Saturday, June 2, 2018

"The 'Godfather of Silicon Valley' who put early money in Facebook, Twitter, and Airbnb says he's done giving startups piles of cash"

From Business Insider, May 31:
  • Ron Conway, considered the "Godfather of Silicon Valley," said his venture-capital firm, SV Angel, would not be raising a new fund.
  • A Medium post by Conway and the firm's general partners said it would "scale back the existing SV Angel team" and shift focus to angel investing. Conway said he expected to cut checks of $25,000 to $100,000 per company.
  • Founded in 2009, SV Angel made early bets on Facebook, Twitter, and Airbnb.
Ron Conway, one of the tech industry's most prominent and powerful startup investors who had early stakes in Facebook, Twitter, and Airbnb, said in a Medium post on Thursday that his early-stage investment firm, SV Angel, would not be raising a new fund.

Conway, considered the "Godfather of Silicon Valley," and his son Topher, who also manages the fund, said they would continue to use the SV Angel brand and cut checks — but in smaller amounts and as angel investors.

"Writing smaller checks allows us to stay true to our DNA, remain nimble and fulfill our commitment to supporting founders," said the letter, signed by the Conways and SV Angel's general partners, Brian Pokorny, Kevin Carter, and Robert Pollak.

The letter described a changing ecosystem in early-stage tech investing, saying it has "gone through significant changes over the last 10 years."...MUCH MORE