Massive End-of-Year Update: Reflecting on 2024 and Looking Ahead to 2025

As we approach the close of 2024, we pause to reflect on what has been a year of challenges, growth, and foundational work at Massive. In a challenging venture and private equity market, we stayed true to our principles, leaned into our unique model, and set the stage for what’s shaping up to be a breakout 2025.

Massive: Venture Capital Evolving

Massive is the only true inflection point opportunity investor focused on Deep Tech, Climate Tech, and B2B Enterprise Software.

Massive embraces a multi-stage investment strategy with the ability to invest at inflection points at any stage from Series A to pre-IPO.  This allows us to establish relationships with founders and build rapport to benefit from ongoing performance data - lines instead of dots. We only engage when we find a company that is or has the real potential to be a true category leader in its market and has started showing real signs of growth.

Traditional stage-focused funds are limited to a very specific opportunity window within which they can invest in a prospective company. If the timing is off (round size, pricing, ownership, role), they have lost the chance to invest in that company forever. Opportunity funds that are raised to take advantage of inflection points at later stages are constrained to that fund’s existing portfolio companies. Massive has no such constraints. 

Message From The Team

Whew! What a year.2024 brought its challenges across venture and private equity, and it was no different for us at Massive. In a market that tested everyone, we leaned in, adapted, and built on our foundations.

Along the way, we invested in great opportunities like Ocient, Knit, and Lunar Outpost while supporting our portfolio companies that had to come to terms with the market dynamics of 2023. We didn’t chase deals just for the sake of deploying capital; instead, we stuck to our underwriting discipline and built with intention.

Looking ahead, 2025 is shaping up to be a breakout year for Massive.

Here’s to what’s next.

2024 Highlights

Investments. Portfolio. Community. Strategy.

Investments

We completed investments in several amazing new companies, including Ocient, Knit, and Lunar Outpost, and we followed on with a second investment in Operant’s Series A. We have several exciting investments for early 2025 already in the works.

Portfolio

A wealth of progress across the board, a few standout highlights:

• Operant closed a strong Series A where we were able to follow on: Announcement
• Space X caught Starship with “chopsticks” during test flight 5, and is reportedly working on a tender offer at a $350B valuation: Watch here
• Ampaire secured a $250M+ contract and a LOI from a global shipping and logistics giant.
• Beem is closing out the year strong! The company survived “Fintech Winter” while both becoming profitable and growing revenue 10x from our initial investment. 
• Ocient is on track to 2x revenue this year and closed out its Series B extension. 
• Artyc is shipping the first 450 production units of its first product, completed an important pilot with a major pharma company, and won $1 million to improve rural healthcare delivery: Announcement
• Follow Ons: We have the opportunity to invest in 6+ of our portfolio companies in subsequent rounds in 2025. 

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Community

Our Annual Meeting in Boulder was a major highlight. The feedback was overwhelmingly positive, especially about the caliber of attendees. A standout moment was hearing Scott Willoughby’s inspiring talk about the James Webb Telescope. For the first time, we spent time with our community on the road with events in Chicago, LA, Boulder, and Denver!

Strategy
Big News - We are now officially onboarding investors for Massive Scale III - our new committed capital vehicle (like a fund, but different). Please reach out if you’d like to hear more about it, or you can schedule time with us directly via this link.

Some Other Fun Stuff

Podcasts Recorded: 5 (all time high!)

• Maggie was on Found in the Rockies with Les Craig of Next Frontier Capital: Listen Here
• Ari was a guest on the ThunderVC podcast: Watch here. And he also joined the Venture Everywhere Podcast with Gadalia Montoya: Listen here. 
• David appeared on Between Two Rounds with Tarek from TypeOne:
  Watch here. And he shared insights on the Gridiron and Growth podcast with Benny Fowler and Ryan Harris: Watch here.

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David’s Reads for 2024:

• Breath: The New Science of a Lost Art by James Nestor
• Reap3r by Eliot Peper (Ok, I read this in 2022, but re-read it in 2024!)
• On my bedside table for the Holiday: Entangled Life: How Fungi Make Our Worlds, Change Our Minds & Shape Our Futures

Maggie’s 2024 fave books: 

• The Will of the Many (Hierarchy, Book 1) by James Islington
• Why We Need to be Wild by Jessica Kraft
• Life Lived Wild by Rick Ridgeway (yes, it seems I had a bit of a theme this year)

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Ari’s 2024 Fave Things:

• Event: SpaceX Starship Test Flight #5 - aka “the chopsticks” - is truly another engineering and technology marvel for all of mankind and a huge step forward for the Starship program. 
• Experience: Sailing in Croatia with the family this summer. Hard to sail when there is zero wind and a heatwave, but it certainly made for some big memories. 
• Book: A Hedonist in the Cellar by Jay McInerney

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Looking Ahead to 2025

As the saying goes, “markets hate uncertainty” and there is no question that 2024 managed to follow an already-uncertain 2023. As we look ahead to 2025, empowered by the increasing investor sentiment visible in the market, we will deploy more capital into our target companies than ever before. We also expect to participate in a few great follow-on rounds for companies that are on a fast trajectory. We are encouraged by the progress we are seeing in our portfolio companies. We are getting increasingly meaningful access to more of the next generation of category-leading companies. And finally, our unique inflection-point strategy is paying dividends.

We’re grateful for our LPs, founders, and the broader community for their trust and partnership.

Massive: Venture Capital Evolving.

- The Massive Team

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