Ashton Kutcher is leaving Sound Ventures, the firm he co-founded with Guy Oseary 11 years ago, to launch a new venture capital firm with Morgan Beller, the Wall Street Journal reported. TechCrunch had separately heard of Kutcher’s planned exit, and the WSJ report confirmed it, adding details about his partnership with Beller. The new firm’s name has not been made public.
A shift in investment strategy
Kutcher’s departure does not appear to signal trouble at Sound Ventures. The firm, which has backed companies like Brex and Gusto, was also an early investor in OpenAI, Anthropic, and Fei-Fei Li’s World Labs. Investors typically leave firms that are underperforming, and that is not the case here.
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The split is notable for what it signals about where AI money is heading. Sound Ventures built its reputation on concentrated, high-conviction bets in category-leading AI labs. Kutcher’s new fund appears to be chasing the layer underneath those companies—the infrastructure and energy that power them.
“He and his fund consistently make it onto [my] rankings of top unicorn investors. An interesting case!” Stanford finance professor Ilya Strebulaev, who tracks top-performing VCs, wrote on X.
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Kutcher’s long history with Sam Altman
Kutcher has known OpenAI CEO Sam Altman since Altman founded Loopt, years before the launch of ChatGPT. That relationship has informed Kutcher’s approach to AI investing.
According to the WSJ, Kutcher’s departure was partly due to different views on which startup stages to target. Sound Ventures leans toward backing companies that are already more established, while Kutcher and Beller are focused on making early-stage investments in AI infrastructure, energy, and deep tech startups—companies built around hard science and engineering breakthroughs rather than software alone.
Beller’s crypto and VC pedigree
Morgan Beller was until recently a general partner at seed-focused VC firm NFX. She previously co-led the Libra cryptocurrency project at Meta and spent nearly three years as a partner at Andreessen Horowitz. Her background in both crypto and early-stage investing aligns with the new firm’s deep tech focus.
Despite leaving Sound Ventures, Kutcher will continue to serve as an advisor to the firm. Meanwhile, Oseary and Sound general partner Effie Epstein will advise Kutcher and Beller’s new firm, ensuring continued ties between the two groups.
Frequently Asked Questions
Why is Ashton Kutcher leaving Sound Ventures?
Kutcher’s departure stems from differing views on which startup stages to target. Sound Ventures leans toward backing more established companies, while Kutcher and his new partner Morgan Beller want to focus on very early-stage investments.
Who is Morgan Beller?
Morgan Beller was a general partner at seed-stage VC firm NFX and previously co-led the Libra cryptocurrency project at Meta. She also spent nearly three years as a partner at Andreessen Horowitz.
What will Kutcher’s new firm invest in?
The new firm will target early-stage investments in AI infrastructure, energy, and deep tech startups—companies built around hard science and engineering breakthroughs rather than software alone.
Will Kutcher remain involved with Sound Ventures?
Yes, despite leaving the firm, Kutcher will continue to serve as an advisor to Sound Ventures. In turn, Oseary and Sound general partner Effie Epstein will advise Kutcher and Beller’s new firm.
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