Reflecting on Foundry’s final frontier

Jaclyn Hester
3 min readJan 19, 2024

This morning, my partners and I announced that we will not raise another Foundry fund. I’m proud of the way we approached and processed this decision as a partnership. It’s the right decision for all of us and I feel good about it.

When we raised Foundry 2022, which is still in active deployment, I committed to being a full and equal partner in the fund. While today’s announcement could be viewed as momentous for me, it doesn’t really change anything in the near term. I am dedicated to my team, our portfolio, our LPs, and the work we set out to do. I’m focused on supporting our portfolio and leading new early-stage rounds as we deploy the remainder of the 2022 fund over the next few years.

Looking back, Foundry was always intentional around not building a generational firm. I knew this when I joined in 2016 and took what was initially a two-year role. That turned into a full and rewarding immersion into the venture industry and ultimately partnership at Foundry.

Over the past eight years, I’ve had the great privilege of learning the craft of investing from some of the best in the business. Along the way I’ve had many interesting and impactful experiences: launching a new strategy, building a portfolio of seed funds, investing in early-stage startups, serving on boards and LPACs, the joys of fundraising, a bull market, an unexpected pandemic-driven extension and inflation of that bull market, a much-needed market correction, ZIRP, SBF, a bank run, up-rounds, down-rounds, generative AI, and so much more.

The most meaningful aspect to me is that, in venture, I’ve found my people and a career that energizes and consumes me in the best of ways. I’ve built deep relationships and tackled new challenges. I’ve been endlessly inspired by the vision, dedication, and resilience of founders. For all of this, I am incredibly grateful.

Looking forward, there’s plenty of work ahead when it comes to the investments I’ve made and will continue to make at Foundry. I view investments as long-term partnerships and plan to carry these partnerships forward. While I don’t know exactly what’s next for me, my experience as both a GP and an LP informs a unique perspective on venture firms. It’s exciting to think about what I would build if I have opportunity to start from scratch.

For now, I’m focused on supporting the exceptional founders and funders in our portfolio and welcoming more into the mix as we make new direct investments out of Foundry 2022. While we continue to apply a network-driven approach, I’m spending most of my time in a few areas of particular interest:

  • the future of work with products that empower the end-user in new ways
  • SaaS for technologically underserved industries and white spaces
  • millennials nesting and management/optimization of family life
  • marketplaces with characteristics that drive liquidity and unlock supply/demand
  • leveraging technology to foster IRL experiences

More broadly, I look for ways in which technology can delight and empower. I am drawn to mission-driven founders with a deep level of end-user empathy and a desire to build efficiently. And I think it’s important to have fun while doing hard things.

For those raising a Series A or B round: we are open for business and, as Boulder’s beloved Coach Prime would say, “I ain’t hard to find.”



Jaclyn Hester

Hi, I'm Jaclyn Hester. I'm a mom, VC, and music-lover. I write about venture, startups, and life.