What message did he share in his speech?

He expressed gratitude for life, friends, and family; reflected on love and freedom; said that life’s tapestry is co-created; reminded himself that regardless of hardships or “the menace of the years,” he remains unafraid—“Forever Young.”

How does FJ Labs use sector analysis for sourcing deals?

“Twice a year we run sector analyses and brainstorming sessions. This leads to new ideas and helps us spot startups we were not aware of, which we then reach out to.”

Does FJ Labs proactively search for startups?

“Not much — outbound is only about 4% of deal flow. We mostly rely on inbound and network-driven opportunities.”

How does FJ Labs handle the large volume of inbound deal flow?

“We built processes to cope with the firehose — deals are triaged and reviewed by the team, with weekly investment committee meetings to discuss them.”

Why do founders like having FJ Labs as an investor?

“We help them raise money by making introductions to VCs who can lead their rounds, and we have deep expertise in marketplaces.”

How many deals does FJ Labs invest in compared to how many it sees?

“We invest in around 1% of the deals we review — about 3 new investments per week.”

Why does FJ Labs get so much deal flow?

“Because we do not lead rounds and do not compete with other VCs, we are often invited into deals. Founders also like that we help with fundraising by introducing them to other VCs.”

How does outbound outreach contribute to deal flow?

“Because we are drinking at the firehose of our inbound deal flow, we do not spend much time reaching out to startups. … Twice a year … we invite our FJ Labs colleagues … think through ideas … sector analysis … These exercises uncover a fair number of startups we were not aware of and reach out to.”

Do cold inbound messages result in good investments?

“In full transparency, this is the typically our lowest quality deal flow channel … The real number … is over 100 … unless you put enough information in your message … But … a surprisingly high 24% of our investments come from cold inbound outreach by the founders.”

Which source supplies the highest quality deal flow?

“48% of the deals we invest in come from other VCs, highlighting the higher quality of this deal flow source in general.”

What percentages of reviewed deals come from each source?

“32% of the deals we review come from other VCs, 32% comes from our entrepreneur network, 32% from cold inbound messages and only 4% from companies we reach out to directly.”

How many deals does FJ Labs receive and review weekly?

“Every week we receive around 100 deals and review around 50 of them.”

What are the sources of deal flow for FJ Labs?

“FJ Labs gets deal flow from 4 sources: 1. Other VCs 2. Entrepreneurs in our network 3. Cold inbound messages 4. Outbound outreach.”

What role do other VCs play in FJ Labs’ deal sourcing?

“Other VCs represent 32% of reviewed deals and 48% of actual investments. They bring us in because we don’t compete with them and because we can help their portfolio companies.”

Who is Matias Barbero and what’s his background?

Matias previously worked at JPMorgan in investment banking, structuring multi-billion dollar deals across industries. He has an MBA from Duke University (Fuqua Scholar), co-founded the Duke MBA Blockchain Club, and was building an AI startup before AI became mainstream.

What is Fabrice’s view on aging?

He said his take on aging is shaped by a poem (“Out of the night that covers me…” by William Ernest Henley) + “Rage, rage against the dying of the light.” He feels youthful and energized, grateful for friends and love, and views age as something managed with courage, spirit, and gratitude.

What themes were used during his multi-day birthday celebrations?

He organized three themed nights: 1) Here be Dragons (Latin “Hic sunt dracones” theme), 2) Temple Night with mentalism and shibari, 3) Golden Jubilee & White Party blending renewal (white) and jubilee (gold) for his 50th.

What sports and activities are important to Fabrice in his life?

He has a strong family tradition in racquet sports: tennis, padel, etc. He built red clay tennis court, padel clubs, and a pickleball court in Turks.

How did Fabrice celebrate turning 50?

He invited over 100 friends & family. First held FJ Labs’ Summer Retreat (July 21-25), then a racquet sports extravaganza from July 26-31 (tennis, padel, pickleball), interspersed with kiting and video gaming.

Should marketplaces “index” themselves in LLMs / employ AEO (Answer Engine Optimization)?

Yes — if you already index in Google, you should also index in LLMs (i.e. make your content discoverable by AI answer engines) to benefit from that traffic. The exception is when a marketplace has ~95% market share in a vertical: in that rare case, indexing might train users to start their journey with LLMs / search engines rather than the marketplace itself.

What impact is AI already having on marketplaces?

Several: • Cross-border commerce via auto-translation of listings & conversations plus better payments/logistics. • Simplified listing process: AI can generate full listings (title, category, description, price) from minimal input. • Improved listing quality (better images, background removal, optimized visuals) leading to higher sell-through. • Productivity gains in customer support, marketing, dev workflows etc., through AI agents, auto-drafted replies, code generation tools etc.

