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VC FUND

Dragoneer Investment Group

// KEY PEOPLE

Marc Stad
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// PORTFOLIO INTELLIGENCE

// COMPANIES TRACKED

33

// PORTFOLIO VALUATION (TRACKED)

$662.7B

Combined current valuation of portfolio companies in WOWLS database — not fund AUM or capital deployed

// SECTORS COVERED

55

WOWL HIT RATE: 27%WOWL MISS RATE: 12%

// THREAT LEVEL DISTRIBUTION

  • ARMED
    14 · 41.2%
  • DANGEROUS
    9 · 26.5%
  • BLOATED
    5 · 14.7%
  • TERMINAL HYPE
    3 · 8.8%
  • HUNTED
    2 · 5.9%
  • AI ALCHEMY
    1 · 2.9%

Based on 34 enriched portfolio companies

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// 5 TIERS · PAYPAL SECURED

// NOTABLE INVESTMENTS

// PORTFOLIO COMPANIES

33 companies · $662.7B combined valuation

COMPANYSECTORVALUATIONROUNDYEARTHREAT
Ubertransportation$150BVENTURE_ROUND2016HUNTED
Airbnbecommerce$75BSERIES_D2014DANGEROUS
Nubankconsumer finance$55BSERIES_E2018DANGEROUS
Atlassiancollaboration$50BSECONDARY2014DANGEROUS
Snowflakecloud computing$45BSERIES_D2017DANGEROUS
UiPathsoftware$35BSERIES_D2020AI ALCHEMY
Scale AIai$29BSERIES_D2021ARMED
Zomatofood delivery$25BVENTURE_ROUND2021DANGEROUS
Samsaraiot$25BSERIES_D2019DANGEROUS
Chimefinancial services$25BSERIES_C2018ARMED
Deelfintech$17.3BSERIES_C2021ARMED
Discordcommunication software$15BSERIES_H2021ARMED
Klarnafintech$14.6BVENTURE_ROUND2019TERMINAL HYPE
Faireb2b marketplace$12.59BSERIES_E2021BLOATED
Checkout.comecommerce$12BSERIES_D2022DANGEROUS
Whatnotecommerce$11.5BSERIES_E2024BLOATED
Gustofintech$10BSERIES_C2016ARMED
Gitlabdevops$8BSERIES_E2021TERMINAL HYPE
Cartaequity management$7.4BSERIES_F2021DANGEROUS
CREDfinancial services$6.4BSERIES_C2021BLOATED

// RECENT ACTIVITY

// WOWL ASSESSMENT

Dragoneer bet big on growth-at-any-price late-stage rockets during the 2019-2021 bubble, writing enormous checks into companies already trading at nosebleed valuations. The fund's portfolio reads like a greatest-hits album of peak-cycle deployment: Snowflake, UiPath, Chime, Zomato — all entered at stratospheric prices that assumed infinite growth. Eight public exits sound impressive until you calculate the entry multiples. The 27% hit rate confirms selectivity died when the checkbook opened.

Public market performance tells the story: Snowflake traded at $400+ when Dragoneer likely invested pre-IPO, now sits at $160. UiPath debuted at $80B valuation in 2021, currently valued at $8B — a 90% markdown. Chime raised at $25B in 2021 and cannot find an exit. The winners (Uber, Airbnb, Nubank) required years of patience through brutal drawdowns. Only 27% of bets worked despite deploying into companies already past product-market fit — that selectivity failure is damning.

// THREAT LEVEL: BLOATED

VERDICT: Dragoneer rode the late-stage bubble to glory then crashed with it — a case study in what happens when capital abundance replaces conviction.

// WHY WOWLS WATCHES

The fund's portfolio composition reveals exactly which vintages will haunt crossover investors for the next decade. When your biggest positions are Snowflake and UiPath at 2021 prices, the math does not work.

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// INTELLIGENCE PENDING

// INTELLIGENCE DISCLAIMER: Fund assessments represent editorial opinion based on publicly available data. Portfolio coverage reflects companies tracked in the WOWLS database and may not represent complete investment history. Hit and miss rates are calculated from tracked portfolio companies only. Not financial or investment advice.

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