Thrive Capital

“Josh then is exactly the same as the Josh today. There's no difference. Wildly smart, very loyal, low key, thoughtful, highly intelligent, and very easy to talk to, and will hold his ground But what makes him fantastic is he'll yield his position if he, if you…”

“A little less since twenty-twenty. Like, if you look at the DPI analysis, like, the jury's out from twenty-twenty onwards.”

“Subsequent to twenty-twenty, like the TVPI is there, and some, in some cases, they're on steroids. The DPI is less there, if you look at the actual stats.”

“Their numbers are better than 90% of seed fund numbers on their growth growth vehicle.”

“Anthropic and Anduril and SpaceX. These are phenomenal companies. They will be generation defining companies, and it is a good strategy to give money to ATVC and Founders Fund and Thrive to invest in these companies.”

“Thrive has proven they can take two billion and turn it into six billion”

“Yeah, I think if the 30 mil fund was, like, the end goal, it would be like, no, but, like, we want to run 10, twenty billion dollars at some point, and look up to people like, you know, Josh Kushner at Thrive, who started with, you know, I think it was four, f…”

“I think it's insane. I think these funds are way too, and they, just do the math, the fund math on like how, they're clearly, you have to have the next open, you have to have the next Google, effectively, or the math doesn't work, I don't think.”

“Andreessen Horowitz and Thrive are raising from, like, the Middle East, and not necessarily, like, universities at this point.”

“I think Josh, who's a dear friend at Thrive, has proved that actually that's not the case, but other people still very much hold that true.”

“I mean, I think, we said it in one of the shows earlier on, Thrive has done an amazing stock picking job of backing Stripe, of backing Databricks, of backing OpenAI, and of backing them at scale.”

“They actually specifically, unlike some of the other funds that have invested in both, they've Specifically our fund that said, no, we backed open AI. We're not going to back on tropics.”

“Open Evidence raises at twelve billion dollars, labbed by Thriving DST. It's a 12 x valuation step up to where they raised at a billion dollars from Sikora at the start of the year.”

“Open Evidence will probably do a round at 30 or 40 next year. I'm actually going to suggest that Thrive is very smart. And they've probably done the math and this is the right insertion point for them. And they believe in it. And someone else is going to do it…”

“The first venture round at OpenAI was twenty-three billion pre with Thrive, and the first venture round at Entropic was four billion pre with Spark and Menlo, you know, right?”

“I think we're kind of there in the AI roll-up right now, where You know, ourselves and ELOD and Thrive and a few others, AVC have embraced it, but I think most of the market is still pretty skeptical, you know, similar to kind of the crypto evolution and where…”

“There's like only a couple of deals that matter to VCs. So when you, you'll see a VC stay on a board for 20 years and you'll see them always hanging out with this one CEO and Thrive has a lot of winners, right? But this is a big winner, right? And so anything …”

“First of all, I think it's a great deal for Thrive because Jason's right. The whole trick in venture is we try and pretend we matter, but in our hearts, we know our best companies matter and the best marketing you can do is get as close as possible to your big…”

“The advantage to OpenAI is much less clear. I'm not sure they're putting in money. In one of the press releases, they said they're going to get a lot of specific data from some of these verticals that Thrive is pushing into, but my guess is I know who was ecst…”

“Mesh is a pair of founders from SpaceX named Travis and Cameron, who I actually knew back from college and then went to work on the Starlink photonics team. So the team that uses lasers in space to pass data from one satellite to another to give us internet. A…”

“So that's where we've invested in data centers thus far. No chip companies thus far.”

“I think when we invested, there were a couple tens of thousands of users and you know, low single digits, million air are fast forward to today. I don't think the company publicly publishes revenue, but call it on the Many, many hundreds of millions of run rat…”

“Myself and my partner, Miles spent the next year trying to see how we could ultimately partner with them. And fast forward to May of 20, 24, we finally convinced them that we were the right sorts of people to bring onto the cap table.”

“I think they'd almost never, they turned one customer in the course of all the time between when they started the company and when we were looking at this round.”

“And so I think as an investor and someone who's really excited about companies that can counterfactually impact the world, that can make the world look physically different in some meaningful way, the number of opportunities now in hardware are far greater tha…”

“I am fairly confident that We are going to produce some of the world's most valuable companies in hardware over the next decade.”

“Also investors in Nudge, like you mentioned, Jeremy, who used to help run engineering at Neuralink and Fred Ursum, who was one of the co-founders of Coinbase, who are working on these very unique missions.”

“We actually got a demo of GBT-IV in November of twenty-twenty-two before it was publicly released in March, and it was one of the most astounding pieces of technology we'd ever seen.”

“And so when we invested in open AI in that round, I think we were one of two firms that gave the company a term sheet.”

“We looked at our original investment memo. There was no mention of ChatGT in there.”

“My bottoms up answer is I'm an investor in a lot of companies that use AI tools. I cannot think, especially on sort of the coding side and engineering side of a single one that has laid off engineers because of these tools.”

