FJ Labs Q3 2025 Update
Friends of FJ Labs,
This quarter was underscored by tremendous momentum from a number of our breakout portfolio companies. We are incredibly excited by these developments and seeing our winners really compound. Full detail below!
Midas: FJ Labs’ Fastest Growing Incubation
Company hits $1.4B of TVL in 12 months
Co-founded and chaired by Fabrice, Midas is the only fully regulated and compliant tokenization and vaulting platform that allows asset managers to launch yield-bearing tokens without the burden of KYC. The business has exploded to $1.4B of TVL in 12 months through partnerships with institutional investors, with no incentives, rewards or tokens. Midas is now bringing private credit on-chain, with institutional-grade infrastructure.
Midas has raised from HV (fka Holtzbrinck Ventures), FJ Labs, and some of the most notable crypto investors in the world including Blocktower, Axelar, Framework, Ledger, Coinbase Ventures, Cathay Innovation, GSR, Hack VC, Lattice and 6th Man Ventures.
Clutch: Races Past C$1B+ Revenue Run-Rate
Hires auto-tech executive Richard Ball
FJ Labs breakout name, Clutch, Canada’s largest online used car retailer, continues to compound and build economies of scale amid no competition. The company has now scaled to C$1B+ revenue run-rate, growing 100% YoY.
In other news, Clutch recently welcomed Richard Ball to the leadership team as Chief Production Officer, from Carvana. Richard brings over 25 years of experience scaling complex operations with leading auto-tech and retail companies and will be instrumental in helping the company expand its national footprint across Canada.
One of the most remarkable turnaround stories in our portfolio, we doubled down a year ago in a C$20M recapitalization round at a $35M post-money valuation and only 14 months later, followed on in a pre-emptive C$60M round at a C$535M pre-money valuation led by Altos Ventures (a 12X markup in 15 months!).
Humanoid robotics startup, Figure (which launched Figure 03 last week), raised a $1B+ Series C at a $39B post-money valuation led by Brookfield Asset Management. FJ was among the first institutional investors in Figure’s Series A in 2023, and followed-on in the $675M Series B. (TechCrunch)
YC-backed Garage, a marketplace for secondhand emergency vehicles, raised a $13.5M Series A. Garage is modernizing the way equipment is bought and sold, automating every part of the transaction across payments, freight, paperwork, warranty, and financing. (TechCrunch)
With the help of $16M in fresh funding, trucking’s premier freight platform, Trucksmarter, launched an AI-powered assistant to transform how carriers book loads. Investors in the round include a16z, Founders Fund, Bain Capital Ventures, and Thrive Capital. (FreightCaviar)
AI-driven customs compliance startup Caspianannounced its public launch out of stealth, and $5.4M of seed funding led by Primary Venture Partners. Caspian helps exporters reclaim billions in duty refunds from tariffs by filing directly with U.S. Customs. (BusinessWire)
Fabrice discusses ultra-high volume venture investing, what makes a founder truly fundable, the rise of secondaries in venture, and hosting the quintessential dinner party with long-time friend, fellow investor, and “World of Daas” host Auren Hoffman.
At LAVCA Week (Association for Private Capital Investment in Latin America) in NYC, FJ Partner Jeff Weinstein joined a panel exploring how WhatsApp is driving the shift toward conversational commerce in Brazil alongside speakers from Meta, Monashees, and xQuotient.
