Tribe Capital

Last updated
Tribe Capital
Company type Limited liability company
Industry Venture capital
Founded2018;7 years ago (2018)
Founder Arjun Sethi (entrepreneur)
Jonathan Hsu
Ted Maidenberg
Headquarters Menlo Park, California, United States
Website www.tribecap.co

Tribe Capital is an American venture capital firm. [1] [2] [3] [4] It was founded in 2018 as a spinoff of Social Capital. [1] [5] It funds startups in software and cryptocurrency both in the United States and internationally. [6]

Contents

History

Its first investment was in Sfox in 2018. [7]

In 2021, Tribe sponsored a special-purpose acquisition company that became a public company on the Nasdaq with $240 million in capital. [5] [1] [8] [9]

In July 2021, Tribe Capital's assets under management were $1.5 billion. [1]

After the 2022 crash in the cryptocurrency market, the company was still optimistic on cryptocurrency companies. [10]

In October 2022, leaked documents showed Tribe Capital's first fund had seen a "nearly fivefold return on investment." [6]

In April 2023, Tribe considered a $250 million bid to restart FTX. [11] [12] [13]

In May 2023, it was planning on starting a fund in India. [14]

The company has been critiqued on matters such as investments in the cryptocurrency market, markdowns on several of its portfolio companies, [10] and its response to the collapse of Silicon Valley Bank in 2023. [15] [16] [17]

On December 11, 2023, co-founder Arjun Sethi became Tribe's chairman and chief investment officer, and Boris Revsin succeeded him as CEO. [18]

See also

References

  1. 1 2 3 4 Segal, Julie (July 15, 2021), "Cracking Private Companies: Investors Buy Into Tribe Capital's Vision of Disrupting Silicon Valley Itself", Institutional Investor , retrieved June 26, 2023
  2. Boslet, Mark (July 24, 2019), "Tribe Capital Details its Data Plans", Venture Capital Journal , retrieved June 26, 2023
  3. Mosqueda Jr., Mars (April 21, 2021), "Silicon Valley's Tribe Capital makes initial close of new VC fund at $164 m", DealStreetAsia , retrieved June 26, 2023
  4. Balakrishnan, Pranav (October 15, 2022), "Up to 50% of startups will have to sell or shut amid funding winter: Tribe Capital's Arjun Sethi", The Economic Times , retrieved June 26, 2023
  5. 1 2 Chithelen, Ignatius (May 14, 2021). "Will Tribe Capital succeed with its Crypto Investments". Global Indian Times. Retrieved June 26, 2023.
  6. 1 2 Bort, Julie (October 7, 2022). "In leaked documents, VC firm Tribe Capital, founded by Social Capital alums, shows off big returns and a plan for a new $400 million fund". Business Insider . Retrieved June 26, 2023.
  7. Verhage, Julie (August 16, 2018). "Tribe Capital is investing in cryptocurrency platform SFOX" . Bloomberg News .
  8. Burger, Dani (March 5, 2021). Tribe Capital's Sethi on SPAC Structures, Cryptocurrencies. Bloomberg News .
  9. "UAE's Arrow Capital Co-sponsors $240 million Nasdaq tech SPAC in partnership with Silicon Valley-Based VC Tribe Capital" (Press release). PR Newswire. March 8, 2021.
  10. 1 2 Chapman, Lizette (December 23, 2022). "VC firms are getting stingier with startups. Tribe Capital's struggles show why". Fortune /. Bloomberg News.
  11. Lawler, Ryan (April 19, 2023). "Tribe Capital weighing $250M bid to reboot FTX". Axios.
  12. Weiss, Ben (April 18, 2023). "Tribe Capital just can't quit FTX: VC burned by SBF is considering an investment in reboot of bankrupt crypto exchange, report says". Fortune .
  13. Yueqi Yang, Jeremy Hill (April 18, 2023). "FTX Revival Effort Draws Possible Bid From Tribe Capital". Bloomberg Law.
  14. Sharma, Samidha (May 30, 2023). "Exclusive: Silicon Valley's Tribe Capital plans to raise $250 million India-dedicated fund". The Economic Times .
  15. Bensinger, Greg; Tong, Anna; Hu, Krystal; Dastin, Jeffrey (March 12, 2023). "SVB shutdown sends shockwaves through Silicon Valley as CEOs race to make payroll". Reuters .
  16. McBride, Sarah; Miller, Hannah (March 9, 2023). "Silicon Valley Bank tells clients to 'stay calm' as shares sink" . Los Angeles Times . Bloomberg News.
  17. "Recriminations fly as venture capitalists contemplate Silicon Valley Bank's collapse" . Financial Times . March 13, 2023.
  18. Tan, Gillian (December 11, 2023). "Tribe Capital CEO Sethi Names Revsin Successor, Becomes CIO" . Bloomberg News .