds in the Silicon Valley, one that helps the startup ecosystem thrive. With it comes an enormous responsibility. That trust was violated.
Competition is good. I respect and in many cases admire our competitors. San Francisco is a beautiful, singular place where the bold and ambitious go to defy the norms and precedents of the past. But certain principles that must remain. Violating ethics to seek advantage turns what should be positive-sum into zero-sum.
We all love technology. And we all love to compete. But we must hold ourselves to a higher standard. The future of software engineering comes with abundance that will impact every person on Earth. Building that future comes with immense responsibility. We must build and compete with integrity.
Super proud of the homie joe! No matter whether you’re a Democrat or republican what this man just did is going to have such a positive impact on the lives of so many Americans