According to PANews, Point72 Ventures, the venture capital division of billionaire Steve Cohen, is shifting its investment focus towards artificial intelligence and defense technology startups. This move comes after the firm laid off five investors specializing in fintech and cryptocurrency. Insiders reveal that this strategic adjustment is part of the company's plan to optimize resource allocation and seize the biggest market opportunities.
Among those who left the company are three fintech experts and two members of the Point72 Ventures digital assets team. Sources indicate that partners Tripp Shriner and Sugam Sarin may also depart, but there are reports suggesting they might continue to support existing portfolio companies. This follows the promotion of Sarin announced by Point72 on May 1st. The layoffs in the fintech team occurred seven months after the departure of Point72 Ventures founding partner Pete Casella. Despite the layoffs affecting some fintech and cryptocurrency startups that received its investment, Point72 Ventures may still invest in select fintech opportunities from its remaining team.
Since its establishment in 2016, Point72 Ventures has invested in over 100 startups across various sectors including fintech, artificial intelligence, consumer, enterprise, and defense technology. Fintech startups have held a significant position in its portfolio, including MX Technologies and Vestwell, which are listed on Forbes' top 50 fintech list. However, with the significant drop in fintech valuations and a substantial reduction in venture capital, Point72 Ventures is adjusting its investment strategy.
