Thirteen years ago, I wrote a piece for Fortune titled Andreessen envy, which discussed how a relatively young venture capital firm had cornered the media narrative — much to the chagrin of more experienced firms.

• Not named explicitly in that piece was Margit Wennmachers, who led Andreessen Horowitz's communications efforts from its earliest days. She should have been.
• Wennmachers recently retired from a16z, but not before we discussed some of her early memories and lessons learned.

What follows was edited for length and clarity:

Axios: You had a long and successful career as an outside PR advisor. What was the pitch that compelled you to work with a16z?

Wennmachers: "These guys came along and said, 'We're not going to succeed unless we're in the list of top five VC firms, because all the good deals are competitive.'

• That was an interesting marketing challenge because they didn't really have a portfolio, and the list of top VC firms back then didn't change. How do you get on that list ahead of the results?
• But I'd worked with them before and liked that they had ambition and discipline. They didn't golf or have a vineyard or really have hobbies. A lot of VCs have a lifestyle that's not like a startup grind."

Had you been thinking about joining a VC firm?

"No. We even had been skeptical about taking lots of VC firms as clients at Outcast because the only way to be interesting is to be a thought leader, and lots of VCs didn't have the thoughts.

• A lot of VC firms also thought that marketing was beneath them."

What was your initial strategy?

• "Ben wasn't very well known, so I hired Grace [Ellis]. Her job was to make sure Ben's profile was on par with Marc's.
• We also really maximized attention around key moments, like when Marc wrote about software eating the world.
• Or when we did the Skype deal, which was unusual since it was a buyout. We made calls to reporters before Microsoft did its press conference, and 80% of the coverage had us in the headline or the first paragraph. That may seem like a small thing, but it made a big difference. You become omnipresent."

What's your advice to communications leads at other VC firms?

"First, make sure you have a mandate because partnerships are next-level complicated.

• Then figure out what people at your firm are good at and what motivates them. It's their ideas that made the difference. Copying doesn't work."

What's the biggest mistake you see from peers?

"Some people in my profession are very harmony-driven and think they can't ever have a negative headline. But that's usually chatter, not real business.

• Now, if you f**k up and have to do a product recall, or lied, those are actual problems. But most people on Twitter are just clutching pearls, and it will pass."

Intercontinental Exchange (NYSE: ICE), the New York Stock Exchange's parent company, agreed to invest up to $2 billion for around a 20% stake in Polymarket.

Why it's the BFD: Wall Street is embracing prediction markets, which not too long ago were viewed as legally dubious curiosities.

• It also puts new pressure on operators of sportsbook apps, with shares of both DraftKings and Flutter down in premarket trading.

Catch up quick: Polymarket previously raised over $250 million, including this past summer at around a $1 billion valuation. Backers include Founders Fund, Polychain Capital, General Catalyst, and 1789 Capital.

• It also paid $112 million to acquire derivatives exchange QCEX, which has a CFTC license that will let Polymarket enter the U.S. market.

The bottom line: As part of the deal, ICE said that it will become "a global distributor of Polymarket's event-driven data," and "partner on future tokenization initiatives."

• EvenUp, an SF-based provider of AI solutions for personal injury law, raised $150m in Series E funding at a valuation north of $2b. Bessemer Venture Partners led, joined by B Capital, SignalFire, Lightspeed, HarbourVest, Adams Street, RELX, and Broadlight Capital. axios.link/46HO2Uk

🚑 NanoPhoria Biosciences, an Italian biotech focused on heart failure, raised €83.5m in Series A funding from XGEN Venture, Sofinnova Partners, CDP Venture Capital, and Panakès Partners. axios.link/46Pc009

• Meanwhile, a Bitcoin life insurer, raised $82m. Haun Ventures and Bain Capital Crypto led, joined by Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Stillmark. meanwhile.bm

