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Hi Reader, I wanted to share a realization that's been rattling around in my head all quarter: the best-performing companies in our fund have something in common that I never planned, never wrote into a thesis, and honestly would have bet against as a former founder. They're marketplaces (coincidentally the type of business of I tried to build a decade ago). Below is my attempt to explain why the model that broke my generation of founders suddenly works, what AI actually changed, and why the...
The Next Great Seed Fund Is Getting Built Right Now — Just Not in Silicon Valley When I first launched Symphonic Capital, I was still in the Bay Area, and I watched the scale story begin in real time. The expectation baked into every conversation was that exit outcomes were only getting bigger. The kind of fund I actually wanted to build — focused, disciplined, close to the founder, where success doesn't hinge on multi-billion dollar exits but can actually be built around $500M+ outcomes that...
Hi Reader, Below you'll find part three of Shruti's series on the AI IPO Paradox and SpaceX. We'd love to hear your feedback. Thanks for reading! Warmly, Sydney + Shruti SpaceX's First Week. Here's What Actually Happened. The pop, the Cursor acquisition, the OpenAI financials, and what this means for everything coming next By Shruti Shah, General Partner, Symphonic Capital Five days ago SpaceX went public at $135 a share. By Tuesday it had hit $225. Briefly more valuable than Amazon. Briefly...