Millennia Capital Research
Investment Thesis
Millennia Capital is an SEC-registered investment firm, founded in 2021 by Managing Partner Joe Zhao, that specializes in venture capital and growth equity opportunities across private markets. The firm applies what it describes as a "macro-driven, value-oriented investment framework," partnering with institutions, funds of funds, family offices, and individuals to deploy capital through committed funds and co-invest vehicles. Millennia distinguishes itself by operating across both primary investments and LP-/GP-led secondaries, giving it exposure to some of the most sought-after private technology companies well after their earliest funding rounds. The firm positions itself as a long-term partner to management teams rather than a purely transactional capital source, and continues to support portfolio companies post-investment.
Notably, Millennia has undergone a strategic pivot in recent years: the firm and Joe Zhao previously backed digital-asset and crypto-adjacent companies (including Blockstream and Lumida), but have since shifted decisively toward artificial intelligence. Zhao has publicly stated that "AI is offering so many more use cases than blockchain," and the firm's current portfolio reflects a heavy concentration in frontier AI labs and AI-enabled infrastructure.
Stage Focus
Millennia's public materials do not specify a formal stage mandate, but its actual portfolio skews decisively toward growth-stage and late-stage private companies — many of them already category-defining, well-capitalized businesses (Anthropic, OpenAI, SpaceX, Databricks). This is consistent with a secondaries- and co-invest-driven strategy rather than a traditional early-stage lead-investor model. The firm does occasionally participate in earlier institutional rounds (e.g., Infinity Constellation's $24M Series A), typically as one of several participants rather than the lead.
Check Size
No specific check-size range is disclosed publicly. Given the firm's secondary-market and co-invest orientation alongside large, well-known companies, individual allocations likely vary widely by deal structure (LP-led secondary, GP-led secondary, or direct co-invest).
Lead Tendency
Millennia most often appears as a participant alongside other investors rather than as a round leader. In its most recent disclosed primary investment (Infinity Constellation's Series A), Millennia was one of roughly ten participating investors, including Freestyle Capital, Backed VC, and Gaingels. This pattern, combined with the firm's emphasis on secondaries and co-invest vehicles, suggests a "follows" posture rather than a lead-investor one.
Recent Activity
- June 2026: Participated in Infinity Constellation's $24M Series A, backing the venture studio's plan to launch AI-native professional-services businesses.
- The firm continues to hold positions in frontier AI companies acquired via primary or secondary transactions, including Stability AI, Cohere, Scale AI, and Groq (the last of which was highlighted by Venture Partner Yinne Yu ahead of Nvidia's related acquisition activity).
Fund status could not be independently verified (fund size/AUM not disclosed), but public commentary and the June 2026 Infinity Constellation participation indicate the firm remains actively deploying capital.
Portfolio Highlights
Millennia's disclosed portfolio spans nearly 30 companies, heavily weighted toward frontier AI and AI-enabled infrastructure: Anthropic, OpenAI, Stability AI, Cohere, Databricks, Scale AI, Groq, Replit, Glean, Lambda, Crusoe, and Vast Data. It also includes a robotics and physical-AI cluster (Gecko Robotics, Dexterity, Skylark Labs, Automation Anywhere), a security cluster (SecurityScorecard, Lookout, Deep Instinct, Trustible), and fintech/consumer names (Better Mortgage, Lenco, Paidiem). SpaceX rounds out the portfolio as a marquee aerospace holding. The concentration of category-leading AI labs (Anthropic, OpenAI, Stability AI, Cohere) is unusual for a small firm and is consistent with access gained through secondary-market and co-invest structures rather than primary lead checks.
Team
- Joe Zhao, Managing Partner (New York) — Founder of the firm. Former roles at the Federal Reserve Board and the IMF in Washington, DC; consulted for the World Bank's IFC and worked in Paul Volcker's office. Prior investment experience at InvestX Capital and Schematic Ventures. MBA from NYU Stern; undergraduate from UC San Diego. Regular financial-media commentator (Bloomberg, NYSE TV).
- Eric Kroll, Venture Partner (Los Angeles) — Co-founded Medaptive Health, a digital-health/clinical-trial company that was later acquired. Key investments include StayTuned Digital and Infinity Constellation. Earlier career at Goldman Sachs, American Express, and CBS. MBA from Stanford GSB; undergraduate from Brown University.
- Jimmy Ku, Venture Partner (San Francisco Bay Area) — 20+ years across early-stage ventures, corporate strategy, and global expansion. Former Head of Growth at Flutterwave. UC Berkeley graduate.
- Yinne Yu, Venture Partner (San Francisco Bay Area) — 20 years across venture capital, private equity, and strategic advisory, including leading family-office investments. Prior experience at Goldman Sachs, Bain Capital, and Bain & Company. Key investment: Groq, ahead of Nvidia's related acquisition activity. Stanford graduate.
- Michael Zwerner, Venture Partner (Miami) — Career spanning Kynikos Associates (a short-focused hedge fund) and Indus Capital Partners (a Soros spin-out); currently a portfolio manager at a family office. MBA from Yale; BA in Economics and Master's in Accounting from the University of Michigan. CFA charterholder.
- Andrew Gray, Investor — Former Federal Reserve Bank of St. Louis. Tulane University graduate.
- Peter Warnick, Investor — Former Evergreen Partners. Graduate of Brigham Young University's Marriott School of Business.
- Elizabeth Guttilla, Investor — Former StepStone Group. University of Virginia graduate.
Decision Process
With five Venture Partners and three additional Investors alongside Managing Partner Joe Zhao, Millennia appears to operate as a partnership rather than a solo-GP shop, though the exact investment-committee structure is not publicly disclosed.
Founder Preferences
Public materials do not spell out explicit founder-selection criteria. Given the portfolio's tilt toward already-scaled, category-leading AI and infrastructure companies, Millennia's effective preference skews toward proven teams with strong existing investor syndicates and clear paths to continued scale, rather than pre-traction founders.
Geographic Focus
Millennia is headquartered in New York (1001 Avenue of the Americas, Suite 1101) with additional partners based in California (Bay Area and Los Angeles) and Florida (Miami). Its investment focus is concentrated on North American technology companies, consistent with the geography of its disclosed portfolio.