Backing What’s Trending At Home And Abroad


Whether or not it’s embracing the brand new regular or returning to pre-pandemic routines—the mud is starting to settle after years of surprising volatility in work and life. In tandem, the lasting tendencies introduced on by the pandemic are revealing themselves with better readability, as are the trailblazing traders capable of see by way of the chaos. 2021 was a document yr with respect to {dollars} invested, deal quantity, exits, unicorns, and even decacorns, with almost each sector throughout geographies seeing outsized progress. The newcomers on this yr’s Midas Record have been on the forefront of this progress, becoming a member of the very best ranks of VCs primarily based on their potential to capitalize on just a few totally different funding areas we noticed this yr, together with burgeoning abroad startups, the continued funds revolution, and naturally, corporations serving to us simplify our post-pandemic lives.

Following final yr’s almost record-breaking variety of newcomers to the Midas Record (23 out of 100), this yr we welcome 15 new faces to the ranks from a mixture of lower-profile and well-known VCs. Learn on to be taught extra in regards to the latest inductees to the Midas Record.

Abroad, Seized

Worldwide areas, together with Asia and Europe, have been an important supply of industry-leading returns that put traders on this yr’s Midas Record, with almost half of newcomers becoming a member of not less than partially resulting from returns made on worldwide investments. Much more notably, a 3rd of newcomers made the Record by way of bets on South Korea-based Coupang or China-based Kuaishou.

E-commerce big Coupang, usually dubbed the “Amazon of South Korea,” closed out 2021 with document income of $18.4 billion—so it’s no shock the corporate helped 4 new VCs be part of the Midas Record: Greenoaks Capital’s Neil Mehta (#9), Founder Collective’s David Frankel (#11), Major Enterprise Companions’ Ben Solar (#65) and Entree Capital’s Avi Eyal (#66).

Mehta, founding father of Greenoaks Capital, has lengthy backed Coupang, incomes a seat on the Board in 2010. Mehta famously pulled off a $430 million convertible debt deal in 2018, simply weeks shy of SoftBank’s huge $2 billion funding within the firm. Following this momentum, Coupang’s profitable $80 billion IPO in 2021 not solely boosted the fortunes of Greenoaks (given its 16.6% stake price almost $14 billion on the time), but in addition landed Mehta a spot as this yr’s highest ranked newcomer at #9. Mehta’s different notable investments embody Stripe, Checkout.com, Robinhood, Toast, Kavak, Oya Rooms, and Deliveroo.

Frankel, co-founder and managing associate at Founder Collective, led his agency’s seed funding in Coupang in 2010 after a private invitation from Coupang CEO Bom Kim. In 2021, Coupang’s huge IPO led to it changing into, at that time limit, the second largest firm to emerge from the Founder Collective portfolio.

Solar, co-founder and basic associate at Major, has been lively within the New York Metropolis tech group for over 20 years, specializing in consumer-facing corporations. Solar met Coupang CEO Bom Kim in 2008 whereas enjoying a weekend sport of pickup basketball, and so they grew to become good mates within the months that adopted. Collectively, they shaped the concept for Coupang, and Solar participated within the Seed spherical, incomes him a spot on the Board in 2010 and resulting in huge returns in 2021 when the corporate hit the general public markets with a splash.

Additionally on our listing of newcomers taking their rightful spot on this yr’s Midas Record from an early wager on Coupang is Eyal. He could also be a newcomer to this yr’s world Midas Record, however Eyal was acknowledged on Forbes’ 2021 Midas Record Europe for being part of Israeli startup Monday.com’s success story – he was an early investor within the productiveness software program maker, which went public in June 2021. The corporate was considered one of 5 public choices that propelled Eyal up into the highest three of the Midas Record Europe, together with Coupang, Deliveroo, Riskified, and Cazoo.

