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Hi Reader, Like many of you, I've been sitting with a lot lately: the AI doomsday headlines, the affordability crisis, and our current political situation. The general sense I keep hearing from people I love is that the world just feels like a hard place to be in right now. A while back a conversation with friends turned to resilience, how you build it and whether it's even the right thing to be telling people at a moment like this, but I couldn't stop thinking about it. So, I took a stab at...
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...