Valor Equity Partners

Reviewed Updated Mar 30, 2026

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Location Chicago, IL
Founded 2001
Fund Size $17.5B AUM; Fund VI at $2.35B (2024)
Website https://www.valorep.com
Stage Focus
growth late-stage
Sector Focus
aerospace defense ai robotics sustainability food-tech fintech health-wellness cybersecurity crypto biotech longevity

Team

Antonio Gracias Founder, CEO & CIO
Juan Sabater Partner & Co-President
Jonathan Shulkin Partner & Co-President
Christopher Cavoli Partner
Christopher Murphy Partner
Vivek Pattipati Partner
Bradley Sheftel Partner

About

Valor Equity Partners is a private equity and growth investment firm founded by Antonio Gracias in 2001, headquartered in Chicago, Illinois, with additional offices in New York City, San Francisco, and Seattle 12. The firm evolved from MG Capital, a private equity firm Gracias founded in 1995 where he acquired and served as CEO for manufacturing and technology companies 34.

Valor manages approximately $17.5 billion in assets 5. The firm has raised multiple flagship funds: Fund I ($120 million, 2001), Fund II ($300 million, 2007), Fund III ($490 million, 2015), Fund IV ($1.05 billion, 2017), Fund V ($1.7 billion, 2020), and Fund VI ($2.35 billion, 2024) 26. In August 2024, Valor announced that Fund VI closed oversubscribed above its $2 billion target, with concurrent commitments of over $1 billion to Valor Siren Ventures II and the Valor Opportunity Fund, bringing total new commitments during that period to $3.4 billion 5. The firm also raised a $758.7 million Valor Atreides AI Fund in 2025 2. Valor’s limited partner base includes public pension plans, sovereign wealth funds, multinational corporations, family offices, endowments, and foundations 5.

Valor operates three investment vehicles: Growth Investments (flagship growth equity), Early Stage Relationship Capital (smaller investments in early-stage companies to build relationships with high-potential teams), and Valor Siren Ventures (VSV) 17. The firm’s in-house Scale Group, comprising 29 full-time professionals as of December 31, 2024, provides hands-on operational support to portfolio companies across growth and human capital, lean/supply chain optimization, and data science 28. Fund II returned 23.4% through September 2016, significantly outperforming the Cambridge Associates 11.1% average for same-vintage funds 6.

Antonio Gracias served as a director of Tesla from 2007 to 2021, including eight years as Lead Independent Director, and helped take Tesla public 3. He continues to serve on the board of SpaceX, WEKA, and Zipline 3. In early 2025, Gracias took on a volunteer role with the Department of Government Efficiency (DOGE) focused on cost-cutting at the Social Security Administration; he departed that role as of July 1, 2025, amid scrutiny over potential conflicts of interest given Valor’s management of approximately $2 billion for nine public pension funds 910.

Stated Thesis

Valor publicly describes its investment philosophy around the concept of “pro-entropic” companies — businesses that demonstrate the ability to perform and grow across economic and market cycles, unexpected developments, and uncertainty 5. The firm states that it seeks to build value from “tangible operating improvements, not financial engineering,” targeting a 3-5x base case gross MOIC over the expected life of an investment 2.

Antonio Gracias has articulated the thesis as follows: “We are looking at businesses that are really good at predicting that future state and figuring out where to go” 11. He has further explained: “It’s not just that they’re in a market today [that] they think works, but [they’ve] baked into their strategy and their people a way of thinking about the world that’s probabilistic” 11.

Valor describes its focus as investing in “technology and technology-enabled companies that innovate and disrupt existing industries — from biosciences to transportation to food to health and wellness” 1. The firm positions itself as an operational partner rather than a passive financial investor, stating: “These are the questions that drive our work: What can we do in the world that is valuable, and who are the companies that would benefit from our skills?” 8. Gracias has said: “When we stand alone, and other people don’t see what we see, that’s when we make the best investments” 4. He has also stated that “fundamentally, we are investing in great people” and described Valor’s core values as excellence, humility, integrity, and responsibility 48.

