Former President Donald Trump has selected Ohio Senator J.D. Vance as his running mate for the 2024 presidential election. This announcement comes as Trump looks to reclaim the office he lost to President Joe Biden in 2020.
J.D. Vance, best known for his memoir "Hillbilly Elegy," has a diverse background that spans venture capital and politics. Before entering the U.S. Senate in 2022, he spent years working as a principal at Mithril Capital, a fund co-founded by Peter Thiel and Ajay Royan.
Early Career and Venture Capital Experience
After graduating from Yale Law School in 2013, Vance moved to San Francisco to work with Mithril Capital. During his time at the firm, Mithril raised two funds: a $540 million vehicle in 2013 and an $850 million fund in 2017.
Involvement with Rise of the Rest
In 2017, Vance left Mithril Capital to join Steve Case’s Washington, D.C.-based Revolution as a managing director. As part of his role at Revolution, Vance was instrumental in launching Rise of the Rest, a strategy focused on investing in startups outside the main U.S. tech hubs.
Investment Deals and Portfolio Companies
During his tenure at Revolution, Vance led deals into Michigan-based Aatmunn, a startup that develops software and wearable devices for on-the-job safety for construction workers. He also backed and served on the board of Kentucky-based AppHarvest, an indoor farming startup that went public via a SPAC in 2021 but filed for bankruptcy protection in 2023.
Narya Capital and Private Equity Experience
However, Vance did not play an active role in Revolution’s second Rise of the Rest Seed Fund, which closed in 2019 with $150 million in capital commitments. Around this time, he was focused on raising funds for his own firm, Cincinnati-based Narya Capital.
By early 2020, Narya raised $93 million for a fund targeting $125 million from limited partners including Thiel, Marc Andreessen, and Eric Schmidt. Biotech entrepreneur Vivek Ramaswamy, who later joined the race as a Republican presidential nominee, was also one of Narya’s limited partners.
Funding and Partnerships
Narya Capital is primarily focused on backing startups in underserved areas of the U.S. While it’s unclear if Steve Case backed Narya’s first fund, Case has publicly distanced himself from Vance’s political views and career.
"I have not talked to [Vance] since he announced last year that he was running for Senate, and I’ve not supported that campaign," Case told TechCrunch in September 2022.
Current Role and Activities
After winning the Senate race, Vance stepped back from running Narya. The firm is currently managed by Narya’s co-founder, Colin Greenspon, a former partner at the Rise of the Rest Seed Fund and former managing director at Mithril. Narya is in the process of raising its $125 million second fund, according to a regulatory filing submitted to the SEC in late 2022.
Background on J.D. Vance
Vance’s selection as Trump’s running mate has sparked interest among those who have followed his career. As a venture capitalist and politician, Vance brings a unique set of skills to the table.
Timeline of Key Events
- 2013: Graduates from Yale Law School
- 2017: Leaves Mithril Capital to join Revolution as managing director
- 2020: Raises $93 million for Narya Capital’s first fund
- 2022: Wins Senate seat in Ohio
Conclusion
The selection of J.D. Vance as Trump’s running mate brings a mix of experience from venture capital and politics to the table. As the 2024 presidential election approaches, this announcement will undoubtedly spark further discussion among voters.
Related Articles
- Watch Duty was downloaded 2 million times during this week’s LA fires: Anthony Ha
- Here are the five best pieces of founder advice I learned as a host of FoundRebecca Szkutak: Startups Weekly
- Apple may add an iPhone Air to its lineup: Anthony Ha
