Tim Draper, founder of DFJ and the Draper Venture Network and early investor in Skype, Baidu, Tesla, TwitchTV, Hotmail, Cruise Automation, and Thumbtack, has closed a USD190 million early stage venture fund under the brand Draper Associates.
Draper Associates has historically been a personal investment vehicle for Draper, and this fund represents the first time the opportunity has been offered to outside LPs. “We believe that the venture capital business and finance generally is going through a transformation and we raised this fund to lead that change,” says Draper. “We have created an ecosystem that we believe will give Draper-backed entrepreneurs an edge as they build their businesses.”
The fund will focus primarily on leading early-stage investments, with the ability to support companies with follow-on rounds in certain cases. The fund targets the “Global Silicon Valley,” where new technologies are transforming our world. Draper lists FinTech, GovTech, Healthcare, Education, Insurance and Logistics as ‘ripe for transformation,’ and says that the fund is open to any entrepreneur who is willing to challenge the status quo.
The core investment team for Draper Associates consists of Tim Draper, Billy Draper, and Andy Tang. The team intends to stay lean and nimble for quick process and decision-making, but expects to work with partners from the Draper Venture Network and select venture partners for additional expertise when needed.
