It makes a lot of sense to me that @localglobevc build one company per fund. @cape's thinking here: "One of the things I'd noticed over the years is the tools, infrastructure or methods you use to start a business kept changing, and so the half-life of being a useful advisor to a founder was quite short." There are numerous studies indicating VCs risk losing their edge over time. This practice, at least intuitively, seems like a good way to stay grounded in the reality of entrepreneurship - close to the coal face, or "on the beach, with the surfers", instead of in your mansion in Pacific Heights, to borrow Saul's own analogy. Makes very obvious sense during major platform shifts like AI. Venture building is something of an art, though. Few do it well. It is not for the faint of heart. In the full convo with Saul (see quote tweet), we also touched on the story behind starting LoveFilm, which was acquired by Amazon for $320m in 2011, advice for emerging managers, how to value contracts, fund size as strategy (and why @phxcrt keep their funds small), and much more. It was a fascinating convo with one of the giants of early-stage VC.

There is much misunderstanding about the UK’s tech potential. Read Saul Klein below to understand that the new jobs and biggest potential come from the application of tech to existing markets by pioneering young companies, as much if not more than from foundational tech articape.substack.com/p/noth…

Another win for @ModelML_ thenextweb.com/news/model-ml…

Seedcamp has raised a huge $320m for its 7th early stage fund and $100m to double down on its winners! The firm was co-founded in 2007 by @rsohoni and @cape with a $2.5m fund. It's now led by Reshma and Carlos and manages an insane $1bn AUM. It's become one of the leading early-stage funds in Europe. @seedcamp Fund III has now returned over 13x DPI to its LPs, and Fund IV sits at over 5x net TVPI. Some of the companies it has backed include @RevolutApp, @Wise, @UiPath, @SynthesiaIO and @fluidstack. Today it is announced raising an additional $320m. The money is split with $220m for Seedcamp VII, the flagship first check fund, and $100m for the Select fund, which focuses primarily on backing portfolio winners as they scale toward Series B and beyond. I spoke to Will Bennett to get all the details about the new fund. Timestamps: - Introduction - Seedcamp’s $220M + $100M funds - Why the funds are getting bigger - Why Seedcamp launched a select fund - European founders moving to the US - How founder profiles are changing - What pre-seed means today - Defence and frontier technologies - What founders get from Seedcamp - Building a stronger US presence - The secret behind Seedcamp’s success Congrats to @tom_wils, @SiaHouchangnia, @_billiambennett, @felixjmartinez_, @rsohoni, @cee and the whole @seedcamp team!

another day, another new ATH for ostium > $206k in revenue L24H ($75M annualized) > broke $300m in RWA open interest > half a billion in daily volume > new ATH in new users trade the commodities supercycle onchain.

Built an app to generate bedtime stories for my daughter. Then had Claude Code review the codebase and build an interactive learning experience into it so I could understand how the app works e2e. Coding agents are without a doubt the best tools to learn how software works.