Atomic Ventures, a Miami-based VC firm just announced that they have raised their 4th and largest fund to date at $320 million.
The fund will be used to found new startups the firm will create and further fund existing portfolio companies. The last fund raise of $260 million back in 2021, created more than a dozen new companies with several of them right here in South Florida. The recent fund brings Atomic to over $750 million in total assets in management, the largest venture studio fund in the technology industry.
Atomic does things a little differently than most VCs, They only writes checks to startups it spins up itself. The firms is said to have a list of hundreds of ideas in which they find co-founders for and then invest in. Atomic brings ideas, capital, resources, and talent together—partnering with co-founders to build the best ideas into great companies. They found AND fund companies.
Jack Abraham
“I think this is the best time potentially in history to be building a company,” said Jack Abraham, the founder, CEO, and managing partner of Atomic, during their recent 2023 Builders Summit. He continued, “Historically, the best and biggest companies are built during downturns.”
Abraham discussed the advantages such as less noise, less competition and more available talent. He also highlights the potential for technology to disrupt and innovate every facet of life and how entrepreneurship can address major issues such as healthcare and energy.
He stresses the importance of great talent stating that “the talent availability in tremendous” with tons of talent coming through their doors. So much, that the company is having a hard time processing all the applicants.
Jack moved to Miami in July 2020 for the opportunity to build new startups and has since brought along our General Partner, Chester Ng and COO, Healey Cypher, as well as several other key leaders from the Atomic team and from their broader portfolio of high-growth startups.
Kristin Schaefer
Atomic also recently announced the expansion of their team with the addition of Kristin Schaefer as their third General Partner.
Kristin was previously the CFO at Postmates. She joined as the tenth employee, building out growth, analytics, finance, and, eventually, as CFO, leading the company’s near-IPO process and ultimate acquisition by Uber for $5 billion – with a B. As an angel investor in Postmates, Jack said there would have been no way the company would have become a $1B revenue run-rate company that raised nearly $1B in funding without the support of Kristin.
Before Postmates, Kristin worked at PayPal for David Marcus’s strategy team and Clarium on Peter Thiel’s global macro investment strategy.
Over the past year, Atomic Ventures has grown to a team of over 75 builders, started 16 companies and secured funding to fuel the growth of some of the most exciting and promising startups yet. One of which is based right here in Miami: OpenStore.
Founded in 2021, OpenStore is a way for Shopify entrepreneurs looking to sell their eCommerce businesses quickly and easily in just a matter of days. OpenStore has been able to acquire dozens of businesses representing millions of dollars in deal flow. With their $32 million round in 2022, OpenStore now has total equity funding over $150 million from investors that include Atomic, Founders Fund, General Catalyst and Khosla Ventures.
With the new wave of exciting AI companies, Atomic Ventures also recently welcomed two new fellow entrepreneurs as VPs, Lauren Dickstein and Michael Stenclik, alongside Jordan Kong, Phil Liu, and Sharon Winter.
Click here to learn more about Atomic and what they look for in their co-founders.