Inferred Thesis

Based on 59 verified current growth portfolio investments and 22 realized investments listed on the Valor website 1239:

Stage distribution: Valor primarily invests at growth stage, taking minority stakes in high-growth companies at operational inflection points 6. The firm shifted from traditional private equity buyouts to growth equity minority positions over its history 6. Its Early Stage Relationship Capital vehicle makes smaller “R&D investments” in early-stage companies to build pipeline relationships 7. Typical check sizes range widely: the Crain’s profile from 2016 noted $220 million deployed in SpaceX across Funds II and III 6, while the firm’s early-stage vehicle deploys substantially smaller amounts.

Sector breakdown (based on 58 current growth investments): The portfolio shows significant concentration in several clusters: - Aerospace/defense/government: 5 of 58 (9%) — SpaceX, Anduril, Zipline, Strider, Chaos 12 - AI/data infrastructure: 7 of 58 (12%) — xAI, WEKA, Dataminr, Crusoe, Compscience, Mode, Mythic 12 - Food/consumer: 8 of 58 (14%) — Fooda, Misfits Market, GoPuff, Little Spoon, Wow Bao, Roti, Manduka, Spot & Tango 12 - Health/biotech: 7 of 59 (12%) — K Health, Castle Creek Biosciences, Emalex, Evozyne, Eight Sleep, Aescape, NewLimit 1239 - Cybersecurity/fintech/crypto: 8 of 58 (14%) — HackerOne, Coalition, Counterpart, BitGo, Unchained, Lightning Labs, Polymarket, Addepar 12 - Sustainability/climate: 4 of 58 (7%) — AMP Robotics, Redwood Materials, Remora, Pangaia 12 - Other tech/SaaS: 20 of 58 (34%) — Reddit, AgentSync, Solink, Sonder, MagicSchool, Neuralink, and others 12

Elon Musk ecosystem concentration: A defining pattern in Valor’s portfolio is deep alignment with Elon Musk’s companies. Valor has invested in Tesla (exited), SpaceX, xAI, Neuralink, and previously SolarCity 12. Gracias served on the Tesla board for 14 years and remains on the SpaceX board 3. This relationship has been a primary deal flow channel and differentiator.

Geographic concentration: Despite being headquartered in Chicago, the portfolio is geographically diverse with strong Bay Area and national representation. The firm’s early-stage portfolio includes well-known Silicon Valley names such as Uber, Slack, Palantir, and Flexport 7.

Operational involvement as differentiator: Unlike pure financial investors, Valor deploys its 29-person Scale Group to work on-site with portfolio companies on manufacturing, supply chain, and data science challenges 28. This operational approach originated from Gracias’s experience running manufacturing companies at MG Capital 3.

Co-investor patterns: Valor frequently co-invests alongside top-tier venture and growth firms. Notable co-investors across its portfolio include Sequoia Capital, Founders Fund, GV, XN, and Fidelity 131415.

Notable gap: While the firm emphasizes “pro-entropic” resilience, several portfolio companies have faced significant challenges — Bird went public via SPAC and later filed for bankruptcy, and Sonder’s stock dropped significantly after its 2022 SPAC listing 12. The stated thesis of investing in resilient companies does not fully account for the higher-risk bets in the portfolio.

