The firm said the fund was backed by individual and institutional LPs with strong track record seed, venture, and first time funds.
Every founder that will be backed by Upside will become a partner in the fund and as such will be granted part of its carry and share in the upside performance of the broader portfolio.
Upside said, “We believe this will strengthen the bonds of our founder community. Founders often receive the best advice and guidance from other founders. We want to encourage this type of collaboration.”
The firm added, “It is for them that, Upside wants to return to true seed investing. We want to meet founders early and help them before they build their first product.
“At this stage, sometimes the right thing for a founder to do is to raise only a small amount of capital. Because smaller funds are more nimble than their larger cousins, we can actively work with founders without imposing ownership or check size targets.”
At First Round, Goldman led investments such as Airware, Artillery, Storenvy and Threadflip as well as Cabana and HotPotato, which have been bought by Twitter and Facebook, respectively.
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