Former Twitter exec Amir Shevat launches new early-stage VC
Former Twitter exec Amir Shevat launches new early-stage VC
The former head of Twitter’s developer platform said that Darkmode Ventures, which has raised $5 million, has invested in 12 companies to date, ten of which include Israeli entrepreneurs
Amir Shevat, former head of Twitter’s developer platform, is establishing a small investment fund called Darkmode Ventures to invest in early-stage startups focused on software platforms. Shevat will primarily invest in Israeli entrepreneurs. The fund will initially manage $5 million and invest in approximately 35 ventures, allocating between $200,000 and $100,000 in each venture as part of the company's first fundraising round.
“There is a trend of small funds in Silicon Valley that provide much better returns for investors. If you raised $5 million you have to return $15 million, but if you raise $500 million you have to return $1.5 billion,” Shevat explained.
Shevat founded Darkmode with Kat Orekhova (founded Vareto, $24M raised), and Rapha Danilo (founded and sold Yobs to Gong). Shevat was the Co-Founder of Reshuffle (acquired by Twitter) and prior to Twitter built developer platforms at Microsoft, Google, Slack, and Twitch. He has also authored books on conversational software and building Web APIs.
Darkmode, which will focus on open developer platforms, enterprise AI, and the modern data stack, has already invested in the likes of Merge, which developed a platform to build and maintain integrations for products; Drata, which automates data security compliance across all apps; Tabnine, an AI copilot to boost developer productivity, and Bluesky, which is building an open protocol for social apps.
Darkmode’s LPs include: Bain Capital, Foundation Capital, Innovation Endeavors, AngelList Fund, as well as GPs of top funds like ICONIQ and Afore Capital Founders and execs at companies such as Meta, Google, Coinbase, and Stripe
In a conversation with Calcalist, Shevat said, "Until about a year ago, I was responsible for Twitter's developer platform following the purchase of my company by Twitter. I left the company following Musk's entry and the atmosphere he created.”
Shevat said that Darkmode has invested in 12 companies to date, ten of which include Israeli entrepreneurs, and that it plans to invest in 35 companies in total. “The war inspired us to invest in Israeli entrepreneurs, many of whom are establishing their parent companies in the United States due to war considerations. They seek foreign investors, and the companies are incorporated in the United States, but pay taxes in Israel,” noted Shevat.
"I believe we will continue investing in our strengths, such as deeptech and AI products for developers. We have made an investment in Bluesky, which is progressing strongly, providing a platform for the community, and people are enjoying it," said Shevat.
