Lingotto

At Menlo Ventures, we go ALL IN. This isn’t just a motto, but how we show up everyday for the companies we back, the investors who back us, and each other. When we win, we win as a team. 47 Years 80+ Public Companies 165 + Mergers + Aquisitions $5B+ Under Management We focus on the "three stages of early" We are investors and company builders - we know what it takes to turn a budding idea into a scalable business. We work with early-stage founders to find product-market fit, develop go-to-market strategies, scale their organizations, and support them as they grow. Inception: Our Menlo Labs team helps founders validate early-stage ideas, de-risk opportunities, and build successful foundations. Venture: Our venture team provides series A and B startups with guidance and hands-on help as they build their teams and products. Inflection: Our inflection team supports early growth-stage startups during critical points as they prepare to scale. Our focus areas At every stage from inception through IPO, we invest in game-changing ideas that reinvent life and work. Although we remain open to new ventures within consumer, enterprise, and healthcare, we go deep in the following seven focus areas: AI: Generative AI is breaking into every software vertical, and winners in these markets will create massive economic and societal value. Menlo Ventures is placing bets on the most promising GenAI companies at the infrastructure and application layers, where we see immense potential for groundbreaking businesses that will reshape industries and push the boundaries of what we can achieve. Bio + Healthcare: Innovations at the intersection of advancements in technology and biology will drive major improvements in the quality of our health and the cost of healthcare. At Menlo, we invest at that intersection - backing breakthrough digital health companies (vertical SaaS and digital care) and novel life sciences companies (therapeutic platforms and transformative technologies). Consumer: The world we live in today is enhanced by technologies we might not have thought possible even 10 years ago. There is so much still to come. At Menlo, we invest in the game-changing companies of the future, those that will help us do things better, faster, or cheaper than we can today. Cloud Infrastructure: As enterprises continue migrating to the public cloud, a new generation of companies will write the playbook for the underlying infrastructure that powers their applications. These tools and platforms are built for and cater to the developer, optimized for time-to-integration with beautiful, easy-to-use UIs and APIs. Cybersecurity: In a complex, post-pandemic world, rapid cloud adoption and the proliferation of open-source software have dramatically expanded the attack surface for bad actors against enterprises, governments, and their applications. Additionally, the shift-left approach to software development requires developers to embrace a security-first mindset. As the cyber war continues, Menlo will back the best teams fighting on the frontlines. Fintech: Financial transactions and services power the global economy. Menlo invests in four fintech categories: dev-focused infrastructure and embedded finance (API layers), vertical banking, end-to-end financial services for consumers and SMBs, and tools that serve finance teams and the office of the CFO. SaaS: The shift to the cloud introduced an entirely new business model–Software-as-a-Service–and created unprecedented opportunities for enterprise software companies. Menlo divides the SaaS landscape into three categories, each with a distinct point of view that guides our investment, research, and resources: Departmental SaaS, Vertical SaaS, and Horizontal SaaS. Supply Chain + Automation: This once-in-a-generation reinvention/reinvigoration of the supply chain will create a world that is more efficient, resilient, and sustainable because of the operational efficiencies we gain. With an eye on a more functional future, Menlo invests in a broad range of technologies–robotics and industrial automation among them.

We invest in early-stage R&D-focused individuals and teams solving complex technical challenges with large potential for commercial application. INVESTMENT AREAS We like to invest in teams building solutions in these technical domains: Software++AI & ML Big Data AR, VR & XR Cybersecurity Cloud/DevSecOps Distributed systems Performance computing Life SciencePersonalized medicine Drug discovery software Precision medicine Biofabrication Digital twins Organoids other BioTech, MedTech HardwareRobotics Automation IoT Industry 4.0 Nanotechnology Material Science Space

