Early Stage VC Firm Created by Oscar Health Founding Team Now Manages more than $150 Million in Assets
NEW YORK & BOSTON--(BUSINESS WIRE)--Floating Point, an early stage venture capital firm investing in complex sectors, today announced the closing of its $70 million second fund. Floating Point looks deep in overlooked sectors to back expert founders building first of their kind companies. Their portfolio includes category-defining companies such as Altana, Commons Clinic, Sun Day, Floodbase, and Wheeler Bio. Floating Point now manages more than $150 million in assets on behalf of a wide range of institutional, private equity, and family office investors including 53 Stations, the venture arm of The Pritzker Organization.
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Floating Point was founded in 2021 by John Loser (L) and Eddie Segel (R), who spent the previous fifteen years working together, first as hedge fund investors at Bridgewater, and then on the founding team of Oscar Health (NYSE:OSCR), where they led product, data, and risk management. Floating Point brings this financial and founder mindset to each investment. (Photo: Business Wire)
Venture needs a new playbook. The most needed areas for innovation ” healthcare, supply chains, climate, defense, manufacturing ” aren't a fit for today's dominant venture strategies, said Eddie Segel, co-founder and general partner, Floating Point. We founded Floating Point with the thesis that a new approach is needed to build the most important technology companies of the next decade.
Floating Point was founded in 2021 by Eddie Segel and John Loser, who spent the previous fifteen years working together, first as hedge fund investors at Bridgewater, and then on the founding team of Oscar Health (NYSE:OSCR), where they led product, data, and risk management. Floating Point brings this financial and founder mindset to each investment.
The most unique opportunities are born from complexity, expertise, and a willingness to invest where others don't, said John Loser, co-founder and general partner, Floating Point. We look for founders bringing cutting-edge technology and industry credibility to massive markets that outsiders don't even know exist.
Floating Point is a team of pioneering technology leaders who know how to win in complex markets, including experienced venture partners who help source and work with its portfolio: Evan Moore, co-founder of DoorDash (NASDAQ:DASH); Serkan Piantino, co-founder of Facebook (NASDAQ:META) AI Research and VP Product at Reddit (NYSE:RDDT); Vin Mitta, M.D., Medical Officer at CMS; Jesse Horowitz, CPO at Oscar Health; and Bruce Gottlieb, COO of Flatiron Health.
Floating Point focuses on differentiated underwriting to build a distinctive and concentrated portfolio of founders bringing technology to legacy industries. Some of these companies include Altana, advanced AI for global trade; co-founding Sun Day, a technology-driven car wash rollup; Wheeler Bio, rapid biomanufacturing for therapeutics; Floodbase, flood tracking for climate insurance; TimberEye, timber supply chains; Dandelion, hospital data for clinical AI; Cofactr, semiconductor supply chains; Mevo, Brazil's e-prescription infrastructure; and Commons Clinic, an orthopedic surgery platform.
"Eddie and John immediately understood the immense potential of our mission to fix globalization by providing a universal map of the global supply chain," said Evan Smith, CEO and co-founder of Altana, which has raised over $160 million from investors including Google (NASDAQ:GOOGL) Ventures and Activate Capital. "Floating Point has been an invaluable partner as we've grown from a small, pre-revenue startup to now working with many of the world's leading organizations. Their unique expertise as both sophisticated investors and experienced founders has been critical to our success. Since before they invested and in every step of the way since ” through all of the highs and lows of the journey ” Floating Point has genuinely been my trusted partner. I can't imagine building this company without them by our side."
About Floating Point
Floating Point is a venture capital firm investing in complex sectors to build a distinctive venture portfolio at the intersection of technology and legacy industries. Founded in 2021 by Eddie Segel and John Loser, former investors at the hedge fund Bridgewater turned founding team members of Oscar Health, the firm discovers and backs first of their kind companies in sectors that are often hidden or overlooked. Floating Point manages more than $150 million in assets on behalf of a wide range of institutional, private equity, and family office investors.
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Kate Gundry
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Source: Floating Point