![]() ![]() ![]() Lightspeed Venture Partners led the Series B round and was joined by investors including Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, and Mark Cuban. Offchain Labs, a New York City-based company tackling scaling for Ethereum, raised $120 million in funding. “There are a bunch of companies that aren’t as relevant anymore and are being replaced by, say, Stripe.” When asked last year why he thought more solo capitalists were appearing, Gil hypothesized the coming of a new wave of companies is playing a role in the surge: “I also think this is a trend because there’s been a sudden shift in which networks are really important,” he told Term Sheet, pointing to the rise of the PayPal mafia as an example of this dynamic. The trend of the solo investor in short, doesn’t appear to be going away anytime soon. And now, in a sign that limited partners are betting that he will continue to be able to win deals against traditional VC firms, the investor is now raising a $620 million fund-the largest amount raised by a solo fund manager, per the Information. Read the story here.ĮLAD GIL: The storied venture capitalist is the prime example of the new class of solo capitalist-single investors that are able to move fast and lead sizable deals in startups. And it is these risky derivatives that allow users to put leverage on bets that are parent company FTX’s main line of business, one that helped turn it into a now $18 billion company. This matters because it allows FTX.US-which has up to now, offered a limited set of products compared to its parent company-to offer derivatives, a class of assets that includes the likes of futures. To Ghodsi, the questions signalled that Counterpoint was thinking about the long-term of the business-a trait founders commonly say they seek in investors.įTX.US’S DEAL: FTX.US, the stateside arm of the crypto exchange FTX, will acquire LedgerX, a derivatives exchange with a license from the Commodity Futures Trading Commission. ![]() Lynch asked scenario-planning questions too: “How do you keep a culture of innovation and make sure your employees are taking enough risk? Who do you promote-the who pulled an all-nighter, or the one who came up with a high-risk project?” Lynch asked about “how do you see things over the next decade, what kind of leaders are in your company, what is acceptable behavior in the company,” says Ghodsi. It helped that the two teams had known each other for a while previously. Early news of the deal, which was officially announced Tuesday, had previously been covered by Newcomer and Bloomberg.Īccording to the co-founder, who held his last round of fundraising only in February, Counterpoint’s Head, Dennis Lynch, asked multiple hours of questions about the company’s culture rather than the typical line of inquiry, for example, on the company’s current competition. So it was interesting to hear Databricks CEO Ali Ghodsi describe one of the reasons why Morgan Stanley’s Counterpoint Global is the lead investor for its $1.6 billion round of funding, valuing the business at about $38 billion: The line of questioning. There’s plenty of talk at this time in fundraising about venture capitalists winning deals by offering ever larger checks, especially in the later stages of fundraising. ![]()
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