“I think we're in this moment where reinforcement learning, as you mentioned, is this new lever, but we've seen it make its way into very few new software products. I think few products in the labs rumor has it some of the coding companies like cursor have done…”

“There's isomorphic labs, Thrive is a very proud investor in which is alphabets, drug discovery And life sciences, AI portfolio.”

“To me, I think it's like a specialization in leadership that's kind of correlated to actually the winners and losers in venture in the next 10 years, and I think the winners are Walmart, which is your mega platforms, it's your Thrive, it's your Lightspeed, it'…”

“Well, I think if you are one of the top one to three carry participants in one of the large mega platforms, be it Andreessen, be it Thrive, be it GC, I would argue that you will have more than that in distributions in the next few decades.”

“There are startups like Oscar, backed by Thrive Capital, that today would not have existed without this regulatory turn.”

“The round is led by Addition. All of our existing major investors are reinvesting. So Thrive, our earliest backer, Valor, who led our Series A, Altimeter, Andreessen Horowitz, Lightspeed, Allad Gill. You know, a number of other firms that have been on the cap …”

“And Jared's brother, Josh, has at Thrive been executing a roll-up of CPA accounting firms that he's then applying AI to reinvent that business.”

“Going from what they do to making non-controlled late stage investments Just because, you know, pick a name, Thrive do that well would be, in my view, stupid because Thrive are really good at that, and they're not.”

“The company has raised over six hundred million dollars from some of the best, including Sequoia, Thrive, Salesforce, and more, and Gong has surpassed Four hundred million in ARR, and serves thousands of customers, including multiple Fortune hundreds, and is v…”

“When you look at, Bundly, the best performing managers, or the breakout managers the last few years, I think you put probably Thrive, Green Oaks, Founders Fund, and Eli Gill definitely up there. And all four of them are one person led.”

“They made half a billion dollars plus from Carvana in the public markets buying when it was in the dumps and then writing that up.”

“I think Josh and the team at thrive have been leading. They're not the only one, but they've been leading the way here where you go at companies that were already on the list to go public that the journal was talking about. They're going to go public next year…”

“You know, sometimes you have investors like a benchmark or a Thrive. It's like, yeah, take their money right away. Their process is immaculate. They never ghost anyone. They answer their emails faster than most founders. It's, you know, very impressive.”

“Thrive invested in Instagram, and like, literally four or five days later, it sold for a two X, right?”

“When you look at their revenues today, it's we questioned it and I questioned it and he pushed back quite rightly, but their revenues are about half of that valuation today, just showing the scale and trajectory of the revenue that they've had.”

“The round was led by Addition, Andreessen Horowitz, Lightspeed coming in as new investors, and then existing investors, Valor, Thrive, Altimeter, Trust Ventures, Terrain, and a number of other smaller investors.”

“They're on track to make 3.7 billion dollars this year. They're forecasting to triple that next year to 12.5 billion dollars. So first thing, the valuation, and this is kind of what blows my mind, the 2.5 billion dollar syndicate of KOTU, Altimeter, Thrive, Th…”

“Frankly, I'm surprised that Microsoft and Sequoia and Thrive, like didn't do more board diligence when they were investing all this money to figure out like this board was like not adequate for the type of company that this has become.”

“And what happened was is they said, can we give you a million dollars? To invest in companies that you're investing in with you. And so Josh said, I guess we have a fund now.”

“I remember we were investing in Warby Parker and Harry's and a whole bunch of other ones. He invested in Spotify, and I'd sit with him on the investment committee for the first couple of funds, and it was just extraordinary.”

“To the credit of Thrive, to the credit of some of these guys who have gone super huge in late, they're playing this game where the only thing I take issue with is, are they really even technology? Like, are they venture capitalists? They're not. They're capita…”

“And I think, so his son has, like, a pretty cool hard, Like hardware company in the I think Thrive backed that's based in, in Texas right now. That's building power banks and integrating into the grid.”

“I expect Microsoft to be, of those four, the company that puts the least amount of money in, if all four go in.”

“I don't see how it aligns with the traditional AI sorry, the traditional VC investing, unless what it's trying to do is say, hey, we have open AI in our portfolio company, and it believes that AI is going to be big enough, that that will be sort of like this f…”

“I think Copilot is an incumbent's strategy. Incumbents own distribution, they own data, they own the UX, and they own a business model that all aligns to a Copilot.”

“In my core relationships Founders Fund's the most extreme, because Peter Thiel's very contrarian and he wants to reset the mindset of his team. Which I think is great. But Andreessen Horowitz, Green Oaks Thrive, they've all proactively marked down their compan…”

“I don't think a lot of people are recognizing like he like hit a Hail Mary and he was Screwed. And like, frankly, I'm surprised that Microsoft and Sequoia and Thrive, like didn't do more board diligence when they were investing all this money to figure out lik…”

“The third one would be this again, The greatest gift of things you sort of carry with you as ways of being would be what I might call impatiently patient. Again, sort of a little, a duality that almost shouldn't exist which is why not now? Why not yesterday? L…”

“I'm purely just investing my own money, but I have all infrastructure and a whole firm that does that. So it's like, it has historically been a single LP fund. Everyone has carry. It's no different than you and Square Ventures or Thrive or anything else. Just …”