Chris Sacca, whose bets on Twitter and Uber brought him wide attention in venture circles, said he is giving up investing and his role on ABC’s Shark Tank.
Sacca, in a blog post, said he was “hanging up his spurs” because he had achieved what he set out to when he started Lowercase Capital a decade ago.
He said Lowercase and his partner Matt Mazzeo would continue to support the firm’s portfolio companies.
“When we invest in a startup, we make a commitment to help them for years and years,” he wrote in the blog post. “That isn’t changing. We just aren’t going to invest in any more companies going forward and we won’t be accepting any money from investors.”
Sacca, 42, a former Google lawyer who took early money for Lowercase from Industry Ventures, had for the past few years tried to do his job part-time and has appointed Mazzeo to take over day-to-day deal leadership for the most recent fund.
“But my personal style of startup investing doesn’t work when I’ve just got toes dangling in the water,” he wrote. “I succeeded at venture capital because, for years, I rarely thought about or spent time on anything else.”
He said there were times when he risked every dime to build Lowercase despite never having formal office space and instead working out of his homes in Truckee, California, and Big Sky, Montana, and Los Angeles.
He added that as a 20 year old he predicted he would abandon his career “at 40 to try my hand at something else entirely.” That time has come.
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