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Drive Capital’s investors reach a fork in the road
Summary
Drive Capital's investors are unhappy with recent developments at the firm, including the split of the team and the struggles of some of its portfolio companies. Mark Kvamme, one of the co-founders, is reportedly considering starting a new fund, which has alarmed Olsen and the other investors. However, it is unclear if Kvamme will actually go through with it.
Q&As
What caused the rift between Drive Capital cofounders Mark Kvamme and Chris Olsen?
The rift between Drive Capital cofounders Mark Kvamme and Chris Olsen was caused by a relationship between Olsen and Yasmine Lacaillade, who was Drive’s COO for nearly seven years before leaving the firm in April to launch her own investment outfit.
What is Mark Kvamme's new fund, the Ohio Fund, supposed to invest in?
The Ohio Fund is supposed to invest in multiple asset classes, including other funds, public stocks, private companies in Ohio, and infrastructure.
How is Drive Capital's portfolio doing?
Drive Capital's portfolio is in rougher shape than a year or two ago.
Who is Yasmine Lacaillade?
Yasmine Lacaillade is Drive Capital's former COO.
What are JD Vance's political aspirations?
JD Vance's political aspirations are to set up a venture firm in Cincinnati called Narya and to bid for Senate.
AI Comments
👍 It's good to see that Drive Capital is continuing to invest in the Midwest and is committed to the area's growth.
👎 It's unfortunate that the investors in Drive Capital are having a bumpy ride.
AI Discussion
Me: It's about Drive Capital, a venture firm that's having some internal issues. The co-founders are splitting up, and one of them is starting a new fund that could compete with Drive Capital.
Friend: That's interesting. I didn't know that there was so much drama going on behind the scenes at venture firms.
Me: Yeah, it's pretty crazy. I guess it just goes to show that even the most successful businesses can have their problems.
Action items
- Reach out to Drive Capital for clarification on the situation with Mark Kvamme.
- Monitor Root Insurance and Olive AI for further developments.
- Stay up to date on JD Vance's political aspirations.
Technical terms
- Drive Capital
- a venture capital firm
- Sequoia Capital
- a venture capital firm
- Midwest
- the region of the United States located in the middle of the country
- Columbus, Oh.-based
- located in Columbus, Ohio
- assets under management
- the total value of all the assets that a company or individual manages
- rift
- a disagreement or conflict between people
- the other shoe dropped
- something happened that was unexpected or not part of the original plan
- prospect of
- the possibility of something happening
- backers
- people who provide financial support for a project or venture
- outfit
- a company or organization
- staged
- performed or carried out
- tank
- to fail suddenly and completely
- reverse stock split
- a corporate action in which a company divides its existing shares into multiple shares
- Axios
- a news website
- staggering
- very large or impressive
- venture studio
- a company that helps other companies develop new products or services
- limited partners
- investors in a venture capital firm
- take action
- to do something in order to achieve a goal
- land on his feet
- to be successful despite difficult circumstances