In recent years, we’ve seen the rise of spatial audio, Apple AirPods, digital walkie talkies, audio-based meditation and mindfulness services like Headspace (I’m an investor), and social audio experiences like Discord and Clubhouse.

Hardware enablers—AirPods and smart speakers—are colliding with changes in consumer behavior. On top of that, screen fatigue is drumming up demand for screen-less content. This confluence of factors is creating huge demand for “water”—for audio content and audio-first social networks.

Voice as a social medium. Voice continues to pick up steam as a broadcast medium via podcasting, but we haven’t seen a lot in social or P2P voice yet. We think a successful platform will leverage the fact that voice content can be created and consumed while doing other things. We’re big fans of companies like TTYL and Drivetime that are making... See more