TikTok swings for the fences

Top News

• AI never sleeps: Another day, another deluge of AI updates. This time, Google’s DeepMind is working to take some of OpenAI’s Sora model’s hype by dropping Veo 2. As you can distill from its name, it’s the second generation of the Veo line, which, TechCrunch reports, “can create two-minute-plus clips in resolutions up to 4k.” Consider the gauntlet thrown, Sora. And then OpenAI has made its search tool generally available, which should greatly increase total search volume. And you can now set ChatGPT search as your main query engine, which we might give a swing here at TWiST.

• TikTok swings for the fences: During Trump’s first administration, the President wanted to ban TikTok. Congress eventually passed a law during the Biden administration that would force divestment or ban the app. Now, with Trump heading back to the White House, TikTok is pursuing both direct outreach to the incoming President and petitioning the Supreme Court for relief. Perhaps one of the two will work for the Bytedance-owned application.

• $100B for US startups? If there’s a boom, you’ll find SoftBank’s Masa Son standing around with an open checkbook. After pledging to invest $50 billion and create 50,000 jobs in the United States back during Trump 1, Son is back with a $100 billion pledge and a goal of creating more than 100,000 jobs. Like with any splashy announcement, the proof will be in the pudding. And by pudding we mean net-new investment and net-new job creation.

TWiST500

Today, I am adding two names that are somewhat obvious, but worthy of inclusion all the same: Brex and Ramp.

I lived in San Francisco when Brex realized it could buy cheap ads at bus stops and similar, papering the entire town in its logo. The push worked, with Brex’s startup-focused charge card growing quickly. The company continued to put serious growth on the board until later, losing its way a bit. Growth slowed from triple-digits yearly to “35+%,” the company laid off staff to extend runway, and said that it was shaking up its leadership.

Enter Ramp. Ramp was somewhat viewed as a copycat of Brex when it launched, focusing on corporate expense management like its rival, albeit with a greater focus on cost control. The company hit the ground with explosive growth. So much so that it crested the $300 million mark in 2023, despite being founded in just 2019. I got to cover the company when it was in its early days, and it’s been a treat to watch it go from a smaller name to a force to be reckoned with.

This year, when Ramp raised a $150 million Series D-2 funding round, it noted that in the first quarter of 2024, “growth accelerated, with total purchase volume and revenue increasing faster quarter over quarter than it did over the same period in 2023.” Impressive.

But Ramp is not the only startup-friendly spend management service doing well. CEO and co-founder Pedro Franceschi said that growth “accelerated almost 3x” this year, while net revenue retention expanded 15% and burn fell 70%. Excellent.

Frankly, both companies are IPO fodder late 2025 if they wanted, or early 2026 if they are feeling pokey. Either way, both have earned a spot on the TWiST500, so onto the list they go — Alex

A message from Notion

Notion combines your notes, docs, and projects into one beautifully designed space with AI built right in. Try it for free today at https://notion.com/twist

This Week in Startups

E2061: Jason and Alex break down government reactions to unexplained drone sightings, speculating on radiation-detection theories and spotlighting startups tackling drone detection and radiation technology. Nicole Wischoff joins to discuss startup pitches, market trends, and AI's growing influence on venture capital and fundraising strategies. The episode closes with insights on venture fund performance metrics and challenges for large VC funds

E2060: Alex kicks off the show with Cyera’s Yotam Segev, diving into the evolution of cybersecurity, AI’s role in data categorization, and how competition is shaping the market. They break down ServiceTitan’s IPO and what it signals for the broader tech industry as major companies hit new market cap milestones. Later, Kim Hansen from Cake Equity joins to demo their cap table management platform and share insights on automation, employee engagement, and tackling international growth challenges.

E2059 Jason and Alex break down Tiger Global's investment strategy and the challenges of quick capital deployment amid shifting market trends. They explore how public market downturns and political influences are shaping private investments, startups, and the tech landscape. The episode wraps with insights on self-driving technology, GM's Cruise scale-back, and a spotlight on Flite’s innovative AI-driven business model with guest Suvir Wadhwa.

TWiST Partner Offers

• Ramp: The corporate card and spend management software designed to help you save time and money. Get $250 when you join Ramp today at https://www.ramp.com/twist.

• DevSquad: Most dev agencies only offer developers. Why? Because product management is hard. Get an entire product team for the cost of one US developer plus 10% off at http://devsquad.com/twist

• Digital Ocean: Whether you’re just getting started with AI, or seeing your project take off, DigitalOcean is the cloud platform that lets you focus on what matters: building killer apps. Right now get up to $100k in free credits at https://www.do.co/twist. Terms and conditions apply.

LAUNCH Cloud Kitchens Incubator

Applications are open for Cohort 2 of the LAUNCH CloudKitchens Incubator (LiCK). We're looking for food entrepreneurs who wish to expand into the ghost kitchen space or tech founders with a team and a great idea. The application and more information can be found at https://ck.launch.co/.

The TWiST500 newsletter is the new, updated, and improved TWiST Ticker.