Napster co-founder Sean Parker has stepped down as a partner of the Founders Fund, TechCrunch reported.
TechCrunch said the firm sent an email stating: “Sean has been winding down his involvement with the fund over the last few years to focus on other projects. He remains a friend and advisor to several members of the team, but he’s no longer investing on behalf of the firm as of the close of fund V.”
Founders Fund announced on Wednesday that it had raised $1 billion for its fifth fund.
The San Francisco-based VC fund was co-founded by PayPal alums Peter Thiel, Ken Howery and Luke Nosek. In addition to those three, the firm’s partners include Lauren Gross (also COO), Geoff Lewis, Scott Nolan and Brian Singerman.
Parker, who is no longer listed on the firm’s “team” page, joined Founders Fund as a managing director in December 2006.
Before joining Founders Fund, Parker co-founded music sharing service Napster and was the first president of Facebook. He also co-founded Plaxo, Causes and Airtime, according to Wikipedia.
Photo: Sean Parker and his wife, Alexandra, in 2011. Photo by Danny Moloshok, Reuters