​

Happy belated Thanksgiving, all. Altitude Edition #022 of is hot off the press from Cirrus Capital Partners.

Here’s a bird's eye view of what we cover:

> Cirrus Updates

> What’s Happening in the World

> New Resources

> Fresh Fundings

> Recent Term Sheet & Transactions

> On My Mind

Every other week, we gain Altitude with the founders, operators, dealmakers, allocators, marketers, and technologists shaping tomorrow.

Cirrus Updates $37M+ in Aggregate Term Sheet Value... 💰 During the month of November, we generated $37,250,000 in aggregate term sheet value among nine clients spanning multiple industries. We saw an increase over prior months, driven primarily by Q4 inventory stocking and preparation for increased consumer spending. ​ 🙋 Reflections on SaaStr 2024... SaaStr (September) was really about two things: scaling fast and weaving AI into everything. With 13,000+ SaaS founders and execs in one place, the buzzword of the event was "intentional growth" (because "hypergrowth" is apparently so 2022). Klaviyo’s CEO, Andrew Bialecki, and Apollo.io’s Tim Zheng dropped gems about keeping things lean while still going big. My #1 takeaway: The rise of "boring AI." Turns out, not ALL the money is in flashy AI tools. There's lots to be had in the invisible stuff (the automation you don’t see but can’t live without). You don't have to trend chase. Just build something people rely on day-to-day. ​ 📌 Tip of the week: When pursuing non-dilutive financing, align your narrative with credit investors' risk perspectives. Show a strong grasp of your financials and a clear repayment strategy to boost credibility.

What's Happening in the World

Stop Letting Overwhelm Kill Your Momentum As an owner, it’s easy to fall into the trap of doing everything… thinking every task is mission-critical. But the most effective operators don’t hustle harder. They prioritize smarter. That’s where frameworks like Justin Welsh’s 2x2 Decision Matrix come into play. Tools like this help you spot what really matters and delegate the rest. At Cirrus, we’ve seen this in action with our portfolio companies—teams that ruthlessly cut the noise and focus on high-leverage activities grow faster and burn out less. Whether you’re scaling operations or closing your next round, the real question isn’t “what can I do today?” It’s “what should I stop doing today?” ​More on curing overwhelm »​

​

Intel CEO Pat Gelsinger Steps Down Amidst Company Crisis Intel faces turmoil as CEO Pat Gelsinger resigns following a challenging tenure marked by a nearly 50% decline in company value in 2024. Intel struggled to keep pace with competitors like Nvidia in the AI chip market. CFO David Zinsner and EVP Michelle Johnston Holthaus have been appointed as interim CEOs to navigate this period. ​ More on Reuters »

Peter Thiel’s Playbook: Nuggets from the PayPal Don ​Sean Kelly dug up a Reddit AMA from Peter Thiel, and it’s packed with contrarian startup wisdom. ​ Thiel says most founders are obsessed with competition, but you should work as if you're building a monopoly. If you’re just “better” than your rivals, you’re losing. Focus on building something so unique that competitors are irrelevant. In Thiel’s world, the path to success isn’t following trends but creating markets no one else sees. ​

BlackRock's Aggressive Acquisition Strategy Reshapes Wall Street Under CEO Larry Fink, BlackRock has executed nearly $30 billion in acquisitions this year, including the $12 billion purchase of HPS Investment Partners and the $2.55 billion acquisition of Preqin. These moves significantly bolster BlackRock's footprint in private capital and data services, positioning it as a formidable competitor against other PE giants like Apollo. Read more »

Europe's Quest for a Trillion-Dollar Tech Giant Despite being the birthplace of pioneering AI firm DeepMind, Europe has lagged behind the U.S. in producing trillion-dollar tech companies. Critics attribute this to overregulation and bureaucratic hurdles, but a lack of experienced, ambitious founders also plays a significant role. Encouraging repeat entrepreneurs and investing boldly in transformative technologies like nuclear fusion, quantum computing, and AI could help Europe cultivate its own tech giants. ​ ​Why Europe Doesn’t Have a Trillion-$ Tech Company »​

New Resources

These are resources that may be worth checking out. (Not an endorsement, just a “hey, you might like this”).

Book: The AI-Driven Leader: Harnessing AI to Make Faster, Smarter Decisions by Geoff Woods

​

Provides practical applications of AI for business decision-making, covering areas from marketing to operations.