🚑 Affinia Therapeutics, a Waltham, Mass.-based gene therapy startup focused on cardiovascular and neurological diseases, raised $40m in Series C funding. NEA led, joined by Eli Lilly and insiders Alexandria Venture Investments, Atlas Venture, Avidity Partners, F-Prime, GV, Mass General Brigham Ventures, and Perceptive Advisors. axios.link/3IUWMx9

• Bee Maps, an SF-based decentralized mapping startup, raised $32m from Pantera Capital, LDA Capital, Borderless Capital, and Ajna Capital. axios.link/439vGcz

🌎 SwarmFarm Robotics, an Australian ag robots developer, raised A$30m. Edaphon led, joined by Clean Energy Finance Corporation and QIC. axios.link/4gU3gcc

• FurtherAI, an SF-based insurance workflow startup, raised $25m in Series A funding, per Axios Pro. A16z led, joined by Nexus Venture Partners and YC. axios.link/3VSYbav

⚡️OpenSolar, an SF-based provider of solar installer software, raised $20m from Titanium Ventures, Google, and 2150. axios.link/3KBBB3W

⚡️ Energy Robotics, an energy infrastructure monitoring startup, raised $13.5m in Series A funding, per Axios Pro. Blue Bear Capital and Climate Investment led, joined by Futury Capital, Hessen Kapital, Kensho VC, and TAD Tech. axios.link/4gZrcuY

🚑 Attuned Intelligence, a developer of hospital call center agents, raised $13m in seed funding led by Radical Ventures and Threshold Ventures, per Axios Pro. axios.link/3KWt23A

🚑 Peer AI, a provider of FDA drug approval documentation software, raised $12.1m in pre-seed and seed funding, per Axios Pro. Flare Capital Partners and SignalFire led, joined by Greycroft, Atria Ventures, Alumni Ventures, Gaingels, and Mana Ventures. axios.link/3Wq5y9D

• Tycho AI, a Cambridge, Mass.-based developer of nav and AI systems for UAVs, raised $10m in Series A funding. FirstMark led, joined by Pillar VC. axios.link/4o674cT

• Akua, a provider of payments infrastructure in Latin America, raised $8.5m in seed funding, per Axios Pro. Flourish Ventures and Cathay led, joined by Atlántico, Krealo, Honey Island by 4UM, and Simma Capital. axios.link/46Wv2jR

• HyperSpectral, an Alexandria, Va.-based spectral intelligence startup, raised $7m in Series A2 funding led by RRE Ventures and Kibo Ventures. axios.link/48kFzI4

• Bettani Farms (fka Climax Foods), a Berkeley, Calif.- based food tech startup focused on cheese, raised $6.5m in Series A funding. S2G Investments led, joined by At One Ventures, Gratitude Railroad, Manta Ray Ventures, and Toba Capital. axios.link/4nKFLVU

• Supermemory, a memory solution for AI, raised $2.6m from Susa Ventures, Browder Capital, and SF1.vc. axios.link/4pZJEaR

🌎 Terra Robotics, a Greek developer of laser-weeding robots, raised €1.8m. Uni.Fund led, joined by Genesis Ventures, Helidoni Group, and the Hellenic Business Angels Network. axios.link/4nxdXnE

• Advent International and Corvex Private Equity agreed to acquire exec search firm Heidrick & Struggles (Nasdaq: HSII) for $1.3b, or $59 per share (19.2% premium to Friday's close). axios.link/42suzoh

⚡ Brookfield and Powerco acquired Clarus, a New Zealand gas pipeline business, from Igneo Infrastructure Partners for NZ$2b. axios.link/470oy3D

• Cadogan Tate, backed by TSG Consumer, acquired Trefethen & Co Bader & Olson, a Seattle-based furniture receiving, warehousing, delivery, and installation company. axios.link/4mUe0J9

• Davis-Standard, a Gamut Capital Management portfolio company, agreed to acquire Italian coiler manufacturer FBBalzanelli. axios.link/48dxgxz

• GenNx360 acquired Heartland Business Systems, a Little Chute, Wis.-based provider of IT services for commercial and public sector clients, from A&M Capital Opportunities. axios.link/4nOA2yb

