Niko Bonatsos, the General Catalyst investor known for his early bets on companies like Discord and Mercor, has left the firm to launch a new early-stage venture capital fund. Bonatsos confirmed his departure to TechCrunch, stating the decision was mutual and that his time at General Catalyst provided valuable experience.
Bonatsos spearheaded General Catalyst's seed investment strategy for several years, backing Discord, which is eyeing a potential IPO, and Mercor, a startup valued at $10 billion. While he declined to specify the target size or fundraising timeline for his new venture, the move signals continued investor interest in the early-stage startup ecosystem.
Bonatsos' departure comes amid a period of significant change at General Catalyst. The firm has been actively diversifying its business model, expanding beyond traditional venture capital with the launch of a wealth management arm, a private equity-style AI roll-up strategy, and a Customer Value Fund (CVF) offering late-stage startups nondilutive financing secured by recurring revenue. The exit follows those of other prominent investors, including Deep Nishar and Kyle Doherty, who co-led the late-stage Endurance strategy, and Adam Valkin, who co-led the early-stage fund.
General Catalyst's shift towards a broader financial services approach reflects a growing trend among established venture firms seeking to capture more value from their portfolio companies and diversify revenue streams. This expansion, however, may lead to internal shifts and changes in investment focus, potentially creating opportunities for new, specialized firms like the one Bonatsos intends to launch.
The launch of Bonatsos' new firm could inject fresh capital and expertise into the early-stage market, particularly for companies focused on emerging technologies and innovative business models. While the specifics of his investment strategy remain undisclosed, his track record suggests a focus on high-growth potential companies with disruptive potential. The industry will be watching to see how his new fund performs and the types of companies it attracts in the coming years.
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