David Cohen

🚨NEW EPISODE: Recorded live at FUTURE TITANS 2026 - Jeff Perry of Carta sat down with the iconic Seth Levine, co-founder of Foundry. Seth has been in venture for 25 years, built Foundry from scratch as an emerging manager himself, and has backed about 50 emerging manager funds through his fund of funds. He has genuinely seen every side of this table. They went deep on building Foundry, why VCs are in the influence business, not the decision business, and why the concentration problem in venture is not only bad for LPs, but also for the innovation ecosystem overall. And why Seth's new book, Capital Evolution, is so important for the future of America. 🎧 Links to listen... Apple: https://lnkd.in/ehQUQ2EM Spotify: https://lnkd.in/eU4FExpg

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Weather delays. Compliance gaps. Lost days and lost dollars. Every contractor knows the pain. Pavewise, based in North Dakota and built by operators who’ve lived it, has just raised a $2.5M seed round led by C2 Ventures Fund II, alongside Connetic Ventures, Service Provider Capital, M25, gener8tor 1889, and Broadwater Capital. Their platform brings real-time compliance, weather, and production tracking to road construction, helping crews make better calls, cut rework, and keep projects on time. This is exactly what we mean when we talk about our thesis, Dirty, Dull, and Dangerous innovation: solving real operational problems in essential industries with durable tech. https://lnkd.in/eecPMHdN

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Seed VC isn’t just in a downturn—it’s facing extinction unless it evolves fast. Great read from Rob Go & David Beisel at NextView Ventures... - YC and mega-funds now dominate the early-stage landscape, squeezing out traditional seed investors - Power law thinking has gone mainstream—everyone’s chasing trillion-dollar outliers - AI isn’t helping seed VCs—it’s raising the stakes, crowding the field, and disrupting VC itself - The middle of the market has collapsed, and excess profits are gone - Hope isn’t a strategy—seed needs a new model, now Link here... https://lnkd.in/ek2MZGhm And if you like this topic, I wrote a piece on venture bifurcating into inception funds and mega funds here: https://lnkd.in/eJz5DmX6 #ai #venturecapital #vc

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30+ VCs Backing Marketplace Startups Below is a cross-stage, cross-sector mix of firms that back marketplace and platform companies early and support them as they grow. Consumer and platform investors Upfront Ventures 1752vc (Formerly Pegasus) BAM Ventures Forerunner Brand Foundry Ventures Maveron BoxGroup Greycroft Alumni Ventures Marketplace natives and network effects specialists FJ Labs NFX Great Oaks Venture Capital RiverPark Ventures Left Lane Capital First Round Capital Lerer Hippeau Precursor Ventures Seed partners building two-sided platforms early Founder Collective NextView Ventures Uncork Capital Slow Ventures Bling Capital Gaingels Initialized Capital Felicis Multi-stage firms backing marketplace winners at scale Accel Bessemer Venture Partners Lightspeed General Catalyst New Enterprise Associates (NEA) Kleiner Perkins Bain Capital Ventures (BCV) Founders Fund

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Last week's musings. You'll notice some reoccuring themes... 𝟭. 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗮𝗹 𝗿𝗼𝗯𝗼𝘁𝗶𝗰𝘀/𝗱𝗮𝘁𝗮 𝗳𝗼𝗿 𝗥𝗟 🍇 (𝗿𝗲𝗾𝘂𝗲𝘀𝘁 𝘁𝗼 𝗷𝗮𝗺)  -recurring idea i've been mulling -robotics is happening particularly in industrial setting  -still lots of problems, but the revolution is happening and there are  work arounds until the tech is really there -prices in theory are highest they will ever be (impact of tariffs?) -folks looking for pre-training data, but eventually will also need fine tuned data -what data fidelity is good enough? 𝟮. 𝗧𝗿𝗮𝗻𝘀𝗗𝗶𝗴𝗺 𝗮𝘀 𝗶𝗻𝗰𝗿𝗲𝗱𝗶𝗯𝗹𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 + 𝗲𝘅𝗽𝗹𝗼𝗿𝗶𝗻𝗴 𝗵𝗮𝗿𝗱 𝘁𝗲𝗰𝗵 🍇  -it's an absolute monster, $75B market cap and up 300% over the last 5 years. - aircraft parts, 90% proprietary but high margin - killer aftermarket business  - how many software biz have lifetime value of 50 years?! -has lots of things software investors look for (sticky revenue, high margin, defensibility in GTM and unique flywheel, focus, etc.)  -makes me think way more about hard tech viability 𝟯. 𝗧𝗿𝘂𝗲 𝗳𝗼𝗰𝘂𝘀 - from Neil Shah on Invest Like the Best - incredible listen - few people have maniacal focus and it's so important for founders 𝟰. 𝗦𝗽𝗲𝗿𝗺 𝗥𝗮𝗰𝗶𝗻𝗴 -WTF  𝟱. 𝗖𝗼𝗿𝗹𝗲𝗼 𝘁𝗵𝗲 𝗥𝗼𝗯𝗼𝘁 𝗛𝗼𝗿𝘀𝗲 -Kawasaki released prototype and it's wild! Substack for full thoughts: https://lnkd.in/gzNtkEHk

