In 2012, USV unveiled its first investment thesis and has since invested in 64 new companies. From homeowner loans to ed tech to collectibles on the blockchain, here's where USV sees opportunity.
With internet home runs to its name that include Twitter, Twilio, and Etsy, Union Square Ventures (USV) has made prescient bets many times over. Widely known for its thesis-driven investing style, the firm publicizes what it looks for in potential investments.
Over the years, this thesis has evolved, but in each iteration, USV has distilled its vision into one core line:
- Thesis 1.0 (May 2012) – “Invest in large networks of engaged users, differentiated through user experience, and defensible through network effects”
- Thesis 2.0 (Dec 2015) – “As the market matures, we look for less obvious network effects, infrastructure for the new economy, and enablers of open decentralized data”
- Thesis 3.0 (Apr 2018) – “USV backs trusted brands that broaden access to knowledge, capital, and well-being by leveraging networks, platforms, and protocols.
Where is USV going with this latest thesis? We took a look at the firm’s investments since early 2012 to understand where it sees opportunity.