Pre-Money: Mar 11th, 2024

The rise of the family office, a possible TikTok ban, and more.

This issue is brought to you by Energy Shares, who allows you to tap into the rapidly growing solar market.

The Vibe

The week’s most important happenings

Here’s what’s going on in the world of venture capital:

  • A new path to becoming an accredited investor?

  • The rise of the family office

  • The social network that has become a geopolitical issue

  • One year since the SVB implosion

  • Elon’s many legal entanglements

  • and more…


The week’s top performance indicators

Based on publicly available data from Thompson Reuters, NASDAQ, CNN Business & other third-party sources.

Correction: We mistakenly listed Klarna’s latest valuation as 83% down from the prior round last week. In fact, it should have been noted as up 22% from the last financing, after an 85% drop from the prior round.


The Potential of Florida’s Solar Market

The US renewables market is quickly expanding, thanks to legislation like the Inflation Reduction Act incentivizing the buildout of more clean energy. States like California and Florida are seeing rapid growth, but Florida added the most solar in the first half of 2023 than any other state.

And where there’s growth, there’s potential. 

New River Solar, an affiliate of Energy Shares, is a way to directly tap into the thriving Florida solar market, a market that may not be seeing the same growth in other states.

Offering ends soon, invest today!

See disclosures below.

Dots & Lines

The week’s top takeaways

  • More accredited pathways: Recent decades have seen a growing appetite from individual investors to participate in private opportunities, once the realm of institutions and endowments, and more recently restricted to “accredited investors.” Dating back to the Securities Act of 1933, an accredited investor has to have a net worth over $1 million (excluding primary residence) or a salary above $200,000 - or several other qualifying criteria. Many ridicule the principle that unaccredited investors are permitted to play the lottery and gamble, but not invest in a friend’s startup. In 2012, Congress passed the Jumpstarting Our Business Startups (JOBS) Act, which opened up exemptions like Regulation CF - “crowdfunding” - to expand access to private offerings. This week, the House passed H.R. 2773 - the “Expanding Access to Capital Act”, which would allow investors to be accredited by virtue of working with a qualified investment advisor. Introduced by Finance Committee Chair Rep. Patrick McHenry (R-NC), the measure doesn’t get all the way there but would be a step in the right direction to democratize private markets if it gets through the Senate and eventually becomes law.

  • Rise of the Family Office: The expansion of wealth in recent years tripled the number of family offices from 1,285 in 2019 to more than 4,500 today. Family offices, which employ investment staff to manage allocations to public and private markets, as well as philanthropic endeavors on behalf of individuals, differ widely in their structure and mission. Overall, though, they account for more than $6 trillion of investible capital, and many invest into alternative assets. With more billionaires than ever, and many more family offices to come, the sector is likely to continue to drive capital allocations into venture capital and other alternative asset classes. So expect asset managers to continue building their focus on this source of capital.

Family offices are on the rise, per a recent Prequin report

  • The War on TikTok: Two years ago, ByteDance, TikTok’s parent, was being traded in the Pre-IPO market with a twelve-figure valuation. Today, it’s a geopolitical issue, as Congress introduced a bill to force ByteDance to divest the social network that boasts more than a billion DAUs (daily active users). Proponents of the bill cite the app’s connection to China’s governing CCP, a link CEO Shou Zi Chew denied in congressional testimony last year. TikTok has pushed back, claiming freedom of speech concerns (ironic, given China’s stance on free expression), and is calling on its users to lobby their representatives. While it is being called a “ban,” if the bill is successful, TikTok would not have to be shut down, ByteDance would just have to sell it, which would certainly affect the value of its shares.

  • The Silicon Valley Bank implosion didn’t change much after all: It’s already been one year since that fateful weekend that saw SVB being taken over by regulators and eventually shutting down. Despite the gravity of the incident, the landscape has not dramatically changed. Venture funds and startups still have traditional banking relationships, many still with SVB, which is now a division of First Citizens Bank. Regulators have not changed anything substantial, and a major competitor has not emerged to take over SVB’s lending business, even though the practice of venture debt rebounded quickly. If nothing else, firms are more aware of “treasury management,” the practice of keeping a closer eye on the safety of its accounts and optimizing for interest payments.

  • Elon’s legal entanglements: Being the world’s richest man, and on the forefront of multiple frontier technologies, requires a lot of lawyers. A SpaceX employee sued the Pre-IPO company for sexual discrimination, claiming she was harassed, impregnated and silenced by supervisors, adding to a growing number of similar suits alleging an abusive environment. Ex-Twitter/X execs are suing their former employer for more than $100M of unpaid severance, saying they were fired “for cause” without justification. This is on top of Elon’s claims against OpenAI last week, as the parties continue to trade blows. It would be ideal for innovation to play out in the product and user experience side of things, but for now, keep your eye on the courts.


Smart Humans explores venture capital

In this episode, Slava Rubin talks with VaynerX's Gary Vaynerchuk about investing in NFTs, trendspotting, and "doing the work".

Deal Points

A few items of interest

Round sizes at the early stage, according to Carta

The Forecast

Looking ahead to this week

During the week of March 11th, look out for:

  • Earnings from Asana ($ASAN), Adobe ($ADBE), Getty Images ($GETY), Oracle ($ORCL) and PagerDuty ($PD)

  • February Consumer Price Index (CPI) Print on Tuesday

  • February Retail Sales and Producer Price Index (PPI) on Thursday

  • SpaceX’s Starship launches its third attempt on Thursday

  • Election season continues with primaries in Georgia, Hawaii, Mississippi and Washington

How'd we do with this week's issue?

Login or Subscribe to participate in polls.


Energy Shares, LLC (Energy Shares), a FINRA registered broker dealer, is a subsidiary of Solariant Capital and an affiliate of New River Solar, LLC. Energy Shares is building a platform for utility scale renewable energy projects in the United States to raise capital. Energy Shares is not facilitating the offering for New River Solar but to learn more about the industry in general, please visit The regulation crowdfunding offering is being conducted by Andes Capital Group, LLC (“Andes”), a member of SIPC and FINRA, as the SEC registered broker dealer intermediary. For more information, see the offering materials and disclosure of risk at the investment site

Neither Energy Shares or Andes and its directors, officers, employees, representatives, affiliates or agents do not provide business, investment, tax, or legal advice. No communication contained herein should be construed as a recommendation to purchase any security and content published are for informational purposes only. Any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this communication and any liability therefore is expressly disclaimed. Any investments referred to in the article are privately held securities that are being offered via private placement. These securities are a high risk investment, not publicly traded, highly illiquid, speculative, and an investor could experience an entire loss of their investment. These private securities are not suitable for all investors and there is no guarantee an investment will be profitable or that there will ever be an exit strategy or an opportunity to liquidate the investment. When making an investment decision, investors must make their own determination and rely on their due diligence and examination of the issuer, the investment offering documents, and the terms of the offering. 

Energy Shares is a FINRA l SIPC member