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Another DCVC-backed team driving reliable, cost-effective baseload energy for America — at massive scale and speed $462M of fresh capital for Fervo Energy

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This is WILD. Starpath (an Indicator Ventures portfolio company) needs a massive amount of solar power to build gas stations on the Moon and Mars. Suppliers quoted $100/W with 14-month lead times, so Saurav Shroff and team built their own space-rated panels, 90% cheaper, and automated the production line. By next year, they can outproduce the rest of the world’s supply of space solar combined, enough to power every satellite made on Earth. https://lnkd.in/eDXuvS-h

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More than half of the cost you pay for electricity is for distribution (moving that electron around) rather than generating that electron. We’re paying more for shipping than for the item we’re buying. Yet all the effort in bringing down the cost of energy is focused on making generation cheaper. As demand skyrockets, we’re sleepwalking off a cliff. If we can’t generate sufficient electricity to meet this demand, we’ll either have to cede ground on AI development or throttle energy usage and lower our standard of living. Fixing the grid isn’t an optimization, it’s a national priority. There is no alternative: we have to fix the grid.

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Discussing AI as largest customer for power & energy Sue is Head of IR and Govt Affairs with Hut8. A $5B micro-cap stock that just announced a big deal with Google, Anthropic, and Fluidstack!

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Seed-stage fundraising requires differentiation. Grind Ventures found it at the intersection of three underserved markets Technology transfer from universities creates early-stage opportunities that most VCs miss. Defense and federal marketplace applications provide revenue visibility. Critical infrastructure sectors offer commercial scale. Focused Thesis - Dual-use technologies serving defense and 16 critical infrastructure sectors Technology Transfer - University research teams1-5 years old at $1-3M valuations Revenue Clarity - Federal marketplace provides structured procurement pathways Commercial Scale - Critical infrastructure sectors offer massive addressable markets   Geographic Focus - US-based companies with clear domestic advantages Stage Discipline - Seed investments with defined entry points and milestones The market rewards problem-obsessed founders with healthy margins and cash flow visibility. Dual-use technology delivers both. Which of these thesis elements resonates most with your investment approach? #VC #GrindVentures #ThoughtLeadership

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"So what exactly is a venture studio?" I'm not sure how many times I've had this conversation over the last few years. At least a few times / week. For aspiring venture builder - especially those in institutional settings, 'getting' the model - and understanding how it differs from others - is critical. So, we're starting at the beginning. On March 19, I'm sitting down with Matthew Burris for the first session of the The Venture Studio Forum's University Track Speaker Series. Matt is widely credited for helping to define the venture studio asset class - he co-authored the Venture Studio Index and built the Three-Role Framework that the industry uses to classify studios. He's spent more time researching what makes a studio a studio than anyone I know. If you're at a university, research institution, or economic development org trying to figure out whether a venture studio makes sense for you, this is where to start. Note, this event kicks off a five part-series we're running through the VSF, all focused on helping institutions understand and evaluate the model. Here's the full program: Mar 19: What Is a Venture Studio? Apr 16: University Studio Examples May 21: Funding Mechanisms Jun 18: Finding & Working with Studios Jul 16: Sourcing & Evaluating Founder Talent Registration link in the comments!

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We are thrilled to celebrate Powerline’s $7M Seed round and our partnership with this exceptional team. Led by Matineh Eybpoosh and Julian Lamy, Powerline is solving the most critical bottleneck of the energy transition: the "Intelligence Gap." As global energy demand surges, the grid requires capacity that is both faster to deploy and hyper-efficient to operate. Powerline is proving that the answer lies in software-driven intelligence. Their AI platform — the Battery Co-Pilot™ — radically improves the unit economics of energy storage, converting batteries from passive backup into high-yield financial assets. They are already delivering measurable results across the energy lifecycle: Existing Installations: Retrofitting "brownfield" battery portfolios with an intelligence layer that captures missed revenue and manages market volatility. New Deployments: Providing the digital testbeds needed to scale global fleets with institutional precision, significantly shortening the path to ROI. Legacy Displacement: Delivering a cost-effective alternative to polluting "peaker-plants," which can cost up to $200/MWh more than an optimized Powerline fleet. While solar-plus-storage is now consistently 20-30% cheaper than new-build gas, the real victory is in how that hardware is managed. At J-Impact Fund, we focus on the massive value creation that occurs when technology turns energy scarcity into abundance. By shifting the grid from a model of expensive, finite fuel to one of persistent, harvested power, we unlock superior financial upside. For us, deep decarbonization is the inevitable byproduct of this superior economic model. Congratulations to Matineh, Julian, and the entire team—we are proud to be on this journey with you. #EnergyStorage #AIOptimization #VentureCapital #AssetManagement #SeriesSeed #FinancialAlpha

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Super excited to welcome Powerline into the MaC Venture Capital portfolio as we lead their $7M Seed round! Grid-scale battery storage is scaling fast, but operating these assets well is anything but simple. Operators are navigating volatile markets with unique dynamics and real-time tradeoffs. Powerline cuts through that complexity with their AI-powered digital twin that lets teams benchmark outcomes, safely test strategies, and operate with far more confidence and control. We’re thrilled to partner with the exceptional co-founder team Matineh Eybpoosh and Julian Lamy, along with the broader Powerline team, as they build the intelligence layer for modern energy systems.

