SVB And Tesla Execs Launch Upshot $400M Fund To Back AngelList Startups
Former SVB banker Huoy-Ming Yeh has teamed up with Veronica Wu previously with Tesla Motors in China to launch venture capital fund CSC Upshot. The $400 million fund, backed by private investment firm China Science & Merchants Investment Management Group (CSC Group), is earmarked for investing in seed stage startups that are on the startup funding platform AngelList.
The new fund will participate in investment syndicates on AngelList, bringing in institutional capital and adding substantially to the $205 million invested through the platform in 650 startups since 2010. AngelList currently has 4,400 angel investors who back early stage startups in groups or syndicates.
The new CSC Upshot deal with AngelList should help seed-stage startups raise larger, faster rounds online.