Level Ventures @LevelVC

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(Level Post) Mega Funds at Seed: Existential Risk or Smart Beta Opportunity? "A friend and peer of ours, @Beezer232 from Sapphire Partners, published an interesting post discussing the dynamics of the early-stage Seed and Series A ecosystem. This was following some discussion in the industry as to whether 'VC is broken'—pessimists arguing that the bifurcation in fund sizes and the concentration of capital into very few mega funds was boxing out the longer tail of firms and driving more consensus across investments. A related concern specific to seed investors is the dominance of mega funds in seed stages. To validate this study, we analyzed our own data to confirm the figures (we ingest and normalize terabytes of data across many private market sources)." levelvc.com/mega-funds-at-…

Congratulations to Jordan Wan on the launch of @CoFoundPartners II. Time and again, founders describe Jordan the same way: “transformational.” His combination of GTM mastery, recruiting intuition, and strategic clarity is rare. Grateful to be a partner and co-anchor -- and to call him a friend.

(Level Post) This is Not Your Mother's Alpha "Alpha erodes over time. Since markets are complex and far from equilibrium, new sources of alpha constantly emerge and are arbitraged away. Of course, alpha is a measure of the excess return of an investor relative to a benchmark index or risk-adjusted expected return. As such, it gauges a manager’s ability to outperform the market. From a meta-perspective, there are several categorical sources of alpha depending on the asset class and sub-segment." levelvc.com/this-is-not-yo…

Very excited to be backing @tnachen yet again! Amazing to see how @EssenceVenture has continued to evolve since we met way back during the launch of your $1m fund 1. The brand has grown, but your trademark positive energy has remained constant. Congrats "sir" ;)

Timothy Chen @tnachen

9 months ago

Really excited to launch our fund 4! techcrunch.com/2025/09/23/tim…

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(New Level Post) Capitalism and Semiotics "In a world where capital markets can be abstracted away from material reality for long periods of time, it is better to be pre-narrative than non-consensus (or rather, to be a narrative maker than taker)." levelvc.com/capitalism-and…

"The highest form of alpha is being first to the new consensus. And benefit from the follow-on flows, as capital flows drive almost all returns. We call this Criticality Investing." Interesting take from Albert @LevelVC on the latest @ThePeelPod

The Peel @ThePeelPod

9 months ago

I asked Albert at @LevelVC why consensus investing has the most alpha: "At the end of the day, you need to be where capital is going. Capital flows drive everything. You want to position yourself in front of where capital flows are going. And you want to do it in a way where

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Albert and @jbkupperman from @LevelVC were our first new Fund II anchor. They are extremely smart, data-driven, high conviction LPs with top tier backers of their own. They’ve been amazing partners alongside our other awesome LPs. This @TurnerNovak interview is a great listen!

The Peel @ThePeelPod

9 months ago

Episode #108: How to Generate Alpha in Venture Albert Azout started and runs Level Ventures, a data-driven Fund of Funds backing emerging managers. Venture investing is hard, and this conversation covers all their research unpacking exactly how to generate alpha. We also talk

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1/ We started as underdogs. Today, we’re scaling a unicorn. Thrilled to share that @EnvedaBio has raised a $150M Series D, bringing our total funding to over $500M. Led by the incredible team at @PremjiInvest and joined by both new and returning believers. 🧵

Enveda @lifeschemistry

9 months ago

How we built a unicorn from seed in 5 years… There are no secrets, but purpose, pace, and an incredible team certainly help. “We’re combining ancient ancestral wisdom with the power of nature’s chemistry with modern AI and drug discovery,” Colluru said. “We’re standing on the

