David Tisch, founder of Box Group, joins 20VC to unpack how seed investing has been rebuilt over the last decade. Box Group now deploys from a $275M seed fund and a $275M opportunity fund, and its early cheques include Cursor, Baseten and Clay.
The conversation covers why this market is unlike 2021, why $10M to $20M seed rounds have become routine, and why lower dilution per deal pushed fund math toward bigger outcomes rather than broader portfolios. Tisch also argues concentrated funds tend to overstate their hit rates, and explains why ownership matters less than simply getting into the outlier.
