20VC founder Harry Stebbings has announced his third and final derivative fund, called 20PRODUCT, starting with a $5 million capital commitment.
Like his previous funds, 20Sales and 20GROWTH, 20Product brings together a group of experts who invest in early-stage founders looking to build, grow, and scale their companies. Essentially, it's like lining up a bunch of experienced operators on the cap table, Stebbings told TechCrunch.
The fund will write checks of $100,000 or more to pre-seed, seed and Series A companies and will not make any further investments.
These three special funds emerged from Stebbings' efforts to leverage experts from a variety of companies and speak to portfolio founders.
“The way venture capitalists support founders is inherently broken, and the people best suited to support founders are business owners,” Stebbings said. “For me, it's a question of how do we build mechanisms and products that allow founders to receive the best possible service from investors?”
20PRODUCT includes a group of eight people from companies such as Shopify, Nubank, Spotify, Snap, LinkedIn, Ramp, Match, and Xiaomi.
Founding partners include Hugo Barra, Jack Brody, Jeff Charles, Glenn Coates, Tomer Cohen, Jag Dougall, Gustav Söderstrom and Will Wu.
All will remain in their current jobs and join the foundation part-time. Stebbings is also a limited partner and advisor to the fund.