Portfolio

Current Growth Investments

Company Sector Year Source
Addepar Financial software 2017 1225
AgentSync Insurance software 2021 1626
AMP Robotics Recycling automation 2021 1313
Anduril Defense technology 2020 227
Chaos Defense/radar technology 2025 1728
Coalition Cyber insurance 2020 229
Crusoe AI data centers 2021 1830
Eight Sleep Sleep technology 2021 1931
GoPuff On-demand delivery 2018 232
HackerOne Cybersecurity 2019 1433
K Health AI-powered healthcare 2020 2020
Misfits Market Grocery marketplace 2020 2134
NewLimit Longevity / epigenetic reprogramming 2025 (Series B), 2026 (Series C) 39404142
Sonder Hospitality/short-term rentals 2019 2135
SpaceX Aerospace 2015 623
WEKA AI data platform 2024 1536
xAI Artificial intelligence 2024 1737
Zipline Drone delivery 2026 2438
Dominion Dynamics Defense / Arctic autonomy 2026 (Series A, C$139M, Georgian-led, 2026-06-30) 434445
Base Power Residential battery / retail electricity 2024 (Series A, $68M, co-lead alongside Thrive Capital / Altimeter Capital; 2024-05-07 announcement); 2025 (Series B, $200M, co-led by Addition, a16z, Lightspeed, Valor; 2025-04-08); 2025 (Series C, $1B, Addition-led; 2025-10-08) 464748

Other Current Growth Portfolio Companies (year not yet verified from primary sources)

Sourced from Valor’s website portfolio page 12. Cross-references where noted:

  • Aescape (Wellness technology)
  • Athena
  • Atmosphere
  • BitGo (Crypto security)
  • Brightloom (Restaurant software)
  • Castle Creek Biosciences (Biosciences)
  • Cloud9 (Esports)
  • Compscience
  • Counterpart
  • Dataminr (Data intelligence)
  • David
  • Emalex (Biosciences)
  • Evozyne (Biotechnology)
  • Fooda (Food/dining platform; also referenced in Crain’s 2016 profile 6)
  • Genvid (Gaming/streaming)
  • Lightning Labs
  • Little Spoon (Baby food/nutrition)
  • MagicSchool (Education technology)
  • Manduka (Yoga/wellness products; also referenced on Valor homepage 1)
  • Mode (Analytics/BI)
  • Mythic (AI semiconductors)
  • Neuralink (Neural technology; Series E announcement cited 22)
  • Nirvana
  • Pangaia (Sustainable fashion)
  • Polymarket (Prediction markets)
  • Redacted
  • Reddit (Social media)
  • Redwood Materials (Battery recycling)
  • Remora (Carbon removal)
  • Republic
  • Roti (Fast casual dining)
  • Solink (Business operations software)
  • Spot & Tango (Pet food)
  • Strider
  • Unchained (Cryptocurrency)
  • Wow Bao (Asian fast casual; also referenced on Valor homepage 1)
  • Xsight Labs
  • Zellerfeld
  • Zeitview
  • Z League (Gaming/esports)

Realized Investments (Exits)

Year-specific investment dates for the following realized investments are not yet verified from primary sources. Sourced from Valor’s website portfolio page 12; Premise also cited in Crain’s 2016 profile 6:

  • Tesla (Electric vehicles)
  • SolarCity (Solar energy)
  • Bird (Vehicle sharing)
  • Porch (Home services)
  • Harmony Biosciences (Pharmaceuticals)
  • Marathon Pharmaceuticals (Pharmaceuticals)
  • Uptake (Industrial analytics)
  • ErisX (Crypto exchange)
  • Harbor (Tokenized securities)
  • Premise (Data analytics)
  • 21Shares (Crypto ETFs)
  • Sizzling Platter (Restaurant operator)
  • North American Coatings (Manufacturing)
  • Smith Gas Field Services (Energy services)
  • Family Home Health Services (Healthcare)
  • Qlarity Imaging (Medical imaging)
  • Benchmark Analytics (Analytics)
  • Subspace (Networking)
  • Akadian
  • All Smiles
  • Roti (Fast casual dining)
  • Thrivepoint Financial Holdings (Financial services)

Selected Early Stage Relationship Capital Investments

Year-specific investment dates for the following early-stage investments are not yet verified from primary sources. Sourced from Valor’s Early Stage Relationship Capital page 7:

