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A new disclosure shows, again, how badly Tiger’s ‘spray and pray’ fund performed
Tiger Global famously fueled the pandemic-era venture capital boom, investing heavily in a wide range of startups, setting up bidding wars for even the
Toward the end of 2021, the New York firm convinced its investors to commit $12.7 billion for its fifteenth venture fund (titled PIP 15) and then proceeded to plough the majority of that capital into more startups over the next several months. The firm marked down many of the investments it made for peak valuations, including email company Superhuman, down by 45%, search engine DuckDuckGo by 72% and NFT marketplace OpenSea by 94%, Bloomberg reported last year. Although nearly three years have passed since the height of Tiger Global’s investing frenzy, it will take time for the firm to shake off its reputation as an investor that made many wrong bets during the pandemic.
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