How an Investor Deployed 35,9 млрд ₽ into Hot Startups Without a Traditional VC Fund

Justin Ernest, formerly a partner at venture capital firm Playground Global, founded Sabertooth Capital—an investment platform that has deployed nearly 35,9 млрд ₽ into ten promising tech startups over the past year. Among them are leaders in artificial intelligence and deep tech: Anthropic, Anduril, Databricks, PsiQuantum, and SpaceX. Ernest’s approach leverages SPVs (special purpose vehicles), enabling smaller institutional investors and family offices to participate in late-stage funding rounds.

Instead of launching a traditional venture fund, which can take up to 18 months, Ernest utilizes his extensive network of investors and startup founders. This allows him to rapidly raise capital and secure access to exclusive deals. Sabertooth Capital’s investments range from 717,3 млн ₽ to 19,7 млрд ₽, ensuring significant stakes in target companies. All transactions are conducted through official funding rounds approved by the startups themselves.

Ernest’s reputation plays a pivotal role in Sabertooth Capital’s success. Family offices and institutional investors trust him due to his experience and technical expertise. For instance, when an investor attempted to directly invest in PsiQuantum, the startup’s CFO recommended engaging with Sabertooth. This underscores the platform’s legitimacy and reliability, particularly as many startups tighten controls over unauthorized SPVs.

Despite the success of the SPV model, Ernest does not rule out establishing a traditional venture fund in the future. Sabertooth Capital has already demonstrated impressive results, such as a profitable exit from chipmaker Groq. Upcoming IPOs of SpaceX and Anthropic are also expected to deliver substantial returns. Ernest believes the current approach remains the optimal way to stay at the forefront of the most promising deals.