Smash Capital Research
Investment Thesis
Smash Capital is a growth equity firm based in Los Angeles and New York, founded in 2021 by former senior executives from The Walt Disney Company and Insight Partners. The firm invests in world-class founders building generational brands in enterprise software, consumer internet, fintech, AI, and increasingly defense technology. Smash differentiates itself through unparalleled brand-building and media expertise drawn from its founders' decades of experience operating and investing in multi-billion-dollar global franchises.
The firm's philosophy centers on identifying technology companies with the potential to become category-defining brands — companies that leverage software and internet distribution to reach massive scale. The partnership's roots in Disney inform a consistent thesis: the best technology companies are not just good software products, they are generational brands with enduring user relationships and network advantages.
Stage Focus
Smash Capital is a growth equity firm investing primarily at:
- Series B (most frequent entry point — 7 investments at average round size of ~$78M)
- Series C (6 investments at average round size of ~$244M)
- Series D and Series E for portfolio follow-ons and high-conviction opportunities
- Selective Seed or Series A for exceptional founders (rare; Leonardo.AI was a Seed investment)
The firm is not a traditional seed or early-stage investor. They seek companies with established product-market fit and revenue that are ready to scale with capital and operational support.
Check Size
- Typical range: $10M to $100M per investment
- Can deploy $50M or more in a single investment (stated at fund launch in 2021)
- Led Allen Control Systems' $200M Series B at a $2.2B valuation in June 2026
- Led Redo's $81M Series B at a $1.25B valuation in June 2026
- Co-led Equi's $15M Series A in October 2022
The SPV co-investment structure enables Smash to write substantially larger checks than their fund commitments alone would suggest.
Lead Tendency
Smash Capital leads rounds and takes a highly active role in their portfolio companies. They led the Allen Control Systems $200M Series B (the largest in the firm's history), the Redo $81M Series B, and the Equi Series A. They have significant operational capabilities that make their lead investment meaningful beyond capital alone.
Fund Size and AUM
- Fund I: $837M raised
- SPV co-investment program: approximately $840M in additional vehicles enabling larger single-check sizing
- Combined Fund I capital: approximately $1.677B
- Fund II: Targeting approximately $2B (fundraising underway as of June 2026, per Axios reporting)
- Total regulatory AUM: approximately $3.46B per Form ADV, December 31, 2025
The SPV structure is a distinctive element of Smash's model — it allows select LPs to co-invest alongside the fund in specific opportunities, enabling Smash to lead rounds that would otherwise be too large for the core fund alone.
Portfolio Highlights
Smash Capital has backed 7 unicorns across the portfolio:
- ElevenLabs — AI voice and speech platform; latest round Series D (June 2026)
- Bilt Rewards — rent-based loyalty rewards network; Series B unicorn
- Fever — global live events platform; Series E unicorn
- Coda (Coda Payments) — global merchant of record / payment solutions; Series C unicorn
- Ambience — AI clinical documentation for healthcare; Series C unicorn
- Flatpay — Danish SMB payment platform; became Denmark's fastest unicorn in November 2025 at $1.7B valuation
Notable prior investments made through the predecessor Smash Ventures Management Company LP (pre-2021 formation of Smash Capital):
- Epic Games (Fortnite / Unreal Engine)
- DraftKings
- SonderMind
- DuckDuckGo
- BYJU'S
- NOBULL
- MANSCAPED
- Fizz
- Step
Notable exit: Leonardo.AI, acquired by Canva in July 2024. Smash had invested at the Seed stage.
The portfolio spans enterprise software, fintech, consumer internet, defense technology, healthcare AI, gaming, edtech, and sports.
Team
- Kevin Mayer, Founder and Executive Chairman and Partner. Former Chief Operating Officer of The Walt Disney Company, where he was the architect of Disney+, ESPN+, and Hulu. He led Disney's acquisitions of Pixar, Marvel, Lucasfilm, 21st Century Fox, and BAMTech. He later served as CEO of TikTok and Chief Operating Officer of ByteDance.
- Eric Garland, Founder and Managing Partner. Former Disney venture investor. Background from Insight Partners.
- Evan Richter, Founder and Managing Partner. Former Disney venture investor.
- Brad Twohig, Partner. Longtime technology investor with background from Insight Partners.
- Tom Staggs, Partner. Former Chief Operating Officer, Chief Financial Officer, and Chairman of Disney Parks and Resorts Worldwide. LinkedIn: linkedin.com/in/tomostaggs.
- Paul Szurek, Partner. Former Insight Partners. Sourced and led the Allen Control Systems Series B investment.
- Jacqueline Murphy, Partner.
- Jonathan Brown, Partner.
- Brandon Ortiz, Partner.
- David Urban, Operating Partner (joined June 2026). Veteran political, legal, media, and corporate strategy advisor. Managing director at BGR Group; senior CNN political contributor. Advises the firm on defense technology, media rights, regulatory strategy, and government relationships.
- Priya Purewal, Principal.
- Amanda Salzman, Principal.
- Shreya Durbha, Principal.
Decision Process
Smash Capital operates a full partnership model with investment committee decision-making. Deals require buy-in from multiple partners. For the ACS Series B, the full leadership team was involved: Eric Garland, Kevin Mayer, Evan Richter, Bradley Twohig, Jacqueline Murphy, Tom Staggs, and Paul Szurek. Deal sourcing is distributed across the partnership, with partners taking vertical ownership (Szurek sourced and led ACS).
Geographic Focus
Primarily United States, with headquarters in both Los Angeles and New York City. Selective investments in Europe — Denmark (Flatpay), Lithuania (Ovoko), UK (Stream), Germany (TravelPerk) — and historical exposure to Australia and Asia (BYJU'S, Coda Payments). The US accounts for 15 of 22 tracked portfolio companies.
Founder Preferences
Smash Capital backs founders building generational brands — technology companies that combine strong product with outsized brand advantages. The firm was itself founded as a startup and maintains an extremely entrepreneurial culture. They approach founders with, in their own words, enormous respect and a bit of awe at the enormity of what founders attempt to do. They look for:
- Founders who want to build enduring, category-defining companies, not just good software products
- Teams that can leverage brand and media advantages at scale
- Founders who appreciate active operational partnership in brand-building, media, and regulatory strategy
- Technically strong founders in enterprise and fintech who understand distribution
- Consumer founders with deep user insight and network-effect potential
Recent Activity (2025-2026)
Smash Capital has been highly active in the first half of 2026:
- June 2026: Led Allen Control Systems $200M Series B at $2.2B valuation — largest deal in the firm's history and a major expansion into defense technology
- June 2026: Led Redo $81M Series B at $1.25B valuation — AI-powered e-commerce post-purchase platform
- June 2026: Participated in Digital Asset's $355M Series F led by a16z crypto for blockchain infrastructure
- June 2026: Hired David Urban as Operating Partner, signaling expansion into defense, media rights, and policy strategy
- January 2026: Participated in Stream's $90M Series D for UK earned wage access fintech
- November 2025: Participated in Flatpay's euro 145M Series C (became Denmark's fastest unicorn at $1.7B)
- Fund II: Targeting approximately $2B in raise as of June 2026
The firm made 4 investments in 2026 (as of June), 3 in 2025, and 4 in 2024, maintaining a steady pace of approximately 4 new investments annually.