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<div style="display: none; max-height: 0px; overflow: hidden;">Exa raised $85m in a Series B led by Benchmark, with Peter Fenton joining the board, aiming to optimize web search for AI applications </div>
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<h1><strong> TLDR Founders <span id="date">2025-09-08</span></strong></h1>
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Remember when recruiting meant paying 20% to headhunters, and still having to do most of the work yourself? Those days are over.<p></p><p><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.tryrefer.com%2F%3Futm_medium=newsletter%26utm_source=tldr-founders%26utm_campaign=20250908/3/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/_lhkeGB1idIQR8iXQ8LmKW5m9Oa1_1ml-UfCruJ_OMM=421" rel="noopener noreferrer nofollow" target="_blank"><span>Lia is an AI agent who headhunts engineers 24/7</span></a> for companies like Vercel, Ramp, and Zapier.</p>
<p>Candidates pay a success fee 20% of their first <em>month</em> (not year!), if hired. Companies pay nothing 🤯</p>
<p><strong>→ Founders:</strong> Tell Lia your open roles. She'll find the best engineers and intro you directly. Click YES or NO on matches to help Lia learn. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.tryrefer.com%2Ffor-organizations/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/LAjf8a9mXGg4IpJJKuTB1MlFhRsemZGk9GcTGYsO6QA=421" rel="noopener noreferrer nofollow" target="_blank"><span>Start hiring</span></a></p>
<p><strong>→ Engineers:</strong> Get warm intros to decision makers - without spamming CVs and getting ghosted. No hire = no fee. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.tryrefer.com%2Ffor-engineers%3Futm_medium=newsletter%26utm_source=tldr-founders%26utm_campaign=20250908/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/PcheXI5gp5il-tyuY5927TyCzwzLWyFUdKpllugfNi8=421" rel="noopener noreferrer nofollow" target="_blank"><span>Get hired</span></a>
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<strong>SAFEs are Blowing Up Cap Tables (4 minute read)</strong>
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The Simple Agreement for Future Equity was supposed to simplify fundraising by delaying valuation discussions, but founders are stacking multiple SAFEs at different caps and losing track of dilution - Carta data shows they typically own less than 40% of their company before Series B after giving away 10% on pre-seed SAFEs, 20% at seed, 20% at Series A, plus 12-13% for employee options.
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<strong>You.com Raises $100M Series C at a $1.5 Billion Valuation to Build the Infrastructure for the Agentic Era (3 minute read)</strong>
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You.com raised $100 million in Series C funding, reaching a $1.5 billion valuation, to enhance AI infrastructure for the Agentic Era. The platform integrates various data sources, providing accurate results for AI agents by combining private data with live web data. It processes over a billion queries monthly and outperforms competitors like Bing and Google in speed and accuracy, offering API solutions for developers and tailored AI applications for enterprises.
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<strong>Exa Raises $85M Series B to Power AI-Optimized Search (5 minute read)</strong>
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Exa raised $85m in a Series B led by Benchmark, with Peter Fenton joining the board, aiming to optimize web search for AI applications. Their search engine offers high-quality, ad-free results and features full content access, fast performance, high compute options, customization, and zero data retention. Plans include expanding their GPU cluster and team to continue advancing web search capabilities beyond traditional engines.
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<strong>Your target market isn't demographic (4 minute read)</strong>
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It's tempting to define your market as "small businesses in the UK" or "females 19-29," but that misses who actually buys - individual teams at Google purchase the same $50/month tools designed for solo founders, swiping credit cards like any small business would. The author discovered this at WP Engine when Fortune 500 companies started buying their WordPress hosting built for small businesses. A bank used it for branch websites, a fast-food chain for local social content. The common thread wasn't company size but specific needs. The real market dimensions are urgency of problem, tolerance for new vendors, whether they buy individually or in a committee, and how they measure success. Stop asking "what size company buys this?" and start asking "who recognizes themselves in our customer stories?" That recognition, not firmographics, defines your market.
