Social Leverage Letter | Issue #45

The End of Web3, Hoarding Dry Powder, the Future of E-commerce and Crypto

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READING

Tomasz Tunguz at Redpoint expects the web3 moniker to eventually disappear. As each wave of innovation advances, the infrastructure disappears beneath the winning apps. And then we move on to the next wave of tech and new buzzwords.

The tech downturn has seen VC deals cooling off as both public tech companies and late-stage private company values have crashed. However, VC firms continue to hoard capital on the sidelines. Recent data shows plenty of capital still waiting to be deployed.

WHAT ELSE WE'RE READING

Here's a few other stories that caught our eye over the past week.

LISTENING

Howard sat down with Serge Kassardjian of StayTuned (Fund III) to talk e-commerce and crypto. StayTuned acquires and grows Shopify apps that accelerate merchant growth.

Serge Kassardjian of StayTuned and 6th Man Ventures on the Future of E-commerce and Crypto (EP.209)

Listen to this episode from Panic with Friends - Howard Lindzon on Spotify. Today’s guest, Serge Kassardjian, is the co-founder and CEO of StayTuned Digital, and a partner at 6th Man Ventures. He got his MBA from Harvard and Bachelors and Masters in Engineering from Stanford, where he was the President of his class. Serge is a fighter, an entrepreneur with irons in the fire of two incredibly volatile sectors – e-commerce and crypto, so he’s the perfect guest to come on Panic with Friends. As the pundits at CNBCq say ‘the markets are in turmoil’; and it’s not just crypto, but our beloved e-commerce stocks, including Amazon $AMZN and Shopify $SHOP, that are taking a beating. We discuss StayTuned Digital, which is a Shopify roll-up, but not in the classic sense of rolling up e-commerce stores – they’re rolling up software companies on the app side. We get into Serge’s love of STEPN – the crypto/web3 lifestyle app, and what the future crypto/web3 ecosystem might look like for us ‘normies’. (Full disclosure: StayTuned is a Social Leverage (Fund III) portfolio company.) Guest - Serge Kassardjian, Co-founder and CEO at StayTuned and Partner At 6th Man Ventures howardlindzon.com, staytuned.digital, 6thman.ventures, sergekassardjian.com Twitter: @howardlindzon, @PanicwFriends, @sergekass, @staytuned_dig, @knutjensen linkedin.com/in/sergekass #fintech #invest #investment #venturecapital #stockmarket #finance Show Notes: Introduction (00:043) Welcome Serge (03:21) Selling dumbbells (04:05) Coming to America (05:11) Starting in e-commerce (07:17) Macro trends in e-commerce (09:22) Growth is in headless solutions (10:50) Non-linear paths in startups (13:14) Serge’s time at Google (13:38) Shopify app roll-ups (14:03) Building the StayTuned team (14:43) Getting into crypto (16:02) Early whale on NBA TopShot (17:28) International e-commerce (18:06) Venture debt model (19:05) StayTuned apps (20:26) Shopify competition (22:25) Catching the crypto bug (24:35) Talent moves to crypto (26:02) Crypto adoption demographics (27:40) STEPN sneaker NFTs (29:54) Wrapping up (37:23) Closing thoughts (38:59)

Related: StayTuned acquires Moonship, an AI-based Personalized Discounts app.

WHAT ELSE WE'RE LISTENING TO

A few more podcasts you might like:

DEAL FLOW

The latest venture funding from around the globe:

CRYPTO CORNER

News on Crypto/web3:

JOB BOARD

Explore openings at our portfolio companies:

Featured Jobs:

Check out all of our portfolio companies at Social Leverage.

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Affiliate Disclosure: Social Leverage Group, LLC ("SLG"), Social Leverage Capital Fund I, LP ("SLC"), Social Leverage Capital Fund II, LP ("SLCII"), Social Leverage Capital Fund III, LP ("SLCIII") and Social Leverage Capital Fund IV, LP ("SLCIV") are all distinct entities from Social Leverage, LLC ("SL"). Social Leverage is not a registered investment advisor. SLC, SLCII, SLCIII, SLCIV, SLG and SL have used the logo and branding of Social Leverage with the permission of Social Leverage Group, LLC.