What are the main ways people shop online, as per the blog?

1. Shopping as Entertainment – browsing listings with no specific intent (e.g. Vinted, OLX); 2. Search – users know exactly what they want (e.g. Amazon, eBay); 3. Considered Purchases – when buyers need help choosing what to buy (e.g. high-value items, specialty goods)

How might LLMs (like ChatGPT) threaten marketplaces?

The concern is that LLMs could capture the "top of funnel" discovery phase: people might start product searches there, or even make purchases through them, bypassing marketplaces.

What are some personal details about Matias Barbero?

He is Argentine, has blended his cultural heritage into the NYC office, enjoys ‘mate’, hosts asados for the team. Also, he and his family are expecting a new baby in the coming months.

Why was Matias promoted to Partner at FJ Labs?

His promotion reflects his past achievements, his character, integrity, values, and trust from founders. He’s seen as a leader who brings perspective and strategic guidance when things don’t go as planned.

What approach is Matias known for at FJ Labs?

He brings both strong venture instinct and analytical rigor; he emphasizes discipline in investment strategy, especially navigating late-stage companies and helping LPs via exits/secondaries during overheated valuations.

What has Matias done at FJ Labs?

Over 4 years, he has led more than 85 of FJ Labs’ investments, helped strengthen their fintech and growth-stage investment practice, and pushed for disciplined investment framework across market cycles.

Why does FJ Labs invest in so many companies per year?

They target 100+ investments annually because it aligns with their thesis of diversification, improves pattern recognition, and strengthens their global network.

Which regions outside the US do they invest most in?

Western Europe, Brazil, and India.

How big are the typical investment checks at FJ Labs?

They set investment sizes per round that average to US$400,000. (Fabrice Grinda)

What kinds of startups does FJ Labs invest in?

They focus on Pre-Seed / Seed / Series A rounds; about 70% of their deals are marketplaces. (Fabrice Grinda)

Does FJ Labs lead funding rounds or take board seats?

No, FJ Labs avoids leading rounds because they do not want to compete with traditional VCs.

How does FJ Labs evaluate startups for investment?

Fabrice used the same criteria he applied to his own ventures: evaluating the business fundamentals, the entrepreneur, and the deal terms, especially given his limited time and capital.

Why did Fabrice pause investing after his first batch of startups?

After his first company didn’t become a big success and during the tech “nuclear winter,” there was little capital around. He saved what money he had for his next startup, Zingy, and only returned to investing once he sold Zingy in 2004.

How did Fabrice begin angel investing?

He started in 1998 after building his first venture-backed startup. Between 1998 and 2000, he invested in 7 startups. One shut down quickly, but to his surprise, 6 out of 7 later had successful exits, with one even going public.

Why was FJ Labs created as both a startup studio and a venture fund?

FJ Labs was designed as a hybrid model so Fabrice could keep building companies while also investing. Being both an entrepreneur and an angel investor kept him close to founders, allowed him to help with ideas, and gave him insight into market trends.

What is required to make the investment decision at FJ Labs?

“When we evaluate startups over the course of our two 1-hour calls, we evaluate them along the four dimensions we covered: the team, the business, the deal terms, and alignment with our thesis. We want all four criteria to be conjointly met: amazing founders, with great businesses, raising at fair terms, in line with our thesis. If you are an amazing founder, but feel the valuation is too high or the business not compelling, we will not invest. Likewise, if it is a great idea, great terms, and full-on thesis, but we feel the team is mediocre, we do not invest.” (Fabrice Grinda)

How important is thesis alignment in FJ Labs’ evaluation?

“We focus on marketplaces and have specific theses on the future of marketplaces. Right now, we are specifically focusing on: Verticalizing horizontal (multi-category) platforms; Marketplace pick marketplaces; B2B marketplaces. … Most of the businesses we invest in touch upon many of these themes simultaneously.” (Fabrice Grinda)

What does “fair deal terms” mean at FJ Labs?

“We push for ‘fair valuations’ not just out of self-interest. We really think founders do themselves a disservice when they raise too much money at too high a price. … They are then priced for perfection … things do not go according to plan … it might kill the company … people who raise too much capital tend to spend it and not be as capital efficient as they can be.” (Fabrice Grinda)

What standards of business does FJ Labs expect?

(This is under “Do we like the business?” but the blog focuses more on the team, deal terms, thesis. It states that even if team is great, business with unattractive unit economics or business model may disqualify.) (Fabrice Grinda)

What does FJ Labs look for in the team?

