Equal Ventures

Uncertainty has always been a consideration when operating in retail. Cyclical demand and episodic shocks in the global supply chain come with the territory. Today's environment, post Liberation Day, has elevated this structural uncertainty to new levels. In the face of volatility, focusing on what you can control is paramount. Resilience looks like squeezing every last drop of value out of your inventory. ⬇️ Check out our latest piece in the comments below. CC: Chelsea ZhangEqual Ventures

Within retail supply chains, uncertainty is a feature, not a bug. However, even the best-prepared retailers are reeling from the shockwaves of "Liberation Day." Every unit of inventory has always carried a significant opportunity cost but turning inventory into as much cash as possible has never been so critical to survival. Read the full Inventory Apocalypse 2.0 breakdown in the comments 👇 cc: Sophia DoddEqual VenturesLeapGhost(Re)vive | B-Corp Certified#retail#supplychain#tariffs#inventorystrategy#offprice

Too much AI in logistics? Or just not the right kind? 🤔 Join Eric Johnson on TPM TODAY this April 11 with Chelsea Zhang, Principal at Equal Ventures. They’ll dive into: 👉 What VCs are looking for in supply chain startups; 👉 Whether we’re facing an AI overload; 👉 And how logistics pros can influence smarter investment decisions. Want to shape the next wave of freight tech? Click “Attend” to tune in! 💡 📺 YouTube https://lnkd.in/gm_ZuzNY 🔗 LinkedIn https://lnkd.in/e7E4JzPk#TPMToday#freight#freightindustry#Supplychain#Logistics

UPDATE 1:30pm ET 4/9 - 90 days pause on non-retaliating countries (updates in comments) - Tariffs are live - quick update on negotiations with top U.S. trade partners (70% of total 2024 imports): 🟡EU ($606B / 15% of total): 4/9 announced 25% tariffs on ag & industrial commodities (France, Ireland, Italy saved bourbon); 2nd wave to come next week. Trump rejected EU-proposed zero tariffs deal as “not enough” and suggested EU buy U.S. energy and lower “non-monetary tariffs” such as regulations / safety measures, but did name-check EU as further along in talks 🟢Mexico ($506B / 12%): No response; praised the “preferential treatment”  🟡Canada ($413B / 10%): Initiated complaint with WTO 4/7; slapped 25% tariffs on non-USMCA compliant autos 🟢ASEAN ($352B / 9%): Vietnam alone accounts for 3.3%; vowed to buy U.S. defense / security products, reduce tariffs to zero, and on 4/7, asked for a 45 day delay. Same day, WH trade czar Navarro criticized Vietnamese actions, citing transhipping from China, seafood dumping, and IP issues, despite “very productive” Friday discussion per Trump 🟢Japan ($148B / 4%): No response; signaled willingness to create U.S. Jobs; per Bessent, is getting priority; Trump / Ishiba spoke Monday  🟢South Korea ($132B / 3%): Trade team is headed to the U.S. and “things are looking good” per Trump 4/8; interim SK president already announced gov funding support for its heavily affected auto sector 🟢Taiwan ($116B / 3%): No response; plans to buy more U.S. ag, industrial, O&G, & defense; trade team is targeting “zero tariffs”  🟢India ($87B / 2%): No response; working on a trade deal; also engaged in free trade discussions with EU 🟢UK ($68B / 2%): Gov is seeking UK biz viewpoint on potential response to tariffs; aim to continue “constructive discussions” on wider deal 🔴 China ($440B / 11%) is not budging. The escalation timeline: - 2/2: 10% tariffs on all Chinese imports goes into effect. China announces same day duties on American coal, LNG, & ag machinery - 3/4: U.S. doubles tariffs to 20% on Chinese goods (effective 3/10). China retaliates with up to 15% tariff on US ag products  - 4/2: “Liberation Day” - 34% more duties on all Chinese tariffs (effective 4/9) - 4/4: China hits back with 34% reciprocal tariffs and export controls on rare earth minerals while suspending some imports of US ag products - 4/7: Trump threatens +50% tariffs if reciprocal Chinese tariffs are not removed - 4/7 (likely post Trump threat): Hong Kong (in a move almost certainly sanctioned by Beijing) announces free trade agreement with SEA & ME, new HK trade offices in Egypt, Turkey, & Cambodia, and vows to not impose any retaliatory tariffs on the U.S. for now - 4/8: China vows to “fight to the end”  - 4/8 (later that day): U.S. raises tariffs on Chinese products to 104% effectively immediately as of midnight 4/9 - 4/9: China raises retaliatory tariffs to 84% We Equal Ventures are assessing short / mid / long term impacts to sectors - DM to trade notes