  • Uber (Ride-hailing)
  • Slack (Business messaging)
  • Palantir (Data analytics)
  • Flexport (Logistics)
  • EasyPost (Shipping API)
  • Houzz (Home design)
  • Rigetti Computing (Quantum computing)
  • Sourcegraph (Code search)

In Their Own Words

“We are looking at businesses that are really good at predicting that future state and figuring out where to go.” — Antonio Gracias, Founder & CEO, on Valor’s “pro-entropic” investment thesis 11

“It’s not just that they’re in a market today [that] they think works, but [they’ve] baked into their strategy and their people a way of thinking about the world that’s probabilistic.” — Antonio Gracias 11

“We’re going into a period now in the economy where if you really want to build a better world, you’re going to have to have moral courage.” — Antonio Gracias 11

“When we stand alone, and other people don’t see what we see, that’s when we make the best investments.” — Antonio Gracias, Hispanic Executive 4

“We are investing in high-growth companies… fundamentally, we are investing in great people.” — Antonio Gracias, Hispanic Executive 4

“I want to get to a place where, if you’re a great company in America and you’re growing quickly, you want us.” — Antonio Gracias, Crain’s Chicago Business, 2016 6

“What we’re really good at is helping companies scale.” — Antonio Gracias, Crain’s Chicago Business, 2016 6

What Founders Say

“Valor is a unique partner in that they are heavily focused on our operations. …Their success comes with their ability to influence a process — to follow a path that we may not have thought of before.” — Gwynne Shotwell, President & COO, SpaceX 23

“The Valor team came in hot and whipped Zipline into shape, fast. They ultimately changed the way our company operates for the better… The Valor team has been the most effective partner we’ve worked with as a business.” — Zipline executive (attribution via Valor website) 2

“I would advise any portfolio company executive to over-index on showing Valor your most complex challenges and problems. They will work with you to solve those problems rather than hold them against you.” — Portfolio company CEO (attribution via Valor website) 2

“Valor was extremely impactful… They helped us identify, strategize, and directly solve multiple operational problems. By far the most impactful engagement we’ve had with an investor.” — Portfolio company executive (attribution via Valor website) 2

“It’s just like having extra teammates who really know what they’re doing and are willing to roll up their sleeves and grab a shovel.” — Portfolio company executive (attribution via Valor website) 2

“Antonio has shown he likes big, aggressive, visionary bets.” — David Soloff, CEO, Premise, Crain’s Chicago Business, 2016 6

“We found an investor with a vision and worldview that aligns with hackers and HackerOne.” — Marten Mickos, CEO, HackerOne, on choosing Valor to lead their Series D 14

Note: Several of the above testimonials are sourced from the Valor website (GrowthCap profile) and may reflect curated selections. Independently sourced founder quotes beyond these are limited in public availability.

Sources

  1. Valor Equity Partners website, homepage, accessed March 2026. https://www.valorep.com/↩↩↩↩↩

  2. GrowthCap, “Valor Equity Partners,” accessed March 2026. https://growthcapadvisory.com/firms/valor-equity-partners/↩↩↩↩↩↩↩↩↩↩↩↩↩

  3. Valor Equity Partners website, “Antonio Gracias,” accessed March 2026. https://www.valorep.com/team/antonio-gracias↩↩↩↩↩

  4. Hispanic Executive, “The City on His Shoulders” (profile of Antonio Gracias), accessed March 2026. https://hispanicexecutive.com/antonio-gracias-valor-equity/↩↩↩↩↩

  5. PRNewswire, “Valor Equity Partners Announces Closing of Oversubscribed Flagship Growth Fund VI and $3.4 Billion in Commitments to Valor Funds,” August 2024. https://www.prnewswire.com/news-releases/valor-equity-partners-announces-closing-of-oversubscribed-flagship-growth-fund-vi-and-3-4-billion-in-commitments-to-valor-funds-302218093.html↩↩↩↩

