Two years after launching the Weekend Fund, Product Hunt founder Ryan Hoover is back with a $10 million second fund to invest in -- and help create -- more early-stage entrepreneurs.
the Weekend Fund, a $3 million fund for backing early-stage startup companies. Now Hoover is back with a second $10 million fund – and a promise to practice what he preaches by testing new ways for investors to help entrepreneurs.
The second Weekend Fund will seek to write $100,00 to $200,000 first checks in about 40 to 45 companies, Hoover says, at the pre-seed or seed stages – whenever a founder raises their first meaningful funding round.
Their signature experiment so far is Weekend Build, a program that supports would-be entrepreneurs working on projects part-time. Ten projects were selected out of 650 applications to join a Slack community and commit to hourly weekly virtual standups on Sundays with Hoover and their peers, as well as gain access to targeted office hours with Weekend Fund’s network of about 400 advisers.
Whether the split focus is producing competitive results is hard to tell after just several years of investing by the fund. Of 40 investments made by Weekend Fund’s first fund, 18 have raised subsequent funding at a higher valuation; one, Spectrum, has exited by sale to GitHub; none have shut down.
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