Who Is David Sacks
David Sacks is a South African American entrepreneur, investor, and executive known for building and backing major technology companies. He is the cofounder and former COO of PayPal, founder of Zenefits, and managing partner of Craft Ventures, a venture capital firm he launched with partners Bill Lee, Jeff Fluhr, and Scott Stanford. He is also known by the informal nickname "David Boeie" in some online circles, though his widely recognized public name remains David Sacks. He has served as a key advisor and board member in Silicon Valley startups and has been a prominent voice on technology, startups, and venture capital.
Sacks was born in Cape Town, South Africa, and moved to the United States as a child. He graduated from Stanford University with a BA in economics and later earned a JD from Stanford Law School. Before PayPal, he cofounded Geni.com, a genealogy platform, and Yammer, an enterprise social network acquired by Microsoft in 2012 for about 1.2 billion dollars. He has been a leading figure in Silicon Valley investing and startup strategy for more than two decades.
David Sacks Career and Companies
David Sacks joined PayPal as its second employee and first COO, helping the company grow from a small startup into one of the largest digital payments platforms. After PayPal was acquired by eBay in 2002 for about 1.5 billion dollars, Sacks went on to found several companies and investment firms. He founded Geni.com and later Yammer, which became one of the first major enterprise social networks and was acquired by Microsoft in 2012. His work at these companies helped shape modern online collaboration and payment systems.
In 2013, Sacks founded Zenefits, a cloud-based human resources and benefits platform that quickly grew into one of the most valuable startups in the United States. Zenefits faced regulatory scrutiny over compliance issues but continued to operate and expand its services. Sacks later stepped back from Zenefits to focus on Craft Ventures, a venture capital firm he cofounded in 2017. Craft Ventures invests in later-stage startups and has backed companies across fintech, software, and marketplaces.
Key Roles and Companies
David Sacks has held multiple leadership roles across technology and finance. He served as COO of PayPal, CEO and founder of Zenefits, and cofounder of Yammer and Geni. At Craft Ventures, he acts as a managing partner, guiding investment decisions and supporting portfolio companies. He has also been an active angel investor and advisor in startups across Silicon Valley and beyond.
PayPal and Early Career
As one of the earliest employees of PayPal, David Sacks helped build the company's operations and strategy during its critical early years. PayPal became a dominant player in online payments and was acquired by eBay in 2002 for approximately 1.5 billion dollars. This acquisition provided Sacks with both financial returns and deep experience in scaling technology businesses.
Zenefits and Enterprise Software
Zenefits, founded by David Sacks in 2013, aimed to simplify human resources and employee benefits management using cloud software. The company grew rapidly but faced challenges related to compliance and licensing. Despite these issues, Zenefits continued to operate and evolve as a major player in the HR technology space.
Craft Ventures and Venture Capital
Craft Ventures, cofounded by David Sacks in 2017, is a venture capital firm that invests in high-growth technology companies. The firm focuses on later-stage startups and has built a portfolio across fintech, software, and marketplaces. Craft Ventures has become one of the prominent venture firms in Silicon Valley.