Foundation Capital, now 24 years old, just closed its ninth fund with $350 million in capital commitments – gpgmail

Not all venture firms are long for this world. Though they tend to shut down exceedingly quietly, it sometimes happens when the returns just aren’t compelling or a firm grows too fast or there’s infighting or there’s not a solid succession plan.

Foundation Capital, founded in 1995, had its own kind of reckoning in the aftermath of the 2008 financial crisis, owing to a little bit of all of these things.

Like a lot of firms that had begun to raise ever-bigger funds with ever-bigger teams, the once-small firm closed its sixth fund with $750 million in capital commitments in 2008 before it was forced to scale back dramatically, closing its seventh fund with $282 million in 2013 with a whopping eight general partners (then parting ways with half of those individuals), closing its eighth fund with $325 million in late 2015 and doing what it could to right the ship.

It plainly pulled it off. Today, the firm is announcing that it has closed its ninth fund with $350 million in capital commitments and the smallest pool of active general partners it has had in years: Ashu Garg, who joined Foundation in 2008 after spending the previous four years at Microsoft; Charles Moldow, who joined the firm in 2005, after spending the previous five years as a senior vice president at TellMe Networks (later acquired by Microsoft); and Steve Vassallo, who joined the outfit in 2007 after spending a couple of years as a VP of product and engineering at a social network co-founded by Marc Andreessen, called Ning.

A fourth general partner with Foundation’s previous funds, Paul Holland, who joined Foundation in 2001, continues to manage out his investments.

Some notable exits were surely helpful for the trio, including the IPOs of Sunrun (2015), LendingClub (2014), TubeMogul (2014) and Chegg (2013). But we’re guessing Foundation’s newer bets intrigued limited partners even more.

Among some of the firm’s most interesting deals: the biomaterials company Bolt Threads, which is growing artificial spider silk and closed its Series D round last year; Fair, the fast-growing car subscription app that has already locked down at least $1.6 billion in equity and debt funding; and Cerebras, a next-generation silicon chip company that launched publicly last month after almost three years of quiet development, surprising many with its very large and very fast processor, which houses 1.2 trillion transistors, 18 gigabytes of on-chip memory and 400,000 processing cores across its 46,225 square millimeters.

In fact, the last was incubated at Foundation’s office, and it isn’t the only company to get its start with the help of the firm. Another example of a de novo investment is States Title, an insure-tech platform that was founded in 2016 and has gone on to raise $106.6 million, according to Crunchbase.

Starting from scratch is a “more repeatable and sustainable way of building ownership in a company,” explains Moldow. By “putting teams together with a bunch of ideas,” Foundation can “build companies from whole cloth” rather than “play the auction game where prices keep getting crazier and crazier.”

Foundation’s broader staff includes partner Joanne Chen, who joined Foundation in 2014 and focuses on enterprise and AI; partner Rodolfo Gonzalez, who joined the firm in 2013 and focuses on fintech, Latin America, and crypto; and the firm’s newest partner, Li Sun, who is helping to spearhead the firm’s frontier tech practice.

The firm tends to make between 10 and 12 new investments each year, writing checks from $6 million to $10 million typically as part of a Series A deal, though it will invest as little as a few thousand dollars in the right opportunity.

As for later-stage investments, the firm does not have an opportunity fund currently, nor does it assemble special purpose vehicles, which are basically pop-up funds that come together to make an investment in a single company. Instead, says Vassallo, it facilitates direct investments into companies for its limited partners.

We get the impression that could change at some point. Indeed, the new, smaller Foundation Capital seems very focused on trying out a lot of new things.

As Moldow says, “At one point, we had nine GPs and $750 million [in fresh capital to invest]. The evolution [to the firm’s current iteration] took a lot of work. At first it was, how do you fix this? In the last five to seven years, it has been, how do we excel at this?”

Pictured above, from left to right: Charles Moldow, Steve Vassallo and Ashu Garg.

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SoftBank-backed Fair taps three executives to lead vehicle subscription app expansion – gpgmail

Fair, the vehicle subscription startup backed by SoftBank, is loading its executive team with veterans in the tech, venture and automotive industries as it seeks to build out its Uber leasing program and expand beyond North America. today announced three key hires to lead the development of its car subscription app, financing department and leasing program with Uber.

Jay Trinidad, a former Google and Discovery Networks executive, is now chief product officer. Trinidad will direct the company’s app development and technology efforts. Former chief accounting officer of TrueCar John Pierantoni has been hired as senior vice president of finance and risk.

Pat Wilkison, general partner of venture firm Exponential Partners — an early investor in Fair — will run the startup’s Uber program.

The three hires are critical additions for the three-year-old startup as it tries to convince consumers to try its car-as-a-service platform over buying or leasing a vehicle from a traditional dealership or other online sales upstarts. The advantage for Fair, aside from the $1.5 billion treasure chest it has amassed — is the platform itself.

The company was founded by automotive, retail and banking executives, including Scott Painter, former founder and CEO of TrueCar, on the premise that today’s consumers, including those in the gig economy, want flexibility.

Fair has tweaked the traditional lease to give consumers more options. Users can subscribe to the program and switch vehicles through the term of their “lease.”

It’s a capital-intensive business model that requires the kind of experience that Painter believes these three executives can deliver.

The hires will help drive Fair’s aggressive efforts around payment, infrastructure and financial planning as it scales its flexible car ownership model internationally and tries to make a name for itself on the global stage.

“A critical part of our transformation effort is deepening our bench of talented executives to set us up for success now and into the future,” Painter said.

The three hires come on the heels of rapid growth, a critical acquisition and huge Series B funding round of $385 million led by SoftBank, with participation from Exponential Ventures, Munich Re Venture’s ERGO Fund, G Squared and CreditEase.

“After closing $385M in our Series B, it’s time to put that capital to work for us to buy cars and propel growth—with this new executive team providing us with important insights and leadership.” Painter said in a statement. “Jay will eliminate execution risk and bring in operational and strategic expertise, Pat is an investor-turned-employee crusader, while John is a world-class financial and accounting expert around whom we can build a sound subscription business and strong auto insurance division.”

Fair acquired in January 2018 the active leasing portfolio of Xchange Leasing, a service Uber first established in 2015 to lease new and nearly new vehicles to drivers who did not come to the service with their own cars.

That acquisition laid the foundation for what has become a big piece of Fair’s business today. Some 45% of Fair’s cars are used by Uber drivers today.

Fair also has aspirations to expand beyond the U.S., Trinidad told gpgmail in a recent interview. The company hasn’t publicly disclosed which countries it might go to first. Europe and Asia, particularly considering Trinidad’s long background in the region, would be the most likely markets for Fair.

In the next year, the company hopes to move into international markets and grow its workforce, which will likely mean moving into a bigger office, Trinidad said.

“I really think in a year’s time, at least in the markets we’re targeting such as Los Angeles and San Francisco, you’ll start to hear ‘Why not Fair a car instead of buying or leasing one?’ It will be a third option people consider.”

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