I might belong to the 1% of New Yorkers who chat with their taxi drivers. On my way back from Distributech, my driver asked me about the state of energy. - AI is driving the conversation to energy supply — but supply isn’t the whole story. Our grid is cracking under pressure. Energy supply is growing, but the infrastructure that delivers it is aging, straining, and in some cases, breaking. - Critical equipment to reinforce this infrastructure is in short supply. Transformers—essential for keeping the lights on—have lead times of up to “7 years.” Some utilities are rotating old ones and stockpiling what they have. - Tariffs are driving up electricity costs. Tariffs on energy equipment—and maybe even power itself—will push consumer costs higher. U.S. consumers, especially in the Northeast, could see higher bills as tariffs on Canadian electricity cut off access to low cost hydro and nuclear. - Utilities need to spend more. Capital expenditures across 47 utilities are expected to hit $212 billion this year—a 22% increase from 2024. Guess who pays? Customers like you and me. Higher capital expenditures mean higher rates that eventually show up in our monthly bills. Figuratively and literally, the lights are starting to go out. My taxi driver jumps in. He tells me about Shani Shaiya. In Vedic astrology, there’s a period when “Shani’s light goes out”—a 2.5-year stretch where there’s a planetary transition and Saturn enters a combust state—and that stretch just started this past weekend (March 29). This phase is marked by delays, challenges, and restructuring. This “reduced visibility” acts as a karmic checkpoint. It demands reflection, patience and discipline—refocusing on what’s important and “putting in the work” despite not seeing the return just yet. But here’s the thing: once Saturn emerges from this phase, the real transformation begins and “returns on investment” can finally be seen. Maybe energy is going through its own Shani moment. Right now, I truly believe we’re at a critical checkpoint to refocus on customers. We need to restructure in order to ensure that individuals and businesses have reliable and affordable power. On the other side of this restructuring period, we have the opportunity to build a grid that’s stronger, smarter, and more resilient! Equal VenturesRick Zullo

Exciting news! The first Insurance Capital Summit hosted by Equal Ventures is shaping up to be a remarkable event and the lineup is growing. Expect to hear from c-suite executives at public companies, visionary founders of leading growth-stage startups, and prominent capital allocators from the insurance sector. Mark your calendars for this exclusive summit on Thursday, May 8th in downtown NYC. All ticketing will be handled through our pre-registration process. To participate, it's essential to request an invite via the link below. Limited spaces are available, so please sign up promptly to increase your chances of attending. 🎟️⬇️ Request your invitation here: ⬇️🎟️ https://lnkd.in/eDV6vekg

A few weeks ago, we shared how we at Equal develop our "Prepared Mind". In our latest post, Rick Zullo expands upon this with how this concept impacts every aspect of how we operate as a firm. Ultimately we see 5 core activities that feed into each other: 1) Research 2) Sourcing 3) Diligence & Execution 4) Hands-on Support 5) Community & Brand The post below outlines more on how we execute each of these stages together to ensure we are continually compounding as a firm and delivering on our mission to "Bridge the Digital Divide" https://lnkd.in/ec2mdvA5

My annual far East trek led me to a trifecta of elite Asian shopping cities - Shanghai, Seoul, and Tokyo. In the name of Equal Ventures research (aided by the weak yen!), I did some serious retail therapy - a few observations: Asia retail 🛍️ lives in the future - Folks are still hanging out at malls (or Asia's version of them)! While the US catches up on mixed-use and open-air retail, Asia has moved deeper into experiential retail with exclusive pop-ups / limited stores. Pop-ups were ubiquitous in high traffic areas like Shanghai's Xintiandi and Seoul's Gangnam Shinsegae and highly curated, limited stores thrived in hip neighborhoods like Daikanyama and Shimokitazawa in Tokyo. These formats get a bad rap for quality / consistency in the US, but Asia pop-ups / collabs are a consistent and cost effective tool for brands, esp. luxury ones, to engage consumers, localize offerings, and test products while maintaining exclusivity. The Louis Vuitton x Murakami pop-up in Shanghai drew insane lines and even required police presence! Only 7 cities (incld. SH, Seoul, Tokyo) got these pop-ups. The NYC one, the lone US city, is in Soho if anyone wants to drop by :) Consumer mobile 📱 as an utility - Seoul and Tokyo are both super convenient, but Shanghai is unmatched given the unique prevalence of Chinese super apps like WeChat and Alipay. My fave Hangzhou coffee spot had ~40 tables, but was manned by a single barista as every table had an unique QR code allowing customers to order, pay, and request services digitally. This technology is EVERYWHERE - not just fast casual foodservice. It extends to high end restaurants, shopping at formal retail locations like malls and department stores to informal commerce like street vendors and service providers like hair dressers and taxi drivers. The consumer has been well trained and the friction of transaction is close to zero. Collectibles 🎴 remain on FIRE! - With a budding reseller in my own household, I (was forced to) spent many hours in Akihabara, Tokyo where collectors, resellers, and enthusiasts of all ages / walks of life flooded the countless card and memorabilia shops there. The prevalence of English and a few other languages signs posted everywhere suggested that a significant number of visitors were foreign buyers, and their transaction volume pointed to professional resellers. Anecdotally, it seemed like prices for popular cards and products had skyrocketed over the past few months alone! Of course, not everything is transferrable to the U.S. but I'm looking forward to seeing how (and if) these Asian retail trends make it back to America :) Uncredit pics below are my own :) 1 squid game x malbon collab in Seoul 2 squid game x netflix popup at Gangam Shinsegae 3 urban outfitter popup at Xintiandi; Mika Osborn 4 beams limited store in Shimokitazawa 5 LV x murakami pop up in Shanghai; Pinto Gallery 6 Fejo coffee shop in Hangzhou 7+8 Hareyua2 in Akihabara #retail

GREAT read from Ali Afridi at Equal Ventures and has a lot of similarities to a talk that Brad Feld from Foundry gave to a group of SVBers back in October in Denver. While we continue to see more and more green shoots in the market its important to think (and prepare) for a potentially longer downturn in the venture funding market.

Everyone's talking about #inflation! It's no surprise that TJ Maxx and Costco are soaring but why are prominent chains like Family Tree and Dollar General struggling? 🤔 🤔 🤔 Learn more about how and why inflation is sparking the off-price boom 👇 https://lnkd.in/gGDFYVTv#retail#offpriceSophia DoddEqual Ventures