Girls Into VC — Happy National May Ray Day

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Girls Into VC
May 19, 2026

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May 19, 2026

Girls Into VC — Happy National May Ray Day

Hey GIVC :), Happy National May Ray Day (which is actually a national holiday I just discovered). This holiday is meant to encourage people to soak up some sunshine and enjoy Mother Nature. So after you read this newsletter, grab some sunnies, hiking shoes, or whatever is appropriate based on where you’re located, and enjoy the great outside!

🗓️ Agenda of the Week

  • Weekly Words of Wisdom

  • Market Pulse: 11-15

  • VC Lesson: Terms To Know 

  • Opportunities

Weekly Words of Wisdom

“Venture capital is an inherently optimistic form of investment—which is both its primary strength and its primary weakness." — Neil Blumenthal, co-founder of Warby Parker

Here's what he means.

VC only works if you believe a small, unproven company can one day be worth billions. As most businesses fail, a purely rational, pessimistic investor would almost never write the check. So optimism isn't just a personality trait in VC, it's a job requirement.

That's the strength. Optimism is what funds moonshots. It's what backed Amazon when it was just an online bookstore and Airbnb when the idea sounded absurd. Without it, the biggest companies of the last 30 years wouldn’t have been built.

However, the weakness lies in the exact same thing. That optimism can also make VCs ignore red flags, such as paying too much because they have a good feeling about a company or supporting founders that can spin a great story but not actually execute.

The quote is basically saying: the thing that makes VC work is also the thing that makes it go wrong. The best investors are able to balance being optimistic about the upside while staying honest about the downside.

📈 Market Pulse: May 11-15

Anthropic is in early talks to raise at least $30 billion at a valuation of more than $900 billion. This would make it the most valuable private AI company in the world as it would surpass OpenAI's $852 billion valuation. For context on its speed, Anthropic closed its last round at a $380 billion valuation in February. That's less than three months ago. Bloomberg, Tech Funding News

Other deals worth knowing:

  • Cerebras Systems had the largest IPO of 2026 at $185/share, raising $5.55 billion at a $56 billion+ valuation. Investor demand exceeded available shares by 20x.

  • Bain Capital closed Asia Fund VI at $10.5 billion, well above its $7 billion target.

Zooming out, AI is not just one sector right now; it essentially is the market. In Q1 2026, investors gave $300 billion to startups, with four of the five largest venture rounds ever recorded closing in that single quarter. AI companies absorbed 81% of all venture funding deployed. Crunchbase NewsTech, Insider

On the liquidity side, secondaries keep making news. PitchBook reported the US venture secondary market hit an annualized valuation of $112.2 billion in Q1 2026, surpassing public listings for the first time. If you read the April 21 edition on secondaries, this is exactly what we were talking about. Crowdfund Insider

For early-stage founders: seed deal count dropped 30% while dollar volume grew, meaning investors are writing larger checks to fewer companies. Traction matters more than ever. The bar is higher and the room is smaller. Evermx

VC Lesson: What Is a Convertible Note?

Burn Multiple: How much a startup is spending to generate every dollar of new revenue. A burn multiple of 2x means they're burning $2 to make $1. The lower it is, the more efficient the business.

Acqui-hire: When a company gets acquired not for its product, but for its people. The startup basically fails, but the team lands somewhere soft. More common than people talk about.

Pro-Rata Rights: The right for an early investor to keep investing in future rounds so their ownership percentage doesn't shrink as new investors come in. It's how the best early backers protect their position in a company they believe in.

GP vs LP: A GP (General Partner) refers to the investors at a VC firm who make investment decisions and manage the fund. An LP (Limited Partner) is the institution or individual who actually gives them the money to invest, such as university endowments, pension funds, and family offices. GPs manage. LPs fund.

Lock-Up Period: There’s a window after a company goes public where early investors and insiders are not allowed to sell their shares, usually lasting 90 to 180 days. It's why a big IPO doesn't automatically mean everyone cashes out on day one.

Opportunities

Salesforce Ventures — Associate (San Francisco or New York) Salesforce's VC arm. $6B+ deployed, portfolio includes Anthropic, Snowflake, and Databricks. Best suited for: 1-3 years in VC, banking, or consulting Apply here

Toyota Ventures — Associate (Los Altos, CA) $120K-$155K. Toyota's $800M+ AUM early-stage fund investing in AI, robotics, and space tech. Best suited for: 4+ years in VC or deep tech Apply here

Launch Factory — Venture Fellow (Remote) Pre-seed fund in vertical AI across healthcare, fintech, and defense. Rolling applications. Best suited for: undergraduates and above Apply here

Burnt Island Ventures — Summer Analyst/Associate (Remote) Water-focused VC. Real deal screening and diligence over 8-10 weeks. Starts June 1. Best suited for: undergrads or recent grads Apply here

VTSP — Venture & Tech Summer Program (Online) [DUE MAY 24] 6-week program matching high schoolers with VC-backed startups. Financial aid available. Best suited for: high school students Apply here

Enjoy the outside, GIVC squad! Until next week.

Yours truly, GIVC Exec 🎀

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