Tango.vc added millions in commitments. We're keeping fund minimum to $250K for institutions and $25K for individuals.
tldr: Tango.vc added millions in commitments. We're keeping fund minimum to $250K for institutions and $25K for individuals.
In March we started fundraising in public and the response has been stellar.
We added over 50 LPs and went from $1.6M committed to $3.8M. Regardless of the final amount raised, we can execute on our strategy, which feels great.
The most exciting part is that the community building from small LPs is going to be a superpower as we scale. Our friends over at Weekend Fund put it well: "1000 True LPs", a play on Kevin Kelly's 1000 True Fans. I've been a fan of this idea since my first startup, Tipjoy, which enabled social micropayments for creators.
But this can run into limits based on SEC rules about the number of investors. Weekend fund solved it by having a parallel fund. I'm going to solve it by keeping the minimum $25K for individuals while setting the minimum for institutions and family offices at $250K. I also plan to raise just under $10M, so the SEC limit on investors goes from 99 to 250.
For funds & family offices: $250K minimum https://angel.co/i/aPEzB
For individuals: $25K minimum https://angel.co/i/xXmYi
There is a lot more coming shortly, with things to announce soon around recruiting, and lot more content to help illuminate the world of startups and VC.