Eric Paley, a former IDG Ventures senior adviser, has started Founder Collective, a seed stage venture firm based in Somerville, Mass. The firm has raised $24.39 million, according to an SEC filing, but Paley told Xcomony that the pot has inched closer to $30 million since filing.
The firm’s target is $50 million, which is slightly smaller than some of its other fledgling new peers. That group includes Freestyle Capital, Quest Venture Partners, and Step5 Ventures, University Funds, and Javelin Venture Partners.
Paley co-founded Brontes Corp. and his co-founders are entreprenuers as well. The co-founders are David Frankel, who co-founded the Internet Solution, and Chris Dixon, the founder of SiteAdvisor Inc.