Long Journey Ventures raises $181.8 million for startups

Long Journey Ventures, a unique venture capital firm, has raised $181.8 million for its latest fund. Co-founded by Cyan Banister and Arielle Zuckerberg, the firm aims to support unconventional startups. Its headquarters is an eclectic Victorian house in San Francisco, breaking the norm of typical Silicon Valley offices. Cyan Banister has a long history in investing. She previously worked at Founders Fund and was an early investor in big names like SpaceX and Uber. Arielle Zuckerberg, who is the sister of Facebook's founder, brings her experience from Coatue Management and Kleiner Perkins. The firm focuses on backing "magical weirdos"—innovative founders who are not typically sought after by other investors. They have invested in around 130 companies across various sectors, including artificial intelligence and bioscience. By prioritizing early-stage startups, they aim to assist founders during challenging times. Long Journey has positioned itself distinctly in a difficult venture capital environment, marked by rising interest rates and decreased funding. Their approach includes a focus on cultivating relationships with early entrepreneurs who may be overlooked elsewhere in the industry. The firm also embraces a community-focused culture, even creating a lending library in their office. They aim to balance affection with realism in their investments. Some of their portfolio companies, like Crusoe Energy Systems and Together AI, have faced challenges but thrived with the support from Long Journey. Banister mentioned that while they explore many innovative ideas, some can be quite unusual, such as concepts for growing human body parts. Long Journey is open to considering unique investment opportunities as they continue their venture into the world of unconventional startups.