The Founder Institute is raising $15 million for a venture fund, dubbed Founder Capital, according to a regulatory filing.
The Silicon Valley organization, which opened its doors in 2009 and has since expanded to 100 countries, doesn’t appear to have previously raised any formal venture vehicles soliciting outside investors, according to PitchBook data and regulatory filings.
Historically, graduates from its programs have raised capital for their startups from outside investors, including through its FI Venture Network, which consists of angel investors, VCs and others.
Other well-known competitors, like Y Combinator, have launched a growing number of VC funds to invest in participating startups and to selectively partake in subsequent rounds. Adeo Ressi, co-founder of The Founder Institute and current chairman, did set up his own venture firm in 2014, but it was a separate entity.
In addition to The Founder Institute, the regulatory filing also lists Jonathan Greechan, co-founder and CEO of The Founder Institute; Andrew Crawford, the incubator’s head of finance; Ryan Micheletti, its head of global operations; regional director Mohd Santarissy; and Maher Santarissy, a managing director for the Middle East.
Representatives of the new fund and The Founder Institute did not return requests for comment.
The fund’s close association with the accelerator suggests it could mine the incubator’s growing startup cohort for deal flow.
The Founder Institute bills itself as “the world’s largest pre-seed startup accelerator.” It’s website lists 7,500 portfolio companies with an estimated portfolio value of $20 billion. The firm also works with VC Lab, an incubator for emerging venture GPs.
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