​

​Woods offers insights on implementing AI tools to accelerate decisions and enhance team impact, making it a valuable read for leaders aiming to stay ahead in a tech-driven landscape.

​

​Grab it on Amazon »​

Podcast Series: "Elon's Spies" by Tortoise Media

​

This investigative podcast delves into Elon Musk's use of private investigators, offering a compelling look into the lengths taken to protect his ventures.

​

​Listen and learn more »​

Fresh Fundings

Recent Equity Rounds

💸 xAI Secures $5 Billion in Latest Funding Round

Elon Musk's AI startup, xAI, has raised $5 billion, elevating its valuation to $50 billion. Investors include the Qatar Investment Authority, Valor Equity Partners, Sequoia Capital, and a16z. The funds will be used to acquire additional Nvidia chips and expand data center capacity.

💸 Pyramid Analytics Receives $50 Million from BlackRock

AI-driven business analytics firm Pyramid Analytics has secured $50 million in new financing from BlackRock. Pyramid Analytics serves clients such as the U.S. FDA, Hallmark, Deloitte, and Volkswagen.

💸 Safewill Raises $17 Million in Series B Funding

Sydney-based startup Safewill, specializing in quick and affordable will creation, has raised $17 million in a Series B funding round led by Reinventure and King River Capital. Since its inception in 2019, Safewill has drafted 150,000 Australian wills and facilitated over $1 billion in future charitable bequests.

Recent Credit Transactions

• Great Rock Capital Closes $33.5MM Credit Facility for Blasting and Abrasives Company - The credit facility, which also includes an additional $5 million accordion, will refinance existing debt and provide the company with growth capital and financial flexibility to advance the expansion of their business.
• Aequum Capital Upsizes Pilot Wave Holdings’ Asset-Based Credit Facility to $15MM - An increase of its existing $6MM credit facility with Aequum Capital to $15MM. The upsize allows Pilot Wave to increase borrowing capacity across additional portfolio companies, which will provide for continued growth and acquisitions.
• eCapital provided a $35 million asset-based lending (ABL) facility to a Colorado-based company specializing in large-format digital printing that serves a range of high-profile commercial clients.

Recent M&A

• Amcor Merges with Berry Global in $8.4 Billion Deal. Amcor's merger with Berry Global positions it as the world's largest plastic packaging firm, boosting its reach and product range.
• Embracer Sells Easybrain to Miniclip for $1.2 Billion. Embracer's sale of Easybrain aligns with its strategy to streamline operations and prioritize core assets.

New Businesses for Sale

• Time Tracking SaaS – Trusted 11-year-old time tracking SaaS platform, $497,748 USD ARR. Verified listing, eligible for M&A insurance, confidential sale based in Italy. $35.6k MRR with 800 paying customers and 4,000 free users. 6% churn, integrated into Microsoft Teams. Priced at $3.1M USD. See on Flippa.
• Junk Removal Business – Established junk removal company with 18 years in business, based in Englewood, CO. Asking price $325,000, with $95,000 cash flow and $500,000 gross revenue. Includes two trucks, trained staff, robust customer list, CRM system, and social media presence. Turnkey opportunity. See on BizBuySell.

Recent Term Sheet and Transactions

Cirrus facilitated more than $37M in Aggregate Term Sheet Value during November! 🎉🎉

On My Mind

With the holiday season here, inflation hasn’t stopped spending but has made value, sustainability, and meaningful experiences the focus. Operators can reframe their messaging to resonate with these priorities, doubling down on quality over flash.

The surge of AI highlights a big lesson: enduring success depends on solving problems that persist. Founders who target fundamental, evergreen challenges will outlast those chasing trends or gimmicks.

Geopolitical tensions are a stark reminder for founders relying on global supply chains to diversify now. Exploring nearshoring or building redundancy in your supply chain could mean the difference between stability and crisis.

Investors are increasingly backing founders with conviction and a long-term vision, rather than chasing hype. It’s a clear shift… lasting relationships with investors are built on substance, not short-term momentum.

Founders… start adjusting to these changes. Precision/foresight > reaction/luck. Adaptation is the edge that creates category leaders.

🐦 TWEET THIS​

We’re working hard to make Altitude the #1 newsletter for founders, operators, dealmakers, capital allocators, marketers, and technologists shaping tomorrow. We can only do that if we spread the word.

My only ask if you found this valuable: ⏩ forward it to someone at your company who might also find it useful.

To your growth,

Ryan Ridgway, Founder & Managing Partner

​Cirrus Capital Partners​