We are in the midst of technological shifts at a pace faster than ever before. Calculus VC capitalizes on these shifts to deliver returns and impact. We invest in the Series A and Series B stages of startups in the below sectors: FUTURE OF COMPUTING AND AI Continued advancements in AI will demand new developments in hardware and software. New computing materials and interfaces may emerge. Computing power may be more distributed, and the world will be infinitely more connected. These and more, are our areas of interest: Intelligence beyond language: We expect AI to understand quantitative models and physical phenomenon just as well as it understands language. Large Quantitiative Models are a focus for us. New hardware, materials, and architectures: We expect that demand for computing power will grow exponentially. Quantum computing, as well as distributed computing are expected to grow. We expect advancements in computing materials beyond silicon. Immersive and neural interfaces: These interfaces already exist, we expect they will become more mainstream. Spatial computing, integrating the physical world with digital environments may be our future. COMPUTATIONAL LIFE SCIENCES AND HEALTHTECH Breakthroughs in biology, materials, sensors, and data science are converging to redefine healthcare. Precision and personalization will take center stage as AI enhances how we detect, monitor, and treat disease. Areas of interest include: AI-First Therapeutics and Discovery Platforms: ML-powered platforms designing drugs and biologics via simulation, predictive modeling, and data-rich experimentation. Infrastructure for Programmable Biology: Tools that make biology engineerable – lab automation, bioinformatics, 3D bioprinting, next-gen diagnostics and R&D devices. Continuous, Data-Driven and Personalized Care: Wearables, medical devices, and diagnostics to deliver patient-centric care. These models turn users into real-time data streams, enabling adaptive treatment and personalized interventions. ADVANCED INDUSTRIAL TECHNOLOGIES As we expand the frontiers of possibility, we expect industry to evolve with intelligence, autonomy and environmental sustainability at its core. Areas of focus include: AI and automation in industry: Intelligent machines will optimize production, reduce waste, and enable new workflows. From predictive maintenance to robotic manufacturing, automation will power the next industrial revolution. We support startups enabling this vision. Land, ocean, and space transport and communications: We are interested in advanced materials, robotics, sensors, systems and software that will unlock new frontiers from deep-sea mapping to planetary missions. Resource efficiency: Building the future will demand large reserves of energy and natural resources. Technologies that can serve our energy, food, water, and agricultural needs while supporting a better planet are of interest to us.

We founded Mosaic as optimists who see technology as a force for good, and believe that the startup ecosystem will positively impact society. Our passion is to partner early with inspiring, ambitious tech founders: renegades who reimagine the world and shape it their way. We also believe in Europe. Breakthrough businesses are starting and scaling here with increasing frequency, powered by unparalleled engineering talent across the region. Our Promise to Founders We are excited to join your journey as an ally. We recognize that venture capital would not exist without entrepreneurs like you, who put everything on the line. We are thrilled when you choose to work with us, and honored to support your dream coming to fruition. As your partner, you can expect the following:‍ Trust: We have faith in you, and commit to supporting the business for the entire journey with intellectual honesty and unbiased counsel. Long term perspective: Success is not built overnight; we are in it for the long haul. Venture capital is a business that rewards patience on all levels.‍ Boutique service:We are a small, highly collaborative team who all pitch in to help across the portfolio. We typically make just 5-10 new investments per year, and every relationship matters. Growth mindset:We are humble, curious, open and straightforward -- having learned from both mistakes and successes. As independent thinkers we often take a different view from the herd. We don’t claim to know everything, and our approach is inquisitive rather than prescriptive. Low friction:We appreciate the value of your time and commit to simple, transparent business and quick turnarounds. Thesis-driven Since the 1990s, we’ve enjoyed a privileged ringside seat alongside hundreds of tech startups in many industries and geographies. Some have been successful, a number super-successful and inevitably, others didn’t work out. From these experiences, we have developed a thesis-driven approach to investing, where we try to imagine how a given market will unfold in the next 5-10 years, and then look for certain horizontal industry and business characteristics. Momentum is nice but we don’t need to see “traction” or baked KPIs to build conviction. There are general characteristics of businesses we like to invest in: Big, addressable markets and/or uncharted whitespace Distinctive product: love, trust, early customer evangelists Business model innovation, i.e. disrupting the value chain A large potential future moat, beyond pure scale and scope. From network effects, technical leadership, or other sources. This helps us derive the consequent gross margins and unit economics Broad customer (and supplier) distribution, i.e. no concentration immediately adjacent in value chain Long tail of independent adopters. Bonus for bottom-up word-of-mouth We invest in ‘whale-hunting’ too, but typically prefer to invest when there is a handful of customers (or highly relevant sector experience amongst the founders) Capital efficiency. After our first cheque, we are aligned with founders/on their side of the table, so funding pays for people, not inventory/asset Thematic Focus We look to back businesses catalyzed by emerging technology that may create a new market from nothing, or else materially disrupt the status quo. The themes we focus on evolve, as successive waves emerge, grow in force, and eventually ebb away. Historically, this led us to operate and invest in a wide range of web and mobile applications including search, social, and digital media. We are comfortable in both B2C and B2B businesses and particularly drawn to marketplace and SaaS/subscription business models. Our track record includes investing in global category leaders such as Alibaba, Etsy, Squarespace and Transferwise. In our current fund, the themes we are focused on include: Machine Intelligence Future of Money Edge Applications Work OS Open Bazaars Human Empowerment We continue to reflect on the impact of the pandemic. We will feel its reverberations not just in public health, but also in almost every aspect of the wider economy, as it impacts jobs and industries in ways that are still unfolding. We believe it also will become an accelerator for many tech trends and sectors, including health, education, and may have a dramatic impact on retail and real estate. In particular, as new work behaviours emerge and opportunities arise, we are deeply curious to understand what forms of value will be created. Our Story Mosaic was founded by Simon and Toby who first met in the U.S. in 1995 at graduate school. We were lucky enough to work in leading Silicon Valley startups at the dawn of the Internet and since then, have collectively amassed over 50 years working in tech, split equally between operating and investing, across the US and Europe (and approaching half of that time working together!) We set out for Mosaic to bring a focused proposition to early stage investing in Europe, providing unique perspective, culture, and founder experience. In the six years since launch, and now we are proud to have created a firm with a strong operating philosophy and values based in trust, intellectual honesty, and integrity, and an amazing group of talented individuals to deliver on our promise to founders.

