Founders Fund raises $1 billion for fifth fund, Sean Parker steps down
The Founders Fund has closed on a $1 billion fifth venture capital fund. This new fund will be led by partners Ken Howery, Luke Nosek, Brian Singerman, Peter Thiel, Lauren Gross, Geoff Lewis and Scott Nolan. Founders Fund said that it will use these funds on a “wide variety of sectors” including aerospace, A.I., energy, health, and consumer Internet. In the past, The Founders Fund invested in companies like SpaceX, Airbnb, Path, Credit Karma, ZocDoc, Stripe, Lyft, Yammer, SolarCity, and Palantir.
Sean Parker is not going to make any new investments on behalf of Founders Fund, according to Fortune. Sean Parker, the co-founder of Napster and founding President of Facebook, joined Founders Fund in 2006 after stepping down from the social network company. Parker seems to be focusing on relaunching Airtime to OKHello.
“He’s been winding down his involvement over the last few years to focus on other projects, and as of the close of fund V he’s no longer making any investments on behalf of the firm,” stated Founders Fund spokeswoman Erin Gleason in an interview with Fortune. “He is maintaining his board seats in his active FF investments, including Spotify.”