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M12 previously invested around $200 million per year in startups in recent years and has deployed more than $1 billion, as Insider previously reported. M12, which was founded in 2016, has invested in more than 100 companies including aerospace company Vertical Aerospace, which went public and cloud company CloudSimple, which it sold to Microsoft's rival Google. Company valuations are not trading at their 2021 valuations, but M12 still profited," the spokesperson added. "M12 sold its position for significantly than the position they invested. M12 has not taken large losses on secondary sales, according to the spokesperson. One of the people familiar with the sales said M12 sold one large position this month at a 50% discount. It's unclear how much of the portfolio M12 has sold or plans to sell, but three of the people indicated they expected it to be a significant amount of the fund's holdings.Ī Microsoft spokesperson, however, said M12 sold less than 10 of the firm's more than 100 portfolio companies as secondaries in its fiscal year 2023, which ended June 30. That doesn't necessarily mean that M12 took any losses on these sales, as they may have invested at even lower valuations. M12 has been selling shares at discounts of between 30% and 70% compared to most recent valuations, four of the people said.

They requested anonymity to discuss internal corporate matters. Microsoft's corporate venture capital fund, M12, has been offloading some of its $1 billion portfolio on secondary exchanges, five people familiar with the matter told Insider. M12 recently changed its strategy to become less like a VC and more like a business development team.The fund's shares in startups are taking haircuts of between 30% and 70%, three people said.M12, Microsoft's venture firm, is offloading some of its portfolio on secondary exchanges, sources say.Account icon An icon in the shape of a person's head and shoulders.