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g technology-driven companies across a variety of sectors, as well as providing assistance to the Firm's portfolio companies. John joined Valar from Allen & Company, where he spent 3 years investing in technology, media, and telecom deals, as well as focusing on third party manager sourcing and due diligence as
ntly outperformed common public market index references, such as the S&P 500.' Of the five major portfolio companies in Valar Fund 1, two (Xero and TransferWise) have already achieved valuations close to or in excess of a billion dollars. B. Team Dynamic & Experience The Founding Partners have a long, vari
of the world has become a much more fertile place for start-ups as the success of companies like Skype, Spotify, Zendesk, Atlassian, Shopify, Xero, TransferWise, Klama, HootSuite and others demonstrate. Moreover, the pool of talent abroad is deep — interestingly, many of the top founders in Silicon Valley ar
nt: March 2016 Pre-Money Valuation at Initial Investment: $28M Current Company Valuation: $37M Other Key Investors: Khosla Ventures, BoxGroup, Allen & Company VALAR I EFTA00810268 granify Granify maximizes revenue for online retailers by identifying shoppers that aren't going to buy and changing th
y Valuation at Time of Exit: $2.0B Other Key Investors: Accel, Matrix Capital, Fidelity, Blackstone, TCV VALAR I EFTA00810262 /7TransferWise TransferWise is a peer-to-peer currency exchange service that brings institutional pricing to retail customers by coordinating transfer needs within countries
2,500,000 0 Kalo (Seed) Kalo (Seed Extension) Kalo (Series A) Kalo (A-2) ■ Valar Cost Basis ■ Valar Current FMV VALAR I EFTA00810282 '7 TransferWise Finally, while only 24% of our current Transferwise profits are attributable to follow-on investments in the company, those additional investmen
technology-driven companies across a variety of sectors, as well as providing assistance to the Firm's portfolio companies. John joined Valar from Allen & Company, where he spent 3 years investing in technology, media, and telecom deals, as well as focusing on third party manager sourcing and due diligence as
references, such as the S&P 500.1 Out of a total 15 portfolio companies where Valar has invested at least $5 million since inception, two (Xero and TransferWise) have already achieved valuations in excess of a billion dollars and three (Breather, N26 and Stash) have already achieved valuations in excess of
Entities connected to both Allen & Company and TransferWise

Woody Allen
PERSON
Peter Thiel
PERSONBreather
PERSONVALAR
ORGANIZATION
Prince Andrew
PERSON
Max Levchin
PERSONQonto
PERSON
United States
LOCATION
Thiel Capital
ORGANIZATIONValar Ventures Management LLC
ORGANIZATIONClarium
ORGANIZATION
Fidelity
ORGANIZATIONMenlo Ventures
ORGANIZATION
New Zealand
LOCATION
Montreal
LOCATIONGranify
PERSONWellington Partners
ORGANIZATIONSilicon Valley
LOCATION
Toronto
LOCATIONFund 3
ORGANIZATION