• HGGC invested in Sterling Brokers, a Canadian benefits brokerage and third-party administrator. axios.link/3KuDkrN

• Nautic Partners acquired Cenavera Nutrition, a Scottsdale, Ariz.-based food service provider for K-12 schools, from Harkness Capital Partners. axios.link/3WpXcyN

• Plusgrade, a Canadian ancillary revenue optimization company owned by General Atlantic, acquired Oaky, a Dutch upselling platform. axios.link/4nYu4um

⚡ Terramont Infrastructure Partners acquired a majority interest in Bull Moose Capital, a Canadian provider of natural gas compression solutions, from TriWest Capital Partners. axios.link/3IuWGfO

• Thetford, backed by Monomoy Capital Partners, acquired Dave Carter & Associates, an Ocala, Fla.-based parts provider for the RV and manufactured housing markets. axios.link/4mVUUSJ

• BOA Acquisition II, a SPAC tartgeting real estate and infrastructure, filed for a $200m IPO. axios.link/48drjkd

• GigCapital8, a SPAC led by Avi Katz, raised $220m in its IPO. axios.link/4fxlCPH

• Lake Superior Acquisition, a SPAC led by blank-check vet Edward Cong Wang, raised $100m in its IPO. axios.link/4d51kvy

🚑 MapLight Therapeutics, a Redwood City, Calif.-based Phase 2 biotech focused on CNS disorders, set IPO terms to 14.8m shares at $17. It would have an $820m fully diluted market cap, plans to list on the Nasdaq (MPLT), and has raised around $660m from firms like Forbion, Goldman Sachs Alternatives, Sanofi, T. Rowe Price, Avego BioScience Capital, Novo Holdings, 5AM Ventures, and Blue Owl Healthcare Opportunities. axios.link/4o37pgh

• KKR agreed to sell a 14.9% stake in Japanese logistics company Logisteed to Japan Post (Tokyo: 6178). axios.link/42ucSVn

• SAIC (Nasdaq: SAIC) agreed to acquire SilverEdge Government Services, a Columbia, Md.-based provider of government and defense SaaS, from Godspeed Capital Partners for $205m in cash. axios.link/3IZ5vOX

• August Equity, a U.K. lower midmarket PE firm, raised £350m for its sixth fund. axios.link/46GqzTE

⚡ Brookfield raised $20b for its second global energy transition fund. axios.link/3VQbUz1

• Crystal Venture Partners, a solo GP led by Jonathan Crystal, raised $33m for its debut fund focused on "insurance, risk, and resilience." axios.link/4pYfdlp

• Meridiam of France raised more than $1.8b for its fourth North American infrastructure fund. axios.link/46VufzM

• Radical Ventures of Toronto raised US$650m for its fourth fund. axios.link/46WQQM8

• Sugar Free Capital, a VC firm focused on MIT founders, raised $32m for its debut fund. axios.link/47budF8

🚑 TCG Crossover closed its third fund with $1.3b. axios.link/42ssys4

• Tobias Åkermark (ex-Barclays) and Kasper Dichow (Nordea) joined Citigroup as heads of Nordic investment banking. axios.link/48iqBST

• Anthony Armstrong, onetime head of global tech M&A at Morgan Stanley, was named CFO of xAI. axios.link/46DllIe

• Richard Eddison joined Third Point as a managing director of private credit. He previously was with Apogem Capital. axios.link/4o4GIYC

• JPMorgan named Conor Hillery and Matthieu Wiltz as co-CEOs of Europe, succeeding Filippo Gori (who relocated to New York). axios.link/47c3jwN

🚑 Gabriel Petcu joined Société Générale to work on health care M&A. He previously was with HSBC. axios.link/4pY8kR3

Trilogy Metals shares more than doubled at today's open, after President Trump announced that the U.S. government will take a 10% equity stake in the Canadian minerals explorer.

• The U.S. will invest $35.6 million to support Trilogy's efforts in the Ambler Mining District, and will receive warrants to purchase an additional 7.5% position.