WHO WE ARE
Gigafund is a venture capital firm backing the world's most ambitious and transformative entrepreneurs. We make long-term concentrated investments in founders who are capable of growing with their companies and maximizing impact over a period of decades.
Building significant businesses that create or transform industries requires a different type of stamina, independent thought, vision, and backing. Before we invest in a company, we ask ourselves: Do we expect this company to be one of the world’s most significant and transformative businesses 20 years from today? Also, will this founder stick with their company for that period of time and ensure that it achieves its full potential?
Truly transformative companies rarely fit into pre-defined boxes. Limiting focus to “yesterday’s” best-performing industries will miss these companies. This is why Gigafund invests in all sectors, geographies, and stages, which is similar to the strategy that our founders successfully deployed at Founders Fund. We seek founders who look past short-term trends, industry structures, and technology opportunities and instead use first principles to solve the world’s biggest problems. These transformative businesses tend to produce very substantial gains in the long-term, which is why we expect that a long-term focus will outperform the traditional 10-year venture model when it comes to investments in this type of entrepreneur.
The difference between an average and an extraordinary business or entrepreneur becomes clear when looking out 20 years, which is why almost all of our funds will be invested into a handful of companies that we anticipate will become the world’s most significant. Most of the return potential from venture capital backed companies comes from 1-2 companies per decade.
Our largest investment to date has been SpaceX. We have invested large amounts into SpaceX since founding Gigafund in July 2017. The founders of Gigafund have backed SpaceX since their time at Founders Fund, and Luke Nosek has served on the board of SpaceX since 2008. Nosek was the first venture capital investor to back SpaceX (with a $20 million investment in 2008), and began investing $100’s of millions into SpaceX after partnering with Stephen Oskoui.
Luminous Computing aims to build inexpensive and energy-efficient chips with the power of the world’s greatest supercomputers. Gigafund co-led its seed round with Bill Gates and Neo Fund.
The Boring Company
The Boring Company’s mission is to end soul-destroying traffic by significantly reducing the cost of building underground tunnels.
As a co-founder of PayPal, Luke served as the company’s Vice President of Marketing & Strategy. While at PayPal, he oversaw the company's marketing efforts at launch, growing user base to 1 million customers in the first six months. Luke also created “Instant Transfer” PayPal’s most profitable product. After the $1.5 billion sale of PayPal to eBay in 2001, Luke launched Founders Fund with his PayPal co-founders Peter Thiel and Ken Howery. The fund has since grown to over $4 billion under management. At Founders Fund, Luke led the first venture investment into Elon Musk’s SpaceX in 2008 and has served on the SpaceX Board since then.
Before co-founding Gigafund, Stephen was a Venture Partner at Founders Fund. Prior to that, Stephen was the Founder and CEO of Smiley Media, a performance-based marketing company that drove more than $1 billion in sales for its clients. Smiley raised $0 of outside capital and grew into a two-time Inc. 500 company with $50 million in annual revenue. Stephen was one of the first to apply A/B testing to run millions of marketing experiments. He built Smiley Media using a unique distributed team structure and talent assessment system, recruiting hundreds of the highest caliber people from over 20 different countries. As an angel investor, Stephen made a $3 million investment in Rover and drove the M&A process that resulted in its merger with Revcontent. Stephen studied Computer Science at Stanford University. Previously, he published research in laser fusion and became one of 40 Finalists in the Westinghouse Science Talent Search.