Chris Sacca is a former Google executive that has made several angel investments.  Now Sacca is closing a VC fund of about $5 million.  After raising that round, Sacca will make small investments of about $50,000 to $150,000.

Some of Sacca’s early investments include Twitter, Tumblr, Posterous, Bit.ly, and FanBridge. When Sacca was working at Google, he was the Head of Special Initiatives such as opening part of the FCC spectrum auction and the Mountain View WiFi project.

The early investments that Sacca made will become part of Sacca’s new fund.

Micro-payment service Tipjoy attempted to sell itself, but it turns out that they will be shutting down instead.  Facebook even offered Tipjoy $5 million in stock.  Facebook walked away from the deal and Tipjoy shut down shortly after.

Even though Tipjoy decided to shut down, Facebook was able to hire one of the company’s executives.  Facebook hired Tipjoy co-founder and CTO Ivan Kirigin.  Although it is uncertain about what Kirigin will be working on, it is expected to be something related to Facebook Payments.

The reason why Tipjoy shut down was because Kirigan was not around after Facebook made him an offer.  PayPal and Twitter were both interested in buying out Tipjoy too.  Y-Combinator, Chris Sacca, The Accelerator Group, and Betaworks invested over $1 million in funding.