The Founders Fund, founder of successful start-ups such as PayPal, has launched a venture fund with initial subscriptions of $50m.
The firm said it is happy with the size of the fund and expects to raise little additional money, if any.
The Founders Fund focuses on emerging companies in the consumer internet sector. The investment size will typically range from $500,000 to $1m.
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.
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