Before joining crypto full time, I spent a good number of years investing in consumer internet companies in the US and APAC. For all intensive purposes, this meant marketplaces.

From 2010 – 2021, there was arguably no better risk-reward on planet earth than as a series C+ growth equity investor in marketplaces. The game was rigged to make money.

By then, all institutional investors were familiar with aggregation theory and the power law returns to leading marketplaces. The large pools of capital would simply bide their time until a breakout winner emerged in a large category – OTAs, eCommerce, Ride-Hailing, Food Delivery, Travel – and then pile in behind the market leader, rocketing them towards es