In a significant career move, Amy Wu, the former head of FTX Ventures, joins Menlo Ventures as a partner. Wu will be based in New York City and will frequently travel to San Francisco and Los Angeles, focusing on consumer and gaming related industries. Wu’s expertise in AI, gaming, the creator economy, and consumer tech positions her well for this role in one of the leading venture firms in Silicon Valley. Working closely with Shawn Carolan, Wu aims to expand Menlo’s influence across a wide range of consumer tech sectors.
This move marks a fresh start for both Wu and Menlo Ventures. For Wu, it is a return to the startup scene of New York City, where she first made her name in the early 2010s. Menlo Ventures, on the other hand, extends its reach from Silicon Valley to the vibrant hub of New York City, with partner Tyler Sosin already on the ground.
A notable event in Wu’s career was her time at FTX Ventures, a subsidiary of the now defunct crypto exchange FTX. The sudden collapse of FTX sent shockwaves through the industry and left a bitter aftertaste, much like the MtGox hack and Bitconnect scandal. Wu is no exception to those affected by this chain of events. Reflecting on her experience at FTX, she described it as a challenging learning period. “It was really difficult, I was there for a short period of time—it was 10 months, and it felt like 10 years,” she shared with Axios.
Acknowledging the prevailing challenges faced by hyper-growth companies, Wu admits feeling unprepared for the turmoil that followed FTX’s downfall. Despite the hardship, Carolan believes she is the “absolute best” for her role at Menlo Ventures.
Wu’s arrival at Menlo coincides with the firm’s fundraising for their latest cohort of funds, a time when new partners are typically brought on board. She will concentrate on early-stage investments in tech-driven fields like gaming, blockchain, and innovative pursuits like generative AI.
Interestingly, Wu’s new role puts her at the crossroads of blockchain and AI, a nexus that has attracted frenzied investment recently. Although the blockchain sector has experienced a considerable decline in venture capital, especially in crypto firms, Wu’s expertise and vision could provide a much-needed stimulus for the industry.
In April, Crunchbase reported an 82% drop in venture capital funding for crypto firms year-over-year. As Wu takes on this new responsibility, it remains to be seen how her background and experiences will ultimately shape the trajectory and potential growth of both the AI and blockchain sectors.
Source: Decrypt
