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Nvidia acquires Hugging Face for ~$12.9bn. But who gets the 💰? My usual breakdown below 👇 *Investors are sharing ~$7.3bn of profits on <$400m invested. A cool ~20x blended.* *1) The single biggest winner here? Lux Capital.* 👑 Lux is taking the crown for the most $ returned in this transaction. The two rounds they led (Series A & Series C) generated ~$2.6bn combined. They also participated in the Series B. Congrats to @wolfejosh and team. The $15.0m Series A alone will return ~132.5x the capital invested, or ~$2.0bn. The most lucrative round in absolute $ returned. *2) Backing an exceptional team paid off with a >1,000x return for Betaworks and the angels* 📈 The story few people know: Hugging Face started life as a chatbot for lonely teenagers... You sent it a selfie and a sad emoji, it told you it understood. Quite far from where it landed! That is why backing an exceptional team in @ClementDelangue, @Thom_Wolf and @julien_c is always the right thing to do. It paid over 1,000x for Betaworks, Kevin Durant and Thibaud Elziere. *3) Founders and team are crushing it: not taking too much dilution along the way paid off* 👏 I estimate they will share ~$5bn in proceeds, assuming no secondary was taken along the way. A life changing outcome for them and many employees. Taking a 15% attributed option pool at exit, this would mean ~$2bn for the team and >$3bn to share for the three co-founders. Legendary! *4) Salesforce Ventures is cementing its reputation as one of the very best corporate VCs.* 🥇 Salesforce is adding Hugging Face to its long list of successful exits: Snowflake, Zoom, DocuSign, nCino, Auth0... Very few investors can claim as many successes, let alone corporates. The $235m round they led returned $675m in just three short years. Meanwhile, Salesforce's own stock has been flat for the period. Capital well invested! *5) This is a little bit of a heartbreak: but I wanted to congratulate @joinstationf here:* Hugging Face walked into StationF as a 4-person team on day one, June 2017. Back when it was a chatbot for teenagers. They went through multiple corporate programs (Microsoft, Ubisoft, then Naver). Unfortunately they were not investing or taking equity at the time - but they contributed to making it possible. And so for that: hats off. And of course, congratulations to all others involved: Addition, Sequoia, Coatue and many others. No one will be left out!

Many of the great VC firms and solo GPs started out with funds of $10M or less. These micro VC firms have a risk appetite which is crucial to the industry, and play an important role in seeding risk capital where larger firms cannot. "Micro VCs play a pivotal role in democratizing access to entrepreneurial finance by allowing ventures to get funding from a new type of investors. Moreover, micro VCs encourage more kinds of limited partners to access the VC industry." - Micro VC (2022) Unfortunately, the associated regulatory costs make operating at this scale incredibly difficult in the UK. Admin and compliance often consumes about $1.4M of a $10M UK fund, versus just $450k in the US. As a result of this high cost, the median fund size in the US was $20M in 2024, in the UK (with just 3% of the volume) it was $88M. So, the UK not only has lower total venture capital volume, it also has fewer small funds — the worst of both worlds. This is a major bottleneck, but there is a fix. If you're interested in hearing more, drop me a DM. (Credit to @cupazhou and @samhuleatt for the graphic below, from The Side Letter.) Micro VC paper:

1/ gm. gm. Name is Hsin-Ju. I have a dark, kinda tragic personal announcement. I've decided I'd rather take $0 than accept a settlement that requires me to stay silent about what happened to me. I have since fired my lawyers at @sanfordheisler & will be releasing all the evidence from my time @hack_vc on Wed 8/26. INTRO: I've been in crypto for 9 years. Most recently I was a partner & head of platform @hack_vc which is a $600-700M crypto VC firm. Many of you may know me from my time as Head of Growth at @StellarOrg in 2017 (worked w/ the Mt. Gox founder), @Solana in 2018 (joined under ~10 ppl, but quit before my cliff), & @Fhenix in 2024. Or have attended one of my @DystopiaLabs ETH events (2019-now). Last year, I was forced to work through a serious medical emergency while at @Hack_VC due to threats by @alpackaP @dbulaevsky, saying that they would blacklist me from the space if I quit before finishing the hacksummit conference & side events that I was helping with during @kbwofficial. I was working 13-14hr days, 6 days a week, sleeping 0-4 hrs a night, and had documented Graves' disease, hyperthyroidism, and severe insomnia. I repeatedly asked to quit. Hack VC refused. This + other threats and intimidation went on for almost a month. The conditions got so bad I attempted suicide. The fucked up part is that, even after the suicide attempt, I told everyone at Hack VC (in writing) that I had no plans to sue. I was scared & extremely sick. I just wanted to leave. I told them that as long as there was no retaliation or badmouthing - I had no plans to sue. @Hack_VC chose to retaliate. After just 1 month after my near suicide, Hack VC mishandled my COBRA health insurance, refused to fix things, kept shooing me to customer support (when it's legally Hack VC's responsibility to fix this), and my insurance had issues and was not fixed for almost 4 MONTHS. Hack VC did not fix everything until I hired lawyers and had them force Hack VC to adhere to the law & fix my COBRA insurance issues. The sheer cruelty of an employer harming someone's health insurance almost immediately after they nearly committed suicide is extremely fucked up. And, even during the legal engagement, Hack VC continued to lie & attempt to harm me through their lawyers and other employees/partners (multi-million dollar carry & clawbacks can make even the nicest ppl willing to turn the other way or lie). @0xRodney @IsTheBaron @roshunpatel @Alex__Botte. Now. Almost an entire year of engagement & my near suicide anniversary coming up, our lawyers (mine & Hack VC's) have reached the point of preparing for private mediation and settlement. And...I realized that I just can't do it. I don't want money in exchange for silence. I'd rather speak. I fired my lawyers yesterday. In case it needs to be said, I did a good job at Hack VC. I was only there full time for 7 months; been part-time since 2021. I got a $50k raise to $300k, $30k bonus, and promises of additional carry that would have been implemented about a week or so after my last day. I was also offered admission into the GP entity (but not sure if admission was actually completed bc it was during my medical emergency). This + my resume, should show that me suing is not a money grab; I was genuinely harmed. I'm aware that I'm just one person (who is not rich) facing a $600-700M VC institution. I've been told by @alpackaP that he's known most of the managing partners at most VC firms for almost a decade and he could absolutely blacklist me. I'm also painful aware that the conclusion of this will probably be extremely poor for me or death - but I've accepted it. Sharing with other web2 & web3 VCs: @paulg @ycombinator @500STARTUPS @a16zcrypto @PanteraCapital @dragonflyvc @RaceCapital @hosseeb @haunventures @hiFramework @ElectricCapital @blockchaincap @Delphi_Digital @variantfund @1kxnetwork @archetypevc @shimacapital @robotventures, etc. TLDR; I’m done with continued threats, pressure, and intimidation. I'm not going to take a payout and allow Alex or Hack VC to walk away from harming me. As mentioned, I'll be dropping the evidence from my case on Wed 8/26 (or before) -- privacy be damned. Support here (or DM) please: ETH: 0x68c10776C5c05Cbf5B4C2318bE02D61B9f06B875 SOL: B7S8TPcWWJXTsmgG8ShoTmy8sNPuJ3Dbmt7z5gLFAveq