The venture capital firm co-launched by billionaire PayPal co-founder Peter Thiel is making a big investment in a marijuana company, a high-profile move in a new, ballooning industry.
Founders Fund—a firm with more than $2 billion in assets under management and whose investment portfolio includes Facebook, SpaceX, Airbnb, and Lyft, among other tech companies—has made a multimillion dollar investment in Privateer Holdings, a private equity firm that invests in the legal cannabis industry, the two businesses announced on Thursday.
“We always try to find founders with huge, audacious visions and the chops to actually pull those visions off in markets where they’re going to grow massively,” says Geoff Lewis, a Founders Fund partner. “And this company checks all those boxes.”
The companies would not provide details on the size of the multimillion dollar investment, but it’s nevertheless