Per the pattern of latest Record members coming from Asia, 5Y Capital’s Elwin Yuan (#78) notched spectacular returns following common video-sharing cell app Kuaishou’s document 2021 IPO. Yuan, who joined 5Y Capital (beforehand Morningside Enterprise Capital) in 2011 as an affiliate impressively rose by way of the ranks to his present position, main client internet-related investments as a associate on the agency. His different notable investments embody China-based social networking app Soulgate and Sensors Knowledge, a China-based skilled service supplier of huge knowledge evaluation platforms.

Lastly, additionally seeing her success boosted by investments in ex-US corporations, Seedcamp’s Reshma Sohoni (#94) made this yr’s listing partially for being considered one of Romanian-founded UiPath’s very first traders in 2015, when it was a little-known providers enterprise with 10 staff. Sohoni’s eye for recognizing and backing nice European corporations goes properly past her seed funding in UiPath, as she can be an early investor in Revolut, Sensible, and Hopin. This was additionally the primary yr for Sohoni to make the worldwide Midas Record after being acknowledged on the Midas Record Europe.

New Methods to Pay

With its disruption beginning lengthy earlier than the pandemic, the funds panorama has basically remodeled to match evolving buyer expectations, and know-how has been a foundational drive driving change within the sector. This yr’s Midas Record options three newcomers who benefited from their early investments in corporations both constructing the know-how powering the funds revolution or serving to retail traders entry new asset courses: DST World’s Tom Stafford (#31) for his funding in Brazil-based Nubank, DFJ Development’s Barry Schuler (#60) for his early backing of Coinbase, and Level 9’s Pawel Chudzinski (#92) for his funding in Revolut.

The digitization of funds hit warp pace when the pandemic started taking its full impact, and crypto has steadily turn out to be extra mainstream within the eyes of shoppers and traders alike – serving to each sectors drive investor returns for heavyweight VCs.

Becoming a member of DST World in 2011, Stafford hit the bottom operating, opening an workplace in London and driving the agency’s investments in a number of the high funds and fintech corporations globally, together with Revolut, Stripe, Klarna, Robinhood, and Checkout.com. Most notably, Stafford led a Sequence D in Sao Paulo-based Nubank in 2016 to assist the fintech firm enhance service ranges, cut back e-commerce fee friction and decrease prices. 5 years later in 2021, Nubank hit the general public markets in a profitable IPO that valued the corporate at $41 billion.

Schuler of DFJ Development — who realized within the early days that the most important barrier to the mainstream success of crypto was the way it modified arms — noticed unimaginable worth in Coinbase’s platform early on. Schuler led the corporate’s $75 million Sequence C funding spherical in 2015 at a valuation of about $500 million, changing into Coinbase’s first Board member within the course of. By the point Coinbase went public in 2021, Schuler was up nearly 120-fold on his authentic funding.

Lastly, rounding out our listing of newcomers betting huge and incomes larger within the fee area is Level 9’s Chudzinski for his funding in European fintech heavyweight Revolut. Chudzinski is not any stranger to Midas, having made the Midas Record Europe thrice beforehand partially resulting from his investments in different fintech and crypto corporations reminiscent of Chainalysis and Mambu. Hailing from Poland and now residing in Berlin, Chudzinski works carefully with European startups focusing totally on early-stage investments. Having raised €99,999,999.99 in 2020—a becoming quantity for Level 9 – Chudzinski’s agency is properly positioned to proceed making early fintech bets.

All Out on ‘Keep-at-Residence’

With the large progress of startups pushed by pandemic-era tendencies, it’s no shock that lots of this yr’s entrants embody those that have backed the businesses that capitalized on altering client and enterprise tendencies to take their companies to new heights.

Knowledge Storm

Snowflake, a buzzy and common cloud-software firm recognized for serving to its clients retailer and analyze inside knowledge, final yr unveiled its bold plans to construct an enormous knowledge cloud the place anyone with a Snowflake account can plug in. The corporate held its blockbuster IPO in 2020, priced at $120 and later peaking at $429 in December of the identical yr. It’s no surprise three new names on this yr’s Midas Record can attribute not less than a portion of their success to this firm.

