Seattle Office
Our address is 1200 Westlake Ave North, Seattle 98109. We are on the 5th floor of the AGC building, here. Park in the city lots marked in green, not in the private lots marked in red. The city uses the PayByPhone app and it’s cheap. Please call Will or Nick when you arrive at the…
Stop using hand grenades to kill houseflies: The case for smaller, cheaper AI
Token expense hurts everyone. Individuals and businesses that cannot spend fall behind, and most providers lose money on every user. Building more compute will not solve it. Power is the binding constraint, and the financing behind the buildout is murky and unsustainable. Most tasks do not need a frontier model. You do not use a…
Three Hard Truths About AI on ChatGPT’s 3rd birthday
Three years after ChatGPT’s public debut, the narrative around LLMs feels very different. The technology is still astonishingly useful (even more so than many people realize, which is one of the motivations for my upcoming book, “Flourishing with AI”), but the story investors told themselves about capex, adoption, and AGI is in dispute. When I…
The AI Bubble Burst: Triggers and Winners
The AI boom has created extraordinary wealth — and mounting unease. Even the most optimistic insiders now acknowledge that parts of the market look overheated. If and when the bubble bursts, it will likely do so through forces less discussed than simple investor mania. Just as importantly, the post-burst winners may be unexpected. I’ll explore…
Africa Equity Strategy
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Capria Africa Venture Debt Strategy
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How to Cut Through The India VC Hype
Last month, the Capria team had a highly productive week in Singapore. We attended and spoke at two industry events, met with our valued LPs and many new prospective investors. The consensus was clear: India’s structural growth story is undeniable. It is the most compelling emerging market narrative today. But a crucial question kept coming…
Capria Latam One-Pager
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Will’s Three Minute Eulogy to Dave
Dave Richards: August 22, 1964 – July 15, 2025 As Dave’s co-founding partner at Capria, I could share so many things about Dave, but I’ll focus today on the highlights. Dave always liked to point out that we first met in a courtroom in 2002 when he was with Real Networks and I was leading…
AI is moving too fast and too slow at the same time
In my April insider update, I spoke about the winners and losers in the trade wars (for which the jury is still out, but I stand by my views), and about agentic AI. Since then, I’ve devoted extra time honing one of our pillars of investing which is our thesis around the Future of Work…
