Valhalla Ventures December 2021 Newsletter

Dear Founders, Investors, Family, and Friends,

Welcome to Valhalla Ventures’ third newsletter!

Valhalla Ventures is a venture capital firm focused on backing visionary founders at the forefront of generational movements that are transforming the global economy.

We are thrilled to announce new investments in MoonPay, MobileCoin, Wild Earth, and Commonwealth Fusion Systems over the past quarter bringing our total capital deployed over the past 12 months up to $39.8M across ten companies.

We are also making significant progress in raising our debut fund with an expected first close in early Q1 2022 and a final close by Q2 2022. Valhalla’s first blind-pool fund will focus on investing in early-stage companies from Seed to Series B.

Our objective is to identify, invest in, and support the most promising teams in the most dynamic markets at the epicenter of generational social and technological movements including digital assets, gaming and the metaverse, and psychedelic therapeutics.

Interested in learning more about the psychedelic therapeutics space? Valhalla recently released our debut market research publication where we share insights from our analysis of over 110 companies in the space including our views on what the next key value drivers in the sector will be as well as which companies we believe are best positioned to succeed. Read the full report here and our Medium article here.

Portfolio Additions

Valhalla Ventures Invests $21M in MoonPay’s $555M Series A Round

Bootstrapped prior to this round, MoonPay has built the world’s leading fiat-to-crypto payments technology stack, with its product now integrated into over 250 platforms from Bitcoin.com to OpenSea and serving over 7M customers in 160 countries globally with over $2B in transactions processed to date.

Valhalla invested $21M, our largest investment to date, in MoonPay’s $555M Series A round led by Tiger Global and Coatue Management with participation from NEA, Thrive Capital, Paradigm, and Blossom Capital.

Additionally, MoonPay founder and CEO Ivan Soto-Wright, a dear friend and prior investor in Valhalla, will be participating in Valhalla Ventures Fund I and has also generously offered Valhalla and its limited partners the ability to co-invest in opportunities originated by HODL.vc, Ivan’s private family office. More here.

Valhalla Ventures Invests in MobileCoin’s $66M Series B Round

Backed by Binance Labs, General Catalyst, and Steve Jurvetson’s Future Ventures in earlier rounds, MobileCoin provides fast (<1-second transactions), highly secure, private, and simple cryptocurrency payments through mobile messaging apps including Signal. MobileCoin is the first cryptocurrency payment infrastructure built for mobile environments.

We are also excited to announce that MobileCoin is now in live beta globally on Signal Messenger, enabling users to send peer-to-peer payments instantaneously, at almost no cost (~0.004% network fee), and with a negative carbon footprint. MobileCoin also recently announced that Bob Lee, former CTO of Square where he developed the Cash App, has joined the team as Chief Product Officer. Click here for instructions on how to activate the new Payments feature in Signal!

Valhalla invested $1M in MobileCoin’s $66M Series B which included participation from Sam Bankman Fried’s Alameda Research, Berggruen Holdings, BlockTower Capital, Coinbase Ventures, Marc Benioff’s TIME Ventures, Vy Capital, and earlier backers General Catalyst and Future Ventures. More here.

Valhalla Ventures Invests in Wild Earth’s $23M Funding Round

Backed by Mark Cuban after an appearance on ABC’s Shark Tank, Wild Earth is a sustainable, science-driven pet food technology company on a mission to replace the use of animal-based products with plant-based products in pet foods.

Valhalla invested in Wild Earth’s $23M round with participation from Mark Cuban, At One Ventures (led by Google X Co-Founder Tom Chi), VegInvest, Big Idea Ventures, Gaingels, and “Vampire Diaries” actor Paul Wesley. More here.

Valhalla Ventures Invests in Commonwealth Fusion Systems’ $1.8B Funding Round

Spun out of MIT’s Plasma Science and Fusion Center, Commonwealth Fusion Systems (CFS) is leveraging decades of fusion research combined with the innovation and speed of the private sector to deliver the fastest path to commercial fusion energy. CFS has assembled a world-class team to design and build fusion machines. This team includes experts in magnets, manufacturing, and plasma physics dedicated to the mission of delivering clean, limitless fusion power to the world.

