An SEC filing turned up this morning showing that Product Hunt’s Ryan Hoover is investing out of a $3 million AngelList Angel Fund going by the name Weekend Fund. We previously reported that Hoover was a deal lead through the Angel Funds product — but now we know the size and name of the vehicle.
Today’s news, first reported by Axios, could indicate that Hoover is planning on getting more serious about investing in startups. His startup, Product Hunt, a site for discovering products, was acquired by AngelList in December 2016 for $20 million. Since then, AngelList has been doubling down on creating tools to help small investors.
Building on previous work with AngelList Syndicates, Angel Funds offers investors access to their own venture capital fund. Through the program, fund managers typically receive between $500,000 and $1 million to invest — though outside limited partners can contribute beyond that amount. AngelList then collects between 2.5 and 5 percent of profits while managers take home around 15 percent.
It’s not clear at this point how much of the capital Hoover raised came from outside backers. Typical first-time fund managers, raising from traditional limited partners, often aim to start with around $10 million. Axios notes that Hoover has already started meeting with founders.
Ryan Hoover declined to comment when we reached out to him.