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These posts are the single best posts on X when Paul does them. Passion returning $2BN on $18M is simply wild.

Nubank rumoured to acquire Monzo for ~$13b. But who gets the 💰? My usual breakdown below 👇 Investors are likely to share a huge $9.3b of profits combined, on $1.9b invested. This represents a 5.8x blended, across 11 priced rounds. 🤑 The Founders & team will share about ~$2.0b. This is a super win for a company that had to take a down round mid-2020. My takeaways below: 1) Passion Capital's absolute home run 👑 @eileentso and Passion led each of Monzo's first three rounds. They also kept following-on in almost every round after that. The Seed alone will return nearly 200x! Across the three seed rounds they led, that's ~$1.6b of proceeds on ~$18m invested. Legendary. 2) Two huge absolute $ winners: Goodwater and Thrive 🏆 Goodwater led the Series C in Nov-17, at a $330m post. It will return over 20x the money. That round will generate the most absolute $ of all rounds at ~$2.0b. 📈 Thrive led the Jul-17 Series B round at $100m post money valuation, and is now looking at a cool~50x on its investment. Two amazing good calls within a few months of each other. 3) The crowd did great 🙌 Monzo raised three crowdfunding rounds, including the famous "£1m on Crowdcube in 96 seconds" in 2016. Those customers-turned-shareholders are sitting on ~35-80x of profits! Probably the second best-performing retail investment in UK tech history, after Revolut's own crowdcube campaign (where investors are now sitting on 1,000x+ paper gains). 4) Buying the dip paid off 📈 The Jun-20 down round (Novator, Nikesh Arora) came in at a ~$1.7b post money valuation. Interestingly, this is below the 2019 price. Back then, everyone thought Monzo might not make it. That round will returns ~5.9x and about $1.6b. 5) The latest growth rounds: good, not great 😐 The Series H (ADQ, Tencent, Coatue) and Series I (CapitalG, GV, Hedosophia) make ~2.5x each. For the Series H specifically, after almost five years: respectable, not spectacular. 6) Team & Founders 🧑‍🤝‍🧑🫂 Firstly: mega congrats to @tomblomfield, TS Anil and the whole team. This would be an incredibly outcome and it is definitely one to be celebrated. The team here will do very well, despite Monzo raising eleven rounds and diluting meaningfully. I estimate that Founders & ESOP will get about 15% of the outcome, or ~$2.0bn.