Valhalla invested in CFS’s $1.8B round with participation from Khosla Ventures, Future Ventures, Tiger Global, Coatue Management, Bill Gates, Breakthrough Energy Ventures, Eni, Temasek, Google, and Emerson Collective. More here.

Portfolio News

FaZe Clan Announces SPAC Merger at $1B Valuation

With an audience of over 350M across its social media properties and backing from celebrities including NBA stars Ben Simmons and Jamal Murray and hip hop artists Pitbull, Offset, and Swae Lee, FaZe Clan has announced a merger with B. Riley Principal 150 Merger Corp. in a deal that values the combined companies at $1B. As a part of the deal, Faze estimates it can raise up to $291M to help fund its growth.

Valhalla previously invested in FaZe Clan’s $40M Series A round with participation from Jimmy Iovine and NTWRK. More here.

FaZe Clan Announces MoonPay as Official Crypto and NFT Partner

We are delighted to share that earlier this month at Art Basel Miami Valhalla portfolio companies FaZe Clan and MoonPay announced a strategic partnership aimed at bringing crypto and NFT adoption to the masses. The agreement represents MoonPay’s biggest partnership to date and establishes MoonPay as the official crypto and NFT partner of FaZe Clan.

The FaZe Clan and MoonPay partnership includes a series of content and media that will launch in early 2022. MoonPay will integrate into existing content across the FaZe Clan platform and the two brands will create new original content tailored for the FaZe Clan community. Plans include new original content franchises, creator and talent driven events, and campaigns that tap into FaZe’s massive fanbase. FaZe Clan will also utilize MoonPay’s best-in-class digital asset platforms and ecosystem for its forthcoming NFT and digital goods initiatives. Leveraging MoonPay’s extensive expertise in crypto, NFTs, compliance, and security, the partnership will help educate and share knowledge on how to navigate the complexities of the metaverse. More here.

Welcome to the Team

Kausik Rajgopal, Board of Advisors

Kausik serves as PayPal’s EVP and CHRO where he is responsible for global workforce planning, talent acquisition and evaluation, compensation, benefits, learning and development, as well as culture, diversity and inclusion initiatives. He previously spent 15 years at McKinsey & Company where he served as the firm’s co-Managing Partner for the United States, Global Co-Head of the FinTech Practice, co-founded the firm’s Digital Payments practice, and led the firm’s Payments practice.

He serves as Chair of the Board and Executive Committee of the Bay Area Council, and is on the Leadership Council of California Forward. He was previously a board member for the World Affairs Council, the San Francisco Symphony and the Center for Comparative Studies in Race and Ethnicity at Stanford University.

Kausik earned his MBA from Stanford’s Graduate School of Business, where he was an Arjay Miller Scholar and now serves as Vice Chair of the Advisory Council. He holds a Bachelor of Arts and Science in Political Science and Industrial Engineering from Stanford University.

Valhalla Network Employment Opportunities

Multiple Roles, MoonPay — Remote

Valhalla Ventures portfolio company MoonPay is hiring across all business and technical functions. See all open roles here.

Marketing Lead, Climax Foods — Berkeley, CA

Climax Foods is seeking a Marketing Lead to spearhead the company’s product marketing strategy and execute brand strategy across multiple platforms to drive awareness, engagement, trial, adoption, retention, loyalty, and advocacy. 5+ years of marketing experience required.

If you would like to apply or refer candidates for Climax or MoonPay please reach out to us via email at rohan@valhalla.ventures!

Closing Remarks

With a target first close in early Q1 2022, Valhalla is actively fielding conversations with potential limited partners looking to gain exposure to non-traditional verticals including digital assets, gaming and the metaverse, and psychedelic therapeutics.

We welcome and very much appreciate any introductions to potential limited partners who would be joining an exceptional group of executives and investors from exceedingly accomplished backgrounds. We are looking forward to working with everyone in the Valhalla family to continue building great companies that improve our lives and the world around us.

If you haven’t had a chance to connect with us yet, please feel free to reach out to our Chief of Staff Rohan (rohan@valhalla.ventures) to schedule time to meet with our Partners Matt and/or Devan.

Thank you for being a friend of Valhalla and for continuing to be a part of our journey, we appreciate you.

With warm wishes for your health and success,

Matt, Devan, and Rohan
www.valhalla.ventures

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