790亿成绩单：Index Ventures给全球风投上了一课

Core Viewpoint - Index Ventures has become a controversial topic in Silicon Valley due to its partner Martin Mignot's advocacy for the "996 work system" as a standard for modern startups, arguing that the emergence of AI presents a once-in-a-generation opportunity that requires maximum productivity from every team member [1][2]. Investment Performance - Index Ventures generated $11 billion (approximately 79 billion RMB) in just two months through significant transactions, demonstrating the effectiveness of their investment strategy [3]. - The largest profit came from the IPO of Figma, which debuted at a valuation of $33 billion and saw its stock price surge by over 277% on the first day, leading to a market cap of $67.6 billion [4][5]. - Index Ventures, as a seed investor in Figma, realized approximately $108 million (around 780 million RMB) from selling 5% of its shares during the IPO, while still holding about 15% of the company, which is valued at approximately $5.8 billion (around 41.6 billion RMB) [5]. - Another significant return was from Meta's acquisition of Scale AI for $14.8 billion, where Index Ventures held over 10% of the company, resulting in a valuation of $3.02 billion (approximately 21.7 billion RMB) for its stake [6]. - Index Ventures also invested $245 million in Wiz, which is being acquired by Google for $32 billion, potentially valuing their stake at $3.8 billion (around 27.3 billion RMB) [7][9]. Industry Context - The competitive landscape for startups has become global, with Silicon Valley no longer having a significant information advantage, necessitating increased work intensity among entrepreneurs [2]. - The debate surrounding work culture, particularly the "996 work system," has polarized opinions within the investment community, with some supporting it as essential for productivity while others criticize it as detrimental to well-being [2][3]. Company Background - Index Ventures was founded in 1996 and has evolved from a bond trading company to a prominent venture capital firm, with notable investments in companies like Skype and MySQL [10][13]. - The firm has a strong focus on fostering relationships and understanding the entrepreneurs behind the startups, emphasizing the importance of storytelling and personal connection in their investment philosophy [14][15].