I love watching “Next Man Up” basketball games, where the spotlight spins unpredictably. One night, a backup guard scores 30 points, and the next, a role player scores a triple-double.
That logic actually applies to Alphabet’s growth companies, says CapitalG’s Gil Chase, a former college basketball captain at Williams College. When I asked her which team was most like CapitalG, she listed the WNBA’s Golden State Valkyrie.
“Everyone has different skills and everyone is willing to give up everything to help each other win,” Chase said. “Someone different wins every night. I think that’s very consistent with the way CapitalG has built its culture.”
This is the first time since the firm’s founding in 2013 that two general partners, Chase and Alex Nichols, have been promoted. wealth Learned exclusively. Chase joined CapitalG in 2020 and published a paper specifically on artificial intelligence. He has supported Abridge, Baseten, Canva, LangChain, Physical Intelligence and Rippling.
Meanwhile, Nichols joined CapitalG as a partner in 2018 and was promoted to partner two years ago. He previously worked with managing partner Laela Sturdy on the firm’s investment in Duolingo, stripeWhatnot, most recently led CapitalG’s investment in Zach Dell’s energy startup BasePower. At a time when concerns are growing about data centers and how they’re powered, Nichols has a surprising take on how artificial intelligence will impact energy – both batteries and solar are getting cheaper and better at the pace of Moore’s Law. Over time, these double cost curves should actually drive energy prices higher down.
“I’m actually very optimistic about the future of energy prices,” he said. “You look at the history of energy consumption and GDP. Cheap energy means more production, more income, and it also means a higher standard of living.”
At a time when competition for venture funding is perhaps more fierce than ever – and there are certainly some solo GPs making their mark – there is an argument to be made that in an AI-enabled world, as the lines between disciplines become blurred, venture capital will necessarily be a team sport.
Sturdy has been CapitalG’s managing partner since 2023 (and captain of her college basketball team), and Chase has clearly learned something from the court. Chase believes venture capital overall has become more team-oriented: “Historically, it used to be like, ‘You become the general partner and go out and win deals.'” To me, that’s not the right way to succeed in venture capital. ”
Sturdy added that in basketball, as with risk-taking, “we have to look at the scoreboard from time to time and when you get down, you have to get back up…Certainly, it’s better to play together than to play alone.”
Term Sheet Podcast…This week, I’m working with Exelon CEO Calvin Butler. As resource-hungry data centers continue to pop up across the country, many question whether the nation’s utility network can keep up with such massive demand. Butler said yes. Listen and watch here.
See you tomorrow,
Ellie Garfunkel
X: @agarfinks
e-mail: alexandra.garfinkle@fortune.com
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venture capital
– Human &San Francisco-based Artificial Intelligence Lab raised $480 million in seed funding. SV Angel and Georges until Lead this round and join NVIDIA and others.
– emerginga San Francisco-based platform designed for artificial intelligence software creation, raised $70 million in Series B funding. Khosla Ventures and Softbank Lead this round and join Prosus, speed of light, Togetherand Y combiner.
– Esivais a Heidelberg, Germany-based developer of therapies for neuropsychiatric disorders that has raised €51 million ($59 million) in Series B funding. jimf and EQT Life science Lead this round and join fountain health care Partners, arc of life venture capitaland others.
– pomeloThe Buenos Aires, Argentina-based payments infrastructure company has raised $55 million in Series C funding. Kashek and Insight Partners Lead this round and join index venture capital, adams street Partners, S32and others.
– four leaf cloveris a Berlin, Germany-based operating system that aims to achieve energy independence and has raised $22 million in Series A funding. MMC venture capital and yes investor Lead this round and join low carbon capital, BNVT capital, Bosch venture capitaland others.
– status ballThe Winter Park, Florida-based influencer marketing technology platform has raised $18 million in Series A funding. will capital Lead this round and join Hearst Laboratories, 1984 venture capitaland how female invest.
– rule dynamicsis a defense technology company headquartered in Ottawa, Canada, which raised C$21 million (US$15.2 million) in seed funding. Georgian Lead this round and join Bessemer Start a business Partners and British Colombia invest manage company.
– universeis a New York City-based image collection and discovery platform that raised $15 million in Series A funding. shine capital Lead this round and join matrix and others.
– Stomachis a real estate AI company headquartered in Toronto, Canada that raised $5 million in seed funding stairs venture capital, relay venture capital, N49Pand tool Partners.
– Adjustmenta Stockholm, Sweden-based artificial intelligence developer aiming to house the entire team, raised $5 million in pre-seed funding. General catalyst led the round and were joined by others.
– asymmetrical Safetyis a cyber forensics company based in London, UK, and San Francisco that raised $4.2 million in pre-seed funding. Susa venture capital Lead this round and join Jade venture capital, overlooking venture capitaland angel investors.
private equity
– Smart connection,Depend on Thoma bravoobtained Zoffie Qis an agent AI technology company based in Toronto, Ontario designed to automate advanced help desk operations. Financial terms were not disclosed.
– Grant Main street capital obtained 21st century health careis a vitamin, mineral and supplement company headquartered in Tempe, Arizona. Financial terms were not disclosed.
– Highlander Partners obtained Tapatiois a hot sauce brand headquartered in Vernon, California. Financial terms were not disclosed.
– platinum fair obtained Charnovsky collectiveis an exhibition and event company based in Chicago, IL. Financial terms were not disclosed.
– united architecture solution,Depend on AE industrialobtained DFW mechanical groupis an HVAC solutions company located in Wylie, Texas. Financial terms were not disclosed.
initial public offering
– Pickup paymentThe Sao Paulo, Brazil-based digital bank currently plans to raise up to $435.1 million by issuing 22.9 million shares on Nasdaq, with the offering price ranging from $16 to $19. The company reported revenue of $1.7 billion for the year ended Sept. 30. Jeff International and bank original Return to the company.
– Spirit technologyThe San Francisco-based online life insurance company plans to raise up to $210 million by offering 10.5 million shares at a price range of $18 to $20. The company reported revenue of $344 million for the year ended Sept. 30. General catalyst, heroic venture capital, Eric Lanzand others support the company.
Fund + Fund of Funds
– blueprint fairis a La Jolla, Calif.-based growth equity firm that raised $333 million for its third fund, which focuses on enterprise software, business-to-business and technology-enabled services companies.
people
– District 15 Venture Capitalis a venture capital firm headquartered in Castle Pine, Colorado. Adam story to managing partner.
– bull City Start a business Partnersa venture capital firm based in Durham, N.C., hired Carly Cornell As a principal.
– harvest Partnersis a private equity firm headquartered in New York City, Lucas rogers partners, Matthew Brookman and Ian singleton to the principal, and Connor Scrooge Serves as Vice President of the Private Equity Group.
– Yiman Growth Partnera Greenwich, Conn.-based private equity firm, hired Cherry Rif As Chief Financial Officer. She previously served as Principal and Chief Financial Officer of atlas holding.