Start Small LLC

Start Small LLC is the personal investment and philanthropic vehicle of Jack Dorsey, co-founder of Twitter (now X) and co-founder and former CEO of Block, Inc. (formerly Square). Established as an LLC rather than a traditional foundation, Start Small manages an estimated $5 billion and serves as the primary channel for Dorsey’s investment activity and charitable giving.

Investment Strategy

Start Small’s investment approach is heavily influenced by Dorsey’s personal convictions around decentralization, open-source technology, and Bitcoin. The vehicle holds significant positions in Bitcoin directly, and Dorsey has been one of the most vocal advocates for cryptocurrency adoption among major technology executives. His public statements have consistently positioned Bitcoin as the native currency of the internet, and this thesis drives a substantial portion of Start Small’s portfolio allocation.

Beyond cryptocurrency, Dorsey maintains public equity positions tied to his operating companies, most notably Block, Inc. The LLC structure provides flexibility that a traditional foundation would not, allowing Start Small to hold illiquid assets, make for-profit investments, and deploy capital to philanthropic causes without the distribution requirements imposed on 501(c)(3) organizations.

The philanthropic side of Start Small has directed hundreds of millions of dollars to COVID-19 relief, girls’ health and education, and universal basic income pilot programs. Dorsey committed $1 billion in Square equity to Start Small in 2020, making it one of the largest single philanthropic pledges by a technology founder during the pandemic.

Private Markets Approach

Start Small’s private markets activity centers on direct investments in companies and projects aligned with Dorsey’s technology worldview. The vehicle has backed Bitcoin infrastructure companies, open-source development initiatives, and decentralized technology projects. Dorsey’s investments through Start Small and related entities have included funding for Bitcoin development through organizations like Brink and the Bitcoin Design Community.

The office does not operate as a conventional family office with a diversified fund commitment program. Instead, capital deployment follows a thesis-driven model where investments must align with Dorsey’s stated priorities: open internet protocols, financial inclusion through decentralized systems, and social impact at scale. This makes Start Small more akin to a mission-driven investment vehicle than a traditional wealth preservation office.

Fund managers approaching Start Small should understand that the vehicle’s mandate is narrow by design. Strategies focused on Bitcoin infrastructure, decentralized finance, open-source technology, or measurable social impact are most likely to align with the office’s priorities. Traditional buyout, real estate, or diversified venture strategies are unlikely to be a fit.