In 2011, Facebook’s first sales executive Kevin Colleran, co-creator of Facebook’s Platform Dave Morin, and Facebook’s former Director of Product Management Sam Lessin decided to start a seed investing fund, Slow Ventures.
Colleran likes to joke that Morin came up with the most anti-intuitive logo for it, a rocketship.
The three considered it an “investment club,” a fun hobby, but not full-time work. Still, they found success quickly as early stage investors, writing checks for 180 startups like Yik Yak, Meerkat, ClassPass, Hinge, Product Hunt and Slack.
Now they have raised a proper $US65 million early stage fund. Morin, who founded social networking application Path, will continue running his company and investing through Slow on the side. Colleran, who joined General Catalyst as a partner a few years ago, will now only invest through Slow. And while Lessin may launch a new startup (he formerly founded Facebook-acquired Drop.io), he will focus on Slow’s investments in the meantime.
The trio isn’t interested in taking board seats or even leading early stage rounds. Instead it’s just looking to partner with other lead investors, lend advice to entrepreneurs, and get a little piece of the action.
“We champion the premise that truly great ideas require long-term thinking and time, despite the seeming evidence to the contrary all around us (thus the name of the firm),” the three wrote in a blog post Wednesday morning. Other early Facebookers and founders are invested in Slow’s new fund. “We believe that the future is very bright, and very different than the present.”