Venture capitalist firm True Ventures is betting against the long-term dominance of smartphones, predicting a significant shift in how people use technology within the next five to ten years. True Ventures co-founder Jon Callaghan believes the current smartphone paradigm is nearing its end, a thesis that is actively guiding the firm's investment strategy.
Callaghan's perspective carries weight, given True Ventures' track record of successful investments in consumer brands like Fitbit, Ring, and Peloton, as well as enterprise software companies such as HashiCorp and Duo Security. The firm, managing approximately $6 billion across 12 core seed funds and four select funds, has quietly built a portfolio of around 300 companies over two decades. These select funds are used to inject more capital into portfolio companies that are showing strong growth.
True Ventures has distinguished itself in the venture capital landscape by prioritizing a close-knit network of repeat founders over public self-promotion, a strategy Callaghan says has yielded 63 profitable exits and seven IPOs. The firm reported three of its four most recent exits in the fourth quarter of 2023.
The firm's contrarian view on smartphones reflects a broader industry discussion about the future of personal computing. While the specific replacement for smartphones remains unclear, potential candidates include augmented reality (AR) glasses, advanced wearables, and more sophisticated voice-controlled interfaces. These technologies aim to offer more seamless and integrated experiences, potentially reducing reliance on the rectangular screens that currently dominate daily life.
True Ventures' investment strategy suggests a focus on companies developing these alternative technologies and platforms. The firm's quiet approach to venture capital, focusing on repeat founders and strategic investments, positions it to capitalize on emerging trends in the evolving technology landscape. The firm's future investments will likely provide further clues as to what True Ventures envisions as the successor to the smartphone.
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