500 Startups launches mobile fund


500 Startups has launched 500 Mobile Collective, a $10 million microfund focused on mobile investments.

Edith Yeung will manage the fund as an investment partner. She previously ran marketing and business development for Dolphin Browser, a Sequoia Capital-backed maker of a mobile browser. She was also co-founder of angel investment firm RightVentures.

500 Startups Founding Partner Dave McClure told peHUB 500 Startups is itself an investor in the new fund. However, the majority of capital has come from new LPs that Yeung recruited.

The fund will write checks in the range of $50,000 to $200,000, although follow-on investments may be slightly larger. The main 500 Startups fund and other funds in the 500 family may co-invest, as well, McClure said. He added it’s possible Mobile Collective-backed startups could join the 500 Startups accelerator program.

The 500 Mobile Collective fund will likely back 30 to 50 investments out of the fund, and most of those will be made in the first two to three years, Yeung said. She said the fund is focusing on a range of mobile sectors, include commerce, content, payment, security, developer tools, data and enterprise.

She also said the 500 Mobile Collective, also known as 500 MC, is on pace to announce its first investment before the end of the year.

Advisors to 500 MC include: Greg Kidd (an investor in Twitter, Square and Coinbase); Joe Wu (founder of mFund and co-founder and CEO of 91, which was acquired by Baidu); Jay Sullivan (former COO and interim CEO of Mozilla); and Yongzhi Yang (founder and CEO of Dolphin Browser).

Photo illustration, courtesy of 500 Startups, from left to right: Gregg Kidd, Yongzhi Yang, Edith Yeung and Dave McClure.

CORRECTION: 500 Mobile Collective initially supplied incorrect information regarding the names and past titles of its advisors. The information above has been corrected.

Take your pick!

  • Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
  • VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.