Paley wrote in a blog post that the fund will continue to focus on seed stage investments and supporting founders, and that it will still be managed by Paley and Frankel. The fund, which has been based in New York and Cambridge, Mass. and originally focused more on East Coast startups, will consider more investment possibilities around the world, including the Bay Area, where three of the partners now live.

Founder Collective was born out of the vision of creating a “peer-to-peer” investing model in which founders turn to other founders for funding. The goal was to give entrepreneurs a fund that can provide support from people who have run companies themselves.

Founder Collective has backed a number of startups including GroupMe, Hunch, Hot Potato, Milo, Posterous, About.me and others that have been acquired by big names such as Twitter, Facebook, Skype, AOL, eBay.

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The idea is that you can find and add notes on physical places, anywhere around the world. The initial implementation is browser-based, although Fake said in the blog post that an iOS version is in the works. That can be anything — including stories, memories, found objects, information or even ads.

To kick things off, Pinwheel has raised a $7.5 million Series A round led by Redpoint Ventures. That’s in addition to about $2 million in angel funding raised last year from investors such as True Ventures (see disclosure), Betaworks, Founder Collective, SV Angel, Obvious Corp and other angels. Along with the most recent funding, Redpoint founding partner Geoff Yang has joined the Pinwheel board.

For those investors, putting money on Fake seems a pretty sure bet: Flickr sold to Yahoo in 2005 for a reported $35 million and eBay bought Hunch (after Fake left) for a reported $80 million. Of course, it’s too early to guess what Pinwheel will eventually turn into, but the open nature of the site raises some interesting possibilities.

Disclosure: True Ventures is an investor in the parent company of this blog, Giga Omni Media. Om Malik, founder of Giga Omni Media, is also a venture partner at True.

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And these days in his spare time, he invests in startups through a New York-based founders-backed fund called Founder Collective. In fact, he’s on the speed dial of many Silicon Valley investors. And yet he marches to a different drum — one heard only by entrepreneurs and startup founders.

I first met Dixon back in 2005, when I was working for Business 2.0. An MIT graduate with big ideas, big ambitions and more importantly, a refusal to never take the status quo for an answer, he made an impression on me, and we’ve since stayed in touch. He’s come a long way, but the moment I sat down with him for this interview, it was clear to me that he hadn’t changed. Sure he had new, hipster glasses. A bit more swagger. But he’s still the same plain-speaking guy I met five years ago.

And he pulls no punches in our interview, especially when talking about the rise of super angels and micro VCs, a new trend that’s shaking the venture capital industry to its very core.

Part 1:

He also talks about his transition to investor from entrepreneur. “I got involved in investing mostly to get into the flow of what was happening on the Internet,” he says. “It was the exact opposite of the reason as to why others may invest.” In the process, he said he discovered that some VCs were pushing large amounts of money to startups at a higher valuation than was necessary. “When a buyer is asking for higher price, you know there’s something wrong.”

And it’s why he believes the current seed-stage investment movement started. At Founder Collective, the fund has a negligible management fee. “We make money when our investors make money…What’s so radical about that?” he says, adding: “What scares most VCs is that they don’t know what they’re doing.”

Part 2:

He also talks about lean startups, why entrepreneurs shouldn’t start a business with the goal of flipping it and why fewer people swing for the fences these days. As to his investment philosophy, it all comes down to one thing: the people. He looks for ideas that are unique and ones that others don’t quite understand. “If a Wall Street person is trying to start a company, it’s almost always a disaster and I wouldn’t invest in that,” he says.

I suggest you watch both videos. Before you do, here’s another little gem from Dixon:

“There are two kinds of investors: Ron Conways who try to create value by finding good people and helping them create something great, and others, who want a piece of someone else’s things. The builders and the extractors. Avoid the extractors.”