Today we’d like to introduce you to Seth Levine.
Hi Seth, please kick things off for us with an introduction to yourself and your story.
I’m told I’m often not brief, but I’ll try! I grew up on the East Coast but ended up going to college in the Midwest at a small liberal arts school, Macalester. After spending a few years in New York, I realized that my heart was in Colorado (my dad and his parents are all from Colorado, and I spent all of my summers here growing up). So I packed up and moved out west.
This was 1996, and the front range was pretty different – Denver was just starting to evolve as a city. It was a super fun time to be here, and I took full advantage of being near the mountains. I worked at an internet/datacomms company that ended up going public in the Internet bubble of 2000. It was fun, but by mid-2021 (mid-2001), I knew it was time for me to move on.
I was fortunate to meet Brad Feld (now my partner) and ended up working for him at Softbank Venture Capital (later, they changed their name to Mobius Venture Capital). It was a new and interesting challenge, especially after my last job, which was mostly managing people. In 2006, Brad and I, along with Ryan McIntyre and Jason Mendelson, launched Foundry Group – a venture firm focused on funding early-stage tech startups.
One of our primary goals was to show that a venture firm could be successful outside of the coasts. I’m both happy and proud that we’ve contributed to putting Colorado on the map as a tech and startup ecosystem in the U.S. Since then, Foundry has worked with hundreds of startups and has seen amazing shifts in both tech and finance.
In 2021, I published my first book with co-author Elizabeth MacBride, The New Builders: Face to Face with the TRUE Future of Business. We’re currently working on our second book together on the future of Capitalism, which will be released next year.
After all of my years working to support startups, I’ve begun one of my own, GoodBread. GoodBread is on a mission to make more capital available to the millions of entrepreneurs largely overlooked by the current banking system. It uses a lending platform integrating character assessment and behavioral models to identify credit-worthy applicants.
My wife and I raised our 3 kids in Longmont, where we own a small farm (we have an apple orchard, horses, several miniature donkeys, and a goat – you can check them out on Instagram @donkgoat). She re-develops historic buildings in Longmont’s downtown.
I also do a few other things on the side, most notably as the co-founder of Pledge 1%, an organization that encourages companies to give back to their local communities (Pledge now has some 15,000 members and has generated over $ 2B ($2B) back to local charities). I also advise venture funds around the globe, with a particular focus on the Middle East and Africa.
Can you talk to us a bit about the challenges and lessons you’ve learned along the way? Looking back would you say it’s been easy or smooth in retrospect?
Venture in and of itself has a lot of ups and downs. Some companies succeed. Most don’t. You learn to ride out the companies that don’t make it, as well as challenging market cycles. Sometimes, you wind up with a really tough situation like the pandemic or the SVB crisis last year.
One thing that I’ve invariably seen is that our portfolio community comes together to support one another, offer advice, or be a sounding board. This is true more broadly of the startup community in Colorado – I’ve always been proud of our #givefirst ethos and willingness to help out other companies and founders.
Alright, so let’s switch gears a bit and talk business. What should we know?
Founded in 2007, Foundry manages over $3.5 billion and has invested in hundreds of companies and dozens of venture funds. We describe ourselves as a “Network Driven Venture Firm” – we know that our mission is larger than the work of individual investors or even our firm.
It is the work of many constituents – partners, founders, teams, and limited partners. Our approach to venture capital is characterized by long-term thinking and a give-first philosophy. This philosophy is what I am most proud of about our venture work.
What matters most to you?
I’m a passionate advocate of entrepreneurship, especially in under-represented populations. This was the impetus for writing my first book, The New Builders, and co-founding GoodBread. During my years working in finance, it’s become increasingly clear to me that a good portion of our potential is lost due to inequality, to certain people not having access to resources that might put them on a level playing field with others. I hope I can play at least a small role in changing that.
Our country as a whole is missing out on what these people could bring to the table. I’m putting a lot of time and focus into making a dent in that inequality, making access a little bit easier for marginalized people.
Contact Info:
- Website: www.foundry.vc
- Linkedin: https://www.linkedin.com/in/sethjlevine/
- Twitter: twitter.com/sether
- Other: www.thenewbuilders.com
Image Credits
Seth McConnell
