Index Ventures Research Document
Investment Thesis
Index Ventures invests in exceptional entrepreneurs and transformative companies at all stages from seed through IPO. Founded in 1996, the firm has built a reputation as a multi-stage generalist VC with deep expertise across software, consumer, and infrastructure. Their core philosophy centers on the belief that "VC is about people, not money." They emphasize long-term relationships, global perspective, and deep conviction in founders rather than transactional deal-making.
Sector Focus
Index Ventures operates as a generalist multi-stage firm with expertise across multiple sectors:
- Enterprise Software - B2B SaaS, developer tools, infrastructure (Figma, Slack, Datadog, Anthropic)
- Consumer - Consumer apps, marketplaces, fintech (Robinhood, Revolut, Deliveroo, BlaBlaCar)
- Gaming & Entertainment - Roblox, gaming studios
- Infrastructure & AI - Modern data systems, AI platforms (Wiz, ClickHouse, Fireworks AI)
- Financial Services - Payments, fintech platforms (Adyen, Wise)
The firm explicitly avoids gaming/gambling focus but invests across diverse verticals.
Stage Focus
Index Ventures is a true multi-stage investor with equal strength at:
- Seed: Recently launched "Index Origin" dedicated seed fund
- Series A/B/C: Core growth-stage focus
- Late Stage/IPO: Support portfolio companies through IPO
The firm invests from earliest stages (seed) through exit.
Check Size
Based on portfolio activity and stage diversity:
- Seed: $500K - $3M (Index Origin focused)
- Series A: $5M - $15M
- Series B/C+: $10M - $50M+
- Typical check range: $2M - $10M across stages
Lead Tendency
Index Ventures leads rounds at seed and growth stages. They frequently appear as lead investor on seed investments and regularly co-lead or lead Series A rounds. Portfolio data shows consistent lead positions across stages.
Recent Activity (2025-2026)
Index Ventures has been extraordinarily active:
- January 2026: Led substantial round in Granola (AI note-taking app) targeting $100M+ Series B
- January 2026: Continued deployment across portfolio
- December 2025: Led investment in 7AI (security/AI platform), joining board
- 2025 Exits: Realized approximately $9 billion from 6 major exits including Wiz, ClickHouse, Datadog (post-IPO gains), and others
- 2025-2026: Actively deploying from multiple funds with strong capital availability
Fund status: Actively deploying with substantial capital following record 2025 exit year.
Portfolio Highlights
Major Exits:
- Figma (unicorn, remains private but valued $20B+)
- Slack (IPO 2019, acquired by Salesforce 2021)
- Revolut (unicorn, Series D valued $33B, path to IPO)
- Discord (unicorn, $13B+ valuation)
- Datadog (IPO 2019, now $50B+ market cap)
- Dropbox (IPO 2018, $10B+ market cap)
- Adyen (IPO 2018, €5B+ market cap)
- Elastic (IPO 2018, $6B+ market cap)
- Roblox (IPO 2021, $2B+ market cap)
- Wiz (2024 acquisition by Cisco for $23B)
Active Portfolio (400+ companies): Figma, Anthropic, Fireworks AI, ClickHouse, Notion, Revolut, Deliveroo, Linear, Typeform, Patreon, BlaBlaCar, and hundreds more across all sectors.
Team
Core Leadership:
- Danny Rimer: Co-founder and Managing Partner, known for Dropbox, Slack, Revolut investments
- Shardul Shah: Partner, recent investor in Wiz, 7AI, deals with security/AI focus
- Sahir Azam: Partner, recent addition focused on AI/infrastructure (Fireworks, LiveKit)
- Mike Volpi: Partner, infrastructure and data systems expertise (ClickHouse)
- Nina Achadjian: Partner, consumer focus
- Martin Mignot: Partner, international expansion
- Vlad Loktev: Partner, diverse portfolio expertise
Supporting Team: Deep bench of ~15+ investment professionals across offices.
Geographic Focus
Globally distributed with offices in:
- San Francisco - Primary US hub
- New York - US East Coast
- London - European hub
Invests globally with strong presence in Europe, US, Israel, and selective investments in Asia/emerging markets.
Decision Process
Structured partnership model with distributed decision-making. Multiple partners with sector/stage specialization. Partners take board seats and actively mentor portfolio companies.
Founder Preferences
Index seeks "visionaries and game-changers" with:
- Character demonstrated through passions and life experiences
- Global perspective and ambition
- Track record of building at scale (preference for experienced founders)
- Mission-driven approach
- Willingness to partner closely for long-term relationship
Investment Philosophy
Five core principles:
- Personal: Invest in people first, deep founder relationships
- Global: International perspective from day one
- Conviction-driven: Long-term orientation over quick returns
- Operationally engaged: Partners provide hands-on support beyond capital
- Multi-stage: Support from seed through IPO and beyond
Notable Characteristics
- $5.6B+ under management across multiple funds
- 400+ portfolio companies across all sectors
- 1,200+ exits historically
- Strong track record: Multiple founder-partners like Danny Rimer appear on Midas List
- Publishing: Active thought leadership through "Index Press" platform
- Founder support: Dedicated founder support programs and resources