So rather than just writing a check for the next company in a category that seems to be taking off, Lewis and Stromberg are looking for startups that buck the trends. (For example, Lewis told me he sees bike-sharing as a “narrative mirage” where only one or two startups are likely to be successful.) And they’ve raised a first fund of $122 million to make those investments.
The pair has worked together before at Oyster, where Stromberg was co-founder and CEO, and which Lewis backed as a partner at Founders Fund. (The startup was acqui-hired by Google in 2015.) Before starting Bedrock, Stromberg was making angel investments in startups including Hubble Contacts, Built Robotics and Lattice, while Lewis’ investments at Founders Fund included Lyft, Wish, Nubank and Canva.
At Bedrock, Lewis and Stromberg are focused on writing Series A checks between of $5 million and $10 million, though they also plan to make follow-on investments from the fund. The firm has already backed three companies: HQ Trivia, RigUp (a marketplace for oil and gas-related work) and another marketplace company that’s still in stealth.
The firm is based in New York, with Lewis splitting his time between Silicon Valley and NYC. But the pair said they’re looking to invest beyond those cities (RigUp, for example, is based in Austin), and they’re also hoping to back non-traditional founders.
Against all odds, a few brave entrepreneurs violating the narrative today will come to define profound new truths tomorrow. We’re on a mission to find them.