  6. Crain’s Chicago Business, “Valor Equity takes SpaceX approach to ‘visionary’ investments,” May 2016. https://www.chicagobusiness.com/article/20160514/ISSUE01/305149992/valor-equity-takes-spacex-approach-to-visionary-investments↩↩↩↩↩↩↩↩↩↩↩

  7. Valor Equity Partners website, “Early Stage Relationship Capital,” accessed March 2026. https://www.valorep.com/early-stage-relationship-capital↩↩↩↩

  8. Valor Equity Partners website, “About,” accessed March 2026. https://www.valorep.com/about↩↩↩↩

  9. NBC News, “High-ranking DOGE official and Elon Musk ally, Antonio Gracias, has left government,” July 2025. https://www.nbcnews.com/politics/doge/high-ranking-doge-official-elon-musk-ally-antonio-gracias-left-governm-rcna22↩

  10. CNBC, “High-ranking DOGE official and Elon Musk ally, Antonio Gracias, has left government,” July 2025. https://www.cnbc.com/2025/07/24/high-ranking-doge-official-and-elon-musk-ally-antonio-gracias-has-left-government.html↩

  11. StockPil, “Investor Gracias Seeks ‘Proentropic’ Startups for Chaotic Era,” accessed March 2026. https://stockpil.com/antonio-gracias-proentropic-startups-chaos/↩↩↩↩↩

  12. Valor Equity Partners website, “Growth Investments,” accessed March 2026. https://www.valorep.com/growth-investments↩↩↩↩↩↩↩↩↩↩↩↩↩

  13. AMP Robotics, “New investment will help AMP accelerate innovation,” January 2021. https://ampsortation.com/articles/new-investment-will-help-amp-accelerate-innovation↩↩↩

  14. HackerOne blog, “Hacking with Valor: Why We Raised $36.4M with Valor Equity Partners,” September 2019. https://www.hackerone.com/blog/investors-love-hackers-why-we-raised-364m-valor-equity-partners↩↩↩

  15. PRNewswire, “WEKA Nets $140M in Series E Funding at $1.6B Valuation,” May 2024. https://www.prnewswire.com/news-releases/weka-nets-140m-in-series-e-funding-at-1-6b-valuation-302145513.html↩↩

  16. Crunchbase, “Valor Equity Partners — 188 Investments,” accessed March 2026. https://www.crunchbase.com/search/funding_rounds/field/organizations/num_investments/valor-equity-partners↩

  17. Crunchbase News, “Startup Funding Heats Up In October,” October 2025. https://news.crunchbase.com/venture/global-startup-funding-heats-up-october-2025-reflection-polymarket/↩↩

  18. Crusoe press release, “Crusoe Announces Series E Funding,” October 2025. https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-e-funding↩

  19. Valor Equity Partners website, “Eight Sleep Company Profile,” accessed March 2026. https://www.valorep.com/eight-sleep-company-profile↩

  20. HIT Consultant, “K Health Collabs with Mayo Clinic, Raises $42M from Jay-Z + SpaceX/Tesla, Valor Equity Partners,” November 2020. https://hitconsultant.net/2020/11/18/k-health-collabs-with-mayo-clinic-funding/↩↩

  21. Crunchbase, Valor Equity Partners investment records (Sonder Series E June 2020, Misfits Market Series B July 2020), accessed March 2026. https://www.crunchbase.com/organization/valor-equity-partners↩↩

  22. Neuralink on X, Series E announcement with Valor Equity Partners participation, accessed March 2026. https://x.com/neuralink/status/192960480441190409↩

  23. Valor Equity Partners website, “SpaceX Company Profile,” accessed March 2026. https://www.valorep.com/spacex-company-profile↩↩

  24. TechCrunch, “Zipline charts drone delivery expansion with $600M in new funding,” January 2026. https://techcrunch.com/2026/01/21/zipline-charts-drone-delivery-expansion-with-600m-in-new-funding/↩

