The letter highlights an investing strategy that Thrive pioneered in the venture capital industry: concentrating on a small subset of companies, rather than indexing an entire market. While many VC firms spread bets across dozens of companies, Thrive’s strategy is much more focused.

Thrive Holdings has raised $2 billion in new funding at a $12 billion valuation from investors like SoftBank, D1 Capital Partners, and Alitmeter Capital.

Thrive Holdings raised $2B at a $12B valuation from SoftBank, D1 Capital, and Altimeter to acquire service businesses and transform them using