Wednesday, April 16, 2025

Wednesday, April 16, 2025 

In today’s digest, the Frick Collection reopens, supermarket sushi gets an upgrade, and a spotlight on M13’s Latif Peracha. 💡

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• Art lovers, gather: The Frick Collection will reopen to the public on Thursday, April 17, after a $220 million, four-year renovation. In addition to the Rembrandts, Van Dykes, Vermeers, and Turners on view are meticulous restorations of silk velvet walls, new murals, handmade passementerie, and more. (New York Times) 🖼️

  • The renovations are the most comprehensive update since the museum opened in 1935, and visitors will now also be able to visit the family’s private rooms. (New York YIMBY)
    
    

• Sushi lovers, rejoice. Wegmans is set to open Next Door, its upscale sushi restaurant first launched in Rochester, in its Manhattan grocery store at the end of April. (Grub Street)

  • Taking advantage of Wegmans’ decades-long relationship with sushi, the restaurant will also serve as R&D, with popular items moving into the aisles. 🍥
    
    

• Traffic haters, toast. Congestion pricing continues to be effective in reducing vehicles entering certain parts of Manhattan. Recent data shows an average of around 82,000 vehicles daily were dissuaded from entering the borough below 60th Street last month, with a noticeable impact on traffic each month. (Gothamist)

  • The tolling area saw ~2.5 million fewer vehicle entries last month compared to the same period in previous years.

In other reading:

• NYNext guide to: Members-only clubs (New York Post)

• Scavenger hunt celebrates NYC's food carts from around the world (CBS News)

• Hunting the wild mushrooms of New York City (New York Times)
  
  

What’s the most common mistake founders make when pitching to investors? “They don’t ask enough questions of the investors to figure out their thesis and mutual fit,” says Latif Peracha, Partner at M13.

Founders will typically jump too quickly to traction and proof points, Latif says, instead of focusing on the why —  why did you start the company, why does it need to exist in the world, and why now?

• M13 has $1.4 billion assets under management and invests at an “early stage,” a purposely vague term.

• Typically that means late seed and Series A.

For our latest VC Spotlight, we caught up with Latif to discuss his career, how founders should approach investment meetings, how he uses a “gut feeling” to fuel his investment decisions, and much more.

Here’s a preview of what Latif had to say:

• 👀 On what fuels his investment decisions: 

  • “It always comes down to the gut. I don’t think that is specific to any one sector but to investing overall. And for me, that gut feel comes down to my perspective on a particular market, and a founder’s ability to build an exceptional, enduring business in that market.”

• 🤩 On an exciting investment:

  • “AvatarOS. It is a seed investment in an avatar company uniquely enabled by AI… AI has brought down the cost of inference making it possible to create rich avatars at scale with robust fidelity.”

• 📚 On resources for founders:

  • “I would read the archives of Fred Wilson’s blog AVC. Especially if you are planning on raising venture capital. Timeless lessons going back over two decades. I would also read “Amp It Up” by Frank Slootman that outlines the intensity it takes to win as a CEO.”

• 🍕 On the best slice in the city:  

  • Joe’s Pizza

Read the full VC Spotlight interview here.

In other reading:

• Immigrant founders are the norm in key U.S. AI firms: Study (Axios)

• OpenAI is building a social network (The Verge)

• DolphinGemma: How Google AI Is helping decode dolphin communication (Google)
  
  

• Blue Onion, an NYC-based subledger for retail and ecommerce brands, raised $10 million in Series A funding. Viola FinTech led the round and was joined by existing investors Y Combinator, Entrée Capital, Green Visor, and Vinyl Capital.
  
  

• New Schools is accepting applications for the GenAI Math Tutoring Funding Opportunity, providing up to $300,000 in funding, expert assistance, and product feedback for selected ventures. Apply by April 18 here.
  
  

• Entrepreneurs Roundtable Accelerator, a four-month program providing funding and mentorship for early-stage companies. Apply by April 28 here.
  
  

• Urban Future Lab hosts the Urban Future Prize Competition, which identifies and supports top climate-tech startups. Apply by April 28 here.
  
  

• America on Tech is accepting applications for TECH360, a program for students to explore artificial intelligence and develop an AI-powered tool to pitch to mock clients. Apply here by the May 4 priority deadline.
  
  

• Techstars Economic Mobility, for entrepreneurs designing innovative solutions that generate greater economic mobility for low- and moderate-income Americans. Apply by June 11 here and register for the info session on April 17 here.
  
  

• Forum Ventures is accepting pitches for Forum for Founders, which will invest in 30+ companies over the next three months, offering $100K and admission to its pre-seed accelerator to provide personalized GTM and sales support. Apply here. 
  
  

• AcceleratorCON introduces Draft Combine, an opportunity for startups to be scouted by top accelerators and investors. Apply here.
  
  

• Each month, Union Square Ventures hosts usvwork — a casual coworking day for founders and builders in NYC. Apply here.
   

• Company Ventures’ Grand Central Tech Residency, for pre-seed/seed stage teams building venture-scale companies, or individuals launching a venture within six months. Apply here.