FinTech news in Drive Capital category

We obtained a letter that Drive sent out to its limited partners tonight that reads: Dear Limited Partner, This week an article was published indicating that our Partner Emeritus Mark Kvamme is launching a new investment fund. Columbus Business First reported that Kvamme, who races cars, is not zipping off to semi-retirement but instead talking with potential backers about a new fund, the Ohio Fund, which will apparently invest in multiple asset classes, including other funds, public stocks, private companies in Ohio, and infrastructure. In fact, in June, the firm — cofounded by veteran VCs Mark Kvamme and Chris Olsen — seemed to be riding high, with a couple of apparent wins and news funds that brought Drive’s assets under management to more than $2 billion. According to our sources, part of the split traces to 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.

The publication reported that Menlo Park-based Sequoia is looking at $1.5 billion for a U.S. growth fund focused on later-stage companies and a $750 million fund targeting earlier-stage startups. The storied venture capital firm announced that it was breaking with tradition, abandoning the traditional fund structure and their artificial timelines for returning LP capital.

Hopper, the mobile travel booking startup and app that lets users book flights, hotels, cars, and — most recently — short-term home rentals a la Airbnb and VRBO, has been on a fast pace of growth in the wake of Covid-19 travel restrictions loosening up in the last year, with 70 million downloads to date and $2 billion+ in travel sales last year.