Follow the money, idea to IPO
What is being born at the early stage, what VCs are backing, what PE acquires and what gets pushed onto the public markets.
Ideas, capital, people and the economies behind them, from bootstrapped to IPO. A reference portal, open to everyone.
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What is being born at the early stage, what VCs are backing, what PE acquires and what gets pushed onto the public markets.
By institution or by yourself: the universities that feed the ecosystem, the paths for what is easier to learn alone, and the hackathons to practice on.
The clubs and networks where ideas are exchanged, and the fellowships and residencies that take you to the next room.
The macro of every country in scope, the top companies of every sector, and the pools of capital that ultimately own them.
Honest introductions to the careers behind the deals, from banking and consulting to quant desks and big tech.
News, books, films and papers for the brain. Hikes, courts, festivals, food to try and recipes to cook for everything else.
| date | company | stage | amount | sector | investors |
|---|
| filed / announced | company | expected raise | sector | note |
|---|
filing e annunci concreti di quotazione imminente (S-1, F-1, SPAC, prospetti), niente rumor
| date | acquirer | target | deal value | sector | note |
|---|
acquisizioni, merger e buyout con target in EU · US · HK · IL · SG, il valore è spesso non dichiarato
| investor | type | deals | led | rounds joined* | categories | geography | stages | last |
|---|
* total size of the rounds the investor joined, not their own check, which is rarely public. A $100K follower in an $80B round still counts the full round here. Click an investor to see their deals.
| batch | company | what they do | industry | team | status | raised* |
|---|
* "raised" = round successivi a YC tracciati nel nostro DB (following automatico a ogni /ingest)
manually curated founder programs: always check the official application page and terms before applying
Try widening region or format.
Try widening region, category or status.
curated startup, VC and private-capital conferences from official sources; dates move, so always verify the official page before booking travel
Try widening region or tier.
ranking baseline: QS World University Rankings 2024 (including accurate QS Subject Rankings 2024); city, website and geo enrichment from OpenAlex plus manual fixes for unmatched institutions
recruiting dates move by office and region: use this as a tracker, not as a substitute for each firm’s careers portal
recruiting dates move by office and region: use this as a tracker, not as a substitute for each firm’s careers portal
recruiting dates move by office and region: use this as a tracker, not as a substitute for each firm’s careers portal
S&P 500, Nasdaq 100, global leaders, ETFs and bonds explained as companies and instruments.
Try widening asset type, collection or search.
educational profiles only, no live prices, no trading signals; financial links point to issuer pages or company filings where available
Not theory for its own sake. Each block below is built to be used: the mechanics of a channel or a round, a case study that shows it working (or failing), a framework summarized with a link to the original, and a short exercise to run this week. This is v1, it will go much deeper.
At 0→1 your only job is to find one channel that works and a message that converts. Founders die spreading thin across ten channels. Go deep on one, get to a repeatable CAC < ⅓ of LTV, then add the next.
Interest + lookalike + broad targeting, creative-led (the ad is the targeting). Best for impulse / visual / consumer with a clear "before-after". Watch: creative fatigue, iOS attribution loss.
Captures existing demand, people already searching the problem. Highest-intent, usually best payback. Best when there's a keyword for what you do. Watch: competitive CPCs, brand-bidding.
Cheap top-of-funnel + virality; native, unpolished creative wins. Gen-Z & younger consumer, discovery-driven. Great for awareness/seeding, weaker on direct high-ticket conversion.
High-intent visual discovery with long consideration windows, DTC, home, beauty, weddings, food. Female-skewed, planning mindset. Underpriced for the right commerce product.
Billboards, transit, events, field sales. For trust, local density, or enterprise. Hard to attribute → use geo-holdouts & promo codes. Underrated for B2B and category creation.
Community, partnerships, referral loops, waitlists, "do things that don't scale" (PG). Often the real unlock at 0→1: Airbnb shooting hosts' photos by hand, Superhuman's concierge onboarding.
Content + programmatic pages that rank. Slow to start, compounds for years, near-zero marginal CAC once it works. Moat when you own the long tail of your category's queries.
Audience built without ad spend: content, community and founder-led "build in public" on LinkedIn (B2B), X (tech), TikTok/IG/YouTube (consumer). Slow and consistency-dependent, but it compounds into trust, distribution and lower CAC, and feeds your paid creative.
The new frontier: being cited inside ChatGPT / Perplexity / AI answers, not just ranked on a blue link. Structured facts, clear entity pages, being the source others quote. SEO for the LLM era.
