Ryan Hoover, the founder of Product Hunt, has raised another $10 million to invest in nascent upstarts via his firm’s second fundraise, Weekend Fund. This latest round brings the total amount invested by Weekend Fund to a significant figure, demonstrating the growing trend of micro-funds and nano-funds competing with larger venture capital firms.
Hoover’s Background and Weekend Fund
Ryan Hoover is no stranger to the startup world. He founded Product Hunt in 2013 before selling the product discovery platform to AngelList for $20 million in 2016. As a successful entrepreneur, Hoover has also invested in several startups, including Girlboss, TTYL (audio social media), and Headspin (mobile application performance software). With his experience as an investor and founder, Hoover established Weekend Fund to provide early-stage capital to promising startups.
The Limited Partners of Weekend Fund
Weekend Fund’s latest fundraise has attracted a range of prominent venture capitalists, including:
- Marc Andreessen: Co-founder of Andreessen Horowitz and a well-known advocate for entrepreneurship.
- Chris Dixon: Partner at Andreessen Horowitz and a seasoned investor in early-stage startups.
- Jana Messerschmidt: Venture capitalist with a focus on consumer technology investments.
- Ben Rubin: Investor in several successful startups, including Facebook and Instagram.
- Chris and Crystal Sacca: Founders of Lowercase Capital and experienced investors in early-stage companies.
- Hunter Walk: Partner at Homebrew Ventures and an advocate for diversity and inclusion in the startup ecosystem.
- Kevin Rose: Co-founder of Digg and a well-known investor in early-stage startups.
- Garry Tan: Co-founder of Initialized Capital and a seasoned investor in consumer technology companies.
Other notable Limited Partners include Suzy Ryoo, co-founder of Q&A; Steven Sinofsky, former President of Microsoft; Corley Hughes, co-founder of &Then; Scott Belsky, Chief Product Officer at Adobe; Varsha Rao, CEO of Nurx; Eric Ries, CEO of the Long Term Stock Exchange; and Troy Carter, CEO of Atom Factory.
Weekend Fund’s Investment Strategy
Weekend Fund invests across geographies and industries, with a particular focus on:
- Audio and Voice Products: Weekend Fund is interested in startups that are pushing the boundaries of audio and voice technology.
- Tools for Distributed Teams: The fund aims to support companies that provide software solutions for remote workers and distributed teams.
- Low-Code/No-Code Projects: Weekend Fund is also investing in projects that make it easier for non-technical users to build applications.
The Rise of Micro-Funds
Weekend Fund joins a growing number of early-stage micro-funds, which are competing with larger venture capital firms like GGV Capital and Sequoia Capital. These smaller funds often take a more hands-on approach to investing, writing smaller checks as participants in early financings rather than leading investments.
The Growing Competition for Seed Funding
According to Crunchbase, U.S. investors raised more sub-$100 million VC funds last year (148 in total) – more than any other year in history. This trend highlights the increasing competition for seed funding, making it challenging for startups to secure early-stage capital.
By maintaining a focus on smaller investments and writing checks as participants in early financings, Weekend Fund is well-positioned to capitalize on this trend.
