Epstein Secrets

: $243.9M Multiple (Gross & Net): 2.7x / 2.1x IRR (Gross & Net): 42.6% / 33.3% % of Fund Invested / Reserved: 100% Performance Drivers: N26, Breather, Kalo, Even VALAR / 6 EFTA00810480 Valar Fund 2 / Performance Drivers N26 Mobile Banking Made Easy $ VALAR EFTA00810481 Valar Fund 2 / Pcri

Company Valuation: Other Key Investors: $25.5M $42.3M 1.7x $295.6M RRE, Menlo Ventures, Google Ventures, Temasek  Valar Fund 2 owns 14.3% of Breather. VALAR / 10 EFTA00810484 Valar Fund 2! Pcfrormoncc kalo Work with Anyone, Anywhere EFTA00810485 kalo Ov•ev•r* SOitIPOSIS • Reiourca • 0

w..t flatus. Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $25.5M $42.3M 1.7x $295.6M RRE, Menlo Ventures, Google Ventures, Temasek  Valar Fund 2 owns 14.3% of Breather. VALAR / 10 EFTA00810484 Valar Fund 2! Pcfrormoncc kalo Work with Anyone, Any

nvestment: $20M Current Company Valuation: $1.7B Other Key Investors: IA Ventures, Andreessen-Horowitz, IVP VALAR I EFTA00810263 *breather Breather operates a network of private, professional meeting rooms designed for work, meetings and to focus. Headquarters: New York City & Montreal Vala

tial Investment: September 2015 Pre-Money Valuation at Initial Investment: $80.0M Current Company Valuation: $252.1M Other Key Investors: RRE, Menlo Ventures, Google Ventures VALAR I 26 EFTA00810264 N26 N26 is a new European bank focused on building an innovative mobile-first banking experience.

nd to be high-margin businesses focused on massive markets, such as currency transfer (Transferwise), banking (N26, Qonto), commercial real estate (Breather), insurance (Jetty, Coya), investing/retirement savings (Stash), accounting software (Xero), and human resources/compliance software (Kato). Given t

apital from a number of the most respected VCs, including Accel (Xero), Andreesen- Horowitz and IVP (Transfenvise), Coatue Management (Stash Invest), Menlo Ventures and Google Ventures (Breather), and Horizon Ventures (N26). Beyond the social proof the Valar brand provides, the Managing Partners have also culti

. An update on these major investments — and a few notes on some of the Fund's smaller investments - follows. In our last update, we announced that Breather had raised a Series C round led by Venky Ganesan of Menlo Ventures in November 2016. Google Ventures subsequently invested $5 million at the beginn

me of the Fund's smaller investments - follows. In our last update, we announced that Breather had raised a Series C round led by Venky Ganesan of Menlo Ventures in November 2016. Google Ventures subsequently invested $5 million at the beginning of 2017 as part of an extension of that round, bringing the com