TCV co-founder Jay Hoag has served on Netflix's board since 1999, providing patient capital through multiple market cycles. TCV invested $400M in Netflix during a 70% stock decline in 2011. However, portfolio company Peloton—where Hoag serves as Board Chairman—conducted multiple layoff rounds: 2,800 employees (20%) in 2022, 400 (15%) in 2024 under departing CEO Barry McCarthy, 6% in 2025, and 11% in 2026. TCV's long-duration approach conflicts with aggressive restructuring at struggling investments.
#393 on the board
B
Technology Crossover Ventures
Venture FundMinor issues63/100low confidence · 3 issues
2 mixed1 supported
Receipts
3
Against
0
Growth equity. Spotify, Netflix investor.
AUM$20B+tcv.com
The receipts (3)
TCV maintains a low political profile despite managing $20B+ in assets. Founded in 1995 by Richard Kimball and Jay Hoag in Menlo Park, the firm focuses exclusively on growth-stage technology investments without public political positions. TCV launched Technology Crossover Ventures XII ($3B) in 2024, continuing its sector-agnostic technology focus. Unlike more politically active VC firms, TCV's leadership has not made public endorsements or significant disclosed political contributions.
TCV made its largest bet ever in 2013 leading Spotify's ~$250M Series F, recognizing the platform's potential to transform music distribution. Spotify later IPO'd at $25B+ market cap. TCV's investment approach prioritizes sustainable technology businesses that create value for creators and consumers. The firm has backed 350+ technology companies including Netflix, Airbnb, ByteDance, and GoFundMe, focusing on growth equity with "long-term capital and support to high-quality management teams."