Remember Start Fund, the investment vehicle established by DST’s Yuri Milner (as an individual) and Ron Conway’s angel fund, SV Angel?
A couple of weeks ago, we broke the news that the fund, which is managed by SV Angel partner David Lee, made a gutsy blanket investment offer to every single one of the 40 or so Y Combinator startups in the most recent batch.
Start Fund offered to provide $150,000 in convertible debt to every one of those Y Combinator startups.
Mike Arrington at the time correctly calculated that if all of them would accept the loan, a total of $6 million will be invested.
This morning, Start Fund’s first SEC filing surfaced, and it looks like $6,450,000 was raised.
Milner and SV Angel have declared that they intend to make a similar offer for each Y Combinator startup in the future, too, so no doubt there will be follow-up rounds after this one. We’ll keep watching.
In related news, Dave McClure‘s 500 Startups fund recently set up an incubator program similar what Y Combinator and other programs are doing to support young tech startups.
An exciting time for fledgling tech companies in Silicon Valley indeed.
Now where are the international equivalents?
Start Fund, created in January 2011, is a joint venture between Yuri Milner and SV Angel. The fund was created to invest in Y Combinator startups and made its first set of investments in January 2011.
Austin, TX
Seattle, WA
San Diego, CA
Menlo Park, CA
San Francisco, CA
Berlin, Germany
