KKR-Backed SmartHR Is Said to Delay Tokyo IPO Beyond This Year
THE SO WHAT
SmartHR’s delayed Tokyo IPO on valuation concerns shows public markets are re-rating SaaS multiples—especially in categories where AI-native or internal tools can undercut perceived growth. If you’re a later-stage SaaS operator, expect tougher pricing on exits and pressure to show durable, AI-resilient workflow depth before going out.
READ THE SOURCE
MORE FROM THE WIRE
Startups & VentureExclusive: Lovable in talks to raise $300m at $13.2bn valuation
If this round clears, Lovable becomes a pricing reference point for late-stage AI-native product companies in Europe—$13.2bn on $300m suggests public-market expectations are bleeding into growth equity. Founders should expect sharper questions on defensibility and unit economics at anything above single-digit billions.
Startups & VentureExclusive: Accel doubles down on energy startup Axle
Top-tier funds doubling down on Axle is another data point that energy infra and software are moving from 'climate thesis' to core venture allocation. If your product touches grid, storage, or energy markets, assume capital is now available for fast followers—speed and regulatory fluency become the edge.
Startups & VentureThe 25 companies Europe’s startup insiders watched most closely in H1
Being on this kind of 'watched' list is a signal of fundraising and hiring leverage, not product-market fit. If a competitor shows up here, treat it as a leading indicator of capital and talent inflows and tighten your narrative and roadmap accordingly.
Startups & VentureGM-Backed Momenta Set for Hong Kong Debut After $752 Million IPO
A $752 million Hong Kong IPO for a loss-making AV firm is a test of public-market appetite for long-horizon autonomy bets. If you’re building in AV or adjacent stacks, this is a live pricing signal on how much dilution and timeline risk public investors are currently willing to underwrite.