Easy to dismiss as "later", but branding and PR don't replace a working channel, they make every channel cheaper and every round easier. Treat them as leverage, not vanity.
The promise + the feeling people attach to you. It's a CAC multiplier: trust lifts conversion, recall makes re-acquisition cheap, distinctiveness earns pricing power, and a strong brand pulls talent and capital. Consistency of voice, visual and positioning compounds from day one. See: Liquid Death (the brand is the product), Stripe's developer brand, Notion's community aesthetic.
Narrative and third-party credibility: launches (Product Hunt, embargoed press), founder thought-leadership, and milestones as moments, a funding round is as much PR as it is cash. Works for category creation, recruiting and investor signal. Vanity when there's no product or distribution behind it: PR amplifies traction, it doesn't manufacture it.
Deliberately prioritize speed over efficiency in a winner-take-most market: tolerate burn, chaos and imperfect ops to capture the market before rivals. Works with network effects, high margins and a real land-grab (LinkedIn, Airbnb, Uber, Stripe). Kills you without unit economics or a winner-take-all dynamic, the cautionary tale is WeWork: blitzscaled spend onto a business with no defensibility.
original ›List all 19 traction channels, rank into an inner/middle/outer ring, run cheap tests on the inner ring, then pour budget into the one that works. Antidote to channel-FOMO.
original ›The gap between early adopters (buy vision) and the mainstream (buy proof + references). Win one beachhead niche completely before broadening, most startups stall in the chasm.
summary ›You don't raise "money", you raise against a milestone. Each round buys you the proof needed to unlock the next. Sizes are rough 2024-26 norms.
| stage | what you're proving | typical raise | instrument |
|---|---|---|---|
| Pre-seed | Team + insight + a wedge. Conviction in you and the problem. | $100k – $1.5M | SAFE / angels & pre-seed funds |
| Seed | Early signs of product-market fit: retention, organic pull, first revenue. | $1.5M – $5M | SAFE / priced seed |
| Series A | A repeatable GTM engine, predictable CAC/LTV, ~$1-2M ARR, strong growth. | $8M – $20M | priced (preferred equity) |
| Series B | Scale the proven model, expand the team/markets, efficient growth (T2D3-style). | $20M – $50M+ | priced |
Reference reading: YC, Guide to Seed Fundraising · Venture Deals (Feld & Mendelson) for terms · Secrets of Sand Hill Road (Scott Kupor) for how VCs think · the SAFE (YC).
"A startup is a company designed to grow fast" (PG). Default Alive vs Default Dead. Make something people want; do things that don't scale first.
PG: Startup = Growth ›Manually recruit, delight and serve your first users by hand. The unscalable work is what creates the early love that later compounds.
PG essay ›"The only thing that matters" (Andreessen; term by Rachleff). Before PMF, nothing else matters; after, almost nothing else does. Measure it (40% "very disappointed" test).
Andreessen ›Build → Measure → Learn. Ship an MVP, get validated learning, iterate fast, pivot or persevere.
Ries ›How to talk to customers so they can't lie to you: ask about their life and past behaviour, never pitch your idea.
Fitzpatrick ›The SaaS scaling benchmark: triple, triple, double, double, double ARR, the path from ~$2M to $100M+ that earns the late-stage rounds.
Battery ›The library grows as we go deeper, paid-creative teardowns, cohort/retention math and cap-table mechanics are next.
You don't sell a product, you resolve a tension in someone's life. Before any channel works, you need a near-physical sense of who buys, why, and what they're really hiring you for.
People "hire" a product to make progress on a job (Christensen's milkshake). Map the functional, emotional and social job, sell the progress, not the features.
One vivid person: their pain, the trigger that makes them act today, the alternative they use now (often "a spreadsheet / nothing"), their budget, and, in B2B, who signs off vs who uses.
B2C decides on emotion (status, fear, belonging) and rationalizes after. B2B buys risk reduction and career safety, "nobody got fired for choosing the safe vendor". Speak to both.
Social proof, loss aversion, scarcity, anchoring, authority, reciprocity, commitment. Tools, not tricks, they lower the friction of a good decision, they don't save a bad product.
References: Jobs to be Done (Christensen) · Influence (Cialdini) · The Mom Test (Fitzpatrick).
Identity is the system that makes you instantly recognizable; the archetype is the personality underneath it that keeps every decision consistent. Pick the archetype first, the visuals follow.
