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The Thesis
Sacca, through his Lowercase Capital fund, made early-stage bets on Twitter and Uber by recognizing the power of mobile platforms and the network effects of marketplace businesses.
The Story
Chris Sacca left Google in 2007 and founded Lowercase Capital, one of the most successful angel/seed funds in Silicon Valley history. His two biggest bets were Twitter and Uber. Sacca began accumulating Twitter shares on the secondary market starting around 2009, building one of the largest individual stakes outside the founders. He similarly made an early investment in Uber when it was still a luxury black car service in San Francisco, recognizing that mobile ride-hailing would transform transportation globally.
Both investments proved spectacularly profitable. Lowercase Capital generated returns exceeding $5 billion for investors, making it one of the highest-returning venture funds ever on a multiple-of-capital basis. Sacca's edge was a combination of deep product intuition (he was an early power user of both platforms), willingness to concentrate in his highest-conviction bets, and the creativity to use secondary-market purchases to build positions in companies he believed in. He later retired from venture capital, calling his returns "unrepeatable" — a rare display of humility in Silicon Valley.
Key Insight
Use the products you invest in — the best venture investors are often passionate users who can see product-market fit from the inside.
“Be a product person first, an investor second.”
Chris Sacca
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