Tiger Global Management, with assets under management (AUM) of up to US$50 billion, is world-famous for its successful investments in many technology start-ups, including Meta Platforms Inc. (formerly Facebook), ByteDance, SoftBank Group, Uber Technologies, Airbnb, SHEIN, Stripe, Instacart and Databricks, etc.
In October 2021, during the cryptocurrency bull market, Tiger Global launched its largest venture fund, Private Investment Partners 15 (PIP 15), with a fund size of US$12.7 billion, focusing on supporting new technology companies around the world. Start a business.
However, the fund was hit hard by falling valuations of cryptocurrencies and Web3 companies. According to Bloomberg, citing people familiar with the matter, Tiger Global has reduced the value of its investments in OpenSea and BAYC by 94% and 69% respectively.
It is understood that during the cryptocurrency bull market from November 2021 to January 2022, Tiger Global invested US$126.8 million in OpenSea. Now reducing its valuation by 94% means that the investment is worth only US$7.6 million.
In addition, according to a report by "The Information" in October, Coatue Management, which led the investment in OpenSea, also significantly reduced the value of its investment, reducing the value of its US$120 million stake by 90% to US$13 million.
In addition, Tiger Global has invested US$38 million in bankrupt FTX and FTX.US, and has revised the value of these investments down to zero. It also includes multiple cryptocurrencies such as MoonPay, Helium and Worldcoin. and investments in Web3. This resulted in the PIP 15 fund facing a book loss of up to 18% as of the end of September this year.
Outside of the encryption industry, Tiger Global has also made adjustments to the valuations of AI-driven email company Superhuman and private search engine platform DuckDuckGo, reducing them by 45% and 72% respectively. These adjustments partly reflect changes in the overall economic environment, especially in the context of rising interest rates, new companies face cash flow challenges, and the entire venture capital industry is at a critical juncture.
Tiger Global has slashed its investments over the past year, with just 21 transactions as of May this year, compared with 158 in the first half of 2021, according to Crunchbase data.
#BTC
In October 2021, during the cryptocurrency bull market, Tiger Global launched its largest venture fund, Private Investment Partners 15 (PIP 15), with a fund size of US$12.7 billion, focusing on supporting new technology companies around the world. Start a business.
However, the fund was hit hard by falling valuations of cryptocurrencies and Web3 companies. According to Bloomberg, citing people familiar with the matter, Tiger Global has reduced the value of its investments in OpenSea and BAYC by 94% and 69% respectively.
It is understood that during the cryptocurrency bull market from November 2021 to January 2022, Tiger Global invested US$126.8 million in OpenSea. Now reducing its valuation by 94% means that the investment is worth only US$7.6 million.
In addition, according to a report by "The Information" in October, Coatue Management, which led the investment in OpenSea, also significantly reduced the value of its investment, reducing the value of its US$120 million stake by 90% to US$13 million.
In addition, Tiger Global has invested US$38 million in bankrupt FTX and FTX.US, and has revised the value of these investments down to zero. It also includes multiple cryptocurrencies such as MoonPay, Helium and Worldcoin. and investments in Web3. This resulted in the PIP 15 fund facing a book loss of up to 18% as of the end of September this year.
Outside of the encryption industry, Tiger Global has also made adjustments to the valuations of AI-driven email company Superhuman and private search engine platform DuckDuckGo, reducing them by 45% and 72% respectively. These adjustments partly reflect changes in the overall economic environment, especially in the context of rising interest rates, new companies face cash flow challenges, and the entire venture capital industry is at a critical juncture.
Tiger Global has slashed its investments over the past year, with just 21 transactions as of May this year, compared with 158 in the first half of 2021, according to Crunchbase data.
#BTC
