In October, Brad Feld’s Colorado-based venture capital firm, the Foundry Group, announced a major change in direction for how it would invest.
Effective immediately, however, the firm will focus on more proven technologies that present less technology risk.”We really believe that the golden age of technology occurred 30 to 40 years ago and we intend on identifying and investing in the best entrepreneurs in these older, key technologies,” said Seth Levine, Managing Director.
For real? Nope.
It was all part of a joke to set up the venture team’s latest music video that pokes fun at how crazy our lives are with new tech like smartphones, GPS, Google Glass, Instagram, and Twitter.
But there is more than a little bit of irony in there. Foundry just raised a another $US225 million fund in October, its fourth round of funding, which for the first time will be dedicated to late-stage companies, not early companies and seed rounds. It will be for larger investments of up to $US25 million a pop, the firm said. So in some ways, Foundry is changing its investment strategy to focus on older, more established companies.
Feld is known for investing in Zynga and for cofounding startup accelerator TechStars with David Cohen.
Here’s the silly video they produced. The best part is how they look in costume.