Future Ventures – an investor in its last firm, DFJ, by well-known chancellors Steve Jurvetson and Maryna Sacco, as well as an investor with Airbus Ventures and Khosla Ventures, already closed its second fund with $ 200 million in capital commitments is. Added.
In a detailed conversation yesterday afternoon, Jurvetson characterized the fund as “dramatically overbasked in a fairly short period of time,” adding that one-third of its investors are capitalists or other investors, which is “the second largest chamber”. [comprises] Tech executives, CEOs and former CEOs of relevant companies in our ecosystem ”and a third of the firm’s capital is coming from institutions, including a university endowment. (They did not specify.)
With Future’s initial $ 200 million fund, which closed two years ago, the organization’s newest vehicle has a 15-year time horizon, giving more leeway for long-term bets. Jurvetson also confirmed that with Debut Fund, Future features fairly standard economics, including a 2.5% charge in management fees and 25% in interest, which means that Future will make a profit from its investment. Is part of.
“We tell our LP, ‘Look, it’s a long game, these companies take more than five to seven years to come to full maturity,” said Jurveson, who has been on SpaceX’s board since 2009 and has three The director, along with others, left Tesla’s board in September after a 13-year run as a director. “They can go public within that time frame. But as you can see with Tesla and SpaceX and some of the biggest tech stories of our day, you’ll regret feeling pressured to get out early when they’re actually developing at a very fast pace Huh. “
Undoubtedly, the fund could have been larger. Jurveson has been in business with Elon Musk for more than 20 years, and beyond his initial involvement with SpaceX and Tesla, Future participated in the first round of boring company, Musk’s tunnel-based transportation system.
It wrote the first check to Musk’s neurotechnology startup, Neuralink, which last summer revealed its progress toward developing implantable brain-computer interfaces, including thousands of electrodes that Musk helps, which is used in Alzheimer’s (dementia and spine Bone injuries). Things.
Although SpaceX is now an 18-year-old company, Future also has a stake in that business. In fact, Future’s first check went into Space X, and last year the firm raised a $ 100 million SpaceX SPV in just five days – the capital that Sakeno said most of the firm’s funds came from investors, plus some Additional investors who were able to get to know the firm through the process.
These pop-up type funds will not be regular, according to Jurvetson. “We communicated in our fundraising that a particular situation, maybe two, where we make an investment in a later stage, bigger checks, a company that we have a lot of confidence in, and we didn’t anticipate that would happen immediately, But the opportunity to reopen the previous year round [in SpaceX] And join the expansion of the pass, which is very enticing to the fund. “
Instead, the plan is to continue writing mostly small checks – on average $ 3.8 million – that represent the first checks raised by a startup. The idea is to return about 20 companies from the new fund (with the last one) and board seats more comfortably than other companies. Part of that depends on the requirement, suggests Saenko, noting that both have only so much bandwidth, but he also added that “one should not think of a single situation where we are completely concerned about the company’s Are not in the information flow ”role even without a director, who often insists on a VC one.
Meanwhile, beyond its musk-related bets, Future is assembling a portfolio that is broad-based, including investments involving cellular manufacturing, longevity and edge AI among other things.
Just yesterday, it was announced that it led a follow-on round at a 21-year-old sensi biotherapeutics, a Boston-based developer of personalized cancer drugs, which is planning a public offering this year and an adaptive immunity Uses bacteriophages to induce the reaction. .
Future, which is also an investor in laboratory-developed meat producer Memphis Meat, is still very focused on regenerative agriculture and permaculture, an approach to land management that adopts the system seen in the development of natural ecosystems. Saneko said, “I think it will ask all of us to look at our food industry and ask how we are currently feeding our global population, which are inevitable for us in the future and we have this Continuing to be on the planet, ”she said.
From space investment to moving out of California, what it does not do is broad other trends for the enterprise industry.
On space investment, Jurvetson – who led DFJ’s investments in both SpaceX and satellite company Planet – said it’s too crowded at this point (“although I’m going to be a space tourist to make sure one day”) .
For Moving – as Musk recently did in Austin – Saenko is not going anywhere, he said, nor Jurvetson, who has already spent 12 years in Texas, in high school, and called it “Hellhole.” “Is called.
“Sadly,” he said yesterday, “many of my friends have moved out and moved to Texas or Florida.” He said that he berates them for this. “If you become rich enough as an investor or an entrepreneur, like you want to live anywhere in your life, why in the world would you go to a Devsthan now? Just to avoid capital gains tax? Examples For, how to donate in lieu of charity and avoid that capital gains tax? “
Rather than trying to transfer and conserve wealth around the world, there is a different way of “conservation for generations; I feel like I see very little. “