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Fabrice Grinda

Internet entrepreneurs and investors

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Fabrice Grinda

Internet entrepreneurs and investors

Month: October 2025

FJ Labs Q3 2025 Update

FJ Labs Q3 2025 Update

Friends of FJ Labs,

This quarter was underscored by tremendous momentum from a number of our breakout portfolio companies. We are incredibly excited by these developments and seeing our winners really compound.  Full detail below!

Midas: FJ Labs’ Fastest Growing Incubation

Company hits $1.4B of TVL in 12 months

Co-founded and chaired by Fabrice, Midas is the only fully regulated and compliant tokenization and vaulting platform that allows asset managers to launch yield-bearing tokens without the burden of KYC. The business has exploded to $1.4B of TVL in 12 months through partnerships with institutional investors, with no incentives, rewards or tokens. Midas is now bringing private credit on-chain, with institutional-grade infrastructure.

Midas has raised from HV (fka Holtzbrinck Ventures), FJ Labs, and some of the most notable crypto investors in the world including Blocktower, Axelar, Framework, Ledger, Coinbase Ventures, Cathay Innovation, GSR, Hack VC, Lattice and 6th Man Ventures.


Clutch: Races Past C$1B+ Revenue Run-Rate

Hires auto-tech executive Richard Ball

FJ Labs breakout name, Clutch, Canada’s largest online used car retailer, continues to compound and build economies of scale amid no competition. The company has now scaled to C$1B+ revenue run-rate, growing 100% YoY.

In other news, Clutch recently welcomed Richard Ball to the leadership team as Chief Production Officer, from Carvana. Richard brings over 25 years of experience scaling complex operations with leading auto-tech and retail companies and will be instrumental in helping the company expand its national footprint across Canada.

One of the most remarkable turnaround stories in our portfolio, we doubled down a year ago in a C$20M recapitalization round at a $35M post-money valuation and only 14 months later, followed on in a pre-emptive C$60M round at a C$535M pre-money valuation led by Altos Ventures (a 12X markup in 15 months!).

Paraform raised a $20M Series A from Felicis, BOND, @ DST Global to build the best platform for hiring top talent. Having partnered with Palantir, Cursor, and others, Paraform equips recruiters with AI-powered tools to place talent faster. (Paraform)

Cambridge-UK based, CuspAI, a startup developing AI models for material science raised a $100M Series A led by NEA and Temasek. The founding team is among the most cited in the world, comprised of world-class researchers in chemistry and engineering. (Fortune)

Humanoid robotics startup, Figure (which launched Figure 03 last week), raised a $1B+ Series C at a $39B post-money valuation led by Brookfield Asset Management. FJ was among the first institutional investors in Figure’s Series A  in 2023, and followed-on in the $675M Series B. (TechCrunch)

YC-backed Garage, a marketplace for secondhand emergency vehicles, raised a $13.5M Series A. Garage is modernizing the way equipment is bought and sold, automating every part of the transaction across payments, freight, paperwork, warranty, and financing. (TechCrunch)

With the help of $16M in fresh funding, trucking’s premier freight platform, Trucksmarter, launched an AI-powered assistant to transform how carriers book loads. Investors in the round include a16z, Founders Fund, Bain Capital Ventures, and Thrive Capital. (FreightCaviar)

AI-driven customs compliance startup Caspianannounced its public launch out of stealth, and $5.4M of seed funding led by Primary Venture Partners. Caspian helps exporters reclaim billions in duty refunds from tariffs by filing directly with U.S. Customs. (BusinessWire)

Vessel, an investment management platform that helps GPs digitize their IR & fundraising workflows, raised a $7.5M seed round. We at FJ Labs are active and happy customers, using Vessel to manage all of our LP co-investments! (BetaKit)

Fabrice discusses ultra-high volume venture investing, what makes a founder truly fundable, the rise of secondaries in venture, and hosting the quintessential dinner party with long-time friend, fellow investor, and “World of Daas” host Auren Hoffman. 

In this interview, founders of FJ Labs & Union Square Ventures portfolio companies, Mundi(fintech for cross-border trade) & Ghost (B2B marketplace for overstock inventory) discuss building startups at the intersection of logistics, finance, and global trade.

At LAVCA Week (Association for Private Capital Investment in Latin America) in NYC, FJ Partner Jeff Weinstein joined a panel exploring how WhatsApp is driving the shift toward conversational commerce in Brazil alongside speakers from Meta, Monashees, and xQuotient.


