Michael Gilroy is the Founding Partner at Marathon. In this episode, we unpack Michael’s path from Canaan to Coatue and the decision to launch Marathon alongside Gokul Rajaram. We dive deep into the Rule of 200, Michael’s framework for evaluating fintech companies, how he thinks about global fintech expansion, what it takes to build a four-pillar investment team, where he sees Marathon a decade from now, and his advice for emerging fund managers building enduring firms.

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Timestamps:

0:00 - Welcome Michael Gilroy To The Rise

00:59 - 2025 as the year of the spinout

05:16 - Founding Marathon

10:00 - Hosting startups inside the Marathon office

12:30 - Why building in different geographies matters

13:25 - What an ideal Marathon company looks like

17:57 - Michael’s path into venture capitall

28:00 - Getting hired at Coatue

34:30 - Investing in Mercury and broader fintech trends

37:59 - The rise of angel investing among founders

40:05 - The Rule of 200

43:35 - Challenges of global expansion in fintech

46:50 - How Michael defines his investment style

49:54 - The four partners at Marathon and building the firm

56:00 - The fintech white paper

57:30 - Marathon in 10 years

01:00:16 - Rapid fire: one founder to back, one LP you’re grateful for

01:01:54 - Advice for emerging managers

1:05:20 - Which firm Michael would prioritize getting allocation in

1:07:00 - Thanks for joining, Michael

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