The Founders Fund, the entrepreneur-friendly VC firm launched by PayPal veterans, has gone big for its Founders Fund II, raising $220 million from institutional investors. The company’s first fund totaled $50 million, much of it coming from the partners’ personal fortunes. Its original partners were Peter Thiel, Ken Howery and Luke Nosek; Napster (NSDQ: NAPS) co-founder Sean Parker has since joined the group. The iconoclastic firm invests in consumer internet companies, such as Facebook and Slide (see site for full portfolio). Among the fund’s innovations: the creation of Series FF stock, which allows company founders to take money off of the table while still in the VC stage. The investors are unidentified, although WSJ reports that the Stanford University endowment is one of them. The new fund intends to back 15-20 early stage companies. Release.
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