Stableton Navigator | Shein to file for London listing in coming days and French AI Startup’s Historic Seed Round
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Welcome to this week's edition of the Stableton Navigator. Shein is charging ahead with a monumental IPO on the London Stock Exchange and is set to file for listing in the coming days. French AI startup H has announced the largest seed round in AI history, raising $220 million to advance AI agents. OpenAI launches "OpenAI for Nonprofits" and "ChatGPT Edu", offering free AI tools to nonprofits and customized AI solutions to universities. Stay tuned for more key updates and insights.
Highlight of the Week
Shein is charging ahead with its blockbuster IPO plans on the London Stock Exchange. The online fashion giant is set to file confidentially in the coming days, setting the stage for one of the year's biggest IPOs.
Valued at $66 billion in the last funding round, Shein's listing will be a major win for the UK market. Executive chairman Donald Tang is actively engaging with top city figures, reinforcing Shein's commitment to a successful launch. This bold move comes after US regulatory hurdles forced the company to pivot from a New York listing.
Market Update
The first quarter of 2024 saw a resurgence in the European IPO market, raising nearly €5 billion, PwC reports. Key drivers include macroeconomic stability, falling energy prices, and declining inflation. Private equity-backed IPOs were prominent, highlighting strong demand for exits.
Despite a global decline in IPO values, European markets showed positive signs, with the STOXX Europe 600 reaching an all-time high. Looking ahead, the outlook remains optimistic, contingent on stable market conditions and geopolitical factors.(1)
French AI startup H has announced the largest seed round in AI history, raising $220 million. This significant funding round highlights that AI investment is not slowing down. The startup, founded by former Stanford and DeepMind researchers, is focused on developing AI agents to boost worker productivity. Major investors include Eric Schmidt, Xavier Niel, and Amazon. This record-breaking seed round underscores the continued robust investor interest in AI, driven by the potential for transformative technological advancements across various sectors.(2)
JPMorgan's Keith Canton, reports a robust US IPO market in 2024, outpacing 2023 figures. Canton highlights renewed investor confidence in IPOs as a viable asset class, with increased participation across diverse sectors. He notes that valuation discounts of 20-30% are becoming the norm to ensure positive aftermarket performance. Canton anticipates continued momentum in Q3, fueled by sponsor-backed IPOs and a growing influx of international companies seeking US listings.(3)
Portfolio and Co-Investment Update
Interested in gaining early access to the next generation of industry-leading private companies? Stableton's co-investment program and our portfolio products offer unique opportunities to invest in the most promising businesses before they go public.
To learn more and stay informed about our latest offerings, contact us here to express your interest.
Portfolio News
 | Anthropic has unveiled a new feature for its AI chatbot, Claude. This lets users create custom bots for tasks like managing emails or buying shoes. Called "tool use," it connects to any external API. It can handle data analysis for product recommendations or offer real-time customer support. The tool also processes images, useful for virtual interior design. Available on multiple platforms, this move shows Anthropic's dedication to practical, versatile AI solutions.(4) |
 | Kraken is a founding member of the first Crypto Information Sharing and Analysis Center. This effort aims to boost blockchain security through collaboration. Joined by Fireblocks, Hedera, and Coinbase, the center focuses on five goals: trusted communication, impartial information sharing, early incident warnings, threat analysis, and resilient security systems. Chief Security Officer Nick Percoco stressed the need for industry cooperation to maintain trust in crypto. He highlighted Kraken’s commitment to global crypto adoption and robust cybersecurity.(5) |
 | Shein is making significant progress towards its monumental IPO on the London Stock Exchange. The company plans to confidentially file for a London listing in the coming days, laying the groundwork for a major initial public offering. With a recent valuation of $66 billion, Shein's flotation is poised to be a significant event for the UK market. Executive chairman Donald Tang has been in discussions with senior city figures, furthering efforts to secure a successful listing.(6) |