Logo, colour palette, typography, imagery, motion and tone of voice, defined once, applied everywhere. Consistency > cleverness: recognition compounds only if it repeats.
A colour, shape or phrase you own (Stripe's gradients, Cash App's $, Mailchimp's Freddie). Fame is built on a few assets used relentlessly, not a rebrand every quarter.
Choose one core archetype as your north star, it answers "how would we say this?" for every line of copy and every screen.
Hero (Nike) · Outlaw (Harley, Liquid Death) · Magician (Disney, Apple) · Explorer (Patagonia, Jeep).
Everyman (IKEA) · Lover (Chanel) · Jester (Old Spice) · Caregiver (Dove, Volvo).
Ruler (Rolex) · Creator (Lego, Adobe) · Sage (Google, The Economist) · Innocent (Coca-Cola, Aveeno).
Reference: The Hero and the Outlaw (Margaret Mark & Carol Pearson).
The biggest 0→1 mistake is copying a playbook from the wrong sector. A deeptech company on TikTok and a DTC brand chasing conference talks both waste a year. Traction patterns are sector-specific.
| sector | dominant traction pattern | where it grows |
|---|---|---|
| DeepTech / hard / biotech | Credibility over time: proof, papers, talent, strategic & grant capital. Long cycles. | Technical content, conferences, partnerships, LinkedIn, not viral social |
| Consumer / DTC | Fast feedback, visual, viral, brand-led. Creative is the growth lever. | Meta & TikTok ads, influencers, organic short-form, referral |
| B2B SaaS | Repeatable pipeline: content + SEO + sales, often product-led too. | SEO, founder-led LinkedIn/X, communities, outbound, PLG free tier |
| Fintech | Trust + compliance + partnerships; regulated, slower to scale. | Partnerships/embedded, SEO, performance + heavy trust signals |
| Marketplace | Solve the chicken-and-egg (usually seed supply first), then density. | Geographic launches, supply-side ops, SEO on inventory, referrals |
| Dev tools / infra | Bottom-up adoption by builders; docs and DX are the marketing. | Great docs, open source, GitHub, dev communities, technical content |
The buyer model sets your CAC, your sales motion, your team and your fundraising story. Get clear on who actually pays before optimizing anything.
Sell to consumers. High volume, low price, emotion-driven, short decisions. Growth via paid/organic social & brand; the hard part is retention & CAC payback.
Sell to businesses. Lower volume, high ACV, ROI- and risk-driven, longer cycles, sales + success teams. The hard part is the pipeline and proving payback.
Sell to a business that puts you in front of its consumers (Stripe, Plaid, embedded finance). You borrow the partner's distribution, leverage, but you don't own the end-customer.
Connect two sides and take a cut. Network effects & defensibility, but cold-start is brutal, pick the constrained side and seed it manually.
Infrastructure others build on. Wins on reliability, docs and ecosystem; revenue scales with their success (usage-based).
Sell to governments or large orgs. Huge contracts, procurement, very long cycles, needs runway and patience, but sticky once won.
Recurring MRR/ARR, predictable and high-multiple, but churn-sensitive. Watch net revenue retention (NRR >100% = you grow even without new logos).
Pay for what you use (AWS, Stripe, OpenAI). Revenue scales with the value delivered; lands small, expands automatically, but revenue is less predictable.
A cut of each transaction (marketplaces, payments). Grows with GMV; the take-rate is the whole game.
Free tier as the funnel, paid tier for power users/teams. Works when usage creates the need to upgrade; dies when free is "good enough".
Perpetual licence, or monetize attention. Simpler, but no compounding recurring base, harder to build enterprise value on.
PLG (product sells itself, self-serve), SLG (sales-led), marketing-led, community-led. Most scaled companies blend, but lead with one.
Acquisition → Activation → Retention → Revenue → Referral (McClure's pirate metrics). Retention is the engine: leaky retention makes every acquisition dollar wasted.
LTV / CAC > 3, CAC payback < 12 months, gross margin high enough to fund growth. If these don't hold, more spend just loses money faster.
