Khloe Kardashian has formally launched her new food company, Khloud, and its first product, a protein popcorn,set to hit Target starting April 29.
Back in December, TechCrunchreported that Kardashianand her mother, Kris Jenner, were looking to raise at least $10 million for a business called Khloud. Jessica Bixby, an associate partner at K5 Global, which invested in the brand, said that it went on to raise an “oversubscribed $12 million round.”
Other investors include Serena Ventures, William Morris Endeavor (WME), and Shrug Capital.Khloud says its popcorn is crafted from whole-grain corn and that its “Khoud Dust,” a milk protein and seasoning blend sprinkled on it, gives each serving seven grams of protein. In addition to Target, the product will be soldon its website.
“We’re starting with popcorn, but that’s just the beginning,” Kardashian told TechCrunch. “We plan to expand into other snacking categories across the store, there’s so much room to reimagine everyday snacks.”
Kardashian says the mission of her snack brand is to offer more nutritious alternatives made from “clean” ingredients.
The Kardashian-Jenners are known for their ever-growing and ever-encompassing consumer business empire. This, however, marks the first time a member of the family has forayed into the snack business. It somewhat makes sense — numerous articles have been written about their favorite foods (includinga dedicated Instagram page), and anywhere there is widespread potential consumer interest, there is a widespread chance for celebrities to make money.
Celebs have pumped outnumerous hair care lines, liquor lines, and beauty products. The Kardashians have been there (and are still doing that). Now, their empire spreadsfrom household cleaning productsto the food in our pantries.
Dennis Xu is a repeat tech startup founder, but he’s the first to admit he’s not a programmer.
After co-founding AI note-taking app Mem —one of OpenAI’s earliest venture investments— he has now launched a new startup calledAdaptive Computer.
Its grandiose mission is nothing less than a complete reimagining of personal computer software. He wants non-programmers to be using full-featured apps that they’ve created themselves, simply by entering a text prompt into Adaptive’s no-code web-app platform.
To make that happen, Xu and co-founder Mike Soylu just announced a $7 million seed round, led by Pebblebed with participation from Conviction, Weekend Fund, Jake Paul’s Anti Fund, Roblox CEO Dave Baszucki, and others. (Pebblebed is a relatively new seed fund founded by Pamela Vagata, an AI engineer formerly of Stripe, and Keith Adams, former chief architect at Slack.)
Prior to LLMs, Xu said he had to work with designers, who worked with the engineers “basically influencing people” to build the things he envisioned. (He left Mem in 2023.)
But now, “we’d be able to put something in every person’s pocket where they could actually build the personal computer of their dreams,” as he describes it.
To be certain, this isn’t about the computer itself or any hardware — despite the company’s name. The startup currently only builds web apps.
However, for every app it builds, Adaptive Computer’s engine handles creating a database instance, user authentication, file management, and can create apps that include payments (via Stripe), scheduled tasks, and AI features such as image generation, speech synthesis, content analysis, and web search/research.
In demoing its product, called ac1, which is still in “alpha mode” (meaning it has limited features and functionality), I gave it a text prompt asking for a bicycle ride log app. A minute later,it built a JavaScript-based app, complete with back-end database, with no further configuration needed on my part.
While this app didn’t integrate with third-party services like my fitness watch, it did automatically add features like sorting rides, tallying total distance, and comparing rides. This was also a fully functional website, not a prototype, that could be shared with others to log their own rides, without sharing my personal data.
For true non-programmers
As interesting as this idea is, Adaptive Computer is hardly the first and only “vibe coding” platform out there, meaning writing code based on text prompts.
Competitor Replit claims to haveover 30 million usersand has begun to cater to non-programmers so heavily that its founder CEO, Amjad Masad, caused outrageby declaring on X last month.“I no longer think you should learn to code.”
Fast on both companies’ heels is Lovable, which claims its vibe coding project is not just good fornon-programmers, but better for designing than Figma.The early-stage Swedish startup claims it grew its customer base to $10 million in ARR in its first 60 days.
Xu says the difference between these more established products and his startup is that the others were originally geared toward making programming easier for programmers.
And that means non-programmers could struggle to use them. “Try building an AI tool with either, and they’ll ask you for API keys,” Xu says, noting that it’s these kinds of details that create difficulty for non-programmers. “We’re building for the everyday person who is interested in creating things to make their own lives better. Their users are people who are building apps for other people.”
Besides taking care of the back-end database and other technical details, Adaptive apps can work together. For instance, a user can build a file-hosting app and the next app can access those files.
