For the first time since 2019, startup founders and prospective investors gathered in-person last week in San Francisco for 500 Global’s flagship demo day.
While the in-real-life reunion was a reason to celebrate, the uncertain economic climate — intensified in recent weeks with the collapse of Silicon Valley Bank — wasn’t lost on the crowd. Still, optimism reigned.
“Great companies are formed in times of crisis…”
“There is a lot that we don’t know yet,” Christine Tsai, 500 Global’s CEO and founding partner, said in her opening remarks for the firm’s 31st demo day. “But we do know this — we know that great companies are formed in times of crisis and upheaval.”
Nineteen startups — all participants in 500’s global accelerator program — made their two-minute presentations on-stage last Thursday in front of a packed house in San Francisco’s SoMa district. Ideas ranged from a marketplace that helps social media influencers sell their excess clothing (Detoure) to technology that brings an automated, “Amazon Go” experience to gas stations (Autopass).
“It felt like we didn’t miss a beat since 2019,” 500 Global’s partner and head of accelerator Clayton Bryan said.
True to 500 Global’s mission of unlocking potential around the world, over half of the presenting companies had at least one founder born outside the U.S., including Kenya-based Tripitaca, which is helping to bring Africa’s travel industry online, and IMAN, which is building interest-free financial products that allow Muslims to bank.
“There are millions of people who remain hugely underserved,” Tsai said. “This is why 500 has been investing globally since day one, long before many others saw this opportunity.”
Artificial intelligence — perhaps unsurprisingly — was a common thread among startups on-stage. ArbiLex, a marketplace for litigation financing, said it’s using AI to help investors better understand the chances that lawsuits will win. Verisoul said AI enhances its ability to identify fake users for its corporate clients.
In an investor panel discussion at the event, Cindy Bi, general partner at CapitalX, said she’s excited to see what happens when her portfolio companies add AI to their existing offerings.
“The next few years are going to be some of the best vintages ever.”
Meanwhile, Ali Moiz, CEO and founder of Stonks (a 500 Global portfolio company), echoed the sentiment that an unstable economy can be an opportune time to start a startup. While raising capital might be more difficult, founders will likely find themselves with fewer competitors and more access to high quality employees, he said.
“Both in investing and in building, it’s a great time,” Moiz said. “The next few years are going to be some of the best vintages ever.”
Presenting companies included Ailumia, ArbiLex, Autopass, Bitpowr, Crescendo Lab, Detoure, Dinari, effa, Flex Finance, IMAN, Lablabee, Mightyfly, Stethy, Stylemyle, SustainFI, Susu, Tripitaca, Verisoul, and Viewabo. More information about these companies and a recording of the event is available here.
500 GLOBAL PROGRAMS AND EVENTS ARE OPERATED BY 500 STARTUPS INCUBATOR, L.L.C. (TOGETHER WITH ITS AFFILIATES, “500 GLOBAL”) AND THE FUNDS ADVISED BY 500 STARTUPS MANAGEMENT COMPANY, L.L.C. DO NOT PARTICIPATE IN ANY REVENUE GENERATED BY THESE ACTIVITIES.
ALL CONTENT PROVIDED IN THIS BLOG, THE DEMO DAY LIVE-STREAM, AND AS PART OF DEMO DAY IS PROVIDED FOR GENERAL INFORMATIONAL OR EDUCATIONAL PURPOSES ONLY. 500 GLOBAL MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR INFORMATION CONTAINED THEREIN AND WHILE 500 GLOBAL HAS TAKEN REASONABLE STEPS TO ENSURE THAT THE INFORMATION CONTAINED THEREIN IS ACCURATE AND UP-TO-DATE, NO LIABILITY CAN BE ACCEPTED FOR ANY ERROR OR OMISSIONS. UNDER NO CIRCUMSTANCES SHOULD ANY CONTENT PROVIDED IN THIS POST BE CONSTRUED AS INVESTMENT, LEGAL, TAX OR ACCOUNTING ADVICE BY 500 GLOBAL OR ANY OF ITS AFFILIATES.
UNDER NO CIRCUMSTANCES SHOULD ANY INFORMATION OR CONTENT IN THIS POST, THE DEMO DAY LIVE-STREAM, OR AS PART OF DEMO DAY BE CONSIDERED AS AN OFFER TO SELL OR SOLICITATION OF INTEREST TO PURCHASE ANY SECURITIES. FURTHER, NO CONTENT OR INFORMATION CONTAINED THEREIN IS OR IS INTENDED AS AN OFFER TO PROVIDE ANY INVESTMENT ADVISORY SERVICE OR FINANCIAL ADVICE BY 500 GLOBAL. UNDER NO CIRCUMSTANCES SHOULD ANYTHING THEREIN BE CONSTRUED AS FUND MARKETING MATERIALS BY PROSPECTIVE INVESTORS CONSIDERING AN INVESTMENT INTO ANY 500 GLOBAL INVESTMENT FUND. INCLUSION AS A PRESENTING COMPANY IN DEMO DAY DOES NOT NECESSARILY CONFIRM INVESTMENT BY A 500 GLOBAL FUND IN SUCH COMPANY. 500 GLOBAL HAS NOT TAKEN ANY ACTIONS TO QUALIFY THE DISTRIBUTION OF THE LIVE-STREAM EVENT UNDER THE SECURITIES LAWS OF ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS OUTSIDE OF THE UNITED STATES WHO VIEW THE LIVE-STREAM MUST OBSERVE ANY APPLICABLE LAWS AND RESTRICTIONS RELATING TO VIEWING THIS EVENT AND ANY RELATED ACTIVITIES OUTSIDE OF THE UNITED STATES.
