SEC Watch: Start Fund Raises First Round, Totaling Nearly $6.5 Million

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Daily Crunch: Office Espionage Edition

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?

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