Medici Capital Partners Research
Investment Thesis
Medici Capital Partners is a late-stage venture capital and direct secondary firm founded in 2018 by Richard Yen in San Francisco. The firm invests exclusively in profitable B2C consumer technology companies with established product/market fit that are scaling to the next level. Medici's core thesis is that the most compelling risk-adjusted returns in consumer tech come from backing companies that have already proven their model and need capital to scale — not early bets on unproven ideas.
The firm deploys capital via two primary mechanisms: (1) primary growth and pre-IPO financings, participating in late rounds as companies prepare for public markets; and (2) direct secondary transactions, purchasing shares from existing employees and shareholders to provide liquidity while gaining exposure to high-quality companies at scale.
Sector Focus
Medici invests across three primary consumer verticals:
Consumer Internet: Subscription services, ecommerce, online marketplaces, health/wellness apps, travel platforms, ed-tech, digital kids' products, Web3, and direct-to-consumer brands. The fund seeks companies with proven subscription economics or durable marketplace dynamics at scale.
Media and Sports: Creator economy platforms, generative AI media tools, sports technology, audio/podcasting, online video, experiential events, digital intellectual property, and ticketing. The portfolio includes both digital-native media brands (e.g., BDG/Bustle) and tech-enabled sports analytics businesses (e.g., Second Spectrum).
Gaming: Game development platforms, user acquisition tools, skill gaming, metaverse infrastructure, user-generated content platforms, and mobile game studios. Medici invests in both the production and distribution layers of the gaming ecosystem.
Stage Focus
Medici operates exclusively at the growth and late stage — typically Series B and beyond, including pre-IPO rounds. The firm targets companies with established product/market fit, proven monetization models, and a clear path to profitability or already profitable operations. The secondary business provides an additional channel to invest in companies that are not actively raising primary rounds.
Check Size
Medici's check size is not publicly disclosed. Given the firm's late-stage focus and portfolio profile (Turo at Series F, NerdWallet pre-IPO, BDG growth round), primary investments are likely in the $5M–$30M range. Secondary purchases are typically smaller position sizes.
Lead Tendency
Medici has demonstrated the ability to lead or anchor growth rounds. Richard Yen joined BDG's board following the September 2024 growth investment, indicating lead or co-lead positioning. The firm also participates as a follow-on investor alongside larger growth equity funds.
Recent Activity
Most notable recent investment: BDG (Bustle Digital Group), owner of media brands including Bustle and Nylon, which closed a growth investment from Medici Capital Partners in September 2024. Richard Yen joined BDG's board following the deal, underscoring Medici's active ownership approach.
Previously, Medici invested in Turo in connection with the company's Series F and pre-IPO fundraising in 2022. Turo remains a unicorn in the portfolio.
Portfolio Highlights
Unicorn: Turo ($1B+ valuation), the leading peer-to-peer car rental marketplace, represents Medici's most prominent active holding.
IPO: NerdWallet (NASDAQ: NRDS), the personal finance comparison and advisory platform, went public in November 2021 at a $595M market cap. Medici held a pre-IPO position.
Acquisitions:
- Second Spectrum (AI-powered sports analytics), acquired by Genius Sports for $200M in May 2021. Second Spectrum was the official tracking provider for the EPL, NBA, and MLS.
- Bombas (premium DTC socks and apparel), acquired by a strategic buyer.
Active Portfolio:
- BDG (Bustle Digital Group) — Owner of Bustle, Nylon, and other women-focused digital media brands
- Quizlet — Leading AI-powered ed-tech study platform with hundreds of millions of users
- Yami (Yamibuy) — Multi-category Asian e-commerce marketplace (Series B, $60M raised)
- Turo — Peer-to-peer car rental marketplace (unicorn, pre-IPO)
Team
Richard Yen, Founder & Managing Partner Richard founded Medici Capital Partners in 2018 after a decade as Managing Director at Saban Capital Group, the multi-billion dollar private investment firm of media mogul Haim Saban. At Saban, he led internet and consumer tech investments including Bustle, Vessel, ironSource, and PlayBuzz. Prior to Saban, Richard was a Principal at Blueprint Ventures, where he helped establish the firm's digital media and internet investing practice. Earlier roles include Rustic Canyon Partners (early-stage software and wireless VC), Merrill Lynch (VP, online brokerage), and D.E. Shaw (Director of Engineering for the internet incubator group). Richard holds an MBA from UCLA Anderson School of Management (Dean's Scholar) and a BS in Electrical Engineering and Computer Science from UC Berkeley. He is a Kauffman Fellow (Class 9).
Natalia (Natasha) Ligai, Venture Partner Natalia serves as Venture Partner at Medici Capital Partners, focusing on gaming, education, DTC, and media technology investment opportunities. She also serves as VP, Corporate Development at NetApp (since July 2024) and previously served as VP, Strategy & Corporate Development at Logitech for many years. Her background spans consulting at Bain & Company and McKinsey & Company, and M&A advisory at KeyBanc Capital Markets. She also advises now.gg and is a member of Chief.
Decision Process
With Richard Yen as the sole full-time investment partner and Natalia Ligai as a Venture Partner, investment decisions flow through Richard as primary decision-maker — consistent with a solo GP structure. The firm is operationally lean with a focused portfolio approach.
Geographic Focus
Medici focuses primarily on US-based consumer technology companies, with headquarters in Silicon Valley (San Francisco Bay Area).
Founder/Operator Preferences
Medici targets proven operators who have built profitable, scaled consumer businesses with demonstrated product/market fit. Given the late-stage focus, the firm is not backing first-time founders at the idea stage but rather seeks experienced operators ready to scale to IPO or a major strategic milestone. The firm's value-add includes board-level support, operational guidance, and network access in consumer internet, media, and gaming ecosystems.