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.
An exciting time for fledgling tech companies in Silicon Valley indeed.
Now where are the international equivalents?