Jeromy and I are excited to give a brief update on the performance of Mana Industries Fund I LP in 2025. 2025 was an exhilarating year marked by rapid change, and we continue to be amazed by the resilience of the founders we support and the progress they have made. Simply getting through 2025 was an achievement in itself. We feel our founders are truly exceptional for building thriving companies during this time.

In case you don't know, our fund’s purpose is to dedicate capital toward technologies that can augment and improve the quality of human life while respecting individual agency. The companies we have invested in are each pursuing this mission within their respective domains. If they continue at their current pace, we believe the world will be a better place for many more people as these breakthroughs come to life.

Bluesky, our portfolio company focused on building a social internet, raised approximately $97 million in a Series B round in 2025, valuing the company at over $700 million. Since the raise, the platform has grown to more than 40 million users and continues to scale alongside a highly engaged online community.

Coordination Network, Doola, General Fabrication, Glif, LigandAI®, Lightcell, Orchid Health, Ordinary Objects, Volantis Semiconductor, Whenere, and Wilderness Labs are all continuing to grow, with some companies raising additional capital and others planning to in 2026.

We look forward to seeing where these founders take their companies as they continue working toward improving human life and restoring agency so people can do more with their lives.

Thank you for your support,

— Mana