Joel Cutler

Joel Cutler
Birthplace	United States
Nationality	American
Occupation	Venture capitalist
Employer	General Catalyst
Known for	Co-founder and managing director of General Catalyst

Joel Cutler is an American venture capitalist who co-founded General Catalyst, a global venture capital firm headquartered in Cambridge, Massachusetts. As a managing director of the firm, Cutler has played a central role in building General Catalyst into one of the most prominent venture capital organizations in the United States, with investments spanning seed-stage startups to growth-stage companies across technology, healthcare, and other sectors. He is noted for his involvement in the founding of KAYAK, the online travel agency launched in 2004, and for his broader track record in identifying and supporting technology companies in the travel, software, and enterprise sectors. Under Cutler's co-leadership, General Catalyst has invested in more than 800 businesses, including global companies such as Airbnb, HubSpot, Stripe, Snap, Deliveroo, Samsara, and Anduril Industries. Cutler's career in venture capital has spanned more than two decades, during which General Catalyst has grown from a Boston-area investment firm to a global operation with activities in Europe, Israel, and India.

Career

Founding of General Catalyst

Joel Cutler co-founded General Catalyst, establishing the firm's headquarters in Cambridge, Massachusetts. The firm was organized as a venture capital operation making investments from seed stage through growth stage. Over time, General Catalyst expanded its investment scope and geographic reach, becoming one of the larger venture capital firms in the United States. The firm's portfolio grew to include more than 800 companies across a wide range of technology-driven industries.

Investment Focus and Travel Technology

Cutler developed a particular focus on travel technology investing during his career at General Catalyst. He helped start the online travel agency KAYAK in 2004, which became one of the firm's notable early investments and a significant company in the online travel sector. In a 2014 interview with PhocusWire, Cutler discussed his approach to travel startup investing, reflecting on his experience identifying opportunities in travel technology.

Fund Raising and Growth

General Catalyst, under the leadership of Cutler and his co-founders, executed a series of increasingly large fundraises that reflected the firm's growing stature in the venture capital industry. In December 2013, the firm raised a $675 million seventh fund, which represented a significant milestone in its growth trajectory. The fund was intended in part to expand the firm's presence in Silicon Valley, broadening its operations beyond its Cambridge base.

In 2018, Goldman Sachs acquired a $200 million stake in General Catalyst, a transaction that underscored the firm's growing profile and the increasing interest of major financial institutions in top-tier venture capital firms.

By March 2020, even amid the onset of the COVID-19 pandemic, General Catalyst raised $2.3 billion in new funds, a move that demonstrated the firm's continued investor confidence and its ability to attract capital during a period of economic uncertainty. The firm later sought to raise even larger funds despite a broader market downturn, as reported by The Wall Street Journal.

Seed-Stage Program

In 2019, General Catalyst formalized a seed-stage investment program, signaling the firm's continued commitment to early-stage investing even as it managed increasingly large funds. The program was described as an "aggressive" new initiative designed to identify and support companies at their earliest stages of development. This approach reflected the firm's strategy of maintaining a presence across the full spectrum of venture capital investing, from initial seed funding through later growth-stage rounds.

Healthcare Investments

Under Cutler's leadership, General Catalyst expanded significantly into healthcare investing. In July 2022, the firm launched a $670 million healthcare-focused fund, a move that came at a time when many venture capital firms were pulling back on new investments due to market conditions. The healthcare fund reflected General Catalyst's conviction that technology-driven healthcare companies represented a major long-term investment opportunity. The firm's healthcare activities attracted attention from industry observers, with Becker's Hospital Review noting that General Catalyst's healthcare strategy warranted close attention from the broader healthcare sector.

The firm's healthcare portfolio included Livongo, a digital health company focused on chronic condition management, among other investments in the sector.

International Expansion

General Catalyst pursued international expansion during the 2020s, extending its investment activities beyond the United States. In February 2021, the firm hired Chris Bischoff to lead a new London office, marking its formal push into Europe and Israel. Through this European presence, the firm made investments in companies such as Deliveroo, Helsing, and Mistral AI.

The firm also expanded into India, with plans to invest $100 million in Indian startups, as reported by The Hindu Business Line. The Times of India reported that General Catalyst planned to boost its India investments further, reflecting the firm's assessment of the Indian technology market's growth potential.

Silicon Valley Bank Crisis Response

In March 2023, when Silicon Valley Bank (SVB) collapsed, General Catalyst was among the venture capital firms that issued statements of support aimed at stabilizing the startup ecosystem. The firm was reported to have been among those that custodied funds at SVB, and Cutler's firm participated in discussions among top venture capital firms about how to respond to the crisis and support portfolio companies affected by the bank's failure.

Notable Portfolio Companies

Over the course of Cutler's tenure, General Catalyst built a portfolio that included numerous companies that achieved significant scale. Among the firm's most notable investments are:

• Airbnb — online marketplace for lodging and tourism
• Anduril Industries — defense technology company
• Canva — graphic design platform
• Deliveroo — food delivery service
• HubSpot — marketing and sales software
• KAYAK — online travel agency
• Livongo — digital health company
• Ramp — corporate card and financial software
• Samsara — Internet of Things platform
• Snap — social media company
• Stripe — financial infrastructure and payments
• Gusto — payroll and human resources platform
• Guild Education — education benefits platform
• Datto — data protection and management
• Datalogix — data analytics company
• Mistral AI — artificial intelligence company
• Helsing — defense artificial intelligence company
• Circle — financial technology company

Co-Founder Departure

In 2012, Fortune reported that General Catalyst lost a co-founder, an event that marked a notable transition in the firm's leadership structure. Cutler continued as a managing director of the firm following this change.

Recognition

Joel Cutler has received recognition for his role in the venture capital industry. The Boston Globe included Cutler in its coverage of technology power players, profiling him as cofounder and managing director of General Catalyst and noting his role in helping start KAYAK.

General Catalyst itself has been recognized as one of the top venture capital firms globally. FinTech Magazine included the firm in its rankings of top venture capital firms, citing its extensive portfolio and broad investment strategy. The firm's healthcare investments attracted coverage from specialized healthcare media, and its fundraising activities were reported on by major financial publications including The Wall Street Journal, Forbes, and Fortune.

The Financial Times has also covered General Catalyst's activities and growth, reflecting the firm's profile in the global financial press.

Legacy

Joel Cutler's career is closely intertwined with the history and growth of General Catalyst, which has become one of the most active and prominent venture capital firms in the world. The firm's investments in companies such as Airbnb, Stripe, HubSpot, and Snap have positioned it as a significant force in the technology industry. General Catalyst's portfolio companies span multiple sectors including enterprise software, consumer technology, financial technology, healthcare, defense technology, and artificial intelligence.

The firm's expansion from its Cambridge, Massachusetts base to a global operation with offices in London and investment activities in India and other international markets reflects a broader trend in the venture capital industry toward global investing. Under Cutler's co-leadership, General Catalyst grew from a regional venture firm to one managing billions of dollars in assets and employing more than 250 people.

Cutler's early involvement in the founding of KAYAK represented a model of venture capital engagement that went beyond passive investment to active company building. This approach—combining capital with operational involvement—became a defining characteristic of General Catalyst's investment strategy.

The firm's response during the Silicon Valley Bank crisis of 2023, when it joined other major venture firms in supporting the startup ecosystem, demonstrated the role that established venture capital firms play in maintaining stability within the technology industry during periods of financial stress.

General Catalyst's 2022 launch of a $670 million healthcare fund, at a time when many investors were retreating, illustrated the firm's willingness to make contrarian investment decisions—a quality that has characterized much of Cutler's career in venture capital.