The founders of PayPal launched a venture fund with initial subscriptions of $50 million. The Founders Fund focuses on emerging companies in the consumer Internet sector.
According to the press announcement, the Founders Fund will concentrate on seed and early round investments, and investment size will typically range from $500,000 to $1 million. The fund currently has two partners, Peter Thiel, co-founder and former CEO and Chairman of PayPal and PayPal co-founder Ken Howery. Luke Nosek, PayPal co-founder and founder of several other Internet companies, is the fund's venture partner.
The announcement stated, "The Founders Fund has already identified several extraordinary companies and made investments, the first of which will be announced the week of July 11."
http://www.thefoundersfund.com
http://digbig.com/4dybb
