July 12, 2005 10:34 AM PDT
PayPal founders launch $50 million VC fund
The fund intends to concentrate on seed and early stage investments in the range of $500,000 to $1 million. The San Francisco-based group has already invested in several companies, but is keeping the details under wraps for now. It touted its partners' credentials in a statement announcing the creation of the fund. "Unlike traditional venture capital funds, The Founders Fund is managed exclusively by entrepreneurs who have successfully developed their own companies, which provides the fund with unmatched depth of knowledge and real-world expertise for building companies from the ground up," it said.