Former Social Capital Partners Make First Investment Since Exit
- Tribe Capital is investing in cryptocurrency platform SFOX
- Both Social Capital and Tribe Capital are in on the round
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Social Capital, the high-profile venture capital firm helmed by former Facebook Inc. executive Chamath Palihapitiya, has seen several notable partner defections in recent months. Three of them—Arjun Sethi, Jonathan Hsu and Ted Maidenberg—started a new firm together, called Tribe Capital. Now, that firm has made its first investment: cryptocurrency startup SFOX Inc.
Tribe is leading a $22.7 million round of funding for the cryptocurrency trading platform, which aims to centralize prices from different exchanges into one app. Social Capital, which co-led the funding round, had previously invested in the company, with Sethi as the lead partner. This time as part of Tribe Capital, Sethi will join SFOX’s board.