Silicon Valley venture capital investor Chamath Palihapitiya on Friday announced his new incubator 8090, entirely funded by him, to support enterprise software startups.
“I’m starting an incubator. Funded entirely by me. It’s called 8090. Tell us what enterprise software you use and my team and I will build you an 80% feature complete version at a 90% discount. We are using AI and offshoring to make this happen,” Palihapitiya, CEO of venture capital firm Social Capital said in a post on X.
Before starting Social Capital in 2011, Sri Lanka-born Palihapitiya was an early member of Facebook and served as the Vice President for user growth. Prior to Facebook, he worked at the Mayfield Fund, AOL and Winamp.
According to private market data provider PitchBook, Palihapitiya has 50 investments and 37 exits so far. Estimates about his net worth vary widely and is reportedly believed to be around a billion dollars. As of mid 2021, as per Forbes, his net worth stood at $1.2 billion.
In a recent episode of his All-In podcast, he said that 2024 is “the most important year for Bitcoin that has ever existed. We are probably days away from a series of ETFs being approved and so this is the moment for Bitcoin to use that old term ‘cross the chasm’ and really see mainstream adoption… And I think that, if all of this comes to pass, Bitcoin will be a part of the traditional financial lexicon by the end of 2024. So that is my most anticipated trend of the year.”