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The Term Sheet handoff

Jessica Mathews
·4-min read

Well I suppose I knew the day would come when I would write my own farewell to this newsletter. And what an absurd time to be doing it.

When I took over Term Sheet at the end of 2021, it was nearly impossible to keep up with all the IPO filings. As I step away, here I am documenting a trail of unicorn companies that have shut down.

It’s been quite a ride. I went to SBF’s childhood home, interviewed the producer of “The Dropout”, flew drones on Choctaw land, talked with Tim Draper about writing that first check to Elizabeth Holmes, documented the collapse of Silicon Valley Bank, and read a bunch of SEC filings about side letters. I uncovered Sam Altman’s endowment investment, took a ride through Elon Musk’s boring tunnels, ate sushi and soup dumplings, and asked Microsoft’s Chief Scientific Officer what it is that makes us human. I somehow convinced you to read a whole essay about me getting my scuba certification. It’s been an honor to use this platform to let other people share their stories, too, like Trisha Bantigue and Andrew Gibbs-Dabney and ChatGPT. I’ve enjoyed each call with readers, each tip you sent my way, and, naturally, all your restaurant recommendations.

Writing about this industry, it’s easy to become enchanted by the promise and excitement of innovation. After all, it's thanks to venture capital that life-changing products, from the microprocessor to internet search engines, exist. As a journalist, I’ve always taken my obligation to be critical very seriously, as well. It didn’t take long to come across the glaring egos, absurd greed, and outright fraud that have thrived in a world that largely operates behind closed doors.

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Private companies may stay private for longer than ever before—and get bigger in the process—but size doesn’t compensate for fragility. With private companies excused from disclosure requirements, and founders often bound by few checks and balances from their own boards, startups can still be delicate businesses, even if they are a dozen times more powerful. I’m excited to continue to write about this opaque industry, and have the time to dig in a little deeper.

As Allie steps in and takes Term Sheet to the next level, I would just like to say thank you. I am eternally grateful for the warm introductions and thank-you notes, for the harsh criticism, for all the things that writing every day has taught me. Many people ask what it’s like to write every day. But I am often in awe of how many subscribers want to open this newsletter every single morning (seriously, our numbers are pretty good). Term Sheet has been the cornerstone of my life these past two years, and your willingness to let me into yours has been an honor.

I’m not going off into the sunset entirely. You’ll be seeing more of me at Fortune as I shift to writing longer feature stories about startups and venture, and I’ll probably pop back in here every once in a while to say hi.

In the meantime, you can get an email every time I publish a story by checking the box next to my name at this link. You can give me a call or send me a text at 479-715-9553. And if you don’t already have my email by now, here you go: jessica.mathews@fortune.com. If you’ve got a tip, I’m all ears.

By the way…Fortune is always trying to make Term Sheet a more valuable newsletter for our readers. If you could take a couple of minutes to give your honest feedback and answer a few questions about your experience, I'd appreciate it. It shouldn't take you more than five minutes. You can find the link below. Thanks!

Another AI deal…DataSnipper, an AI accounting assistant provider, has raised an additional $100 million, officially hitting unicorn status, Fortune AI editor Jeremy Kahn has exclusively reported. Index Ventures led the round, and Insight Partners previously invested in the company in 2022. CEO Vidya Peters says that the round will be used to expand geographically to new markets.

And now for February's cartoon from Ian Foley...

Until next time. Signing off,

Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
Submit a deal for the Term Sheet newsletter here.

Joe Abrams curated the deals section of today's newsletter.

This story was originally featured on Fortune.com