Apr 8, 2024 - Business

Exclusive: Former PayPal CEO Dan Schulman joins VC firm

Dan Schulman

Photo: Stefan Wermuth/Bloomberg via Getty Images

Dan Schulman, who stepped down last fall as PayPal's CEO after a nine-year run, has joined venture firm Valor Capital Group as a managing partner, he tells Axios exclusively.

Why it matters: Schulman has been one of Silicon Valley's most sought-after free agents, for both CEO and investor roles.

  • Since retiring from PayPal, he's taken board seats with Cisco and Lazard, plus maintained his board seat with Verizon.

Catch up quick: Valor Capital Group was founded in 2011 to focus on cross-border tech investments between the U.S. and Brazil, although it's since branched out to more of Latin America.

  • Portfolio companies have included Coinbase, Gympass, Viagogo and Sprinklr.
  • Founding partner Scott Sobel and Schulman first met when Sobel was running Net2Phone in the 1990s. Schulman at the time was president of AT&T's consumer unit, led a corporate investment in Net2Phone, and joined its board.

What they're saying: "As I was thinking about life post-PayPal, something very interesting to me is this idea of how countries become closer when more cross-border trade is enabled," says Shulman, who plans to work two or three days per week with Valor. "Latin America, in particular, is becoming more important to the U.S. as many companies begin to pull out of China to nearshore in places like Mexico and Brazil."

"Dan has been my friend and mentor for several decades, and it's somewhat rare to be able to partner with your mentor in this way," Sobel adds.

Look ahead: Neither Schulman nor Sobel would discuss future fundraising, citing SEC marketing restrictions, but don't be surprised if Valor soon begins hitting up investors.

  • The firm raised around $255 million for its fourth flagship fund in 2021, and the following year raised a $150 million opportunities vehicle.
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