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<strong>Build a Cold Email Scorecard in Less Than 15 Minutes with ChatGPT (3 minute read)</strong>
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A BDR manager with 8 reps and no budget asked how to improve email quality without spending all day coaching. The answer was surprisingly simple - make your SDRs self-assess before hitting send using a scorecard you build with ChatGPT in 15 minutes. The key is to craft a prompt with seven components: objective (create a scorecard), persona (act as a sales manager), context (your ICP details), instructions (4 categories with 3-4 criteria each), constraints (under 500 words), tone (conversational), and response format (markdown with checkboxes). The output gives you a scoring system, and your reps develop better instincts, you spend less time editing, and reply rates go up because they're catching their own mistakes before you have to.
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<strong>How Much Do You Really Need After You Exit? (3 minute read)</strong>
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The Exit Yield Calculator, based on Yale's research, estimates annual income from a lump sum post-business sale without depleting the principal. It considers taxes, one-off expenses, and a conservative investment strategy with versions available in USD, GBP, and EUR. Aiming for a $25 million exit figure often provides financial freedom, but planning for post-exit life challenges is equally vital.
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<strong>AI Monetization Playbook (Sponsor)</strong>
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Metronome provides billing infrastructure for OpenAI, Databricks, and Confluent; they know a thing or two about modern pricing models. They've collated that knowledge into the <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fmetronome.com%2Fmonetization-operating-model%3Futm_campaign=monetization-wp%26utm_medium=newsletter%26utm_source=tldr-founder%26utm_content=secondary/2/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/WY_nfXbZIBo-WobL0u9Nj_gIJS694km7qjLN153QSUU=421" rel="noopener noreferrer nofollow" target="_blank"><span>Monetization Operating Model</span></a><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fmetronome.com%2Fmonetization-operating-model%3Futm_campaign=monetization-wp%26utm_medium=newsletter%26utm_source=tldr-product%26utm_content=secondary%23the-monetization-operating-model/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/VmYQ1hGGoBCUm11FIMr0CYve2f-Z6ZszyFG-yW5eLcA=421" rel="noopener noreferrer nofollow" target="_blank"><span>,</span></a> which offers a roadmap to sustainable and flexible pricing for the current age of AI-driven value. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fmetronome.com%2Fmonetization-operating-model%3Futm_campaign=monetization-wp%26utm_medium=newsletter%26utm_source=tldr-founder%26utm_content=secondary/3/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/LfUVatGBAa-GPV4dgRUd0MhIJHZv7mC917rgZoPOneI=421" rel="noopener noreferrer nofollow" target="_blank"><span>Read the full whitepaper (ungated)</span></a>
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<strong>Tapflow 2.0 (Tool)</strong>
</span>
</a>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Tapflow 2.0 transforms your documents into structured, sellable guides, playbooks, and workflows with AI-assisted drafting, live collaboration, and built-in payment integrations.
</span>
</span>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fclado.ai%2F%3Futm_source=tldrfounders/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/1HgDE95BUKnGLJ-UNyDpiiEG3c1EcU-vN9LPFzP8SgE=421">
<span>
<strong>Clado (Tool)</strong>
</span>
</a>
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<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Clado is an AI-powered people search tool with 200M+ profiles that enables fast, agentic research for sales, hiring, and lead generation.
</span>
</span>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.tyce.ai%2F%3Futm_source=tldrfounders/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/5BTFJ1fj5C7YU3HDAbeNCcq9-fw_wiXgmlwlGm_ox2Y=421">
<span>
<strong>Tyce (Tool)</strong>
</span>
</a>
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<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Tyce is an AI-native document editor that lets you query, edit, and manage documents with intelligent, real-time updates.
