Update on Our Inaugural Fund
We are delighted to share that, following our most recent closing, GFT Fund I is now officially oversubscribed for our original $100M target fundraise! Notwithstanding, due to strong investor demand, we’ve decided to increase our inaugural fund size, and are still accepting additional commitments from both new and existing Limited Partners. Although our final closing will likely occur in the coming months, now would be a good time to connect with us if you still have interest in being part of (or increasing your commitment to) GFT Fund I. As always, we very much appreciate the strong support we’ve received from our investors, partners, colleagues and friends during our launch the GFT Ventures franchise. We are ecosystem builders and supporters at our core, and we couldn’t be more excited by the industry reception we’ve received.
Given the much more challenging macroeconomic environment in which we now find ourselves, a number of you have asked us to explain the exceptionally strong investor interest in our GFT Fund I. We feel the answer is quite simple, and speaks to the fundamental premises upon which we created the GFT franchise. That is — every industry, every vertical and every business model is likely to be influenced (or, disrupted) by modern AI, Data Science and/or Blockchain technologies and platforms. We are just now at the beginning of a multi-decade period, driven by some of the most disruptive technologies we have seen in our lifetimes. And we fully expect these deep technology driven trends to transcend multiple economic cycles.
In fact, history suggests that times like these are ideal for launching new venture funds, especially those driven by experienced managers with discipline and focus. With significant “dry powder” now at our disposal, we are more committed than ever to supporting the most visionary founders committed to solving the world’s hardest frontier technology problems for the largest markets. A more challenging environment presents us with the opportunity to deploy our capital even more carefully, prudently, and at much more attractive valuations, than would have been encountered just a few short months ago. Our timing could not be better!
In the prior quarter (and since our last newsletter), GFT Ventures has closed our investment in Mars Auto (more details below), an autonomous trucking company operating in South Korea and beyond. Our pipeline remains full, and we continue to welcome introductions to, and inquiries from, the best early stage AI, Data Science and Blockchain-related companies seeking capital at reasonable valuations.
Thank you all again for your support and friendship. It means the world to us.
Best regards,
Jeff Herbst and Jay Eum
Founding Managing Partners, GFT Ventures
Read the rest of the newsletter here.
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