Investors in the fund include Garrett Camp, TPG founder David Bonderman, Li Ka-Shing and Solina Chau, Google board member Ram Shriram, RIT Capital Partners, Virgin founder Sir Richard Branson, HP CEO Meg Whitman, Ace & Company, Kees Koolen and SV Angel.
Expa Labs will act as an incubator outside of the traditional Expa Studios model, with six applicants receiving six months of office space in either SF or NY, as well as $500,000 in funding.
Expa Studios espouses more of the traditional startup studio model, where founders are recruited and ideas are born in-house for new startups to work amidst other entrepreneurs and investors to create new products and services.
Expa Studios has already built companies like Drip.fm, which sold to Kickstarter, as well as Operator, Spot.com, and Reserve. Expa Studios will continue on, with the studio blog mentioning that they have a few exciting new projects to unveil soon.
Meanwhile, Expa Labs will start accepting applications now, with selections to be announced by May 17.
You can learn more about Expa Labs here.