Concentration, mobility decline, and growing fragility

Meet Seth Levine, co-founder of Foundry Group and longtime venture investor. He shares the story behind building a $4B platform, why the firm chose not to raise future funds, and how he’s thinking about the next chapter of his life and work.

We dig into his fund-to-fund strategy, the value of broad exposure across the venture ecosystem, and how asymmetric information shapes better decision-making. Seth also reflects on scaling culture, avoiding dogma, and staying grounded in a non-scalable craft.

Finally, we explore the ideas behind his new book, Capital Evolution, from capitalism as a social compact to declining mobility to how regulation, opportunity, and community shape the future.