Dragoneer Funding Group’s Marc Stad (#22) co-led a $479 million progress funding spherical in Snowflake simply months earlier than its epic IPO. Whereas Dragoneer could also be a more recent VC on the scene, the agency is actually making a splash early, investing alongside much more established corporations. Stad has been a key driver of the agency’s current successes, having made slam dunk pre-IPO investments in Spotify and Uber.

John Curtius (#64) of Tiger World additionally made the listing for his Snowflake backing, in addition to main different investments into cloud and Web3 software program corporations reminiscent of Toast, UiPath, Procore, Confluent, and Databricks. As head of Tiger’s software-investing follow, Curtius is well-known by non-public software program corporations looking for their subsequent capital infusion.

Lastly, Brad Gerstner (#95) of Altimeter Capital noticed returns most VCs dream of: a stake price round $4.4 billion at Snowflake’s IPO after main the corporate’s $79 million Sequence C in 2015. As Chairman and CEO of Altimeter, Gerstner was capable of launch his agency into the mainstream together with his Snowflake stake. Shortly thereafter, Altimeter made headlines once more by spearheading a deal to take Indonesia’s journey hailing and supply big Seize public by way of a reverse merger with Altimeter Development – at a $40 billion valuation, this represented the largest-ever itemizing for a Southeast Asian firm.

One other knowledge firm serving to propel an early backer onto the Midas Record is Confluent, a full-scale knowledge streaming platform that allows clients to simply entry, retailer, and handle knowledge. Eric Vishria (#59) of Benchmark invested in Confluent only one month after becoming a member of the agency and earlier than Confluent was even formally included. Altogether, Benchmark invested $12.5 million in Confluent, gaining possession of 15.3% of the corporate earlier than the IPO, resulting in a 129x return over a seven-year interval since Vishria’s preliminary funding.

Work-From-Wherever Productiveness

Whilst corporations start a full or hybrid return to work, they acknowledge the good points which have been made in productiveness and dealing throughout distant groups over the past two years. Firms looking for to assist enterprises in these areas noticed tailwinds throughout Covid lockdowns and proceed to construct on that success as life opens again up and corporations acknowledge the continued significance of those vital productiveness instruments.

CVR’s Max Gazor (#81) has appeared to assist this area as a lead investor in a number of productiveness software program startups. Gazor is an early-stage investor targeted on the areas of SaaS, cloud infrastructure, and cybersecurity. Hailing from Oracle and Cisco the place he helped determine acquisition targets, Gazor is greater than certified to hunt out corporations with robust technical foundations constructing merchandise which are forward of the market in anticipating tendencies—a ability that led to the agency’s funding in Airtable.

Signed, Sealed, Delivered

On-line meals supply has turn out to be an enormous world market, primarily because of the introduction of user-friendly apps and tech-enabled driver networks – with many restricted from their typical eating out habits over the previous few years, these startups continued to see outsized progress. Past the pandemic, the pattern towards comfort has grown extra pronounced with youthful generations preferring the comfort of ready meals – main many to consider the current progress of meals supply platforms will proceed as normalcy returns.

Index Ventures’ Martin Mignot (#100) joined this yr’s Midas Record partially on the power of his funding in Deliveroo. Mignot first invested in Deliveroo when the corporate was simply half a dozen individuals masking a small group of eating places in London’s Soho neighborhood. His strategic funding not solely earned him huge returns, but in addition a Board seat on considered one of Europe’s quickest rising tech corporations, which quickly expanded far past Soho.

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2021 was a breakout yr for these 15 newcomers, and there may be good purpose to consider many will make a return within the coming years. We sit up for watching their continued success and seeing what portfolio corporations they wager on sooner or later.



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Backing What’s Trending At Home And Abroad

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