Index is the new Sequoia

In a venture market still starved for liquidity, Index Ventures is pulling off one of the most impressive multi-year runs in recent VC history. More than $11 billion in realized and unrealized gains from just a few companies — and that’s without megafund muscle or aggressive platform expansion.

The firm’s early bet on Figma is emblematic. In 2013, when Dylan Field and Evan Wallace pitched their idea, they were the only employees. Index led the seed round with a $1.8M check — high conviction, high risk. That $86.5M investment is now worth over $7B, and Index still holds more than 15% of the company post-IPO.

But Figma is just one of many. Recent wins include:

🛡️ Wiz ($32B, sold to Google)

🤖 Scale AI ($29B valuation, Meta invested $1.4B+)

💳 Revolut ($75B valuation)

🎮 Roblox ($86B public valuation)

📊 Datadog ($46B)

🏦 Adyen ($44B)

📈 Robinhood ($82B public valuation)

Together, these eight companies account for nearly $439 billion in combined value. Just as impressive: they were led by seven different Index partners , including Danny Rimer (Figma), Martin Mignot (Revolut), Jan Hammer (Adyen, Robinhood), Mike Volpi (Scale), Shardul Shah (Wiz, Datadog), Bernard Dalle (Datadog), and Neil Rimer (Roblox).

Four of those partners have been with the firm for over 15 years. This is not a lucky streak — it’s institutional consistency.

Unlike firms that ballooned in size, Index has stayed lean and disciplined, even raising less capital in 2024 than in 2021. And while Sequoia’s historical returns still set the gold standard, Index’s 2020–2025 vintage may be the strongest of any firm globally.

In an industry obsessed with solo rainmakers, Index is proof that venture capital is — and should be — a team sport.