</span>
</span>
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<div style="text-align: center;"><span style="font-size: 36px;">🎁</span></div></div>
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fbenn.substack.com%2Fp%2Fstuff-costs-money%3Futm_source=tldrfounders/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/UyEv3EZTiru8xsz5RN6QqXDuYEwMsGb5wINV-qUMI2Y=421">
<span>
<strong>Stuff costs money (6 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Open source software companies keep learning the same lesson. You start by building open source tools for the community, putting everything on GitHub, and promising it'll stay free. You build in public, create Discord channels, and respond to every issue. Then the bills come due - servers, salaries, and the basic costs of existing as a company. So you launch a paid tier, swearing it's just for a tiny fraction of users. Your community gets angry. The whole industry acts surprised when free software eventually costs money, even though software is expensive to build and maintain. Nobody expects free movie tickets just because trailers are free, but somehow charging for software after giving away the core version makes you a sellout.
</span>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.amugofinsights.org%2Fhow-to-tell-good-advice-from-bad-ones%3Futm_source=tldrfounders/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/tPQtT9hnDzXiW5SNRs01FBqXPhplIol2Qe8WL7ROluM=421">
<span>
<strong>How To Tell Good Advice From Bad Ones (3 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
The universe operates on simple laws, and so does advice. First Law: Good advice is simple. We complicate basic truths to feel superior, yet "show up consistently" remains true whether you accept it or not. Second Law: Good advice is boring. Bad advice promises overnight transformation. Good advice says show up at the dojo every Thursday for years until one day you're doing handstand pushups without thinking. Third Law: Good advice is constructive. It points toward futures worth creating instead of listing what to avoid. These laws work like gravity - they don't care if you find them pedestrian.
</span>
</span>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fnews.crunchbase.com%2Fpublic%2Fventure-backed-ipos-2025-post-debut%2F%3Futm_source=tldrfounders/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/vtVJMHCumfY8HqXs39Bll9cRl9sy1QgY6GVYjuxIXDI=421">
<span>
<strong>Venture-Backed IPOs Of 2025 Have Done Well Post-Debut; Now It's Figma's Turn (4 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Venture-backed IPOs in 2025 have performed well, with all of the largest offerings trading above their initial prices. Figma is expected to benefit from this positive trend, pricing its IPO at $33 per share. Circle is the standout performer, with shares up over 5x since its IPO, sparking interest in public offerings from other crypto and tech companies.
</span>
</span>
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<div style="text-align: center;"><span style="font-size: 36px;">⚡</span></div></div>
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<h1><strong>Quick Links</strong></h1>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.geoffreywoo.com%2Fgo-faster%2F%3Futm_source=tldrfounders/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/3usbqOhYDvF1x954JvrwPZVoMPepFLBPDoM_DgsXDlQ=421">
<span>
<strong>Go faster (2 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
The universe operates on simple laws, and in Silicon Valley, the simplest law is velocity.
</span>
</span>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fstartupistanbul.substack.com%2Fp%2Fthe-ikea-effect%3Futm_source=tldrfounders/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/ENj4EPPbg4GXdON39rrN4xWgkCKgFECgbK6m4nbJSN8=421">
<span>
<strong>Your Company Isn't You (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
As founders, we tend to see our startups as extensions of our identity.
</span>
</span>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fbenmeer.com%2Fnewsletter%2F10-10-10-rule%2F%3Futm_source=tldrfounders/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/V24zRITUQ5Y9DllgADW9PZ_zje3-wUB2sDsmKu8TM1M=421">
<span>
<strong>Smarter Decisions [10-10-10 Rule] (2 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Before any decision, ask yourself how you'll feel about it in 10 minutes, 10 months, and 10 years.
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If you have any comments or feedback, just respond to this email!
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fx.com%2Fandrewztan/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/aRvWeKq1ew2TVFMBz0vBIUUdYeVmAr_FOwoh_ul3dus=421"><span>Andrew Tan</span></a> & <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.linkedin.com%2Fin%2Fkevinskyewu%2F/1/0100019929386d8f-95436b5f-e519-4ad7-9423-c3970a4da785-000000/dErsc_1VGyzt-4p6oFZ61LcI3ZYisdCW_hst3GZCcgA=421"><span>Kevin Wu</span></a>
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