 | OpenAI has launched two new initiatives to expand AI accessibility and utility. The "OpenAI for Nonprofits" program offers free and subsidized access to AI tools like GPT-4, DALL-E, and Codex to help nonprofits boost productivity and address social challenges. Meanwhile, "ChatGPT Edu" provides universities with a customized version of ChatGPT for educational purposes, aiding in personalized tutoring, grant writing, and grading. Both initiatives reflect OpenAI's commitment to practical, versatile AI solutions that support diverse community needs.(7) |
 | Canva and HP have announced a partnership aimed at democratizing design and printing. This collaboration leverages HP’s print network and Canva’s design platform to offer streamlined design-to-print services. Key features include enhanced printing capabilities, localized production for sustainability, and integration with HP’s PrintOS for operational efficiency. Additionally, Canva Enterprise will enable HP teams to create and collaborate on visual content. The partnership aims to expand Canva’s print services to 150 countries by 2026.(8) |
Stableton News
Stableton is working with Clearstream Vestima to enable fund subscriptions via every bank. So far, it has been a great success for us, and clients really appreciate it. We are currently considering opening further clearing channels with Allfunds. Reach out if you are interested and would like to learn more.
Chart of the Week
The Private Markets strategy demonstrated the most substantial growth, outperforming both the Custom 60/40 Index and the 45% PM Portfolio by a significant margin. Over the past 10 years, the Private Markets strategy emerged as the clear leader, showcasing its superior growth potential relative to the other two strategies.
The Untold Unicorn Story
Databricks is a pioneer in data analytics and AI. They created a unified platform that brings together data engineering, data science, and business analytics. The platform simplifies and accelerates the process of turning raw data into insights. With Databricks, teams can collaborate seamlessly and harness the full power of big data and machine learning. Their mission is clear: make data-driven decision-making accessible and effective for everyone.
Fun fact: Ali Ghodsi, the founder of Databricks, is often called an accidental billionaire. Deep into his AI research at UC Berkeley, he stumbled upon a breakthrough - a code he initially planned to give away for free. However, market demand turned this code into a valuable asset, pushing Ghodsi from academia to the startup world. This unexpected shift led to the founding of Databricks, now a multi-billion dollar tech giant. Transitioning from a researcher to a top Silicon Valley CEO, Ghodsi's journey is a testament to how chance discoveries can lead to monumental success.
Q&A and Learning
2021 saw a strong tech rally and a subsequent price decline. Isn't the timing now bad to invest?
The fund proposition is attractive across cycles. The fund utilizes VC direct secondary transactions to purchase shares from existing company investors. Compared to valuations in 2021 and before, public and private market valuations dropped significantly over the subsequent two years. Distressed sellers offered steep discounts on secondary transactions.
While public markets have recovered and tech stocks trade at all-time highs, private company secondary market prices only found their bottom in the summer of 2023. We believe tech companies are attractively priced on an absolute basis, and especially compared to their public counterparts.
The largest private market unicorns often exhibit superior growth and command leadership positions in fast-growing industries. We believe strong trends, such as companies staying private longer and increased value creation in private markets, will persist.
Where to Meet Us
Reach out if you would like to meet
SuperVenture - Berlin (June 4-7)
Hightech Gründerfonds Berlin Family Day - Berlin (June 11-12)
Hinterland of Things - Bielefeld (June 13)
FundForum - Monaco (June 24-26)
Prestel & Partner London Family Office Forum - London (July 2-3)
Apero and get together - Milan, Italy (July 10)
Israel Private Markets Summit - Tel Aviv (July 16)
IPEM - Paris (September 9-10)
Prestel & Partner Family Office Forum Germany - Wiesbaden (September 11-12)
AIM Summit - Dubai (October 21-22)
Europe Family Office Summit - Rome (October 24-25)
AltsUK - London (October 26)
And, of course, we are always happy to meet you at our main offices in Zurich, Switzerland!
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