Key Takeaways
- • Donald Trump selected J.D. Vance as his running mate, and Axios assesses that Vance's venture capital career spanning six years at three firms was too brief to be judged a success or failure.
- • Vance worked at Mithril Capital for about two years, then at Steve Case's Revolution, where he invested in Midwestern startups and helped launch a seed fund, before co-founding Narya Ventures in Cincinnati with Colin Greenspon.
- • Narya Ventures' debut fund drew backing from Peter Thiel, Marc Andreessen, Eric Schmidt and Scott Dorsey, according to Axios.
- • Vance's only board seat was at AppHarvest, the Kentucky indoor farming company that went public via SPAC and later filed for bankruptcy after he had left.
- • Axios expects media scrutiny of Vance's venture work, including an FBI investigation into Mithril that predates his involvement, but notes his limited tenure makes a Mitt Romney/Bain-style focus less likely.
Summary
Donald Trump picked J.D. Vance as his vice presidential running mate, bringing venture capital experience onto the national ticket. According to Axios, Vance was not a successful or failed venture capitalist, largely because he spent only about six years across three firms before entering politics.
Vance's career began after he moved from corporate law to Silicon Valley, where he connected with Peter Thiel through a roughly two-year stint at Mithril Capital. After his book "Hillbilly Elegy" gained prominence, he connected via Twitter with AOL co-founder Steve Case, then on a bus tour highlighting regions underserved by venture capital. Vance joined Case's firm, Revolution, to invest in Midwestern startups and help launch a new seed fund. While there, he overlapped with Ron Klain, who later became President Biden's first chief of staff.
About two years later, Vance left Revolution to co-found Narya Ventures, a Cincinnati-based firm, with former Mithril colleague Colin Greenspon. Investors in the debut fund included Thiel, Marc Andreessen, Eric Schmidt and Scott Dorsey. Axios reports that Vance's only board seat was at AppHarvest, which later filed for bankruptcy after he had departed. Former colleagues have praised his abilities; one VC told Axios Vance is "one of the smartest guys I've ever met," and Crystal McKellar, who worked with him at Mithril, described him as a strong investor with quick sector expertise and good judgment of people.
Axios notes Vance's ties to Silicon Valley benefactors alongside his sympathy for FTC chair Lina Khan and his criticism of a "Big Tech oligarchy." He has supported breaking up Google, opposed the TikTok ban, and opposed AI regulation he believes could entrench incumbents. Axios expects media attention to extend to matters only tangentially related to Vance, including an FBI investigation into Mithril during Trump's presidency. Unlike Mitt Romney's 2012 campaign, which was dogged by Bain Capital coverage, Vance's brief tenure in the industry is unlikely to generate sustained focus on his venture record. Ron Klain and Peter Thiel declined to comment.
Vance's career began after he moved from corporate law to Silicon Valley, where he connected with Peter Thiel through a roughly two-year stint at Mithril Capital. After his book "Hillbilly Elegy" gained prominence, he connected via Twitter with AOL co-founder Steve Case, then on a bus tour highlighting regions underserved by venture capital. Vance joined Case's firm, Revolution, to invest in Midwestern startups and help launch a new seed fund. While there, he overlapped with Ron Klain, who later became President Biden's first chief of staff.
About two years later, Vance left Revolution to co-found Narya Ventures, a Cincinnati-based firm, with former Mithril colleague Colin Greenspon. Investors in the debut fund included Thiel, Marc Andreessen, Eric Schmidt and Scott Dorsey. Axios reports that Vance's only board seat was at AppHarvest, which later filed for bankruptcy after he had departed. Former colleagues have praised his abilities; one VC told Axios Vance is "one of the smartest guys I've ever met," and Crystal McKellar, who worked with him at Mithril, described him as a strong investor with quick sector expertise and good judgment of people.
Axios notes Vance's ties to Silicon Valley benefactors alongside his sympathy for FTC chair Lina Khan and his criticism of a "Big Tech oligarchy." He has supported breaking up Google, opposed the TikTok ban, and opposed AI regulation he believes could entrench incumbents. Axios expects media attention to extend to matters only tangentially related to Vance, including an FBI investigation into Mithril during Trump's presidency. Unlike Mitt Romney's 2012 campaign, which was dogged by Bain Capital coverage, Vance's brief tenure in the industry is unlikely to generate sustained focus on his venture record. Ron Klain and Peter Thiel declined to comment.
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