Product Hunt Raises USD 10 Million in Second Funding Round

By StartUp City | Tuesday, November 26, 2019

The Weekend Fund plans to write USD 100,000 to 200,000 first checks to about 40 to 45 companies, at the pre-seed or seed stages whenever a founder raises his or her first meaningful funding round. Weekend Fund serves two groups of customers: the limited partners invested in the fund and the founders it promises to support

Fremont, CA: Product discovery site company Product Hunt raised USD 10 million in a funding round led by Weekend Fund. This is the second round of funding raised by CEO Ryan Hoover after he had raised USD 3 million in a debut angel fund in 2017. Hoover had sold the company to Angel List for USD 20 million in 2016 but continued to remain the CEO. Other investors in the new round of funding include venture capitalists Marc Andreessen, Chris Dixon, Jana Messerschmidt, Ben Rubin, Chris and Crystal Sacca, Hunter Walk, Kevin Rose and Garry Tan, as well as Q&A co-founder Suzy Ryoo, former Microsoft president Steven Sinofsky, &Then co-founder Corley Hughes, Adobe’s chief product officer Scott Belsky, Nurx CEO Varsha Rao, Long Term Stock Exchange CEO Eric Ries, and Atom Factory CEO Troy Carter.

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“The best way to get better at something is just to do it,” Hoover says. “With this next one, we are thinking through how we invest in product, not in the traditional sense, but in products that are operational things that can really add value longer-term.” The Weekend Fund plans to write USD 100,000 to 200,000 first checks to about 40 to 45 companies, at the pre-seed or seed stages whenever a founder raises his or her first meaningful funding round. Weekend Fund serves two groups of customers: the limited partners invested in the fund and the founders it promises to support.

The venture capital firm, the company also operates an experiment to encourage employees to build side projects into companies called Weekend Build, invests across geographies and industries with a particular interest in audio and voice products, tools for distributed teams and remote workers, and low-code/no-code projects. Weekend Fund joins a long line-up of early-stage micro-funds, with capital set aside to fight with the likes of GGV Capital, Sequoia Capital, and other monster funds that deploy capital at the seed stage, too. The company has a strict policy of not leading an investment round; instead, make small investments and participate in as many initial rounds as possible.

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