After investing in 57 startups together, Superhuman CEO Rahul Vohra and Eventjoy founder Todd Goldberg are back with a new $ 24 million fund and big ambitions amid a venture capital renaissance with quick chords.
Todd and Rahul’s Angel Fund announced their first $ 7.3 million fund just weeks before the pandemic hit the United States last year and they quickly found themselves with more access to deals than they did. ‘they had no funding to support; they went on to raise $ 3.5 million in working capital designed to invest in subsequent transactions beyond the start-up and Series A rounds.
“We closed just before Covid hit and we had a plan, but it all sped up,” Goldberg told TechCrunch. “A lot of our companies have started raising extra rounds. “
With their latest increase, Vohra and Goldberg are looking to keep their outlook broad with a single fund, saying they plan to invest three-quarters of the fund in early-stage deals while saving a quarter of the $ 24 million for opportunities at a later stage. Still, the duo know they probably could have chosen to step up further.
“A lot of our peers were moving into much bigger funds,” Vohra explains. “For us, we wanted to stay small and collaborative. “
Some of the company’s investments in its first fund include NBA Top Shot creator Dapper Labs, open source alternative Firebase Supabase, alcohol brand D2C Haus, alternative asset platform Alt, maker of biowearable products Levels and location analysis startup Placer. Their biggest hit was an early investment in the Clubhouse audio chat app before Andreessen Horowitz led her round to a valuation of $ 100 million. Most recently raised clubhouse at $ 4 billion.
The pair say they’ve learned a lot over the past year navigating increasingly competitive cycles and fighting for those deals has helped the duo refine the way they market to founders.
“You never want to be a passive check,” Goldberg says. “We do three things: help companies find the right product / market fit, we help them boost distribution… and we help them find the best investors. “
Much of the company’s appeal to the founders was the “operator” status of its founders. Goldberg’s startup Eventjoy was acquired by Ticketmaster and Rapportive de Vohra was acquired by Linkedin while its current startup, Superhuman, kept the buzz for its premium messaging service and raised $ 33 million from investors, including Andreessen Horowitz and First Round Capital.
Their new group has an unusual LP base of over 110 entrepreneurs and investors, including 40 founders whom Vohra and Goldberg have already supported each other. Backers of their second fund include William Hockey of Plaid, Scott Belsky of Behance, Helena Price Hambrecht of Haus, Jack Altman of Lattice and Shahed Khan of Loom.