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GV Expands Team with New General Partner Focused on Open Source and AI Startups

byadmin
Dec 14 2023
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Dec 13 (Reuters) – GV, the venture capital firm backed by Alphabet Inc, the parent company of Google, has appointed Michael McBride as its newest general partner. McBride, formerly the Chief Revenue Officer at GitLab, a software firm in GV's portfolio, will specialize in supporting open-source and artificial intelligence (AI) startups.

With five years of experience at GitLab, which went public in late 2021, McBride brings valuable insights into open-source developer tools and their significance in the startup ecosystem. He expressed his intention to focus on early-stage startups targeting enterprise customers, particularly those leveraging open-source and AI-driven approaches.

"I've learned a lot about how open source can give startup and growth companies a big advantage. I think it's going to be a powerful business model in AI," McBride stated.

Emphasizing the importance of balancing investments in the open-source community and revenue-generating business, McBride highlighted the advantages that free open-source technology can offer to startups.

Despite a slowdown in venture capital funding due to factors such as interest rate hikes and valuation adjustments, GV remains active, completing 125 investments this year. The firm, known for early-stage investments in companies like Uber and Slack, has invested an average of $1 billion annually since 2020.

In addition to traditional venture capital activities, GV made unconventional moves in the public market this year, purchasing stock shares of its portfolio companies from GitLab to Verve Therapeutics.

Dave Munichiello, General Partner at GV, commented on the firm's long-term investment approach, emphasizing flexibility to invest at any stage of a company's life, even after their initial public offering (IPO). GV manages $8 billion in assets, with a 35-person investment team focused on life science and digital sectors in North America and Europe.

The addition of McBride aligns with GV's commitment to supporting innovative founders and staying adaptable to the evolving needs of the startup ecosystem.