Sam Blond, a partner at Founders Fund known for his sales expertise garnered from his tenure at Brex and Zenefits, has announced his departure from the firm. This announcement marks the second partner exit from Founders Fund this year, following Keith Rabois’s return to Khosla Ventures in January.
Transition Back to Operating
Blond took to X to share his decision, expressing that full-time investing and being a venture capitalist did not align with his career aspirations. He indicated his intention to return to operating, with further details about his next steps to be revealed later.
Contributions at Brex and Founders Fund
Blond’s significant contributions to Brex, where he served as chief revenue officer and played a pivotal role in scaling the company’s sales from under $100 to several hundred million dollars annually, garnered attention from Founders Fund partners. His ability to drive growth and his strategic acumen made him an asset to the firm.
Shift in Venture Capital Landscape
Blond joined Founders Fund as a partner in the latter half of 2022, amid a changing landscape characterized by volatility in tech stocks and reduced investor appetite for venture capital. This shift led to adjustments in fundraising strategies, with Founders Fund scaling back its eighth early-stage fund from $1.9 billion to approximately $900 million.
Impact on Investment Activity
The firm’s investment activity also reflected this recalibration, with a decrease in the number of deals participated in, coupled with a focus on larger funding rounds. Despite participating in fewer rounds in 2022 compared to the previous year, Founders Fund contributed to significant funding events, including a substantial Series I round for the fintech Stripe.
Follows Keith Rabois’s Departure
Blond’s departure closely follows that of Keith Rabois, whose exit from Founders Fund has prompted speculation about internal dynamics among the partners. Rabois’s decision to rejoin Khosla Ventures after five years at Founders Fund has fueled rumors of potential tensions within the firm.
As Founders Fund navigates these transitions, the departures of key partners like Sam Blond and Keith Rabois may shape its future trajectory and investment strategy. The evolving dynamics within the firm underscore the challenges and opportunities inherent in the venture capital landscape.
