Photo: California Common Sense
Formation 8, a highly anticipated new venture-capital firm, just unveiled its website, revealing a host of previously hidden information.The firm’s been drawing a lot of head-scratching in Silicon Valley, as it hasn’t previously said much about itself.
Its most notable partner: Joe Lonsdale, the cofounder of Palantir, a secretive, fast-growing startup backed by Facebook investor Peter Thiel.
Also on board: Gideon Yu, the former CFO of Facebook and original investor in Square at Khosla Ventures, who’s now president of the San Francisco 49ers. The website describes Yu as an “advisor and team member.”
In January, PEHub, a venture-capital trade website, reported that Yu was getting back into the venture-capital business as an advisor to the then-nascent Formation 8.
Formation 8’s pitch to startups is that it can take them to the fast-growing markets of Asia. It has offices in Palo Alto, Calif.; Beijing and Shanghai in China; Seoul; and Singapore. It plans to invest in information technology and energy technology.
In March, Formation 8 filed papers to raise $500 million for Formation 8 Partners Fund I LP.
A source tells us the firm had raised $180 million by May and has now closed on $250 million in investments from limited partners. (Formation 8 did not respond to an inquiry about its public launch.)
The site lists two portfolio companies, Revinate and ContextLogic.
But we hear from our industry source that Formation 8 has also invested in Blend Labs; Simpler; Backplane, the maker of social-media management tools that runs Lady Gaga’s website; RelateIQ, a big-data startup; SkyGrid; LearnSprout; and Delphi, a startup where Lonsdale is also chairman.
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