Tuesday, July 20, 2010

Founders Fund Closes $250M Fund

San Francisco-based Founders Fund said last night that it has closed its third venture fund, at $250M in commitments. Founders Fund III LP is the firm's largest fund yet, the firm said. The fund said investors in the new fund came from limited partners of the firm's prior funds, joined by a "small number" of new investors. The firm said that it is expanding its investments in the new fund beyond just consumer internet, to also invest in companies who are "pursuing revolutionary solutions to major science and engineering problems." Founders Fund is run by Peter Thiel, Ken Howery, Luke Nosek, and Sean Parker. Thiel, Howery, and Nosek were all co-founders of PayPal, and Parker comes from Facebook, Plaxo, Causes, and Napster. More information »