Greylock Partners’ Reid Hoffman just announced the formation of a new $20 million seed fund, Greylock Discovery.
The new fund will allow Greylock to move more quickly to get in on early stage rounds. Any partner will be able to trigger a deal, without taking it to a vote with other partners.
The announcement came on stage at TechCrunch Disrupt, though Dan Primack reported it several minutes earlier. Reid also announced that Greylock has already made four investments through the fund, though he refused to identify the startups in question.
The announcement comes just after a brutal panel featuring the key participants in Angelgate, a controversy driven by early stage investors’ reaction to growing competition from larger, traditional VCs. Clearly, that trend isn’t about to reverse itself.