Xu likens this as more like an “operating system” rather than a single Web app.
Other examples of apps created by early users include AI generated storytelling; a coffee bean e-commerce site; and a text-to-speech reader for PDF files.
Adaptive Computer has three subscription levels: a limited free version; a $20/month tier; and a $100/month Creator/Pro.
Here’s a peek.
Jeff Bezos-backed Slate Auto has planted multiple concept versions of its EV on the streets of California. It’s a marketing tactic that teases the secretive startup’s strategy to sell a “Transformer”-like vehicle, people familiar with the company’s internal discussions told TechCrunch.
This unconventional real-world tease comes days before Slate’s April 24 launch event at Long Beach Airport, according to an invite viewed by TechCrunch.
The Michigan-based startup, founded in 2022, has operated in relative secrecy until TechCrunchpublished a report revealing Bezos’ financial involvement, as well as its plan to price its EV at around $25,000 while encouraging buyers to customize the vehicle to their liking. That base model is referred to as the “Blank Slate” version, according to atrademark applicationand another person familiar with the company’s plans. Slate has also filed for atrademarkfor the phrase: “We Built It. You Make It.”
The Autopian’s David Tracytraveledto Venice, California over the weekend where Slate parked a concept version of the truck made to look like a two-door SUV used by a fake business. Similarly, Reddit users posted pictures over the weekend ofyet anotherversion of the truckmade to look like a hatchback that almost resembles Rivian’sforthcoming R3.
The vehicle Tracy saw up close this past weekend looks just like the two-door pickup truck spotted by a Reddit userearlier this monthin Long Beach, but with a hard cover over the bed that gives it more of an SUV shape. The vehicle is covered in a wrap for a fake business called “Rockabye Rides,” which includes a URL that leads to a website that iscounting downto Slate’s event later this week.
That makes three different silhouettes we’ve seen of Slate’s truck so far — and that adaptability is something the company has privately touted as it locked down well over $100 million in funding, TechCrunch has learned.
Slate’s leadership focused heavily on the “Transformer” metaphor as it wooed investors to fill out its Series B funding round last year, according to a person familiar with the pitches. The company carefully choreographed the meetings around the idea, according to another person familiar with how they went.
This involved showing prospective investors a generic version of the truck, and then leading them to another room while a team quickly customized the vehicle. Then the prospective investors would be brought back to the first room only to find the truck looking completely different.
Those efforts appear to have been convincing. Guggenheim Partners CEO (and controlling owner of the LA Dodgers) Mark Walter seemingly invested in the round and joined Slate’s board, TechCrunch hasreported.
A spokesperson for the company didn’t respond to a request for comment.
These new photos give a pretty clear view of the exterior of Slate’s truck, and the potential level of customization. The interior remains a mystery, and there is no public knowledge about the vehicle’s specs.
The company has briefed a number of automotive journalists ahead of Thursday’s event, and Tracy wrote that he’s “under a strict NDA” on any of the specifics.
Even still, Tracy wrote that the Slate truck “is unlike any new vehicle I’ve ever seen not just in my decade as a car journalist, but in my entire lifetime.”
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Humans have found it hard to quit fossil fuels, which is why some argue that we’ll soon need to start geoengineering — that is, modifying the atmosphere to prevent catastrophic warming of the planet.
The practice is controversial. Some argue it’s the only solution given that we’ve waited too long to reduce carbon emissions. Others say we shouldn’t be running two uncontrolled experiments on the Earth’s climate (the first being the global burning of fossil fuels).
That hasn’t stopped people from trying. And one approach championed byMake Sunsetshas drawn the attention of the U.S. Environmental Protection Agency.
The startup is basically two guys from Silicon Valley who have been releasing weather balloons filled with hydrogen gas and sulfur dioxide particles. When the balloon floats somewhere past 66,000 feet in altitude, it bursts and releases the sulfur dioxide particles, which scatter and reflect sunlight, cooling the Earth a tiny bit.
The company sells “cooling credits” based on how much estimated warming each balloon release negates. Make Sunsets has raised $750,000, according to PitchBook, and the startup says its investors include Boost VC, Draper Associates, and Pioneer Fund.
Neither founder is a scientist, but the science behind sulfur dioxide and solar reflectivity is sound. Humansaccidentally provedthe importance of sulfur dioxide in global albedo — the average reflectivity of the Earth’s surface — when they slashed the sulfur content of marine shipping fuels in 2020; one prominent climate scientist hasargued in favorof the practice.
Still, given the complexity of the global climate, it’s not clear what other effects the practice might have. It might seed rainstorms in one region while depriving other areas of rain. Several scientists haveurged caution.
