Thiel Capital's Jack Selby invests in Etched via Arizona network
Original: Thiel Capital’s Jack Selby nabs stakes in hot startups like Etched through Arizona connections
Why This Matters
Illustrates how regional VC networks and semiconductor reshoring policy are shaping early-stage hardware investment.
Copper Sky Capital founder Jack Selby, a former PayPal exec and Thiel Capital managing director, secured an early stake in AI chip startup Etched's $120M Series A by leveraging his Arizona semiconductor connections, including ties to TSMC's local GIGAFAB facility. Copper Sky is now raising a $300M second fund.
Phoenix-based Copper Sky Capital, founded in 2021 by Jack Selby, invested in Etched's $120 million Series A two years ago. Selby, a longtime managing director at Peter Thiel's family office Thiel Capital and former PayPal executive, gained access to the otherwise hard-to-reach startup by promising to help it eventually reshore chip fabrication to Arizona. Etched, a $5 billion-valued Nvidia competitor, announced this week that TSMC had manufactured its first chip earlier this year, with plans to ship customer systems later this summer. Copper Sky's first $115 million fund focused on startups in Arizona and the Southwest, with Selby's core thesis that coastal startups are overpriced compared to regional peers. As a board member of the Arizona Commerce Authority, Selby plays an active role in recruiting out-of-state businesses to Arizona. 'When Copper Sky invested with Etched, the company clearly understood our connectivity to the Arizona semiconductor industry, and in particular the local TSMC GIGAFAB,' Selby told TechCrunch. Copper Sky has since expanded its focus nationwide and is currently raising a $300 million second fund, targeting hardware and defense companies that can establish manufacturing operations in Arizona.