We entered Oura Ring at a $100 million valuation, well ahead of its breakout success. Our thesis centered on the shift from consumer fitness tracking to clinically relevant wearable health data — with implications for insurance, workplace wellness, and diagnostics. We backed the company based on strong unit economics, obsessive user engagement, and a sticky DTC model, reflecting our belief that brand and distribution moats matter as much as tech IP.
Return: 10x
We backed Infinite Reality as part of our long-term thesis on the convergence of media, spatial computing, and digital commerce. The deal was highly selective, and our diligence focused on the company’s pipeline, B2B integration capabilities, and real-time rendering stack. It highlights our focus on next-decade platforms and our strategy of entering capital-efficient, founder-led businesses in underpriced stages.
Return: 3x
We invested in SpaceX at a pre-hype stage, driven by our conviction that space infrastructure would transition from government-led to commercially scalable within the decade. Our thesis was built around reusable launch technology and vertically integrated engineering — key enablers of long-term cost advantage. This investment reflects our concentrated, high-conviction approach and ability to access late-stage private deals ahead of broader institutional interest.
Return: 5x