Introduction
Wesley Chan, widely recognized for his iconic buffalo hat, is perhaps best known for his uncanny ability to identify unicorns in the venture capital world. Throughout his career, Chan has invested in more than 20 unicorns, including notable companies like AngelList, Dialpad, Ring, Rocket Lawyer, and Source graph. Five of these investments have become decacorns: Canva, Flexport, Guild Education, Plaid, and Robinhood. Chan was often the first to investigate these opportunities, marking him as a pivotal figure in their early stages.
Career Path: From Engineer to Investor
Chan’s journey began at Google, where he started as an engineer. His venture capital career took off at Google Ventures and continued at Felicis Ventures. Today, he co-leads FPV Ventures, a $450 million venture capital fund, alongside co-founder Pegah Ebrahimi. Despite his professional accolades, Chan’s personal story offers profound insights into his approach to investing.
Early Life and Immigrant Roots
Chan’s narrative starts with his family’s move from Hong Kong to the United States in the 1970s. They arrived with no money, and Chan grew up in a hardworking, immigrant family with limited resources. His parents’ strength and determination left a lasting impression on him, although he admits it took him years to fully appreciate their sacrifices.
High School Struggles and Early Jobs
Chan’s parents separated when he was young, and his mother raised him as a single parent. During high school, he worked three jobs to support his family, including roles as a parking lot attendant, waiter, and dishwasher in a biology lab at the California Institute of Technology (CalTech). He secured the dishwashing job through a Craigslist ad and commuted 42 minutes by bus to CalTech, where he washed beakers.
Breakthrough at CalTech
One day, Ellen Rothenberg, a renowned gene biologist and lab manager at CalTech, asked Chan to read a college-level biology book. Despite having limited high school biology knowledge, Chan took on the challenge to keep his job. Rothenberg saw potential in Chan and eventually promoted him to a lab bench role. Over the next three years, Chan conducted research while attending high school, contributing to a team that discovered a method for converting stem cells into red blood cells.
Path to MIT
Rothenberg, who had connections with Harvard and MIT, recommended Chan consider college. Despite his poor grades, MIT took a chance on him after Rothenberg’s recommendation. This opportunity was a turning point in Chan’s life, enabling him to pursue higher education and later a successful career.
Business Lessons from Loneliness
Chan’s experiences of working through high school and college taught him the value of hard work and resilience. He doesn’t seek founders from privileged backgrounds but rather those with grit and determination. This perspective has guided his approach to venture capital, where he looks for tenacious individuals who understand the importance of hard work.
Overcoming Challenges in Venture Capital
As a gay Asian man in the tech industry, Chan has faced unique challenges. Early in his venture capital career, the industry was dominated by senior white men who exchanged deals in exclusive settings. Chan’s background did not fit this mold, making it difficult to build a deal flow network. Despite these hurdles, he has persevered and succeeded in identifying and investing in promising startups.
Founding FPV Ventures
Chan and Ebrahimi founded FPV Ventures to offer an investment approach informed by their unique backgrounds. Ebrahimi, the youngest CIO at Morgan Stanley and a former C-suite executive at tech companies, shares Chan’s vision. FPV Ventures focuses on supporting underrepresented minorities and women founders, ensuring that their success benefits a broader community.
Who is Wesley Chan?
Wesley Chan is a venture capitalist known for his investments in over 20 unicorns and five decacorns. He is a co-founder and managing partner of FPV Ventures.
What is FPV Ventures?
FPV Ventures is a $450 million venture capital fund co-founded by Wesley Chan and Pegah Ebrahimi. The firm focuses on supporting underrepresented minorities and women founders.
How did Wesley Chan start his career?
Chan began his career as an engineer at Google before moving into venture capital with Google Ventures and Felicis Ventures.
What influenced Chan’s investment approach?
Chan’s investment approach is influenced by his experiences growing up in a hardworking immigrant family and overcoming challenges as a gay Asian man in the tech industry. He looks for founders with grit and determination.
What are some notable companies Chan has invested in?
Notable companies Chan has invested in include AngelList, Dialpad, Ring, Rocket Lawyer, Sourcegraph, Canva, Flexport, Guild Education, Plaid, and Robinhood.
How did Chan get into MIT?
Despite poor grades, Chan got into MIT thanks to a recommendation from Ellen Rothenberg, a gene biologist at CalTech, who recognized his potential and advocated for him.
What challenges has Chan faced in venture capital?
Chan has faced challenges related to his background as a gay Asian man in a predominantly white, male-dominated industry. He has had to build his deal flow network through perseverance and a unique investment approach.
Why did Chan and Ebrahimi start FPV Ventures?
They started FPV Ventures to provide an investment approach that reflects their diverse backgrounds and to support founders from underrepresented groups.