References: AARRR / Pirate Metrics (Dave McClure) · product-led growth (OpenView) · Lenny's Newsletter for live playbooks.
analysis, essays and debates picked from our sources, the rounds live in the funding tabs; this is the thinking around them
curated library, opinionated picks for VC, PE, IB and quant; the weekly brief is auto-generated from the equityflow database
questa sezione diventerà community-driven: proponi un posto, entra in review.
starter picks personali, la lista cresce con i suggerimenti della community (in review prima di apparire)
there is no single ladder. Some paths are pure hard study and nothing else, some are environment and network, some are a portfolio of shipped things. Pick where you want to go: the path tells you what it actually costs, and which mix of campus, self-study and leaps gets you there.
curated, opinionated, mostly free. Do the projects: certificates expire, repos don't
recruiting dates move by team and region: use this as a tracker, not as a substitute for each company's careers portal
the organizations behind the hackathons, the conference delegations and the side events at Slush and VivaTech, many are networks with chapters across cities and universities (gold dots on the map).
community layer in costruzione: segnala il tuo club, diventerà parte della pipeline community-driven
Every startup here comes from a structured funding event, with country, sector, investors and source links kept connected to the rest of the map.
Try widening country, sector or time filters.
Each country now works like a compact wiki tree: macro context, startup layer, VC/PE flows, M&A, incoming IPOs, major holdings, public assets, universities and ecosystem events.
not the global top 500 by market cap, the top companies of every sector: how they make money, how they work, and where they sit. From oil majors to luxury houses.
sovereign wealth funds, pension giants, family holdings and state vehicles, the pools that ultimately own the companies in every other tab. From Norway's oil fund to the Agnellis' Exor.
Because you can't live on pitch decks alone. Grab a pan, pour a drink, and enjoy trying out these essential recipes.
the community-driven layer: projects looking for contributors, papers open for co-authors, founders raising money or talent, and raw ideas looking for a team. Post yours, the data is public and reviewed before it shows.
submissions are reviewed before appearing. Share only contact details you are happy to make public.
Enrico Yu. Everything I've learned and seen from my high-school years through university: the failed projects, the friends I travelled with, the defeats and the glories. Shared.
Almost everyone I've met is building on something that was already a big part of their life. People who love music try to become better singers, musicians, producers. The ones who grew up on computers and games end up in software. Someone with a family business joins it, and maybe layers software on top to make it better. It's natural: you improve what you have. That's the point.
And yet many people walk away from their dreams, not for lack of talent, but because they don't know enough. Society rewards the lucky, born in the right environment at the right time, and it rewards the explorers, the ones who expect more from themselves and keep jumping into new challenges. Both deserve it. What I don't accept is what happens to everyone else: being quietly written off. Where there are enough resources and enough space, more opportunity grows the economy for everyone. Fights break out in narrow rooms, not open ones.
With this project I'd like, call it hubris, to help people do what they're actually good at. Maybe you hate travelling, so you never show up at the big hackathon. But if you can connect with the right people, or spot the one side event worth the trip, that extra step is suddenly within reach. The internet is already big enough, and AI is making everything more accessible; this site just tries to bring a little order.
It's a piece of my personal brain, shared: events I've been to and events I want to join, companies and stocks I check from time to time, VC and PE deals I follow for the simple joy of watching ideas get the resources they need. Sometimes you have to be smarter; sometimes you just follow the flow. Thinking outside the box is great when you need the solution nobody else sees. But first look inside the box: what resources do you have, to build what, for whom.
One more thing: balance. If you love what you do, "it's not just work". But that's a lie you can tell your brain for only so long. The athletes who became entrepreneurs all teach the same lesson: follow what your body needs: movement and interesting, even funny, input for neuroplasticity, real social life, for the right kind of dopamine. We can't have everything, and having all three is already a privilege, but we can help our body as much as possible. A sentence from biology stuck with me: you lose what you don't use. That's why this site also holds communities, hiking, volleyball, the occasional run, good food with good people, and the odd cocktail bar worth the detour.
For any question, idea, or just to say hi, write to me at enrico@equityflow.finance, I read everything.
Every section accepts suggestions, tickets are open for improvements, and the data is public, refreshed monthly, and always linked to its sources.
Inspired by the spirit of Breaking Italy: not live-updated data or breaking news, but a curated view of what is worth understanding. The week and month pages are picks from me and the team: stories, companies, markets, events and ideas we think deserve attention.
People shaping the data and the sections. Anyone can help: suggest, fix, add a source.
People who keep this free and growing through a donation. Thank you.
Donations go to three things: expanding the coverage, organizing events that bring people together, and onboarding new maintainers so the project outlives any one person.
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Last updated June 2026. Plain language, no dark patterns.
equityflow.finance is an open, community-driven map of the private economy, run by Enrico Yu. Contact: yu.enricox@gmail.com.
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