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Episode #108: How to Generate Alpha in Venture Albert Azout started and runs Level Ventures, a data-driven Fund of Funds backing emerging managers. Venture investing is hard, and this conversation covers all their research unpacking exactly how to generate alpha. We also talk about how Level picks and backs emerging venture managers to invest in, and Albert demoes the custom software they’ve built internally to do so. Thank you to @tryramp and @hanoverpark for supporting this episode. And to @jbkupperman, @sashakaletsky, @nathanbenaich, @robby_mtf, and @davefontenot for helping brainstorm topics! Full episode here on X, or grab a link in the replies. Timestamps: 5:01 Top 3 forms of alpha in VC 10:11 Other ways to generate alpha 12:47 Avoiding false positives 17:11 Optimal fund size and portfolio construction 22:25 The role of Luck 23:55 Spin-out vs outsider funds 25:43 Level’s backchannel reference process 29:29 Finding alpha in Criticality Investing 34:45 Why capital flows drive all returns 43:53 Early, consensus investing has the most alpha 48:46 Networks are more persistent than performance 52:03 The strongest and weakest networks 58:41 Demo of Level’s internal software 1:04:48 Building a Fund of Funds around their data 1:10:01 Ideal LP GP relationship 1:12:39 Benchmarks are relative 1:15:39 VC funds using AI 1:17:43 How venture will change in the next 10 years

New @ThePeelPod just dropped with Albert at @LevelVC We unpack alpha in venture, why capital flows drive returns, why the optimal form of alpha is being first to the new consensus, dissecting networks and how they change, and how Level picks new emerging VCs to back

The Peel @ThePeelPod

9 months ago

Episode #108: How to Generate Alpha in Venture Albert Azout started and runs Level Ventures, a data-driven Fund of Funds backing emerging managers. Venture investing is hard, and this conversation covers all their research unpacking exactly how to generate alpha. We also talk

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Every billion dollar founder I know dropped off the face of the earth for years. We built the perfect home for these people. It’s called HF0. In our last batch, teams raising after demo day hit an avg valuation of $82M. Applications for F25 open today.

Thankful to be an anchor in Robby's fund I - the first of many to come. As one reference put it: “Her relationship building is remarkable… honestly, I envy her. She's one of the most likeable people on Earth. I’ve seen her hustle and win. No one can outwork her." Congrats on the launch of @mtf_vc!

Robby @robby_mtf

a year ago

Thrilled to announce @mtf_vc - a $22M pre-seed & seed fund helping technical founders move faster 🚀 After 9 years in VC, the pace had changed - tech exploded, and AI gave founders superpowers. So, we built @mtf_vc to help them go even faster. open.substack.com/pub/mtfrobby/p…

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Grateful to be the anchor investor in @Creator_Venture II. In a world full of recycled narratives and tired platitudes, @SashaKaletsky and @Caspar_Lee stand out as humble, original, and deeply thoughtful investors. Any founder would be lucky to have them on the cap table. Huge congrats on the launch!

Sasha Kaletsky @SashaKaletsky

a year ago

Announcing Creator Ventures Fund II: Our new $45m fund to invest in the next great consumer internet founders. More below:

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Our Managing Partner Albert Azout joined @SuperclustersLP and @cupazhou for a conversation discussing networks and more youtube.com/watch?v=c8PI3c…

(New Level Post) Criticality Investing What makes investing both exciting and challenging is that the seeds of change, and thus the potential of outsized returns, already exist, but often remain latent and imperceivable to all but a few. levelvc.com/criticality-in…

We at @LevelVC are thrilled to be supporting @joshuabrowder as an anchor LP in his new fund. We were first introduced to Josh by our good friend @asedelson of Slipstream Investors, followed shortly by multiple GPs and founders in market whom we deeply respect. The feedback was consistent -- exemplified by one unicorn founder who said that Josh "is going to be one of the best investors of our generation."

Joshua Browder @Joshuabrowder

a year ago

Sequoia Capital, Marc Andreessen and top institutions back New $30m Browder Capital Fund Four: Today, I’m excited to announce that I’ve raised Browder Capital Fund Four, a $30,000,000 fund backed by Sequoia Capital, Marc Andreessen, Chris Dixon, Arthur Patterson (founder of

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Space superiority is a top priority for the U.S. and its allies. True Anomaly is answering the call. Today we’re thrilled to announce the close of our $260M fundraise, unlocking our next phase of growth and accelerating product development and implementation. Read more here: