L.A.-based incubator and studio Science is in the process of raising a $30 million new investment fund, according to sources familiar with the matter.
Science was founded in 2011 by former Myspace CEO and serial entrepreneur Mike Jones as part of the new wave of company builders. The studio is currently led by Jones and Peter Pham, the former founder of BillShrink. Startups who have been incubated within Science include Dog Vacay and Dollar Shave Club.
At launch, Science raised $10 million in funding from Eric Schmidt’s Tomorrow Ventures, Rustic Canyon, White Star Capital, The Social+Capital Partnership, Jean-Marie Messier, Philippe Camus, Jonathan Miller and Dennis Phelps. Earlier this year, the organization took a $30 million investment from Heart Media Corp, as AllThingsD reported in February. That money was put towards operational costs and to expanding Science as a business. The company recently brought on Jason Rapp as a managing director.
This new fund, we’ve heard, is being put towards giving Science startups a guaranteed amount of money, the specific amount of which is still being determined. It’s similar in theory to YC VC (and its predecessor The Start Fund), which offers $80,000 in funding to each Y Combinator graduate. The fund will also be used to make outside investments in non-Science incubated startups. Science has made similar investments in the past, including BlackJet, OUYA and Wealthfront, according to the company’s site.