By Sam Blond, a partner at Founders Fund known for his sales expertise garnered from his tenure at Brex and Zenefits, has announced his departure from the firm. This development marks the second partner exit from Founders Fund this year, following Keith Rabois’s return to Khosla Ventures in January.
Blond’s Announcement
Blond shared his decision to leave the firm on X, citing that full-time investing and venture capital weren’t the right fit for him. Instead, he intends to transition back to an operational role. Further details about his future plans remain undisclosed.
Background and Contributions
Prior to joining Founders Fund, Blond served as the chief revenue officer and played a pivotal role as an early employee at Brex. He contributed significantly to the fintech’s growth trajectory, helping scale its sales from under $100 to several hundred million dollars in annualized revenue. His achievements at Brex garnered attention from Founders Fund partners, leading to his appointment as a partner in the latter half of 2022.
Fundraising and Investment Landscape
Blond’s departure coincides with a period of recalibration for Founders Fund in response to market dynamics. The firm faced challenges amid market volatility, leading to a slowdown in fundraising activities. Although it initially closed its eighth early-stage fund with $1.9 billion in capital commitments, subsequent adjustments saw the fund size reduced to around $900 million, with the remaining capital allocated to a ninth fund.
Investment Activity
During Blond’s tenure, Founders Fund adjusted its investment pace, participating in fewer rounds compared to previous years. However, its involvement in significant deals, such as the $6.5 billion Series I for fintech Stripe, contributed to substantial capital deployment despite a lower deal count.
Departure Timing and Partner Dynamics
Blond’s departure follows closely on the heels of Rabois’s exit, prompting speculation about potential internal dynamics within the firm. Rabois’s move back to Khosla Ventures after five years at Founders Fund has led to conjecture about tensions among the partners.
As Founders Fund navigates these transitions, the departures of key personnel may shape its strategic direction and future investment activities.
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