  25. Addepar, “Addepar Raises $140 Million To Build First Unified Platform for the Financial World,” June 2017. https://addepar.com/newsroom/addepar-raises-usd140-million-to-build-first-unified-platform-for-the-financial-world↩

  26. PRNewswire, “AgentSync Secures $75M at a $1.2B Unicorn Valuation to Power Growth Across the Insurance Industry,” December 2021. https://www.prnewswire.com/news-releases/agentsync-secures-75m-at-a-1-2b-unicorn-valuation-to-power-growth-across-the-insurance-industry-301439043.html↩

  27. Tracxn, “Anduril — Funding Rounds & List of Investors,” accessed April 2026. https://tracxn.com/d/companies/anduril/__qqOI0HKR47lFXorj9FAQlDfmJOqfOpDNWiW3JcO–ss/funding-and-investors↩

  28. BusinessWire, “CHAOS Industries Raises $510 Million Led by Valor Equity Partners to Accelerate Next-Generation Defense Systems,” November 2025. https://www.businesswire.com/news/home/20251113579391/en/CHAOS-Industries-Raises-$510-Million-Led-by-Valor-Equity-Partners-to-Accelerate-Next-Generation-Defense-Systems↩

  29. Coalition, “Coalition Raises $90 Million in Funding to Build the Future of Cyber Insurance,” May 2020. https://www.coalitioninc.com/announcements/coalition-raises-90m-in-funding-to-build-the-future-of-cyber-insurance↩

  30. Crusoe, “Crusoe achieves operational milestones and closes $128 million Series B financing,” 2021. https://www.crusoe.ai/resources/newsroom/crusoe-series-b↩

  31. TechCrunch, “Eight Sleep raises $86M as its smart mattress and ‘sleep fitness’ technology approach $500M valuation,” August 2021. https://techcrunch.com/2021/08/30/eight-sleep-raises-86m-as-its-smart-mattress-and-sleep-fitness-technology-approach-500m-valuation/↩

  32. GoPuff/Valor Equity Partners, “goPuff — Company Profile,” accessed April 2026. https://www.valorep.com/gopuff-company-profile↩

  33. TechCrunch, “HackerOne just closed a new round of funding that brings its total funding to $110 million,” September 2019. https://techcrunch.com/2019/09/08/hackerone-just-closed-a-new-round-of-funding-that-brings-its-total-funding-to-110-million/↩

  34. TechCrunch/Technical.ly, “Misfits Market raises $85M Series B led by Valor Equity Partners,” July 2020. https://technical.ly/philly/2020/07/22/ugly-produce-delivery-startup-misfits-market-raised-85-million-series-b-hiring-abhi-ramesh/↩

  35. BetaKit, “Sonder raises $210 million USD, surpassing $1 billion valuation,” July 2019. https://betakit.com/sonder-raises-210-million-usd-surpassing-1-billion-valuation/↩

  36. WEKA, “WEKA Nets $140M in Series E Funding at $1.6B Valuation,” May 2024. https://www.weka.io/company/weka-newsroom/press-releases/weka-nets-140m-in-series-e-funding-at-1-6b-valuation/↩

  37. xAI, “Series B funding round,” May 2024. https://x.ai/news/series-b↩

  38. DroneXL, “Zipline Reaches $7.6 Billion Valuation As Valor Equity Partners Leads $600 Million Funding Round,” January 2026. https://dronexl.co/2026/01/20/zipline-reaches-7-6-billion-valuation-drone/↩

  39. NewLimit company blog, “NewLimit raises $130 million Series B led by Kleiner Perkins alongside NFDG, Khosla Ventures, Human Capital and others,” May 6, 2025. Accessed June 2026. https://blog.newlimit.com/p/newlimit-raises-130-million-series↩↩↩

  40. NewLimit company blog, “NewLimit raises $435M led by Founders Fund to bring longevity medicines to human trials,” June 2, 2026. Accessed June 2026. https://blog.newlimit.com/p/newlimit-raises-435m-led-by-founders↩

