Tiger Global, the New York-based investment firm known for making hundreds of big bets during the pandemic-era startup boom, no longer has any directors left in Europe, public records show.
The firm made a splash in 2021 when it frantically invested in dozens of startups across the continent, backing 34 European companies that year, pushing up valuations and challenging less nimble investors in the process.
Companies wooed by the fund include billion-dollar fintechs Checkout.com and Revolut, as well as speedy grocery unicorn Getir.
Less than two years ago, Tiger Global had three directors linked to its UK entity: Anthony Muhanna, Andreas Attalides, Martin Schimmler. All three have now left the firm.
Schimmler, a private equity veteran who joined Tiger Global from CVC in 2021 to bolster European fundraising, was removed as a director in Companies House this May. He was then removed as the FCA’s Tiger representative in June. Schimmler did not respond to requests for comment.
Muhanna left at the end of 2023 to join TPG in the Middle East, according to his Linkedin. Attalides left in 2022 to join Canary Data, which runs an investment database.
As well as the directors, Cam Simpson, a former Bloomberg investigative journalist hired by Tiger Global in 2022 as a London-based investment analyst, also left the company in May this year, according to his Linkedin.
Tiger Global did not respond to a request for comment.
Once among the most aggressive startup investors in Europe, Tiger Global was forced to retreat as the market turned in 2023, amid rising interest rates and a shortfall in available capital.
As of June 30 2024, losses on the firm’s PIP 15 fund stood at more than 15%, according to a report from California State Teachers’ Retirement System (CalSTRS), one of Tiger’s investors.
Last year, Tiger backed just four European companies, all of which were follow-on investments in companies it had originally backed in 2021 and 2022. They include fintech Truelayer and software startup Hive. So far this year, it’s backed two: a follow-on investment into German AI startup Taktile and a new investment into Dutch proptech Mews.
Read the orginal article: https://sifted.eu/articles/tiger-global-europe-team/
