Jacob Andreou, who spent eight years at social media company Snap, most recently as head of growth, plans to jumpstart his career and take on the investment challenge.
Andreou plans to leave Snap in May, he said luck, becomes the ninth general partner of venture capital firm Greylock and begins investing in early-stage consumer technology companies. (Snap confirmed his departure.)
“I’m very excited, but it’s definitely a change,” said Andreu, adding later: “We’re doing it together.”
This is a big turning point for 29-year-old Andreu. Andrew joined Snap as a product designer in 2015 after co-founding a software development company. At that time, Snap was in the early stages of turning its application into a monetizable business. The company only made about $3.9 million in revenue in the quarter he joined (he had $1.3 billion in revenue last quarter).
Andreou worked on Snap’s first ad unit and then helped form the growth team to hone metrics like user growth and “DAU”, or daily active users. In 2018, after Snap was redesigned, Andreou began leading a product team that included everything from product design to product management, data science, growth, and some teams like user research and sociology. rice field.
Snap has undergone some changes in the last year as tech companies consider a difficult macro environment and investors hope the company’s earnings will improve. In August 2022, Snap went through a restructuring, laying off about 20% of its staff and discontinuing some of its products and hardware, such as the drone his camera Pixy. Snap has named Senior Vice President of Engineering Jerry Hunter as Chief Operating Officer, making Snap CEO second to Evan Spiegel.
Around the same time, Snap’s Chief Business Officer and Vice President of Advertising Sales for the Americas left the company to join Netflix. Snap has since hired several new people, including Ty Ahmad-Taylor, who was hired by Meta in January to oversee organic growth and marketing.
Andreou highlights that over the past six to nine months, everyone at Snap has been more focused on monetization and the “business side of things.”
“[Snap]as we speak publicly, [is] We are in the midst of a pretty big redesign of many of the ways we think about monetizing our services, and that includes not just the evolution of the platform itself, but the evolution of our team.” said, “We are very confident in the team we have put in place.”
Andreou stressed how much he enjoyed working with Snap CEO and co-founder Spiegel and said he hopes to forge such a partnership with the founder in the future.
Andrew will move this spring to join a venture capital firm with a storied history in Silicon Valley. Over his 65 years, Greylock has been behind Airbnb, Facebook, Coinbase, Workday, and more. Adobe agreed to buy Greylock’s Series A firm Figma last September for $20 billion (although the deal is currently a regulatory issue).
Greylock’s partners have been with us for many years, including Reid Hoffman, who co-founded LinkedIn and was one of OpenAI’s first investors, and David Thacker, who joined Greylock in 2020 after working at Google on product and user experience. tends to be the operator of
Greylock General Partner Asheem Chandna, who has been with Greylock since 2003, said of Andreou’s hiring: Their latest hire is one of two Greylock GPs under 30, the other being Saam Motamedi, who was promoted to general partner in 2019.
Andreou has also dabbled in angel investing. A marketplace-as-a-service startup, he backed In Search Of and his AI-enabled creator app called Captions.AI. Both were founded by his Snap veteran. But he never devoted much time to it, he says, noting that he was always preoccupied with the day-to-day work. We’ve spent a lot of time thinking about where consumer tech will go next, whether it’s how influencers and creators become distribution channels for quality products, or the future of AI. rice field. Extending beyond the B2B use case: (“We are just beginning to learn what is possible,” he says.)
Although the private market has seen a significant drop, Andrew said now is the perfect time to start investing, and that startups are looking to build long-term, durable businesses in a higher interest rate environment than they are currently. It points out how to focus on building the . Grow at any cost. Plus, as company stock prices fall, startups may become more likely to compete for the best talent.
“I think the amount of opportunities in front of us right now is huge,” says Andreu.
SVB finds a buyer… More than two weeks after the Silicon Valley Bank collapse, the troubled financial institution finally got a buyer, the FDIC said late yesterday evening. First Citizens BancShares, based in Raleigh, North Carolina, has agreed to acquire all of SVB’s deposits and loans. This includes approximately $72 billion worth of bank assets at his $16.5 billion discount, along with certain other assets and liabilities. As of today, First Citizens operates 17 bank branches of his SVB. “There will be no immediate changes to customers’ checking accounts and they will continue to have access to their accounts as they currently do,” First Citizens Bank said in a statement. The bank is hosting an acquisition call today at 8:30 am ET for those who want to tune in.
Approximately $90 billion of securities and other assets were not included in the sale and remain under management. The FDIC and First Citizens Bank plan to split losses and potential recoveries on the loans pursuant to a loss-sharing agreement, the FDIC said, and First Citizens Bank will retain funds available from the FDIC for contingency liquidity purposes. The bank failure has already cost the FDIC about $20 billion in losses, but officials have said they will identify the final figure when they terminate the trusteeship.
First Citizens Bank said it would not acquire any assets belonging to SVB’s former parent company, SVB Financial Group. This means that SVB Capital and SVB Securities will continue to be offered for sale.
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This story was originally featured on Fortune.com.
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