What’s up with tiny checks at giant valuations?

Hello and welcome back to

Equity

, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

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**! We talk about it on the show, and it’s embedded below in case you don’t want to click a link.

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From home once again this week,

Danny

, Natasha

, Alex

, and Chris

got together to pull the show together. But unlike last week’s episode (catch up here if you are behind

), this week’s show features a game that actually worked. It’s at the end, as you’ll see.

But before that piece of the puzzle, there was a bunch of news to go over. We had to

leave SaaS valuations

, the Liftoff List

, Brex

, and FalconX

on the floor, but there was still so much good stuff to cover:

• Slice raised $43 million from KKR

  , making us all rather hungry — and curious. Where does Slice fit into the food-delivery market, and does its restaurant-friendly model give it enough room to grow revenue so that its new valuation makes sense?

• The Uber Eats-Grubhub deal was an unavoidable topic this week

  , given that it has the chance to remake the food delivery landscape. What room would be left in the market for Postmates? And would it pass regulatory scrutiny? We’re curious.

• Sticking to the on-demand theme, Instacart has grown bonkers-quick in the last few months

  , even making some money in the process

  . We’re impressed.

• It’s not the only thing out there growing like hell — Shopify is also putting up insane numbers, as reflected in its share price. TechCrunch took a look back through its history the other day

  .

• The secondary markets saw some consolidation this week

  , which brought back some fond memories.

• Quizlet raised $30 million at a $4 billion valuation

  , causing some consternation amongst the hosts. And Vise raised a more modest $14.5 million in a round that Danny covered

  .

Then we played our game. Please hold us to account. And if you have listened to the show for a while, take our survey! It’s right after this next sentence.

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