  41. Yahoo Finance, “NewLimit raises $435M Series C, valuation hits $3.1B,” June 3, 2026. Accessed June 2026. https://finance.yahoo.com/sectors/healthcare/articles/newlimit-raises-435m-series-c-145642833.html↩

  42. Bitcoin.com News, “Coinbase CEO Brian Armstrong’s Newlimit Raises $435 Million, Tripling Valuation to $3.1 Billion,” June 2026. Accessed June 2026. https://news.bitcoin.com/newlimit-435-million-series-c-brian-armstrong/↩

  43. PR Newswire, “Dominion Dynamics Raises $139M CAD Series A to Scale Arctic Surveillance Network and Drone Systems,” June 30, 2026. Accessed June 2026. https://www.prnewswire.com/news-releases/dominion-dynamics-raises-139m-cad-series-a-to-scale-arctic-surveillance-network-and-drone-systems-302813965.html — Confirms Valor Equity Partners participated (via Valor Atreides AI Fund) in Dominion Dynamics’ C$139M Series A on June 30, 2026 led by Georgian. ↩

  44. BetaKit, “Dominion Dynamics lands $139 million in Canada’s largest defence-tech Series A,” June 30, 2026. Accessed June 2026. https://betakit.com/dominion-dynamics-lands-139-million-in-canadas-largest-defence-tech-series-a/ — Independent confirmation of Valor Equity Partners participation via Valor Atreides AI Fund in the Georgian-led C$139M Series A. ↩

  45. Ottawa Business Journal, “Dominion Dynamics closes $139M funding round in bid to scale defence technology,” June 30, 2026. Accessed June 2026. https://obj.ca/dominion-dynamics-closes-139m-funding-round/ — Third independent confirmation of the C$139M Series A led by Georgian with Valor Equity Partners participating; reports Ottawa headquarters and Kanata, Ontario manufacturing operations. ↩

  46. Not Boring by Packy McCormick, “Base Power Company,” May 7, 2024, accessed July 16, 2026. https://www.notboring.co/p/base-power-company — Contemporaneous long-form profile published on Base Power’s Series A launch day (May 7, 2024). Confirms Base “raised over $60 million from investors including Thrive Capital, Altimeter Capital, and Valor Equity Partners.” Notes Antonio Gracias (Valor) sits on the board. ↩

  47. EnergyChoiceMatters.com, “Base Power, Start-up Retail Provider Led By Zach Dell, Officially Launches; Retail Pricing, VPP Strategy Revealed,” May 7, 2024, accessed July 16, 2026. https://www.energychoicematters.com/stories/20240507b.html — Independent industry-press confirmation of the May 7, 2024 launch. “Base has raised capital from Thrive Capital, Valor Equity Partners, Altimeter Capital, Trust Ventures, Terrain, and others.” ↩

  48. BusinessWire, “Base Power Raises $200M Series B to Reinforce the Texas Power Grid, Accelerate National Expansion, and Build American Manufacturing Capabilities,” April 9, 2025 (dateline April 8, 2025), accessed July 16, 2026. https://www.businesswire.com/news/home/20250409624698/en/Base-Power-Raises-$200M-Series-B-to-Reinforce-the-Texas-Power-Grid-Accelerate-National-Expansion-and-Build-American-Manufacturing-Capabilities — Primary company press release confirming Valor Equity Partners as co-lead of $200M Series B (alongside Addition, Andreessen Horowitz, Lightspeed Venture Partners), with existing investors Thrive Capital, Altimeter, Terrain, and Trust participating. Series C ($1B, Addition-led, October 8, 2025) additionally confirmed via BusinessWire https://www.businesswire.com/news/home/20251008106005/en/Base-Power-Raises-$1-Billion-Series-C-to-Build-the-Future-of-American-Power (lists Valor Equity as re-participating). ↩