Instacart Co-Founder Launches Abundance: AI-Agent-Run Hedge Fund with $100M Seed
Bloomberg·high signal
Apoorva Mehta launched Abundance on April 24, a hedge fund where thousands of AI agents autonomously identify trades, conduct research, select stocks, size bets, and execute — essentially replacing fundamental portfolio managers. The Palo Alto-based fund raised $100M in seed capital and operates on its own money, with plans to accept external investments. Mehta was inspired by OpenAI's o3 model demonstrating advanced reasoning through complex tasks.