True Ventures, a prominent venture capital firm, has forged a significant path in the technology investment landscape over its 20-year existence. With a portfolio that includes close to 300 companies, the firm has toasted to 63 exits and seven initial public offerings (IPOs). This remarkable winning streak underscores True Ventures’ prowess for recognizing and fostering cutting-edge startups.
True Ventures manages about $6 billion in 12 core seed funds and four opportunity-style funds. This impressive portfolio leaves no doubt that it has earned its reputation as one of the best venture capitalists in the country. Target company investments—the firm’s sweet spot is $3-$6 million. In exchange, it desires a 15% to 20% equity ownership of the most promising startups. This practice has allowed them to be in touch with all sorts of different businesses. They work with the leading consumer brands like Fitbit, Ring, and Peloton, as well as some of the most cutting-edge enterprise software companies including HashiCorp and Duo Security.
True Ventures has been quietly active in the search for these new interfaces for years—strategically funding both software-based and hardware-based solutions. The firm believes that the traditional smartphone is nearing obsolescence, and it anticipates that new interfaces will revolutionize how users interact with technology. Founder Jon Callaghan likes to say “we’re not going to be using iPhones in 10 years.” He warns that the way we are using smartphones to communicate now is inadequate.
“The way we take them out right now to send a text to confirm this or send you some message or write an email – that’s super inefficient, and not a great interface,” – Jon Callaghan
To take advantage of this momentum, True Ventures is focused more of its investments to the application layer of technology. Callaghan believes this is where the most significant value creation lies—not in infrastructure but in developing innovative applications that enable entirely new behaviors. The company goes out of its way to invest in innovative devices. One such example is Sandbar, a voice-activated ring you wear on your index finger, making it a real “thought companion.” This smart ring can take voice notes and control music, exemplifying the type of technology True Ventures envisions for the future.
Looking back on the firm’s unconventional path, Callaghan says, “It needs to be scary and lonely and you should be considered a nut job. He readily admits the complexity and unknowns involved with chasing new frontier technologies. It needs to be fuzzy, vague and unclear — and that’s perfectly fine! Equip yourself with a crew that you have the utmost faith in,” he shares.
The firm’s insights into alternative interfaces have not only guided their investments but have shaped their understanding of evolving consumer needs. Callaghan argues that the technology that surrounds us today misses the core human behavioral requirement of all. This is indicative of how deeply attuned True Ventures is to the shortcomings in today’s techno-marketplace.
Right in the fourth quarter of 2025, True Ventures was popping champagne over three mega exits. These wins included serial entrepreneurs who came back to work with the firm following their previous triumphs. This trend highlights the increasing importance of the firm’s long-term relationships with entrepreneurs aligned with their vision of fostering innovation globally.
True Ventures excels at looking around corners. It intends to raise additional funds to capitalize on proven successful investments, though it doesn’t intend to raise billions of dollars. More important than having big piles of capital to invest, Callaghan argues, is having a deep focus on what actually works.
“But that one thing is a fundamental human behavioral need that is missing from technology today,” – Jon Callaghan
The firm’s confidence in its investment thesis is based on the assumption that these alternative interfaces will make their way into the mainstream in relatively short order. Callaghan notes that it will take five to ten years to determine if True Ventures’ focus on these emerging technologies was prophetic.
True Ventures is actively investing in the new interfaces and helping to grow the innovative best-of-breed startups. This strategy places them at the leading edge of an inescapable tech revolution. The whole industry is holding its breath. Everyone is eager to learn whether this exotic venture capital firm will be instrumental in paving the future’s HCI.