Chris Sacca, the former Googler turned high-profile angel investor, announced today that his new investment firm Lowercase Capital has raised an $8.5 million fund and is now open for business.
Lowercase already has a long list of portfolio companies, since it includes the startups Sacca backed as an angel, most notably Twitter.
Prior to his private investing, Sacca served as head of special initiatives at Google. He has also become a well-known figure in the tech community through his speaking appearances, his blog, and a large following on Twitter.
Sacca also just posted a long-ish essay about his investment “creed,” which begins, “Venture capital is broken.” The whole thing is worth reading, but here’s a sample:
Lowercase Capital was founded upon the recognition of this shift. We don’t think of ourselves as money managers. That isn’t to say we aren’t tireless and competitive. In fact, we are ruthless negotiators, aggressive businesspeople, and have no allergy to disproportionately large returns. However, frankly, capital just isn’t that important to the early triumph of a company anymore. Much more vital is collaborating side by side with a founding team that controls its own destiny. Entrepreneurs who are empowered by seasoned advisors, but free to frame achievement for themselves, are much happier. This inevitably shows in their products and the growth of their user bases and revenues.
Rumors that Sacca was raising a fund were first reported by TechCrunch last August.