The Rise by Nucleus Michael Gilroy on Founding Marathon, the Rule of 200, and the Future of Fintech
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Dec 19, 2025 Michael Gilroy, Founding Partner at Marathon and fintech investing expert, discusses his journey from Canaan to launching Marathon with Gokul Rajaram. He shares insights on his 'Rule of 200' framework for evaluating fintech companies, emphasizing traits of mission-driven founders. Michael also explores global fintech expansion challenges, the importance of a strong investment team, and the rise of founders as angel investors. He provides valuable advice for emerging fund managers, stressing the significance of persistence and team dynamics.
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Human-Capital Wins In Venture
- Venture is a human-capital business where concentrated, founder-focused firms can outperform large-platform AUM strategies.
- Marathon formed to give founders deep attention and avoid the diluted support common at huge funds.
Partnership Born From Friction And Complement
- Michael met Gokul through repeated co-investing and a shared habit of challenging each other's views during diligence.
- They launched Marathon to combine Michael's finance lens with Gokul's product and operator expertise.
Use Office Space To Build Deal Flow
- Host founders in your office to build community and earn deal flow organically by helping pre-product teams work and iterate nearby.
- Offer value (space, introductions, time) without immediate economics to cultivate long-term relationships.