Michael Gilroy is the Founding Partner at Marathon. In this episode, we unpack Michael’s path from Canaan to Coatue and the decision to launch Marathon alongside Gokul Rajaram. We dive deep into the Rule of 200, Michael’s framework for evaluating fintech companies, how he thinks about global fintech expansion, what it takes to build a four-pillar investment team, where he sees Marathon a decade from now, and his advice for emerging fund managers building enduring firms.
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Timestamps:
0:00 - Welcome Michael Gilroy To The Rise
00:59 - 2025 as the year of the spinout
05:16 - Founding Marathon
10:00 - Hosting startups inside the Marathon office
12:30 - Why building in different geographies matters
13:25 - What an ideal Marathon company looks like
17:57 - Michael’s path into venture capitall
28:00 - Getting hired at Coatue
34:30 - Investing in Mercury and broader fintech trends
37:59 - The rise of angel investing among founders
40:05 - The Rule of 200
43:35 - Challenges of global expansion in fintech
46:50 - How Michael defines his investment style
49:54 - The four partners at Marathon and building the firm
56:00 - The fintech white paper
57:30 - Marathon in 10 years
01:00:16 - Rapid fire: one founder to back, one LP you’re grateful for
01:01:54 - Advice for emerging managers
1:05:20 - Which firm Michael would prioritize getting allocation in
1:07:00 - Thanks for joining, Michael
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