Launch House, the startup hub committed to creating a whole new Silicon Valley, unveiled its first funds, Residential Capital, this Tuesday with a $10 million commitment to invest in high-growth entrepreneurs inside and outside its community. The investing premise spans the entire tech industry but also considers Web3 advancements.
Several limited partners from the tech and entertainment industries and general partners from many other funds, notably James Currier from NFX and Andrew Chen from Andreessen Horowitz (a16z), provided funding for House Capital. Launch House’s $12 million Series A financing was led by a16z in February.
In May, A16z unveiled a career-high $4.5 billion crypto fund, and most recently, NFX invested $62.6 million in additional investment in a portfolio that included several crypto names.
According to co-founder Michael Houck of the startup, House Capital will make up to $150,000 in each deal, with investments made when the company discovers new businesses rather than at a predetermined rate. Seventeen firms have previously received funding from the fund, most of which were Launch House alumni. Coinbooks, a cryptocurrency accounting program, was one of the investments.
Start-Up Launch House Starts Journey With Huge Funding And Web3 In Focus:
To improve its programs and member experiences, Launch House will reinvest the bulk of House Capital’s returns. House Capital-backed founders will have lifetime access to the startup and its benefits, such as fundraising assistance, online cohorts, in-person residencies, and retreats.
Launch House’s first fund will launch amid a worldwide bear market that saw a 26 percent decline in crypto venture capital financing in the first half of 2022, but the founders are unconcerned about the timing.
