EF raises $115M new fund, aiming to create another 300-plus startups in the next three years by Steve O'Hear

TL;DR - Entrepreneur First is a “talent-first investor” that offers a new form of pre-seed funding focused on pairing co-founders in an accelerator model.

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Tags - notable investors, new types of vc

Questions addressed:

  • What is Entrepreneur First?
  • How does it differ from traditional VC and how is it changing the fundraising landscape?

Summary:

  • Entrepreneur First is a London-based “talent investor” that funds individuals before they have a startup, then helps them find co-founders and develop and scale an idea.
  • The idea is that some startups that should exist don’t due to a lack of available cofounders.
  • EF uses an accelerator-like model, with several months of collaboration leading up to a demo day for investors.
  • The firm has backed several successful startups, one of which was recently acquired by Twitter and many of which have received follow-on funding.
  • EF is now expanding with a new $115 million fund, one of the largest pre-seed funds in history.
  • The firm is also attempting to grow its investor ties in Silicon Valley.
  • The fund will be largely used for global expansion.
  • The new fund also includes institutional investors, who are cautiously trying out the idea of “talent-first investing” for the first time (Reid Hoffman’s Greylock Partners were one of the first on board).

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