When the world’s elite gathered in Davos, Switzerland, in January 2024, **Sachin Dev Duggal** was at the pinnacle of his career. As the founder of **Builder.ai**, a startup that had quickly soared to a **$1.5 billion valuation**, Duggal was celebrated as an **Entrepreneur of the Year**. Builder.ai's sponsorship of high-profile events and Duggal's self-styled title as the company's **"Chief Wizard"** captured the imagination of many, positioning him as a leading voice in the **generative AI** revolution.

However, the fairy tale quickly unraveled. By the following year, Duggal was ousted as CEO amid serious allegations of **inflated revenue** and **financial mismanagement**. The board's subsequent restatement of sales and the seizure of the company's funds by a major lender led to Builder.ai's shocking **bankruptcy filing** in June 2025. This dramatic downfall serves as a stark reminder of the **volatile nature of startup success** and the importance of **transparency and accountability** in the fast-moving AI sector.

Sachin Dev Duggal helped Builder.ai reach a $1.5 billion valuation. Then its board ousted him amid allegations of inflated revenue and the startup filed for bankruptcy.

The Rise and Fall of Builder.ai: A Cautionary Tale in the AI Gold Rush

**Stephen Ross**, the billionaire real estate mogul, is making a significant bet on **South Florida's tech ecosystem** with the launch of the **Gold Coast Tech Accelerator**. This new program aims to bolster the region's **fintech and defense tech sectors** by providing startups with **mentorship, resources, and access to influential business figures**.

### **A Boost for South Florida's Tech Scene**
The accelerator is set to connect emerging startups with some of Florida's most powerful business leaders, offering a unique opportunity for growth and innovation in the **fintech and defense tech industries**. With South Florida increasingly recognized as a **tech hub**, this initiative could further accelerate the region's rise on the national stage.

### **Why This Matters**
South Florida has been attracting tech companies and entrepreneurs at an unprecedented rate, thanks to its **business-friendly environment, lack of state income tax, and growing venture capital presence**. The Gold Coast Tech Accelerator represents another step forward in establishing the area as a **leading destination for tech innovation**.

**Key features of the program include:**
- **Access to top-tier mentors** from various industries
- **Resources and support** to scale businesses
- **Networking opportunities** with potential investors and partners

Stephen Ross launches Gold Coast Tech Accelerator to boost South Florida's fintech and defense tech sectors, offering mentorship and resources.

Stephen Ross Fuels South Florida's Tech Surge with Gold Coast Tech Accelerator

**The AI sector has been a hotbed of activity**, with venture capitalists and investors scrambling to back the next big thing in artificial intelligence. However, beneath the surface of this frenzied investment activity, there's growing concern about the sustainability of these deals. 

**High costs and uncertain demand** from businesses have led some to question whether the current boom is setting up many startups for future disappointment. Despite these concerns, the rush to invest in AI startups continues, with **unsolicited term sheets becoming increasingly common**.

This trend reflects a broader shift in the venture capital landscape, where **dry powder is declining**, and investors are under pressure to deploy capital quickly. The situation is reminiscent of past tech bubbles, but with AI's potential to revolutionize industries, the stakes are arguably higher.

![AI Investment Trends](https://example.com/ai-trends.jpg)

As the market adjusts, the question remains: **Are we witnessing the birth of a new era in tech, or is this another bubble waiting to burst?**

Last year, when money was surging into artificial intelligence startups, even some venture capitalists involved in those deals worried that the high costs of AI and unreliable demand from businesses were setting up many startups for disappointment. Such skepticism, if not dead, is on its last ...

The AI Gold Rush: Behind the Scenes of Unsolicited Term Sheets and Shrinking Dry Powder

**Chowdeck**, a Lagos-based **food delivery startup**, has secured a **$9 million Series A funding** led by Novastar Ventures, with participation from Y Combinator and others. This investment fuels their ambition to become **Africa's leading super app**, expanding their quick commerce strategy across Nigeria and Ghana.

### **A Profitable Model in a Tough Market**
Despite the challenges of the **low-margin food delivery sector**, Chowdeck has maintained profitability by focusing on **local market expertise** and efficient execution. Serving **1.5 million customers** with a network of **20,000 riders**, the company averages **30-minute deliveries**, with over half in dense areas completed by bicycle.

![Chowdeck Team](https://techcrunch.com/wp-content/uploads/2025/08/Chowdeck-team.jpeg?w=680)

### **Expansion and Innovation**
The funding will accelerate:
- **City expansions** in Nigeria and Ghana
- **Quick commerce rollout** with **40 dark stores** by year-end and **500 by 2026**
- **Grocery delivery scaling** and **talent acquisition**

### **Strategic Acquisitions**
Chowdeck recently acquired **Mira**, a point-of-sale provider, to enhance **real-time inventory and order management**, positioning itself as a **vertical SaaS-plus-logistics** leader for restaurants.

### **Competitive Edge**
While global players like **Glovo and Bolt Food** exit African markets, Chowdeck leverages **local insights** and **sustainable logistics** to dominate. Their **profitable growth** and **customer trust** set them apart in a **crowded but early-stage market**.