Author Rose BrownPosted on October 14, 2025October 14, 2025Categories FJ LabsLeave a comment on FJ Labs Q3 2025 Update

In Praise of Being Yourself

In Praise of Being Yourself

We spend so much of life trying to be other people’s idea of who we should be. We bend ourselves into shapes that fit expectation, comparison, judgment. Yet the deeper truth is that freedom comes not from meeting those demands, but from finally stepping fully into the shape of ourselves.

This is the praise we rarely give: not to success, not to appearances, but to the quiet, unrepeatable miracle of being who we already are.

The Discovery of Difference

A decade ago, I stumbled into an unexpected revelation: I have aphantasia. I cannot visualize with my mind’s eye. When guided meditations invited me to imagine glowing orbs of energy or brilliant colors, I felt peace, yes, but I saw only blackness.

At first, I thought I was missing out. My friends described seeing visions, colors, journeys on psychedelics, yet all I ever found was the back of my eyelids. Oddly, my dreams were different: vivid, cinematic, sweeping adventures. And my brother Olivier stood on the opposite pole, with hyperphantasia, a visual imagination so strong he could overlay it onto reality itself.

Note this is not to say that I cannot imagine, but more that my imagination and memories are more conceptual and emotional. They consist of thoughts, feelings, and sensations rather than images.

This contrast made me wonder: could I “unlock” visualization? Would it make me more creative, more capable, more complete? Perhaps it would help me recognize faces better. It’s a tad embarrassing not to be able to recognize friends if they merely change hair style or the way they dress.

Turning Weakness into Strength

I tried for years. Visualization exercises, psychedelics, endless attempts, but nothing worked. Slowly, though, something else revealed itself: my so-called limitation turned out to be a strength.

Because I cannot conjure imagined pictures, my mind does not wander. I live anchored in the present moment. I can switch contexts instantly, moving from one topic to the next without distraction. My memory is astonishing. I retain nearly everything I read or experience, as though the lack of internal pictures sharpened every other faculty.

In a world overflowing with distraction, this is no handicap. It is a superpower.

And so, I stopped yearning for a different mind. I embraced the one I was given.

Be Careful: You May Not Be Who You Think You Are

You may tell yourself, “I cannot paint.” But that’s not quite true. That’s just a story you tell yourself. You simply haven’t decided to allocate the time to learn. With effort, you can become competent at almost anything.

But competence is not calling. What matters is discovering what your heart of hearts desires—and pursuing that with abandon. Each of us is born with different predispositions, strengths, weaknesses. We are trained to “fix” what is missing, but life is better spent doubling down on what is already ours.

The Freedom of Being Yourself

Suffering comes from living a life scripted by others: parents, peers, bosses, culture, and by the stories we tell ourselves about who we should be. We play roles, wear masks, and grip tightly to identities, as though clinging to them will keep us safe. But instead, they suffocate us.

The liberating truth is this: most people aren’t paying that much attention to you. They’re too absorbed in their own struggles. The moment you stop bending yourself into shapes for their approval, you reclaim an astonishing freedom. When you see that no one really cares, you’re released from the tyranny of performing.

Likewise, pain, whether from criticism, rejection, or failure, is only unbearable when you believe it defines you. If you stop identifying so fiercely with the “hurt self,” you discover a deeper self that cannot be touched. The world may still throw chaos your way, but you no longer hand it the keys to your inner peace.

Caring less does not mean apathy. It means loosening the anxious grip, stepping back into the cosmic comedy, and realizing life is play, not punishment. When you drop the heavy seriousness, you find yourself laughing more, creating more, living more.

Authenticity = Freedom

The invitation is simple but profound: be yourself, not the self society expects, not the self you have been rehearsing, not the self you think you “should” be, but the raw, unrepeatable, honest self that emerges when you stop pretending.

Authenticity is not about becoming perfect. It is about dropping the mask. When you do, you discover a strange paradox: the less you care about being accepted, the more life accepts you.

So, stop performing. Step out of the spotlight. Laugh at the absurdity. Dance with existence.

Because when you stop caring about who you are supposed to be, you finally discover the freedom of who you already are.

Author Rose BrownPosted on October 7, 2025October 7, 2025Categories Personal Musings5 Comments on In Praise of Being Yourself

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