David Lee, a managing partner at SV Angel who’s also managing the Start Fund stated in an interviews that “As of 3 pm today we’ve received 39 confirmed signature pages, and we believe the rest are awaiting approval from their attorneys.” This statement was issued yesterday after the initial offer was made on Friday evening at the Y Combinator headquarters in Mountain View California.
Start Fund, a new fund created by DST’s Yuri Milner as an individual and SV Angel, offered each of the companies a $150,000 investment in the form of a convertible note with no cap and no discount. SV Angel investments include: Bump Technologies, GroupMe, Factual, Unsubscribe.com, Honestly.com, bit.ly, hipmunk and Votizen.
He also stated that “These aren’t gifts, we’re not a charity. It’s an investment that gives these startups that first critical $150k that gets them to product. We intend to make money on these investments.”
The funds will be wired to startups in the next few days, says Lee.