We have invested in more than 90 companies since 2016, including Pinterest, Compass, Hippo, Ro, Carta, Dutchie, Anduril, Varda Space Industries, Ghost, Front, Esusu, OKCredit, and Unqork. Additionally, through our subsidiary fund, New Slate Ventures, we have financed films, documentaries, and limited series that have been acquired by Apple, Netflix, and Disney. Based in New York City, we invest globally. Backstory Sinai Capital Partners was founded in 2017. We raised $100 million and built a talented team of young investors with offices in New York, Palo Alto, and Los Angeles. We made over 90 investments, realized 11 exits, and achieved a 1X return on our first fund within two years. In 2019, we raised $100 million for a subsidiary of Sinai Capital called New Slate Ventures, with the goal of supplying the many players in the streaming wars with independent content. Our films, series, and documentaries won Academy Award nominations, Golden Globes, Grammy’s, and Emmy’s, and were acquired by the likes of Apple, Disney, and Netflix for multiples of their cost. As a solo GP, I believe boutique, disciplined, early-stage funds with effective managers will generate the best returns for investors in this forthcoming innovation cycle. Throughout my career I’ve nurtured relationships across Silicon Valley, Wall Street, Washington DC, and Hollywood, and aim to leverage this access on behalf of the founders I support. Where to Now? We’re currently in the midst of the greatest acceleration of technological progress since 2010 and the advent of mobile/social computing. New frameworks for problem solving are emerging daily aided by artificial intelligence, CRISPR technologies, climate manipulation, and several other radical new fields previously dismissed as science fiction. When we started Sinai, the prevailing wisdom in Silicon Valley was that “hardware was hard” and that software investments provided much better risk-adjusted opportunities. That assumption is becoming less credible in the current venture capital landscape, with space exploration, brain computer interfaces, driverless electric vehicles, autonomous warfare drones, and nuclear fusion companies all appearing to be increasingly within reach, with potentially transformational impacts on civilization. Sinai’s new focus will be on these harder technical problems, as we believe this is where the majority of the value creation for this next venture cycle will emerge. While we still welcome revenue generating SaaS businesses, its become clearer to us that the best returns come from the most non-obvious ideas in undefined markets and categories. Some of our latest investments include Anduril, Varda, Galvanick, Rangeview, Factory.AI, Science.IO, and several others. We seek to invest in 5-10 companies each year, with average check sizes ranging between $1-5M depending on stage. We’re happy to lead seed rounds where we have high conviction, but prefer to collaborate with our friends at top funds across the globe. We are geographically agnostic, but are most active in New York, San Francisco, Miami, London, and the South Bay of Los Angeles.

Vsquared Ventures backs entrepreneurs engineering the seemingly impossible. We are early-stage investors in deep-tech companies tackling society's most pressing challenges, with an emphasis on quantum and novel computing, green energy, robotics, Al/ML, new space, synthetic biology, and healthcare. Our team of founders, academics, operators and innovators has invested in over 30 companies to date and built one of Europe's strongest deep-tech portfolios, forging alliances with key players in industry, research, and a global startup ecosystem along the way. The companies we've partnered with so far include Isar Aerospace, IOM, Zama, The Exploration Company, and Custom Cells.