How Much Did Index Ventures Invest in Wiz?

Shardul Shah says Index Ventures invested over $250 million in Wiz over time. The capital came from more than one fund, and he says there is no dollar cap on what the firm can put into a single company.

He does not judge a check by whether it is small enough to protect fund performance. What matters is being the largest and most impactful investor in a category-defining company. A small investment without follow-through erodes that. Index will not write a thousand $2 million checks just to spread the risk, because it would not have the skill or the will to advise and stay engaged with each of those founders.

Concentration can feel good while markets rise and can hurt when they turn. An Index venture portfolio still holds about 30 to 35 companies, which he calls enough diversification to avoid betting the fund on one position. The Wiz total is what investing across funds looks like when the firm stays with a company.