Tuesday, October 1, 2013

Foundry Group Commits $2.5M For AngelList Syndicate Investments

Boulder-based venture investor Foundry Ventures announced this morning that it has committed $2.5M in funding to launch its own, angel funding effort through angel funding site AngelList, via FG Angels, its own AngelList effort. The move came after AngelList launched a syndication service which lets investors syndicate their deals to others, and provides "carry" to those investors recommending a deal. Foundry Group said it has a goal of making 50 investments in companies between now and the end of 2014 through FG Angels, investing $50,000 of its own money in a company and the balance from its syndicates. Foundry also said it will also participate in other syndication deals on AngelList, for companies it does not prefer to be a lead on.