If you’re starting a high-risk, high-reward company, then 17-year-old hedge fund Tiger Global may have just what the doctor ordered.
Yesterday, the investment firm lived up to its “fund from the wrong side of the tracks” rep when it raised $50m for a cannabis-tracking company called Metrc (co-led by Snoop Dogg’s venture firm Casa Verde Capital).
Eye of the Tiger
The New York-based company has made a killing betting on high-risk industries. In the past it has invested $600m in Juul, and it’s currently plotting a $500m investment in Coinbase — but TG’s favorite gamble is the budding weed industry.
In April, TG raised one of the largest funding rounds for a cannabis tech company ever, putting $17m into Green Bits. On Monday, it helped raise $20m for the weed vaping startup Pax.
Now, they have $3B to give your company
As it keeps pumping cash into new companies, its past venture-related startup investments are starting to pay off, meaning Tiger can now make way for some bigger funds — perhaps even a mega-fund.
You read that right: We said mega-fund. In fact, last week Tiger closed the 2nd biggest venture fund of 2018 ($3.75B) after only 6 weeks of active marketing — making it one of the largest venture funds in the world.
