Foundry partner: Current fund is Boulder venture capital firm’s last

BOULDER — The Foundry’s current fund — Foundry 2022 LP — will be the Boulder-based venture capital investor’s last, Foundry partner Seth Levine wrote in a blog post published Friday on its website.
“From our founding, we intentionally decided not to build a legacy or generational firm —one meant to live beyond the tenure of the founding partners,” Levine wrote. “Instead, we intended to focus on the work of investing, re-evaluating each potential new fund as our fundraising cadence required.”

Foundry, which typically launches a new fund every three or four years, was formed in Boulder in 2006, and, according to Levine, has since invested in “over 200 companies and nearly 50 venture firms.” Its partners include Levine, Brad Feld, Jaclyn Freeman Hester, Lindel Eakman, Chris Moody and Ryan McIntyre.

The Foundry 2022 fund, according to previous BizWest reporting, was launched in March 2022 with the goal of raising $550 million. 

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Levine wrote that while “Foundry 2022 will be our last fund,” the company’s “work is not finished. We’re excited to make new investments out of Foundry 2022, from which we will continue to lead Series A and B financings. We are energized to continue supporting our portfolio of companies and funds. And, given the lifespan of venture funds, we expect to continue this work for at least the next decade.”

Over the past nearly two decades, Foundry’s portfolio has included a number of local technology companies such as SendGrid, PivotDesk, Infleqtion (now ColdQuanta) and Sphero. Among its wins was the $732 million initial public offering of FitBit, of which Foundry was a major shareholder, in 2015. 

About midway through its run, Foundry also began to invest in other venture capital firms.

“In 2015, with a changing venture landscape, we saw an opportunity to institutionalize a practice of investing in other venture firms, expanding upon the personal investing in venture that we had been doing for years,” Levine wrote. “We launched this fund investment strategy in 2016 and built a portfolio of both established and emerging seed-stage managers who we believe represent some of the best of the newest generation of investors.”