- Spearhead recently announced it is going to back founders with $1 million for them to start angel investing
Spearhead is a program that funds and mentors founders with up to $1 million of capital in order to back fellow founders. Established by AngelList founder Naval Ravikant and Accomplice VC founding partner Jeff Fagnan, Spearhead is planning to raise about $100 million for its third month and a portion of that is earmarked for this program.
Launched in 2017, Spearhead initially provided $200,000 in investment capital from the $25 million Spearhead I fund and $35 million Spearhead II fund. Since Spearhead III is targeting $100 million, it will give founders 5 times the capital. And each founder is will have a 15% carry in the fund while Spearhead gets 5%, according to TechCrunch.
Fagnan also told TechCrunch that standout leads for deploying capital from the fund will also gain an opportunity to receive another $10 million for investing at the end of the two-year program. At that point, Spearhead will host a “demo day” for pitching to receive more investments.
As part of the program, founders will also receive mentorship from top investors like Elad Gil, David O. Sacks, Cyan Banister, Keith Rabois, and Mike Maples, Jr.
Some of the previous Spearhead leads include Shippo co-founder and CEO Laura Behrens Wu, Scale AI founder and CEO Alexandr Wang, and Rippling co-founder and CTO Prasanna Sankar. So far, Spearhead has worked with 35 founders.
In order to become a Spearhead lead, you have to be a company founder based out of San Francisco, Los Angeles, Boston or New York City. Spearhead is accepting applications now and they are expecting to sign up 15 applicants.
