Breyer Capital

Overview

Breyer Capital is a global venture investment firm founded in 2006 by Jim Breyer, the investor who led Accel Partners’ early bet on Facebook and later built a second career-defining position in stablecoin company Circle (Silicon Hills News; Silicon Hills News). Based in Silicon Valley until 2020 and in Austin, Texas since, it now operates as a family office with Breyer’s sons as partners, focused on artificial intelligence in healthcare and life sciences (Silicon Hills News).

This profile covers the investment firm Breyer Capital — not Accel Partners, where its founder made his name — and follows it from its founding through the Facebook and Circle windfalls, its move to Austin, its healthcare-AI pivot, and its investment in the trading-card platform Alt.

From Accel to a personal fund

Breyer spent 28 years at Accel before launching his own firm, earning a bachelor’s degree from Stanford University and an MBA from Harvard Business School along the way (Silicon Hills News). The Silicon Valley-based venture capital and private equity firm he founded in 2006 was already an investor in Austin-based OJO Labs and Swivel when it announced its Austin office in August 2020 (Silicon Hills News). By Forbes’ account as reported at the time, Breyer had invested in more than 40 companies that went on to successful IPOs or mergers, including Etsy, Marvel Entertainment and Legendary Entertainment (Silicon Hills News).

The investment that made him a billionaire, however, predates the firm. Accel Partners’ 2005 investment of $12.7 million in Facebook, struck at four cents per share, made Breyer a billionaire by 2011, and he topped Forbes’ Midas List of the best venture capital investors for three consecutive years, from 2011 to 2013 (Silicon Hills News). His other major wins named in the Forbes coverage included early investments in Spotify, Etsy, Marvel Entertainment and the Boston Celtics; he sold his Celtics stake in 2025 when the franchise was valued at $6.1 billion (Silicon Hills News). He also serves on Blackstone’s board (Silicon Hills News).

Circle, Austin and the healthcare-AI pivot

Breyer’s second hundredfold return began quietly. He first invested in Circle in 2013 at 27 cents per share, four years after Bitcoin’s introduction (Silicon Hills News). When Circle, creator of the USDC stablecoin backed by US Treasury bills, went public in June 2025, its market capitalisation reached $55 billion (Silicon Hills News). Breyer, the second-largest individual shareholder, cashed out nearly $100 million in mid-August while retaining an 8% stake worth more than $1.7 billion, and his fortune was put at $3.8 billion as he appeared on Forbes’ September cover (Silicon Hills News). Circle was his fourth investment returning at least 100 times his initial stake (Silicon Hills News).

The Austin move reshaped the firm itself. Breyer moved Breyer Capital from Silicon Valley to Austin in 2020, and in that year brought his sons Daniel, then 30, and Ted, then 28, into the firm as partners, transforming it into an active family office (Silicon Hills News). Its downtown Austin office sits at 301 West Avenue, Suite 200 (Silicon Hills News). A year after relocating, Breyer shifted strategy toward companies developing AI solutions for life sciences and healthcare, hiring Morgan Cheatham — a venture capitalist pursuing a medical degree — as partner to lead those efforts (Silicon Hills News). One of the firm’s most successful healthcare-AI bets, OpenEvidence — a free app letting doctors consult medical research — raised $210 million in July 2025 at a $3.5 billion valuation, with 40% of US doctors signed up for the service (Silicon Hills News).

Breyer Capital’s connection to this batch’s anchor company came in late 2021, when TechCrunch listed it among the backers of Alt’s $75 million Series B, a round led by Spearhead and raised at a valuation the company put at over $325 million (TechCrunch).

What this profile does not claim

• Forbes-derived figures (the $3.8 billion fortune, the Circle stake, the OpenEvidence metrics) are reported here as Silicon Hills News reported Forbes, because the Forbes article itself was not read in full; the Forbes piece is not listed as a directly-read source.
• Current assets under management are not stated: aggregator claims of about $3 billion were not verified from a fully-read editorial source.
• The profile does not claim Breyer Capital participated in Alt rounds beyond the 2021 Series B, which is the only Alt round verified here.
• Breyer’s personal life beyond his professional record is deliberately not covered; the profile is about the firm.