DC weekly roundup: Venture capital takes a nosedive; the IonQ staffer on ‘Love is Blind’; Y Combinator alum lands $4M seed

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VC in DC cools in Q3

The region closed 55 deals in Q3, totaling $478.3 million in venture capital. This is a significant downturn in both VC investment and deals since the last quarter. Q2 saw $1.7 billion in value across 67 deals, although the e-cigarette giant JUUL raised $1.3 billion of that share. 

This slowdown is on trend with the national landscape, per Casey Williams, a principal at the local fintech-focused VC firm Fenway Summer. 

“Investors are more cautious, deploying capital at a slower rate, and looking for companies that can prove stability and profitability with a clear path forward for growth,” Williams said. “DC has always been a more risk-averse region, and I think some of that mentality is contributed to a more constricted capital environment here than elsewhere.”

➡️ Read more about venture capital trends in the last quarter here

Hotglue nabs $4M seed for product dev and hiring

The Y Combinator alum and software-as-a-service company previously raised a $1.5 million pre-seed in 2021 — a much different experience and economic climate than today’s, cofounder and chief revenue officer David Molot told me.  

“Definitely there was a lot more cash flying around at that point [in 2021],” Molot said. “We’ve also grown as a company.”

Molot knew it was time to raise outside funding for a few reasons: Hotglue now has more of a product to show, as well as more customers. The rise in clients also signaled the urgency of accelerating Hotglue’s go-to-market, Molot said.

➡️ Learn about Hotglue’s plans for the funds here

Startup expo returns to Baltimore

Mark your calendars now, because five years after the successful 2019 edition, TEDCO is back with another Entrepreneur Expo. The day of celebrating the Maryland innovation ecosystem features dozens of speakers (both founders and funders) as well as networking opportunities, a keynote lunch and a closing reception.

It all goes down right on the water in Baltimore’s Inner Harbor on Wednesday, Dec. 4, and all-inclusive tickets are available now. Also check out options for becoming an exhibitor, with discounts for startups and special pricing for government, academic and economic development groups, too.

➡️ Get your Entrepreneur Expo tickets today 

This sponsored blurb supports our journalism. Want to see your message here? Get details and book online.

News Incubator: What else to know

• The latest immersive exhibit from Artechouse uses tech like Lidar sensors and 360 cameras to render creatures from the ocean’s twilight zone and beyond. [Technical.ly]

• It’s Technical.ly Awards season. Every year, we honor those making a difference in DC, whether it be through an innovative product or an educational program. We have a whole new set of categories this year, and we’d love to hear your thoughts on who should be in the spotlight. [Technical.ly]

•  Workers at an Apple store in Bethesda filed to hold a union election. It’s the third store in the US to do so, the first being a store in nearby Towson. [CWA/Baltimore Banner]  

• DC Startup Week has officially rebranded as DC Startup & Tech Week. Taking place Oct. 21-25, this year’s convening (for which Technical.ly is a media partner) features a keynote from Noelle Russell of the AI Leadership Institute, as well as panelists like Consumer Technology Association CEO Gary Shapiro. I’ll also be moderating a panel about AI and healthcare [DCSTW/Technical.ly]

• McLean-headquartered defense technology company Raft tapped several retired US Army and Air Force officials to form a new advisory board. [Technical.ly] 

• DC is piloting using solar to charge Capital Bikeshare e-bikes. The solar canopies are near four different charging stations in the city. [WTOP]

• In a not-so-surprising development, the “Love is Blind” cast came back home to Arlington, not DC, after getting engaged sight unseen. One of the contestants is quantum physicist Garrett Josemans, who appears to work at IonQ. [Washington Post/LinkedIn]

 • Gary Shapiro’s new book “Pivot or Die,” released earlier this month, is filled with examples of ways tech companies have changed direction for their own survival.  [Technical.ly]

 • Nonprofit March of Dimes is honoring several women in the DMV on Nov. 7 for their work in the community. Finalists include local leaders from Shulman Rogers and EY. [March of Dimes]

🗓️ On the Calendar

• Partner event: Celebrate the DMV’s innovation economy with its leading investors, founders and thought leaders from Oct. 21 to 25 during the newly renamed DC Startup and Tech Week. [Details here]

• AICamp and Excella are hosting a meetup all about AI, with a focus on open source models, on Oct. 17. [Details here]

• DC’s new event for entrepreneurs and innovators, dubbed Fusion Festival, premieres Oct. 19 with tracks like community building and tech. [Details here]

• The Northern Virginia Tech Council explores cybersecurity and defense at its Cyber Summit and Cyber50 awards on Oct. 29. [Details here]