As summer turned to fall last year, Josh Kushner and his Thrive Capital offered a shiny new perk to some of the firm’s portfolio companies: How about a one-on-one meeting with Bob Iger, the 72-year-old former Disney CEO turned freshly minted Thrive venture partner?
Eric Glyman, CEO and co-founder of Ramp, a New York–based credit card startup, was one of several founders who happily accepted the offer. After walking from his Union Square office down to Thrive’s headquarters in SoHo, Glyman enjoyed a wide-ranging, 60-minute conversation about branding, leadership and long-term planning with Iger. “It was incredible,” Glyman recalled.
Iger worked his magic on Thrive founders on the other coast, too. At his Brentwood, Calif., mansion, he sat down with Jens Grede, CEO and co-founder of Kim Kardashian’s underwear brand, Skims. In San Francisco, Iger visited the offices of Benchling, a biotech-research software startup that has enjoyed a 40,000% growth in valuation since Thrive’s initial 2015 investment.
Kushner’s ability to trot out someone with Iger’s fame and gravitas spoke volumes about Thrive—its sway and its aspirations. “What other young VC could get Bob Iger, of all people, to join?” said Andrew Borovsky, a longtime Kushner friend and CEO of Visible, a Thrive-backed blockchain startup. “I’m not sure that Marc Andreessen could bring on board Bob Iger. Iger tells you a lot about Thrive.”
Hiring the ex-Disney chief was just one part of a broader plan by Kushner, 37, to bolster Thrive’s reputation while it chases bigger and higher-profile deals, as interviews with more than three dozen portfolio founders, limited partners, former employees, friends and others connected to him show. Of course, what happened next demonstrates how the unexpected can disrupt even the most artful attempts at empire building. Two months after joining Thrive in September, Iger decided to return to Disney as CEO. The about-face followed several earlier exits by Thrive lieutenants, including the quiet departure last year of Kushner’s longtime No. 2, Jared Weinstein, which has not been previously reported.
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