Prominent tech investor Chris Sacca, known for his early bets on Uber and Twitter, has announced his retirement from venture capital and ABC's reality TV business show "Shark Tank." In a blog post on Wednesday (26 April), the 41-year-old billionaire investor and founder of venture capital fund Lowercase Capital said he was "hanging up his spurs" and will stop investing in startups.
He said he recently rediscovered an old notebook from when he lived in Ireland during his 20s. In it, the younger Sacca said he wanted to be "the best" at what he did and then "quit at 40 to try my hand at something else entirely."
"In a matter of days, I am going to be 42 years old," Sacca wrote in the blog post. "Two years late."
"The only way I know to be awesome at startups is to be obsessively focused and pegged to the floor of the deep-end gasping for air," he wrote. "I succeeded at venture capital because, for years, I rarely thought about or spent time on anything else. Anything less than that unmitigated full commitment leaves me frustrated and ineffective.
"As you've heard me say on the show, if I'm not all-in, I'm out."
While Lowercase Capital will continue to support its current portfolio of companies, he said they will not invest in any additional companies moving forward and will not be accepting any money from investors.
He also added that his partner, Matt Mazzeo, will have something "exciting to announce soon." However, he did not reveal any specific details about this announcement.
Sacca also said he will be leaving Shark Tank, a popular show that he has been a part of for the past two seasons.
"There simply isn't a way to do the show without investing in a bunch more companies," he said. "When I first sat in that chair, I wasn't sure what might happen and what you all might think. Turned out, the Twitter feedback was teeming with high fives, my episodes' ratings were strong, the critics loved it, I invested in some fantastic companies, and most importantly, I had so damn much fun."
He added that the person "most bummed out" to hear that he wasn't returning is fellow tech entrepreneur Mark Cuban.
"Despite what you might surmise from on screen, he and I are actually good friends, just really competitive good friends," Sacca wrote. "I'll miss working with Mark, and all of the other Sharks.
"Sadly... more investments make it impossible for me to move on. So it's time to walk away. Or, as we would say on the show, 'I'm out.'"
However, Sacca is not ready to give up on entertainment altogether and will be playing himself in a television pilot for ABC based on The Startup Podcast. He will also be launching his own podcast because "the world desperately needs another podcast, am I right?"
Sacca invested early in a number of tech companies including Uber, Twitter, Instagram and Twilio among others.
Known for his bold, cowboy shirts, the outspoken investor has never shied away from voicing his political views. However, he said he has no plans to get into politics.
"If you follow my tweets, you know, my attention and anxiety have been increasingly focused on the plight of our democracy," he wrote. "I don't say that lightly. I think the institutions, principles, norms, and traditions that make the United States of America genuinely exceptional are at serious risk.
"My success would not have been remotely possible without robust public education, access to healthcare, government creation and nurturing of the Internet, federally funded research and science, and the talents of brilliant people from literally around the world. My career would not have progressed without the leadership and contributions of immigrants of virtually every race, ethnicity, and faith. Period. So, I owe it to do what I can to help, now more than ever."
"Beyond fighting a despotic regime", Sacca says he intends to spend his time "doing more television, launching a podcast, all while raising three wonderful kids under six."