Ronny Conway closes early-stage fund of $51M targeted at startups

By Nicel Jane Avellana

Feb 14, 2014 10:50 PM EST

Ronny Conway, the solo investor who left Andreessen Horowitz last year to venture out on his own, has closed his early stage fund, TechCrunch reported citing a filing with the Securities and Exchange Commission. In a September 26, 2013 Fortune report, the fund size was expected to be around $30 million but the filing showed that it was $51 million.

A source also told TechCrunch that the fund had closed. Two other filings also seemed to point to Conway raising parallel funds amounting to $5 million and $15 million, respectively. TechCrunch tried to reach the solo investor for added information but Conway did not comment.

Although no details are given on the names of the LPs, the report surmised that his father, Silicon Valley angel investor Ron Conway, was probably involved.

TechCrunch also found it interesting that Conway's early stage fund is striving to fill the Series A gap now when consumer startups are getting challenged to raise capital after the seed stage without showing obvious transaction. His former employer Andreessen Horowitz also decided to stay out of Series A rounds in consumer startups which is the same field that Conway would like to make investments in, the report said.

According to the Fortune report, Conway was the first external employee hired by Andreessen Horowitz in 2009 after it secured its inaugural fund. Conway was in-charge of the company's program on seed-stage investments. While there, he earned credit for originally introducing mobile photo sharing app Instagram which was later bought by Facebook in a $1 billion deal. Andreessen Horowitz made around 160 seed investments, according to that report.

Sources told Fortune then that Conway was working on the new platform by himself. It was also not clear then if he intended to focus on institutional investors or target friends and family from Silicon Valley.

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