Venture capitalist firm True Ventures is betting that smartphones, as they are currently used, will become obsolete within the next five to ten years. True Ventures co-founder Jon Callaghan believes the firm's two decades of experience, including investments in consumer brands like Fitbit, Ring, and Peloton, as well as enterprise software makers HashiCorp and Duo Security, gives weight to this prediction. The Bay Area firm, managing approximately $6 billion across 12 core seed funds and four select funds, has quietly built a network of repeat founders.

True Ventures' investment strategy focuses on cultivating a tight network of repeat founders, a departure from other venture capital firms that have become more promotional through social media and podcasts. Callaghan noted that this approach has resulted in 63 exits with gains and seven IPOs from a portfolio of around 300 companies over the past 20 years. The firm saw three exits in the fourth quarter of 2025.

The firm's success is attributed to its contrarian approach and focus on repeat founders. True Ventures has largely operated under the radar, focusing on building relationships rather than personal brands. This strategy has allowed them to identify and invest in companies with high growth potential.

The prediction that smartphones will become obsolete raises questions about what will replace them. While True Ventures has not publicly detailed specific replacement technologies, their investment strategy suggests a focus on emerging technologies that could potentially disrupt the smartphone market. This could include augmented reality, virtual reality, or other wearable technologies.

The future of mobile technology remains uncertain, but True Ventures' bet against the smartphone signals a potential shift in the industry. The firm's investments in emerging technologies will likely play a role in shaping the next generation of mobile devices and platforms.