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Brontes Corp. co-founder Eric Paley has raised $30 million toward a new seed-stage venture fund with co-founding partners David Frankel and Chris Dixon, Paley said this morning. The fund, called Founder Collective, will be based in the Boston area.
Documents filed yesterday with the U.S. Securities and Exchange Commission pegged the number raised thus far at $24.4 million -– but Founder Collective has raised more since the documents were filed, said Paley, formerly an adviser at Flybridge Capital Partners.
A $50 million target posted in the fundraising document may be higher than the new firm’s aims, Paley said. “We left some room in the documents,” he said. “We really haven’t decided whether we’re going to have any further closes in the fund.”
Frankel founded a corporate Internet service provider called Internet Solution, Paley said. Dixon is the founder of Boston’s SiteAdvisor Inc. The three have done some angel investing together, backing one another’s companies, and investing together in San Francisco-based health care financial software company Canopy Financial Inc.
“We’re all entrepreneurs,” said Paley. The fund will focus on seed-stage investments and will be ‘founder-focused,’” he added.
He declined to say more about Founder Collective’s investment strategy.
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