After nearly ten years, I have closed my position in Intercom and sold all of my shares.
I first backed the company in 2017. At the time, Intercom represented everything I love about venture capital: a bold product vision, strong founders, and the conviction that software could fundamentally redefine how businesses talk to their customers.
Looking back, they didn’t just meet those expectations — they exceeded them. Intercom has effectively become the industry standard for the tech sector.
It is also worth noting that my investment decision was influenced in part by the strong backing Intercom received from Bessemer Venture Partners, with whom I was closely engaged during that period. Their backing, combined with the massive success of my long-term holding in Twilio, was a game-changer. The returns from Twilio didn’t just validate the thesis; they provided the fuel to launch my own venture fund, Koch Fund I.
I’m also incredibly grateful to VoxImplant. That experience was pivotal in helping me see the bigger picture — a future where players like VoxImplant, Intercom, and Twilio would dominate the global communications ecosystem.
Holding this position for nearly a decade was anything but a straight line. Like any venture-backed success story, Intercom navigated hyper-growth, strategic pivots, market volatility, sidelined IPO plans, and the evolving SaaS valuation landscape. There were moments of absolute certainty, and times when that conviction was pushed to the limit.
But this is the essence of venture investing: it requires not only the ability to identify potential at an early stage, but also the discipline to endure uncertainty — and the clarity of judgment to exit at the right time.
The sale in 2026 marks, for me, the conclusion of a long investment cycle, as well as a broader strategic transition underlying the hybrid hedge fund VK&Co (VictorKoch).
It serves as a reminder that venture capital is not only about entry points, but also about timing, patience, and the ability to recognize when an investment story has reached its logical conclusion within a portfolio.
I am grateful for this journey, for the lessons learned, and for the role Intercom has played in shaping my perspective on product, growth, and long-term conviction.
On to the next one.
I first backed the company in 2017. At the time, Intercom represented everything I love about venture capital: a bold product vision, strong founders, and the conviction that software could fundamentally redefine how businesses talk to their customers.
Looking back, they didn’t just meet those expectations — they exceeded them. Intercom has effectively become the industry standard for the tech sector.
It is also worth noting that my investment decision was influenced in part by the strong backing Intercom received from Bessemer Venture Partners, with whom I was closely engaged during that period. Their backing, combined with the massive success of my long-term holding in Twilio, was a game-changer. The returns from Twilio didn’t just validate the thesis; they provided the fuel to launch my own venture fund, Koch Fund I.
I’m also incredibly grateful to VoxImplant. That experience was pivotal in helping me see the bigger picture — a future where players like VoxImplant, Intercom, and Twilio would dominate the global communications ecosystem.
Holding this position for nearly a decade was anything but a straight line. Like any venture-backed success story, Intercom navigated hyper-growth, strategic pivots, market volatility, sidelined IPO plans, and the evolving SaaS valuation landscape. There were moments of absolute certainty, and times when that conviction was pushed to the limit.
But this is the essence of venture investing: it requires not only the ability to identify potential at an early stage, but also the discipline to endure uncertainty — and the clarity of judgment to exit at the right time.
The sale in 2026 marks, for me, the conclusion of a long investment cycle, as well as a broader strategic transition underlying the hybrid hedge fund VK&Co (VictorKoch).
It serves as a reminder that venture capital is not only about entry points, but also about timing, patience, and the ability to recognize when an investment story has reached its logical conclusion within a portfolio.
I am grateful for this journey, for the lessons learned, and for the role Intercom has played in shaping my perspective on product, growth, and long-term conviction.
On to the next one.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.