Chowdeck, a Lagos-based food delivery startup, has raised $9 million to launch a quick commerce strategy and expand across Nigeria and Ghana.

Chowdeck's $9M Boost: Pioneering Africa's Super App Dream in Food Delivery

**Logistics startup Ninja Van** is currently negotiating an internal funding round that could see its valuation **cut by approximately half**, a stark indicator of the challenges tech companies face in Southeast Asia's current funding climate. 

### The Funding Round Details
- **Singapore-based Ninja Van**, with backing from **Alibaba Group Holding Ltd.**, is aiming to raise **$80 million**.
- This round is expected to adjust the company's valuation down to **around $1 billion**.
- Leading the investment are existing backers **B Capital Group** and **Monk’s Hill Ventures**, with investors securing **favorable terms for future exits**.

### The Broader Context
This development comes at a time when the **Southeast Asian tech sector** is experiencing significant turbulence, including:
- **Job cuts** and **CEO resignations**.
- **Declining startup valuations**.
- Challenges in securing funding or going public due to **global macroeconomic uncertainties**.

### Competitive Pressures
Despite the growing popularity of **e-commerce in Southeast Asia**, companies like Ninja Van face:
- **Intense competition** from players such as **J&T Global Express Ltd.** and **Sea’s SPX Express**.
- **Slim profit margins** in the logistics industry.

### Ninja Van's Background
- Founded in **2014**, Ninja Van operates across **six Southeast Asian markets**.
- The company delivers **2 million parcels daily**.
- In **2021**, it raised **$578 million in a Series E round**, boosting its valuation significantly beyond $1 billion.

Logistics startup Ninja Van is in talks to raise an internal round which will slash its valuation by about half, the latest sign of tech companies struggling to navigate the funding winter plaguing Southeast Asia.

Ninja Van's Valuation Halved Amid Southeast Asia's Tech Funding Winter

With **over 400 million chronic patients**, India stands as one of the globe's largest medicine markets. While most e-pharmacies prioritize speed, **Truemeds** identified affordability as the real challenge, pioneering a strategy focused on **generic drug alternatives**. This approach has not only doubled their revenue but also attracted an **$85 million investment**, skyrocketing their valuation to over **$400 million**.

### **The Truemeds Difference: Affordability Over Speed**
Founded in 2019 amidst a crowded online pharmacy space, Truemeds chose to **focus on generic medicines**, a niche yet crucial segment. By recommending lower-cost substitutes, they've enabled customers to save significantly, with average savings reaching **47%** on medications. This strategy has propelled their revenue to **₹5 billion ($57 million)** in the last financial year, serving **500,000 customers monthly** across **20,000 postal codes**.

### **Overcoming Challenges with Innovation**
Educating customers on the benefits of generic drugs remains a hurdle. Truemeds tackles this through **deep consultations**, conducting **10-12 million annually**, and developing algorithms to suggest the best alternatives based on various parameters. Their future roadmap includes **AI-powered customization** for customer interactions and expanding into **diagnostics services**, aiming to be the lowest-cost provider for common tests.

### **Scaling Up: Logistics and Expansion**
Truemeds leverages its **deep procurement relationships** and **efficient logistics** to maintain high discounts, averaging **32%**. With plans to increase fulfillment centers by **300%** and open a new office in Bengaluru, the startup is poised for further growth, dedicating **20% of its capital** to engineering and product development.

Truemeds has taken a different route from other Indian online pharmacies — and it has helped the startup double its revenue.

How Truemeds' Unique Generic Drug Strategy Secured an $85M Investment Boom

## The Rise of Digital Asset Treasury (DAT) Deals

In recent months, **Digital Asset Treasury (DAT) deals** have surged, becoming the focal point for large crypto fundraises. VCs are flocking to these deals, drawn by their **instant mark-to-market pricing** and quicker liquidity compared to traditional ventures. However, this boom raises a critical question: **Are DAT deals overshadowing general crypto startup funding?**

## The Impact on Traditional Crypto Startup Rounds

Data from The Block Pro reveals a stark contrast. In 2025, **crypto startup VC rounds** (excluding DAT deals and token sales) totaled **856**, a **56% drop** from the **1,933** recorded in the same period last year. While total funding has slightly decreased from **$8.13 billion** to **$8.05 billion**, this figure is buoyed by **Binance’s $2 billion raise** in March. Excluding this, funding for traditional rounds plummets to **$6.05 billion**, marking a **26% year-over-year decline**.

## Why VCs Are Betting on DATs

VCs highlight several advantages of DATs:
- **Instant mark-to-market pricing**
- **Quicker liquidity**
- **Ability to raise more capital when trading at a premium to net asset value (mNAV)**

For now, **liquid funds** dominate DAT investments, while some VCs use them as a temporary parking spot for idle capital. However, the sustainability of **mNAV multiples** remains a question, especially for Bitcoin- and altcoin-focused DATs.

