Josh Ong is the US Editor at The Next Web. He previously worked as TNW's China Editor and LA Reporter. Follow him on Twitter or email him a Josh Ong is the US Editor at The Next Web. He previously worked as TNW's China Editor and LA Reporter. Follow him on Twitter or email him at [email protected].
500 Startups has partnered with equity crowdfunding platform SeedInvest to publicly raise funds for its $100 million third fund.
SeedInvest will provide third-party verification for 500 Startups in order to ensure the fund adheres to Title II of the JOBS Act, which now allows for general solicitation, but only to accredited investors. Opening up to the public doesn’t mean that anyone can just pile on, though, as 500 Startups Founding Partner Dave McClure said in an interview that most investors will still be in the six-figure range and up.
500 Startups began raising money for Fund III last year. A portion of the additional funds will continue to go toward the firm’s two AngelList Syndicates, where accredited investors can co-invest.
The firm also plans to continue its focus on accelerator and seed stage-focused investments with the occasional Series A and B follow-up deal. The types of industries and startups it invests in will also remain the same, though McClure did note that the team is looking more into the video space.
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