Tiger Global became venture capital’s most aggressive firm during 2020-2021, deploying $60+ billion across 330+ deals with lightning-fast term sheets and sky-high valuations. The strategy created dozens of unicorns but collapsed spectacularly in 2022 with 50%+ portfolio losses.
The Blitzkrieg Strategy
Chase Coleman’s Tiger Global pioneered “spray and pray” investing: minimal diligence, pre-emptive offers above competing VCs, and signing term sheets within 48 hours of first meetings. The speed attracted founders tired of lengthy VC processes.
By 2021, Tiger participated in over 300 deals—more than Sequoia, a16z, and Benchmark combined. The firm backed Stripe, UiPath, Databricks, Chime, Ro, and dozens more late-stage rounds at peak valuations.
Why Founders Chose Tiger
Advantages: fast decisions, no board seat requirements, and willingness to pay highest prices. Tiger focused on growth metrics over traditional venture scrutiny. For founders wanting to maximize valuation quickly, Tiger became obvious choice.
The 2021 Peak
Tiger’s flagship hedge fund returned 200%+ from 2020-2021 riding tech stock surge. The venture portfolio ballooned to $60B+ across public and private holdings. Coleman became billionaire, the firm hired aggressively, and competitors raced to match speed/aggression.
The 2022 Collapse
Rising interest rates crushed growth stocks. Tiger’s public portfolio cratered 50%+ (2022). Private portfolio markdowns followed: Klarna down 85%, Instacart down 75%, Stripe down 28%. The $60B portfolio lost tens of billions in paper value.
Retreat & Reckoning
Tiger slowed dealmaking 90%, laid off staff, and admitted mispricing risk. Founders who took Tiger’s inflated valuations faced painful down rounds unable to justify prices. The firm’s “move fast” strategy became case study in bubble excess.
By 2023, Tiger returned to traditional hedge fund roots, chastened by venture losses.
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