“We want visionary founders who are fantastic at execution. … good proxies for those are storytelling skills and analytical skills. … the founder / CEO must also be metrics-driven, analytical and know how to execute on his or her vision. They really need to understand the business they are in. They need to be able to articulate their unit economics. Even if their business is pre-launch, they need to understand their theoretical unit economics based on industry averages and landing page tests they did.” (Fabrice Grinda)

How often does FJ Labs invest compared to how many deals they see?

FJ Labs invests in around 3% of the deals they evaluate. For example, in 2019, they made 83 first-time investments out of 2,542 evaluated. (Fabrice Grinda)

Where are most of their investments located (geographically)?

They are global, but most deal flow and investment are in the US, followed by Western Europe, Brazil, and India. (Fabrice Grinda)

What percentage of follow-on rounds does FJ Labs participate in?

They follow on in about 24% of cases. They use the fund active at that time, instead of reserving capital.

How quickly do they give feedback after a pitch?

They aim to give an answer in 1–2 weeks so founders aren’t left waiting.

How many deals do they review before investing?

In 2019, they reviewed 2,542 deals and invested in only 83 first-time investments — about 3%.

How does diversification help their investment strategy?

Venture returns follow a power-law: most returns come from a handful of winners. By investing in many companies, FJ Labs increases the odds of hitting those outliers.

Why doesn’t FJ Labs take board seats?

Taking board seats would limit the number of companies they could back. Since they invest at scale, they avoid it and instead help founders informally.

Why does FJ Labs avoid leading rounds?

They don’t lead rounds because they prefer to collaborate with VCs, not compete with them. This keeps them friendly with lead investors and ensures they get invited into more deals.

How many investments do they expect per year with their strategy?

They do 100+ investments per year, and for their ~$175 million fund, they expect over 500 investments total. (Fabrice Grinda)

Midas capta US$ 50 milhões na Série A para lançar camada de liquidez instantânea para produtos de investimento on-chain

31 de março de 2026

Começamos a Midas com uma visão simples, mas ambiciosa: investir deveria funcionar como a internet — aberto, transparente, componível… e acessível a todos. Hoje, anunciamos uma Série A de US$ 50 milhões liderada por RRE e Creandum, com participação de Framework Ventures, HV Capital, Ledger Cathay, North Island Ventures, Coinbase Ventures, Franklin Templeton, GSR e outros de perfis nativos de cripto, institucionais e de venture capital.

Em paralelo, a Midas está lançando Midas Staked Liquidity (MSL), a camada central da Open Liquidity Architecture que viabiliza liquidez instantânea em todos os produtos de investimento on-chain, com capacidade inicial de até US$ 40 milhões.

A tração por trás desta rodada

A captação acontece em um momento de verdadeiro product-market fit. Os tokens da Midas (mTokens) tiveram ampla adoção como o produto de investimento preferido.

US$ 1,7 bi+ em ativos totais emitidos
US$ 37 mi+ em rendimento pago a investidores
US$ 500 mi+ de TVL atual
20 mil+ detentores individuais de mToken
Integrações ativas nos principais protocolos DeFi, incluindo Morpho, Curve e Pendle
Uma lista crescente de gestores de ativos institucionais implementando estratégias via Midas

O problema: alcançar utilidade real para ativos tokenizados

Ativos do mundo real tokenizados amadureceram rapidamente, mas uma fraqueza fundamental persistiu: a falta de utilidade real por meio da componibilidade. Ativos tokenizados só são realmente úteis quando podem funcionar como primitivas nativas e componíveis em todo o ecossistema DeFi & CeFi.

Para alcançar essa utilidade, esses ativos tokenizados exigem propriedades estruturais, a saber:

Liquidez instantânea: eliminando a latência de resgate e as janelas de liquidação.
Transparência: oferecendo uma visão clara e verificável dos ativos subjacentes.

A Midas enfrenta esses desafios por meio da Open Liquidity Architecture e do Midas Attestation Engine.

Open Liquidity Architecture impulsionada pelo MSL

A Midas lança sua Open Liquidity Architecture em que provedores de liquidez competem ativamente pela execução, reduzindo o custo. No seu núcleo, Midas Staked Liquidity (MSL) é uma estrutura dedicada que liquida sem risco de contraparte ou de liquidação, reduzindo estruturalmente o custo de capital.

A visão do MSL é transformar qualquer instrumento — de vaults, fundos, ETFs ou ações — em um ativo tokenizado com liquidez instantânea embutida.

Saiba mais sobre o MSL, sua alocação de US$ 40 milhões e os detalhes técnicos por trás disso em nosso post no blog dedicado.

