> At a Glance
> – Niko Bonatsos has left General Catalyst after leading its seed strategy for years
> – He plans to start a new early-stage VC firm with unnamed “friends”
> – Bonatsos backed Discord and $10 billion Mercor
> – Why it matters: Another high-profile departure signals ongoing shifts inside General Catalyst
General Catalyst’s long-time seed leader is stepping out on his own. Niko Bonatsos, the investor behind some of the firm’s biggest consumer and AI bets, confirmed his exit and revealed plans to raise a new fund.
The Departure
Bonatsos described the split as mutual and said his tenure at General Catalyst was an “awesome experience” filled with “learnings.” Unlike recent departures, he openly discussed the move, framing it as a natural next step.
His exit continues a string of high-level changes:
- Deep Nishar and Kyle Doherty left the late-stage “Endurance” strategy
- Adam Valkin, Bonatsos’s early-stage co-lead, departed last year
- General Catalyst has since diversified into wealth management, AI roll-ups, and revenue-based financing
What’s Next
Bonatsos has yet to name the new firm or begin formal fundraising. He says the core team will include founders and investors “at the top of their game,” but declined to give headcount or target fund size.
Investment themes he intends to chase:
- Young founders-college dropouts like Brendan Foody of Mercor
- Consumer startups, a category he believes is “underappreciated” amid today’s enterprise-AI wave
General Catalyst Continues Seed Push
Despite the talent drain, General Catalyst keeps writing seed checks. Last year it hired Yuri Sagalov, ex-Y Combinator partner and Wayfounder Ventures founder, to lead U.S. seed investing.
| Recent Exit | Strategy Area |
|---|---|
| Niko Bonatsos | Seed |
| Deep Nishar & Kyle Doherty | Late-stage “Endurance” |
| Adam Valkin | Early-stage |
Key Takeaways
- Bonatsos is launching an independent early-stage fund
- He will focus on young founders and consumer plays
- General Catalyst is replacing talent to maintain seed presence
- The firm now brands itself an “investment and transformation company”
Bonatsos’s next chapter underscores the ongoing evolution inside storied venture firms as star investors forge their own paths.