Plus, if sulfur dioxide particles drift closer to ground, they could aggravate people’s asthma and cause other respiratory problems. Here, the EPA takes issue with Make Sunsets’ approach to geoengineering. Sulfur dioxide is regulated as an air pollutant. EPA Administrator Lee Zeldin said this week that the agency isinvestigating the company.
Make Sunsets argues its actions are legal. In anFAQon its website, the company says, “Yes, our method to cool Earth falls under the Weather Modification Act of 1976 and report yearly to NOAA of our deployments as required.”
The law is fuzzy here, though. When it was written, the Weather Modification Act was likely intended to cover the practice of cloud seeding, in which particles like silver iodide are shot into clouds to induce rain or snowfall. Most weather modification today is done by entities likeski resortsandirrigation districts in the West. It’snot clearhow the law applies to climate modification.
Still, while the EPA might be justified in its investigation, it isn’t exactly consistent with Zeldin’s approach to pollution.
The agency’sefforts to boost coalare likely to generate far more sulfur dioxide pollution than Make Sunsets will release with its balloons. A Make Sunsets balloon released onNovember 15, 2024, released 1,715 grams of sulfur dioxide. In 2023, U.S. power plants released650,000 tonsinto the atmosphere, themajorityof which came from coal. That’s approximately the same amount as 343,900,000 of the startup’s balloons.
When news broke that OpenAI was in talks to acquire AI coding companyWindsurf for $3 billion, one of the first questions on the mind of anyone following the space was likely: “Why not buy Cursor creator Anysphere instead?”
After all, OpenAI Startup Fund has been an investor in Anysphere, the maker of Cursor, since the quickly growing coding assistant’sseed roundin late 2023. (Anysphere is often referred to by its product name, Cursor.) It turns out that OpenAI indeed approached Anysphere in 2024 and again earlier this year about a potential acquisition, according to areport from CNBC. The talks failed. Instead, Anysphere has been in talks to raise capital at about$10 billion valuation, Bloomberg reported last month.
OpenAI’s desire to move on to acquisition discussions with another coding assistant maker signals how important capturing a slice of the code generation market has become for the ChatGPT maker. Windsurf is generating about $40 million in annualized recurring revenue (ARR),TechCrunch reportedin February. Meanwhile, Anysphere’s Cursor reportedly makes about $200 million on an ARR basis.
While OpenAI’s Codex CLI “agent,” which the companyreleased Wednesday, can also write and edit code, its attempt to buy Windsurf suggests the company doesn’t want to wait for CLI to gain traction with customers.
Chatbot Arena, the crowdsourced benchmarking project major AI labs rely on to test and market their AI models, is forming a company called Arena Intelligence Inc.,reports Bloomberg.
In ablog post published Thursday, Chatbot Arena said that the company will “give [it] the resources to improve [its platform] significantly over what it is today.” The team also pledged to continue to provide neutral testing grounds for AI not influenced by outside interests.
Founded in 2023, Chatbot Arena has become something of an AI industry obsession. Primarily run by UC Berkeley-affiliated researchers, Chatbot Arena has partnered with companies such as OpenAI, Google, and Anthropic to make flagship models available for its community to evaluate.
Chatbot Arena was previously funded through a combination of grants and donations, including from Google’s Kaggle data science platform,AndreessenHorowitz, andTogether AI. The organization’s fledgling company hasn’t disclosed any potential new backers yet — nor has it decided on a business model.
Both the largest startup funding round ever and the largest acquisition of a venture-backed company occurred in Q1 2025, reflecting a warming startup environment but also one where capital and opportunities were concentrated among a handful of companies and sectors.
Overall, the quarter marked the strongest one for venture investment since Q2 2022.
But the quarterly numbers were significantly buoyed by a single round: OpenAI raised the largest private round ever, a $40 billion funding that values the company at $300 billion.
The deal — which alone accounts for more than half of U.S. venture funding and a third of global funding last quarter — pushed global startup investment in Q1 to $113 billion, Crunchbase data shows. Funding to just the AI sector comprised more than half of last quarter’s global total.
Total startup funding in Q1 was up 17% quarter over quarter from $96 billion in Q4 2024 and up 54% year over year from $73 billion in Q1 2024.
Table of Contents
Billions more in funding
OpenAI moved from the third-most valuable private company to the second-most valuable after SpaceX, which is currently valued at $350 billion. OpenAI has raised a total of $57.6 billion since its founding in 2015. The latest round represents more than two-thirds of the San Francisco-based company’s total funding since it was founded, adding to the $6.6 billion it raised in Q4.
