Michael Gilroy, former head of fintech investments at Coatue, and Gokul Rajaram, a longtime technology executive and prolific angel investor, are forming an as-yet-unnamed venture. Bloomberg reported that the fund will be launched early next year, with plans to begin fundraising for a debut of $400 million to $500 million.
The firm invests in early-stage fintech and software startups based in the United States.
While at Coatue, Gilroy invested in fintech companies including Arta Finance, Melio Solution, Pinwheel, and Mercury. Prior to joining the hedge fund in 2019, he was a partner at Canaan for over five years. According to PitchBook data, Mr. Rajaram has backed more than 285 startups, including companies where he serves on the board of directors such as Coinbase, Pinterest, and Trade Desk.
Mr. Gilroy is not the only former Cotu investor planning to start his own company.
The Wall Street Journal reported last week that Chris Fredrickson, an investor on Cotu's growth team, is aiming to raise about $150 million for the debut fund of his new company, Verified Capital.
Fredrickson left Cotu in 2022, according to his LinkedIn profile. At Coatue, it was a lead partner in investments in Chainaracy, Instacart and Root Insurance, according to PitchBook data.