650 Fund I
650 Fund I was launched by Grace Stanat and Dominik Steiner as the natural evolution of a successful early-stage investment model first developed at 415 Investments. With over 40% IRR from 40+ investments between, the fund focused on identifying high-potential teams early and building deep trust with founders. 650 Fund I deployed $20M across select opportunities, with notable exits including Lemonaid Health (acquired by 23andMe for $400M), Aumni (acquired by JPMorgan for $400M), and Nervana (acquired by Intel with a 41.16x return), confirming the fund’s ability to consistently back breakout companies, cementing 650’s reputation as a global early-stage powerhouse.
Showcasing global investment success
Past Investments
Exit Highlights: (>25% Of Investments Already Exited)
Nervana (41x; 318% IRR)
BlackLine (6x; 50% IRR)
Syntonic (4x; 62% IRR)
RelateIQ (4x; 126% IRR)
Talech (4x; 38% IRR)
Singular Bio (9x; 190% IRR)
Wheels Up (3x; 18% IRR)
Smarter Sorting (Partial Exit: 9x; 51% IRR As Of 5/17/22)*
Lemonaid Health (Pending Final Details: 5x; 45% IRR As Of 11/2/21)*
Boxed (Pending Final Details: 16x; 40% IRR As Of 3/15/22)*
Promising:
Omada Health (Expected Valuation >$1B)
ManusBio (Expected Valuation >$1B)
Neutrolis (Up-Round Led By Big Name Therapeutics Firm)
Tractable (Valuation >$1B; 28x; 71% IRR As Of 7/1/22)*
VPC Asia (Partial Exit And JV In Japan)
*The “As Of” Dates Are The Dates At Which Current 650 GPs Stopped Managing Said Investments.
- Note: some of these investments were made through Civilization Ventures
Some companies that exceeded our LPs' expectations
Nervana
Nervana Systems was a deep learning startup acquired by Intel in 2016 for around $408 million, focused on developing AI software and hardware, including a full-stack software-as-a-service platform called Nervana Cloud and custom chips for neural network processing.
Lemonaid Health
Lemonaid Health is a telehealth company offering convenient, affordable and personalized healthcare services, including online medical consultations and prescriptions for various conditions, with a focus on mental health, general health, and other specific areas.
Rewrite
Rewrite Therapeutics was a biotechnology company focused on developing novel DNA writing technologies, particularly a CRISPR-based evolution platform, which was acquired by Intellia Therapeutics in February 2022 and that has perfectly integrated, ensuring continuity.
Diamond Foundry
Diamond Foundry (DF) is a company that designs, develops, and builds a semiconductor-grade tech stack, focusing on creating single-crystal diamond wafers for applications like AI, electric vehicles, and wireless communication, aiming for a "real zero" carbon footprint.