😍 $2.3 BILLION was raised by the firstminute portfolio in 2024! 😍 Yes, you read that right. And that's just one incredible achievement from our founders this year, all of whom we backed at pre-seed and seed. What else happened in 2024? Inspired by Spotify wrapped, this is our year in review. 🎤 — 💸 This $2.3bn number was boosted by two mega rounds in the portfolio, one from the self-driving car business Wayve (which raised $1.05bn) and foundational model business Mistral AI (which raised $640m). Proud of them both! 💰 We also saw 6 Series B write ups (some just about to close) which raised a combined $188m. These are companies doing real $5m+ annual revenues, not hyped up deals. The revenue multiple on these deals was an average of 20x. ️🔥 In total we saw 25 follow on rounds across the portfolio, and we have partnered up with amazing funds like General Catalyst, Balderton Capital, Creandum, Spark Capital, Hedosophia, Mubadala, Lightspeed, SoftBank Investment Advisers, NVIDIA, Microsoft, Uber, HV Capital, Seaya, Moonfire, Concept Ventures and Cathay Capital. 💪 We have also been working hard making new investments from our Fund III. We saw ~2,500 deals over the year and invested in 16 companies, deploying $29m in initial money. Fund III also saw 2 Series A rounds. 😇 Some of the angels we teamed up with are Cal Henderson, Olivier Pomel , Christopher North, Jeremy Yap, Paul Graham, Husayn Kassai, Jon Reynolds, Mike Hudack, Steve Fredette, Nico Rosberg, Mehdi Ghissassi as well as scouts from Sequoia and A16Z. 😭 It was not all good news though. Seven of our portfolio founders from Fund I and Fund II had to wind up operations or seriously recap the company, representing 2.5% of the funds! We tried to help them with empathy and respect in a tough time. The VC landscape is evolving. Markets are shifting. But one thing remains constant: exceptional founders building transformative companies. Are you one of them? We're already looking at what 2025 might bring, and we'd love to hear your story. Drop a 🚀 in the comments if you're building something amazing! #VentureCapital #Startups #Innovation #Entrepreneurship #TechInvestment
Michael Stothard
1mo
$2.3bn 🤯 . Huge congrats to all our founders. The ones the raised big rounds, the ones that won amazing contracts, the ones that build exceptional products and the ones that are just getting going. Has been a privilege to work with you all this year.
Mehdi Ghissassi
1mo
Love your VC Year in Review Wrapped! While you're diving into year-end data, check out Email Wrapped — it's like a portfolio analysis for your inbox, revealing surprising patterns and business insights you never knew were hiding in your messages.