Weekend Fund 2.0

Announcing a new $10M venture fund backing your next favorite thing

In 2017 I announced Weekend Fund, a $3M fund to back ambitious early stage startups. In that fund we invested in:

• 40 startups. This includes Sophia Amoruso who’s building a vibrant community for ambitious women, Justin Dangel who’s quietly saving lives, Paul Budnitz who’s creating something remarkably weird, Sarah Paiji who’s reducing the world’s plastic footprint with an innovative model, Braden Ream who’s supporting a new generation of voice apps, and Alex Ma who’s bold enough to build a new kind of social network.
• Founders from around the globe. 35 are located in the U.S. (15 in the Bay Area, 7 in New York, 6 in LA, 2 in Chicago, and the rest elsewhere), 1 in Canada, 1 in London, 1 in Paris, 1 in Amsterdam, and 1 is fully distributed.
• B2B and B2C. While we’re particularly excited about a few spaces — future of audio/voice, tools for distributed teams/remote workers, and low/no code tools — we looked at everything. It’s important to be open-minded when investing in early, unproven ideas.
• Companies representing over $2B in market cap value. While the first fund is still young, it’s off to a strong start.

We’re honored to work with some remarkable, ambitious teams.

What’s new in Weekend Fund 2.0

Today we’re announcing Weekend Fund 2.0, a $10M venture fund investing in early stage startups.

This second fund, 3x+ larger than the first, allows us to write bigger checks while maintaining a collaborative position in the venture ecosystem (we don’t lead deals and can write small checks).

We’re thankful to have the support of over 100 of the world’s top operators and professionals in tech as LPs in the fund.

Like a product, we’re constantly iterating on the fund. The market and users (i.e. the founders we back) inform our strategy. And we’ve learned a ton over the past few years.

Here’s what’s new in WF 2.0:

Weekend Build

As early stage investing becomes increasingly competitive, it’s even more important to explore underserved markets. In July we announced Weekend Build, an experiment to find and support ambitious side project builders. Over 650 people — far more than we expected — applied to join us from around the world.

Most investors invest in a startup after they’ve incorporated, launched a product, and created a pitch deck. We want to support founders earlier and help nudge new companies into existence.

We’re more than halfway through the first Weekend Build and will kick off the next iteration in early 2020, informed by our learnings. If you’re interested in joining, let us know. This is the first of many experiments we’ll be running.

100% Vedika

Vedika joined as part-time Chief of Staff earlier this year. In October she left her previous role to work with me full-time.

She has been instrumental in sourcing and evaluating opportunities; executing Weekend Build and other upcoming experiments; and serving as a thought partner for my (sometimes wild) ideas. I’m so happy to work with her.

More Amazing LPs

As a founder, it’s incredibly important who you choose to bring on the cap table. Investors can be a massive #valueadd or liability to a company’s success.

The same is true for LPs in a fund. As we went out to raise WF 2.0, we set an intention to partner with a large number of strong operators and founders across different backgrounds and experiences. We raised money from over 100 LPs, more than your typical fund, to build a network of supporters for the portfolio.

Many Thanks

In the spirit of this week’s Thanksgiving…

I’m thankful for the founders that allowed us on their cap table, especially those that fought to squeeze us into competitive rounds. If you’re raising for a big idea, reach out.

I’m thankful for the side project builders that are joining us on our Weekend Build experiment. If you’re working on a side project and want to participate in the next batch, let us know.

I’m thankful for LPs that trust us with their money — I take that responsibility very seriously — and for the work they do to help portfolio founders. If you’re interested in investing in WF 3.0, drop me a note.

I’m thankful for AngelList’s Venture team who manages the back office and everything that goes into operating a fund. If you’re thinking of raising a fund and have questions, send me an email.

I’m thankful for co-investors. Early stage investing is a team sport and far more collaborative than most people realize. If you’re also investing in early stage startups, let’s connect.

I’m thankful for Vedika for committing herself to building a new kind of fund with me.

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