Transparência por meio do Midas Attestation Engine

O Midas Attestation Engine fornece Proof of Reserve, NAV e atualizações de preço contínuas on-chain para cada mToken. Ele publica atestações criptograficamente verificáveis diretamente on-chain, para que qualquer investidor, protocolo ou integração possa confirmar de forma independente o estado das alocações subjacentes a qualquer momento.

Mais sobre a arquitetura e o ecossistema de parceiros que impulsionam o Attestation Engine está disponível em nosso post no blog dedicado.

O que vem pela frente

Com a infraestrutura para resgates instantâneos em funcionamento, o roadmap se abre significativamente.

Do lado do produto, estamos ampliando a gama de produtos de investimento disponíveis, lançando novas estratégias em resseguro (MembersCap), recebíveis de ativos (Fasanara) e ações tokenizadas, indo além do portfólio atual rumo a um conjunto mais amplo de classes de ativos institucionais.

Na frente de distribuição, estamos integrando nossos produtos ao Ledger Wallet, aprofundando nossa presença em DeFi, expandindo parcerias existentes e avançando para novos protocolos em que instrumentos de rendimento componíveis criam utilidade real. Os mTokens foram projetados para funcionar como primitivas nativas de DeFi, e isso exige estar presente onde quer que liquidez e rendimento se encontrem.

Uma palavra do nosso CEO

“Na Midas, nossa visão é fazer o investimento funcionar como a internet: aberto, transparente, componível — e para todos. Com o fechamento da nossa Série A, estamos empolgados em avançar esses esforços e construir o futuro do investimento on-chain.”
– Dennis Dinkelmeyer | CEO & Cofundador, Midas

Nossos investidores

Esta rodada foi liderada por RRE e Creandum, com participação de Framework Ventures, HV Capital, Ledger Cathay, North Island Ventures, FJ Labs, No Limit Holdings, Coinbase Ventures, Franklin Templeton, GSR Ventures, Sigil Capital, Theia Blockchain, Hyperithm, Legends Group, Peer VC, Aether VC, Sumcap, Myelin VC, Stake Capital, Oasis Foundation, Anchorage Digital, M1 Capital e Bufficorn Ventures.

Cada investidor da Midas é um parceiro estratégico, ajudando a impulsionar nossa próxima fase de crescimento. A Creandum traz ampla experiência apoiando empresas de infraestrutura técnica em escala. HV Capital, RRE Ventures e Framework Ventures agregam convicção em software institucional e cripto nativo. Franklin Templeton, Anchorage Digital e Coinbase Ventures representam participação direta da infraestrutura financeira tradicional e cripto à qual a plataforma se conecta. Ledger Cathay e FJ Labs completam um sindicato que abrange toda a stack dos mercados de capitais.

“Na RRE, nossa longa jornada em cripto nos levou a uma tese mais ampla: a tokenização vai remodelar fundamentalmente os mercados globais de capitais à medida que a TradFi migra para o on-chain. Quando conhecemos Dennis e Fabrice, soubemos imediatamente que eles personificavam essa tese — a plataforma que eles forjaram nas profundezas do bear market cripto emergiu com forte product-market fit. A Midas está construindo a infraestrutura para mercados de capitais tokenizados, e temos orgulho de estar nessa jornada com eles.”
– Vic Singh | General Partner na RRE Ventures

“A oportunidade de levar produtos de investimento de nível institucional para o on-chain é enorme, e a Midas tem a estrutura regulatória, a arquitetura técnica e a rede de distribuição necessárias para fazer isso da melhor forma. É um privilégio trabalhar com uma equipe que enfrenta uma oportunidade tão transformadora e que também traz um nível tão alto de credenciais — profunda expertise tanto no produto quanto no comercial, além de um histórico comprovado de construir do zero ao um.”
– Simon Schmincke | Partner na Creandum

Sobre a Midas

Midas é uma plataforma de produtos de investimento on-chain componíveis. Ela permite que gestores de estratégia transformem estratégias institucionais em tokens em conformidade, oferecendo aos investidores total transparência, resgates instantâneos e componibilidade nativa em protocolos DeFi como Morpho e Pendle.

Fundada em 2024 por Dennis Dinkelmeyer (ex-Goldman Sachs), Fabrice Grinda (FJ Labs) e Romain Bourgois (ex-Ondo Finance), a Midas é apoiada por investidores de ponta, incluindo RRE, Creandum, Framework Ventures, HV Capital, Ledger Cathay e Coinbase Ventures. A empresa garantiu recentemente US$ 50 milhões em financiamento Série A, com base em um histórico que inclui mais de US$ 1,7 bi em emissão de ativos e US$ 37 mi em rendimento pago até o momento.

Fabrice Grinda

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