Hello, and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Wednesday show, where we sit down with a guest, talk about their work and dive deep into the rest. This week, we had Theory Ventures founder Tomasz Tunguz on the show. As long-time readers of his work, having the former Redpoint investor on the show was a no-brainer.

While it would have been fun to spend our time chatting about the ups and down of writing or the Internet, we instead explored a wide range of topics:

•  Why Tunguz left Redpoint and started his own fund;
• Why seed deals do not get smaller over time;
• The thesis that underpins Theory Ventures’ investments and the future of machine learning;
• Why Tunguz is bullish on Ethereum;
• The value of software, the health of software companies, and why venture math still holds up at lower valuation multiples.

And more! It was a great chat; Equity will be back on Friday!

For episode transcripts and more, head to Equity’s Simplecast website.

Equity drops at 7 a.m. PT every Monday, Wednesday and Friday, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. TechCrunch also has a great show on crypto, a show that interviews founders and more!

Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.