Seven years ago Chapter One was a blank page and a small first fund. Today we’re announcing Fund III.
We name every fund like a book. This one is a question. What if it all works? https://x.com/i/article/2115530852004487168
Introducing Chapter One Fund III: What If It All Works?
To the founders, and to everyone building what comes next,
Seven years ago, Chapter One was a blank page in a much simpler venture capital world. We started with a $10 million fund, a small team, and a stubborn belief that venture capital could be better if we built the firm like a product, designed for founders.
Since then, we’ve backed over a hundred companies, seen many grow into billion-dollar businesses, and built a team and a group of limited partners we’re proud of.
Today, we’re announcing Fund III, a $65 million fund. We name our funds like books, with each title capturing the ideas we’re investing behind and the moment we’re investing into.
This one came from a question we kept asking ourselves after nearly every founder meeting this year: What if it all works?
It feels like every field is breaking open at the same time. Across AI, robotics, space, defense, biology, and finance, we’re meeting founders building things that would have sounded like science fiction a few years ago.
Our bet is that this is just the beginning. Years from now, we believe this moment will be remembered as the most important in the history of technology.
It’s pretty fun to imagine where this all leads. Here’s our guess.
AI makes every product smarter. Robots do for hardware what the cloud did for software, so small teams can build physical products almost as fast as they used to ship apps. More things get made close to home.
We engineer biology the way we engineer code. Space becomes a place we get materials from, not just a place we visit. Money moves as freely as information, and anyone in the world can access new financial markets.
We’ve been investing with that future in mind. Our early Fund III investments include Erebor, Warhound, General Intuition, Alfred, and Bohr Systems, with more to announce soon.
We’ve also grown our team for this moment. Our leadership team has been together for over five years, and for this fund, we’ve recruited investors from SpaceX, Apple, and 1X to focus on robotics, aerospace, defense, and manufacturing.
Thank you to the founders and limited partners who wrote the first two chapters with us.
And to the founders we haven’t met yet, we’re ready.
What If It All Works,
Chapter One