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Boards are supposed to help founders. Over the past 19 years, I've watched many trap them instead. As companies scale, many boards turn from insight to oversight and stop doing what founders actually need: Help making big, hard decisions. Early boards tend to be small, the board members are close to the business and highly invested in it. They argue from first principles. They help founders think. Later-stage boards often look more impressive on paper - they have more independent directors, committees and process. Somewhere along the way, collective problem solving gets replaced with oversight. The board shifts from helping the CEO make better decisions to monitoring decisions that have already been made. Strategy discussions get safer, real debate gets rarer and meetings become more about risk management than judgment. This usually coincides with the introduction of more professional board members. For better or worse, they often optimize for governance, optics, and liability management. That’s their job. But it’s not always what the company needs in moments of real uncertainty. Then, CEOs stop using them as thought partners. That’s a problem. So what should founders do? A few principles that help: • Keep the board as small as you can for as long as you can • Add directors for new insight they bring, not what boxes they check • Treat board seats like senior hires, not trophies • Design meetings for debate rather than reporting • Be explicit about when you want input vs approval Good boards should improve decision-making. If your board isn’t making you think harder, it’s probably not doing its job.

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🥾 #bootstrapping as a mindset should be ephemeral, one that requires a deliberate transition away from as a business enters sustained growth Appointing an established auditor is often regarded as a luxury and not part of bootstrapping Audits discipline a business - to be methodical, thorough and deliberate - traits that acquirers often seek in due diligence After all, "What gets inspected, gets respected," Anon We will share the traits of venture businesses sought and respected by MNC acquirers, join us if your business is out of the #bootstrapping mindset #fulfillingpotential #hepmil #oobmil

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I’m thrilled to officially announce our $3M seed investment in Propel People, a company we built inside the 1848 Ventures studio to tackle one of the biggest challenges facing the #construction industry today: the skilled #labor shortage. For small and medium-sized contractors, hiring isn't just a challenge. It's the number one threat to their growth, profitability, and safety. With 94% of contractors struggling to find qualified workers, it’s clear that traditional hiring methods aren't built for the trades. That’s why we built Propel People. It’s a mobile-first, AI-powered hiring platform designed for how construction actually works: in the field. By leveraging smart candidate ranking, instant #SMS-based screening, and a fully #bilingual interface, Propel helps contractors build great crews faster and more efficiently. I’m also thrilled to formally announce that industry veteran Dexter Bachelder is at the helm as CEO. Having worked with Dexter and the team over the last few months, we've already seen the impact of his leadership. His 25 years of experience scaling construction tech companies will be instrumental as Propel People enters this initial stage of growth. This investment reinforces our core thesis at 1848 Ventures: building AI-native companies that solve fundamental pain points for the #SMBs that form the backbone of our economy. A huge congratulations to Dexter and the entire Propel People team on this milestone. We are incredibly proud to partner with you to support the people who build our world. Read the full announcement below. #constructiontech #venturecapital #seedfunding #ai #skilledtrades #smb

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It goes by a lot of names: MSO, synthetic rollup, business-in-a-box. But earning a right to sharing in customers' upside is unique vertical strategy. Shopify, Honor, Compass, DoorDash, TaskRabbit, OpenDoor, Grow Therapy. What does it take to win that level of customer trust early? Sometimes, it means doing things that don't scale. Services can play a big role. We asked Dan Friedman, founder of another champion of the model: Moxie Get Dan's take in this clip from our latest episode.

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Yes, we need more (and cleaner) energy production -- but we can also do much, much more with what we already have. Stina, CEO, boils it down nicely in the press release (link in comments): "Distributed energy already holds enormous potential, but participation hasn't kept pace with deployment." Derapi's universal API platform is a critical unlock for coordinating existing and new devices (your solar panels, your EV, your home battery, your dishwasher...) into reliable, grid-scale infrastructure. Tuesday Capital is very excited to back this unparalleled team carrying us toward our much needed software-defined grid. Many thanks to Stina and Thomas for their patience in onboarding me to their sector and tech; to Ramsay Siegal of Earthshot Ventures for the original introduction way back when, and to Ben Conte of Susquehanna Sustainable Investments (SSI) for the critical contributions to our diligence. LFG!

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