## The Shift Towards Fundamentals

The crypto funding landscape is also evolving towards a **sharper focus on fundamentals**. Investors now prioritize **revenue-generating protocols** with clear value capture over mere narratives. Projects like **Hyperliquid**, which redirects significant revenue to token holders, have set a new benchmark. This shift has led to a **healthy reset**, steering VCs away from the "vaporware token game."

## Challenges in Early-Stage Funding

Beyond DATs, several factors are constraining early-stage funding:
- **Fewer small crypto funds** raising capital
- **Reduced "dry powder"** for early-stage deals
- **"Series A crunch"** due to limited firms leading these rounds

Despite these challenges, the **quality of dealflow** has improved, with more teams presenting **revenue, compliance, and distribution plans**.

## Underfunded Opportunities

Certain sectors remain underfunded but hold promise:
- **DePINs (Decentralized Physical Infrastructure Networks)**
- **DeFi protocols with proven revenue models**
- **Zero-knowledge tech** for on-chain data
- **On-chain intellectual property and capital markets**
- **Crypto–AI convergence**

## The Future of DATs

Most VCs agree that **DATs are here to stay**, but anticipate a **shakeout**. Predictions include:
- **NAV premiums compressing** to 1.03–1.07x for Bitcoin treasury firms
- **Trading volume concentrating** in a few large-scale DATs
- **Consolidation of smaller DATs** over time

## Key Takeaways

The crypto funding landscape is undergoing a **significant transformation**, with DAT deals taking center stage. While they offer **liquidity and pricing advantages**, their dominance may be **squeezing out traditional startup funding**. The focus on **fundamentals and revenue** is a positive shift, but challenges in early-stage funding persist. **Underfunded sectors** like DePINs and crypto–AI present untapped opportunities, while the future of DATs hinges on their ability to sustain **mNAV multiples** and avoid a "dramatic shakeout."

Digital asset treasury or DAT deals are booming — but where does that leave general crypto startup funding?

Crypto Treasury Deals: A Double-Edged Sword for Startup Funding?

## **After the Idea: What It Really Takes to Create and Scale a Startup**
By Julia Austin

Entrepreneurship expert Julia Austin shares **battle-tested strategies** to help founders and startup joiners build their venture from the ground up. [Listen to our Book Bite summary](https://nextbigidea.app.link/after-idea) or [view on Amazon](https://geni.us/PGRbQ).

## **Black Capitalists: A Blueprint for What Is Possible**
By Rachel Laryea

A **groundbreaking look** at how Black visionaries are reimagining capitalism to benefit the needs of Black people and, ultimately, everyone. [Listen to our Book Bite summary](https://nextbigidea.app.link/black-capitalists) or [view on Amazon](https://geni.us/j8Ylu).

## **Pioneers: 8 Principles of Business Longevity from Immigrant Entrepreneurs**
By Neri Karra Sillaman

Unlock the **principles that drive the remarkable success stories** of immigrant entrepreneurs from around the world. [Listen to our Book Bite summary](https://nextbigidea.app.link/pioneers) or [view on Amazon](https://geni.us/Hg3B1e).

## **Click: How to Make What People Want**
By Jake Knapp with John Zeratsky

A guide for starting big projects the **smart way**—based on firsthand experience with more than 300 new products and businesses. [Listen to our Book Bite summary](https://nextbigidea.app.link/click-how-to) or [view on Amazon](https://geni.us/JQufpX9).

## **Ping: The Secrets of Successful Virtual Communication**
By Andrew Brodsky

The **essential guide** for when (and how best) to use virtual communication tools, from video to instant messaging and everything in between. [Listen to our Book Bite summary](https://nextbigidea.app.link/ping) or [view on Amazon](https://geni.us/7KnG3An).

## **Inner Entrepreneur: A Proven Path to Profit and Peace**
By Grant Sabatier

A **comprehensive blueprint** detailing how to start, build, buy, scale, and sell a business that expands your life. [Listen to our Book Bite summary](https://nextbigidea.app.link/inner-entrepreneur) or [view on Amazon](https://geni.us/SELFWn3).

## **The Insider’s Guide to Innovation at Microsoft**
By Dean Carignan & JoAnn Garbin

Learn how to innovate from the people behind some of the **biggest breakthroughs** of the last 50 years at one of the most influential companies in the world. [Listen to our Book Bite summary](https://nextbigidea.app.link/innovation-microsoft) or [view on Amazon](https://geni.us/fjGzl6).

## **Gambling Man: The Secret Story of the World’s Greatest Disruptor, Masayoshi Son**
By Lionel Barber

The first Western biography of SoftBank CEO Masayoshi Son, **financial disruptor** and personification of the 21st century’s addiction to instant wealth. [Listen to our Book Bite summary](https://nextbigidea.app.link/gambling-man) or [view on Amazon](https://geni.us/GD2Ro2B).

From entrepreneurship to virtual communication tips, here are books that every business leader should read.

The Rise and Fall of Builder.ai: A Cautionary Tale in the AI Gold Rush

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