Billionaire seed-stage startup investor Chris Sacca announced in a blog post titled “Hanging up my spurs” last week that he has retired from venture capital investing.
His firm, Lowercase Capital, will wind down and no longer invest in startups. Partner Matt Mazzeo will move on to another yet-to-be named venture, Sacca wrote. Lowercase will continue to support portfolio companies, but won’t accept additional funds from investors.
“Startup investing is one of my things, but it is not my everything,” Sacca, 42, wrote in the blog post. “For the last few years, I’ve tried to do this job part-time. … But my personal style of startup investing doesn’t work when I’ve just got toes dangling in the water.”
Sacca said he would no longer make appearances on “Shark Tank,” a reality TV show on which deep-pocketed investors are pitched investment opportunities.
“There simply isn’t a way to do the show without investing in a bunch more companies,” he wrote. “Funny enough, the person who is most bummed out to hear I won’t be back is Mark Cuban. Despite what you might surmise from on screen, he and I are actually good friends, just really competitive good friends.”
The longtime seed investor might continue to work in television development, however, including on an ABC pilot directed by and starring actor Zach Braff, based on “The Startup Podcast,” a program that was produced by one of Sacca’s early stage investments, Gimlet Media.
Famous for taking early stage bets on Twitter Inc. and Uber Technologies Inc., Sacca also invested in local startups Tala (formerly InVenture), Noun Project, and Little Labs. The Business Journal valued Sacca’s net worth last year at $1.02 billion.
Coy about his future plans, but denying he had any political ambitions, Sacca indicated that he would be spending part of his time on philanthropic initiatives. He also teased an untitled podcast.
“Because, I mean, the world desperately needs another podcast, am I right?” he wrote.
– Garrett Reim
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