TrueBridge Capital Partners

We’re heading to SuperVenture Berlin! Join us as we connect and discuss the evolving venture landscape. Members of our team will be speaking on panels throughout the event and connecting with peers across the industry. Full details: bit.ly/4toAGnZ

AI has become an infrastructure arms race. Trillions are flowing into GPUs, data centers, and energy. Demand is strong today, but beneath the momentum, two questions matter more: Are we overbuilding? What will sustainable demand look like over time? 👉 bit.ly/4eeEYdV

AI is shifting from feature to infra. The last phase was experimentation. This one is execution. We’re seeing: • AI embedded into core workflows • Faster iterations • Results measured in output Differentiation is emerging in how it’s applied. More: bit.ly/4cdEwtx

We’re excited to welcome Alicia! 🎉 She leads marketing & brand strategy, bringing 20+ years of experience across asset management and financial services. Most recently as SVP & Head of Global Corporate Marketing at HarbourVest. Join us in welcoming her! bit.ly/4d0Yeuc

🚨 Deadline Extended 🚨 Applications for the 2026 Forbes Next Billion-Dollar Startups list are now open through May 1. This list highlights 25 of the most promising U.S.-based, venture-backed companies on the path to unicorn status. 🔗 bit.ly/3E1JTivhttps:/…

Venture outcomes are widening. AI is driving step changes in capability, backed by unprecedented investment: • $37B in 2025 gen AI spend (3.2x YoY) • $19B+ into the application layer Workflows are being rebuilt. Advantages are compounding earlier. More: bit.ly/4hbPUqy

Fundraising bounced back toward 2021 levels, but the market is narrower. 2025: • $66B raised • 537 funds (lowest in a decade) LPs are more selective. Fewer funds, longer timelines. Top firms still raise fast, but it's a bifurcated market. Read more: bit.ly/422G3Pi

Welcome to TrueBridge, Yulia Lalutska! We’ve known Yulia for years and have always been impressed by her investment judgment and rigor. She brings deep experience across VC & PE and a strong track record in underwriting and portfolio construction. More: bit.ly/4vocmVv

Fundraising in VC is evolving. In 2025, U.S. firms raised $66B — lowest in a decade. The bigger story: concentration. Emerging managers face longer cycles + more scrutiny. It’s a conviction market now, not abundance. More: bit.ly/422G3Pi

Trading is a game of milliseconds For years crypto has tried to bring institutional volume onchain... we still haven't produced a venue to rival Wall Street's speed BULK is coming to close the gap: forbes.com/sites/truebrid…

Who’s building the next unicorn? 👀 @Forbes Next Billion-Dollar Startups submissions are live. Tag a founder who should apply 👇 submitnextbilldata.com ⏳ Deadline: April 24

U.S. VC investing rebounded to $339B+ deployed, but that recovery wasn’t broad-based. Instead, capital concentrated into a smaller number of companies, with larger round sizes driving the increase in total dollars. See the full breakdown behind the data: bit.ly/4dOGO4N

Crypto has long forced a tradeoff: speed vs. decentralization. CEXs still dominate, but that gap may be closing. New infrastructure is bringing faster execution + institutional-grade risk to DeFi that could shift market structure. Read more: bit.ly/3PU9uQ6

Before backing tech giants, @RonConway learned: “If you don’t disrupt yourself, you will be disrupted.” At our Seed Crush event, Conway shared lessons from decades of investing across multiple technology cycles. More from his playbook: bit.ly/4bRiLks

Our State of VC report highlights a defining shift in 2025: more dollars, fewer deals, and a clear concentration of capital in perceived market leaders. Late-stage & growth rounds surged, driven by fewer but larger financings, with AI at the center. More: bit.ly/4dOGO4N

Valuations increased across every venture stage in 2025, but the market became more polarized. A small group of breakout companies drove pricing. Averages were skewed by mega-rounds, making medians the more accurate signal. Read the full report: bit.ly/4hf8Kgq

Venture secondaries are shifting from a liquidity tool to a pathway to power-law outcomes. But access is relationship-driven, and liquidity remains concentrated among a small group of companies. Read more: bit.ly/4lTedNX

Valuations rose across stages in 2025, but the gap between top performers and the median widened. Late-stage leaders commanded premium pricing as ownership tightened, concentrating capital among a few standout companies. Full analysis in our State of VC: bit.ly/4hf8Kgq

I had one of the legends of angel and seed investing on Uncapped, @RonConway. He's the founder of SV Angel been an early backer of companies like Google, Facebook, Airbnb, and many more. We talked about the evolution of tech, being an actively involved investor, the power of being a relationship broker, fighting hard for founders, and some of his stronger feeling in politics. It was a pleasure to sit down with him. (Also fun to record a podcast episode at a live event, thank you TrueBridge) (0:00) Intro (1:50) From semiconductors to AI (8:39) Two investments that changed everything (11:46) Non-passive angel investing (14:57) Becoming a relationship broker (18:00) Building authentic relationships (24:48) Going deep with OpenAI and Airbnb (29:19) Fighting for founders (31:39) Remarkable returns at seed (33:20) The state wealth tax (37:17) Tech and politics

The exit market strengthened selectively in 2025. $297.6B in exit value across 1,635 deals, nearly doubling YoY. • 48 venture-backed IPOs • $94.9B in secondaries • Continued M&A activity Investors + founders increasingly have multiple liquidity paths. bit.ly/4c5rsGn