SV Angel, the seed-stage investment firm, announced today that it’s getting out of the traditional venture business. At least, said the firm, going forward, its founders, meaning famous angel investor Ron Conway and his son Topher, will be investing their own money in startups.
In a follow-up email exchange with TechCrunch, Topher Conway explained that several of the firm’s most recent checks, including to the chatbot startup Hugging Face, the hormone-testing company Modern Fertility, and to the electric skateboard company Boosted Boards, came from SV Angel’s existing, outside-investor-backed funds. He added that those existing funds will now no longer make new investments, but that SV Angel will continue to invest in follow-on rounds in its existing portfolio companies.
The outfit had closed its last fund with $53 million in late 2016. It will now part ways with partners Brian Pokorny, Kevin Carter and Robert Pollak, who it says will remain advisors to SV Angel.
Meanwhile, Ron and Topher Conway will be writing smaller initial checks than they have in recent years — $25,000 to $100,000, says their post — to “align” themselves better with the “thousands …read more
Source: Tech Crunch