Competitor Anthropic also raised billions in funding in Q1, but even so, it was a fraction of what OpenAI raised. Anthropic raised $4.5 billion across two funding rounds, after raising $4 billion in Q4.
Generative AI companies were not the only companies to raise billion-dollar rounds in Q1. U.S.-based immersive reality company Infinite Reality raised $3 billion, and crypto asset company Binance raised $2 billion.
By comparison, the peak quarter of 2024 was Q4 with $96 billion in total funding. That quarter included a spate of billion-dollar rounds to U.S.-based data and AI companies. Databricks, OpenAI, xAI and Anthropic collectively raised $26.6 billion — a quarter of global funding.
U.S. gained
Venture funding to U.S. companies totaled $80 billion in Q1 2025, accounting for around 71% of global funding. Funding to Bay Area-based companies alone reached $55 billion, accounting for 69% of U.S. venture capital funding and 49% of global funding.
Strongest M&A quarter since 2021
Q1 2025 was also the strongest quarter for startup M&A dollar volume since 2021, totaling $71 billion in reported exit value.
Wiz’s acquisition by Google, if finalized, will mark the largest acquisition for a private company with a price tag of $32 billion. The deal is still subject to regulatory approval.
In total, there were 12 acquisitions above $1 billion for venture-backed startups. The most notable include Ampere’s acquisition by SoftBank, Modernizing Medicine’s purchase by Clearlake Capital Group, Moveworks’ acquisition by ServiceNow, and Weights & Biases’ purchase by CoreWeave.
While the dollar volume for global M&A was high, deal counts for the quarter came in at more than 500, but remained well below market peak quarters of the around 800 global M&A deals seen in 2021, Crunchbase data shows.
Global M&A for venture-backed companies averaged $63 billion each quarter in 2021, with a peak quarter that year at $71 billion, Crunchbase data shows.
AI capital concentrated
AI was the leading sector for venture funding in the first quarter, with $59.6 billion invested. Last quarter marked the strongest quarter for AI funding ever, with an astonishing 53% of global funding going to the AI sector alone.
This followed a strong fourth quarter when $44 billion was raised by AI startups globally.
Healthcare and biotech was the second-largest sector for funding in Q1, with $18 billion invested. Financial services companies, the third-largest sector in the quarter, totaled $10.8 billion.
Late stage was up
Late-stage funding in the first quarter gained quarter over quarter. Funding reached $81 billion, up more than 30% quarter over quarter and an increase of 147% year over year from the $33 billion invested in Q1 2024, Crunchbase data shows.
Early stage trails
Early-stage funding was slightly down in Q1 reaching $24 billion. Larger Series A and B rounds were led by the healthcare and biotech sector. Large rounds were also found in robotics, AI and cloud services, among other sectors.
Seed falls
Seed funding reached $7.2 billion in Q1, down 14% from $8.4 billion invested a year ago. (Seed funding totals typically increase over time, as many seed rounds are added to the Crunchbase dataset after the close of a quarter.)
CapEx and concentration
The venture markets are adapting to the massive opportunities that AI unleashes and the imposing costs of its computation. Last quarter tells that story, with more than a third of capital invested in a single company, OpenAI.
Valuations are increasing at a faster pace. The Crunchbase Unicorn Board has added around $400 billion in value in the first quarter — from the 29 companies that joined and from existing unicorns that raised rounds at higher values. The board reached $1 trillion in total funding in January this year and currently tops $5.8 trillion in value.
The IPO markets for tech companies were slow in Q1. The most high-profile company to go public was New Jersey-based CoreWeave, an AI infrastructure cloud service provider. Its shares priced below their range at $40 per share, but have since seen a significant uptick in price.
With future large outcomes, M&A has heated up, providing some much-needed liquidity to the venture capital industry.
Methodology
The data contained in this report comes directly from Crunchbase, and is based on reported data. Data reported is as of April 2, 2025.
Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.
Please note that all funding values are given in U.S. dollars unless otherwise noted. Crunchbase converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to Crunchbase long after the event was announced, foreign currency transactions are converted at the historic spot price.
Glossary of funding terms
Seed and angel consists of seed, pre-seed and angel rounds. Crunchbase also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.
Early-stage consists of Series A and Series B rounds, as well as other round types. Crunchbase includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.
Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the “Series [Letter]” naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.
Technology growth is a private-equity round raised by a company that has previously raised a “venture” round. (So basically, any round from the previously defined stages.)
Illustration: Dom Guzman