She’s chair of the Collective Future, a group of women advocating for diversity and inclusion in crypto and blockchain. Jobanputra also cares deeply about diversity. “They were generating revenue and breaking even when there wasn’t capital readily available.” “That shows we backed entrepreneurs who were in this for the right reasons,” she says.
“That required a lot of resilience and a real passion for what they were building.” Jobanputra says 90% of the startups she has funded have gone on to raise more money. “From 2014 to 2017, there was a deep crypto winter,” she says, referring to a period when bitcoin traded well below its 2013 peak. Today, above all other criteria, she looks for entrepreneurs who are passionate about the space. Two years earlier, Coinbase had already done its seed round with investors like Reddit cofounder Alexis Ohanian and former Y Combinator partner Garry Tan. In 2014, she was investing only when she could be the “first money in,” at the “seed” stage. One early crypto company that Jobanputra didn’t get a piece of is trading platform Coinbase. Those unrealized gains rank in the top 10% of all VC funds launched in 2014, according to Pitchbook data.
In four years, Jobanputra says, FPV’s first fund has increased in value by about two and a half times. Yodlee went public in 2014 and returned more than ten times her investment. IBM acquired Viacore in 2006, delivering a four- or five-fold return for Jobanputra.
She also played the infrastructure angle in her pre-blockchain days when she invested in companies like supply-chain software firm Viacore and financial services software company Yodlee.
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