Index Ventures
Index Ventures is a European venture capital firm based in London, with offices in San Francisco, Geneva, and New York City1 that manages €11.7 billion in assets as of 20241. Founded in Geneva in 1996, the firm backed European technology startups at a time when most venture capital was concentrated in Silicon Valley4. Key portfolio companies include Spotify, Dropbox, Discord, and Figma1.
Origins
Index Ventures traces its origins to Index Securities, a Swiss bond-trading firm founded by Gerald Rimer in 19761. In 1992, Gerald recruited his son Neil Rimer to launch a technology investment arm within the firm3. That arm evolved into Index Ventures, formally founded in Geneva in 1996 by Neil Rimer, his brother David Rimer, and Giuseppe Zocco4.
The firm's strategy focused on European technology companies that were receiving far less venture funding than Silicon Valley counterparts, often relocating to the US for capital4. Index built relationships with founders across Israel and Europe, investing in Israel starting in 20031. The firm raised €300 million for its third fund in 2005, followed by €350 million for its fourth fund in 2007, with 15–20% allocated to Israeli companies1.
Three members of the Rimer family have been central to the firm: Gerald, who founded the precursor bond-trading firm, and his sons Neil and Danny, who built the venture practice3.
Spotify and European breakouts
In 2008, partner Danny Rimer led Index's investment in Spotify, a Swedish music streaming startup founded by Daniel Ek and Martin Lorentzon121. The investment established Index as a top backer of European consumer internet companies during a period of widespread skepticism toward the continent's startup ecosystem13.
Index had earlier invested in Skype's Series A in 2004; eBay acquired Skype for $2.5 billion in 2005, and Microsoft bought Skype for $8.5 billion in 20111. The Skype and Spotify returns gave Index the track record to raise larger funds and attract US-based limited partners13.
Other major European investments include Deliveroo (IPO 2021), Adyen (IPO 2018, market cap over €60 billion), and Revolut (valued at $45 billion in 2024)12.
Expansion to the US
Index opened its San Francisco office in 2011, led by Danny Rimer111. The firm began investing in US companies while maintaining its European focus, operating a single global fund rather than separate regional pools1.
In the US, Index invested early in Dropbox (Series A in 2008), Discord (Series A), Roblox (Series A in 2017, direct listing 2021), and Plaid (Series A; Visa's $5.3 billion acquisition was blocked by regulators in 2021)1. The firm led Figma's Series B in 2020; Adobe announced a $20 billion acquisition in 2022, but the deal was abandoned in December 2023 after UK and EU regulatory opposition14.
Funds and recent investments
Index has raised progressively larger funds. It raised €350 million for its sixth fund in 2012, $550 million for an early-stage fund in 2014, and €400 million for its seventh fund in 201716. In 2021, the firm raised $3.1 billion across venture and growth funds: $900 million for early-stage, $2 billion for growth, and $200 million for seed7. In 2022, it closed a $300 million seed-only fund10.
In July 2024, Index raised $2.3 billion for new venture and growth funds89. The firm has invested in AI companies including Scale AI and continues to deploy capital across enterprise software, fintech, and gaming1.
In 2016, Index spun off its life sciences practice as Medicxi Ventures, an independently operated firm focused on biopharmaceutical and medical device investments12. Neil Rimer stepped back from day-to-day investing in 2021 after 25 years as a partner1. Current general partners include Danny Rimer, Mike Volpi, Martin Mignot, and Jan Hammer1.