PANews reported on June 28 that according to Forbes, billionaire Steve Cohen's venture capital arm Point72 Ventures is shifting its investment focus to artificial intelligence and defense technology startups after firing five investors who focused on fintech and cryptocurrency. People familiar with the matter revealed that this move is part of the company's strategic adjustment to optimize resource allocation and seize the biggest market opportunities.
The departures include three fintech experts and two members of Point72 Ventures’ digital asset team. Sources revealed that partners Tripp Shriner and Sugam Sarin may also leave, but there are reports that they are likely to continue to support existing portfolio companies. Previously, Point72 announced Sarin’s promotion on May 1. The layoffs in the fintech team came seven months after Pete Casella, a founding partner of Point72 Ventures, left. Although the layoffs will affect some of its fintech and cryptocurrency startups, Point72 Ventures may still invest in some selected fintech opportunities from its remaining team.
Since its establishment in 2016, Point72 Ventures has invested in more than 100 startups covering financial technology, artificial intelligence, consumer, enterprise and defense technology. Among them, fintech startups occupy a prominent position, including MX Technologies and Vestwell on the Forbes Fintech 50 list. However, with valuations in the fintech sector plummeting and venture capital investment declining significantly, Point72 Ventures is adjusting its investment strategy.
