A Shift in Venture Capital Investing

Venture capital (VC) investing has always been a dynamic industry, but 2024 has seen a surprising surge in movement among top investors. Unlike traditional fields where job hopping is more common, VC partners and general partners typically stay put, especially when they reach senior levels. This year, however, has witnessed a flurry of activity, with investors returning to old firms, launching their own funds, or taking a break from investing altogether.

Notable VC Moves in 2024

The following is a breakdown of key VC moves, categorized by month:

January

• Keith Rabois, a famed venture investor, announced his departure from Founders Fund to return to Khosla Ventures, where he previously served as managing director.
• After 12 years at Andreessen Horowitz, Connie Chan announced her departure as a general partner, having backed companies like Cider, KoBold, and Whatnot.

March

• Ethan Choi, a partner at Accel for six years, announced his move to Khosla Ventures, where he will focus on growth-stage investing.
• Miles Grimshaw rejoined Thrive Capital as a general partner after a three-year stint at Benchmark Capital.
• Sam Blond, a partner at Founders Fund for 18 months, decided to return to operating roles after his experience in the VC world.

April

• Ethan Kurzweil left Bessemer Venture Partners after 16 years to launch an early-stage investment firm with Kristina Shen (former Andreessen Horowitz partner) and Mark Goldberg (former Index Ventures partner).
• Christina Farr, a principal investor at OMERS Ventures, announced her departure to focus on her health tech newsletter, book writing, and consulting work.

May

• Alison Stillman, founding partner of Serena Ventures, stepped back from the firm after six years, leaving her next move unannounced.
• Terri Burns, the first Black woman partner at GV, launched her own venture firm, Type Capital, focusing on pre-seed and seed-stage startups.
• Eva Ho, co-founder of Fika Ventures, announced her transition out of the firm after deploying its current fund, citing personal reasons.
• Alison Lange Engel left Greycroft to become CEO of Ceros, an AI-powered design company.
• Vic Singh, a partner at Eniac Ventures for 15 years, announced his departure to launch a new venture firm.

June

• Spencer Peterson, a partner at Bedrock for five years, joined Coatue as a general partner, with investments in companies like OpenAI and Rippling.
• Amanda "Robby" Robson announced her departure from Cowboy Ventures, planning to launch her own fund after prior roles at Norwest Venture Partners and Cowboy Ventures.

July

• Alex Cook is set to leave Tiger Global after nearly seven years, having led deals for companies like TradingView, Scalapay, and TrueLayer.
• Lauri Moore joined Bessemer Venture Partners as a partner, focusing on early-stage investments in data, AI, and developer tools.
• Milo Werner joined DCVC as a general partner to lead the firm's climate investing practice, with experience at Engine Ventures and Ajax Strategies.
• Anne Lee Skates announced her departure from Andreessen Horowitz, where she was a partner on the consumer team, to focus on her "life's work."

August

• Maria Palma joined Freestyle VC as a general partner, previously a general partner at Kindred Capital, backing companies like Moov, Novo, and Lottie.

September

• James da Costa joined Andreessen Horowitz as a partner focusing on B2B software and financial services, marking his first foray into venture investing.
• Jacob Westphal left Andreessen Horowitz after three and a half years to become the portfolio lead at Will Ventures.

Reasons for the VC Shuffle

While venture capital firms generally have 10-year life cycles, with partners often having their own money invested in their funds, the recent uptick in movement suggests a change in the industry landscape.

• Shifting market dynamics, such as the current economic climate, could be influencing investment strategies and career decisions.
• New opportunities, like the rise of emerging technologies and the increasing popularity of climate tech, are attracting talented investors.
• The desire to build something new, such as launching a fund or pursuing a different passion, is also motivating some VC partners.

Impact on the Venture Capital Ecosystem

The VC shuffle is likely to have a ripple effect throughout the startup ecosystem. As investors change firms and launch new funds, we can expect to see:

• New investment strategies emerging, as different investors bring their unique expertise and perspectives to the table.
• Increased competition for funding, as startups navigate a more fragmented investment landscape.
• New opportunities for founders, as investors seek out promising startups with innovative ideas and strong teams.

Conclusion

The recent flurry of activity in the venture capital world is a testament to the dynamic nature of the industry. As investors navigate changing market conditions and seek new opportunities, we can expect to see continued movement and evolution in the VC landscape. It remains to be seen how these changes will ultimately shape the future of investing in startups.