Founded 1972 Menlo Park. ~$56bn AUM as Jan 2025. 140 staff incl. 92 partners. Portfolio: 133 unicorns, 121 IPOs, 418 acquisitions incl. Okta, Nubank, Square. Largest EU holding: Klarna. Recent: ElevenLabs Series B (2024). May 2025: £100m Mubi investment. Klarna IPO 2025: £1.37bn, 22% voting power retained.
Investment Focus
Investment Thesis
Seed to growth stage investments across tech sectors. Focus on clean tech, consumer internet, crypto, fintech, healthcare, mobile, robotics. European expansion via scout network & partners Lixandru/Miller. Arc programme: £1m tickets. Recent $750m Series A fund & $200m seed fund. Evergreen fund structure, thesis-agnostic. Avoids: commodity sectors, poor governance. Differentiator: 50yr+ track record, network depth, founder-led recruitment.
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