October 27, 2014
This morning Tech Cocktail covered the launch of the VegasTechFund Syndicate which is funding Buffer, and putting a stake in the ground as the fund changes its focus. As Tony Hsieh announced at the Celebrate Conference, the fund has now invested the first $30 million of the $50 million fund. That $30 million was focused on early-stage investments and to date has funded over 90 companies, lead by Andy White. The remainder of the fund will be focused on doubling down on specific investments. Previous investments were limited to $500,000 and this change allows the fund to make larger investments in select companies.
As part of these changes, previous fund leader Andy White and the fund parted ways last Thursday. Zach Ware, a partner at the VegasTechFund, had this to say:
“We have decided to focus our efforts on re-investing in select portfolio companies so we can provide the growth capital needed for them to take their companies to the next level. Our early-stage seed funding will be slowing down. It’s a big change for us.”
Andy White has been a champion for the Downtown Project and the VegasTechFund as a fund partner, and his appointment to actively make early-stage seed investments for the fund at an aggressive rate over the past two years was fulfilled. White made the move to Downtown Las Vegas in 2012 from Utah where he was leading the startup accelerator BoomStartup.
As for the questions raised in today’s PandoDaily story, the four partners still running the fund include Zach Ware, Will Young, Fred Mossler, and Tony Hsieh.
Editor’s Note: While Andy White did not lead Downtown Project’s investment in Tech Cocktail, he is a personal friend.
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