StrictlyVC Download True Ventures' contrarian playbook: High ownership, low noise
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Jan 6, 2026 Jon Callaghan, managing partner and co-founder of True Ventures, shares insights from over two decades of seed-stage investing. He emphasizes a founder-first approach, prioritizing high ownership and valuing quiet support over flashy promotion. Callaghan discusses the risks of mega-rounds, pointing out that unique outlier founders often get overlooked. He also explores the transformative potential of AI in consumer applications, predicting a shift towards personalized software and new interfaces, while cautioning against capital-intensive infrastructure risks.
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Quiet, Founder‑First Strategy
- True Ventures deliberately stays quiet and founder‑centric instead of pursuing headlines or noise.
- That approach builds deep founder trust and a high‑fidelity deal flow from repeat entrepreneurs.
Founder Referrals Drive Deal Flow
- True gets 60–70% of new deal introductions from its founders, fueling repeat investments.
- They funded about 70 repeat founders and saw most recent exits come from repeats.
Duration Is A Feature, Not A Bug
- Callaghan frames duration as a feature: early‑stage companies often take 5–10 years to realize value.
- True's exits and IPOs validate patience as a strategy for seed investors.