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Entrepreneur Jason Calacanis raising a $10 million fund

SAN FRANCISCO, June 3 (Reuters) – Jason Calacanis, the entrepreneur behind Launch, a series of technology conferences that introduce startups to potential investors, is raising a $10 million venture fund, a U.S. regulatory filing showed.
Investors in the fund include David Sacks, the founder and chief executive of business-networking site Yammer, which was acquired by Microsoft Corp last year, Calacanis told peHUB, a unit of Thomson Reuters on Monday. Sacks was previously chief operating officer of PayPal.
Calacanis, based in Los Angeles, is listed as managing member of the fund in the filing with the Securities and Exchange Commission.
The PayPal Mafia, as alumni of the payment service now owned by eBay Inc are referred to in the industry, includes many successful entrepreneurs. Among them are investor Peter Thiel, LinkedIn Corp founder Reid Hoffman, and Tesla Motors Inc founder and CEO Elon Musk.
“We are not disclosing the third LP yet,” Calacanis said via email, referring to limited partnerships. “There might be one or two more LPs in the coming months. Or not.”
The fund will focus “exclusively on folks who come out of LAUNCH Festival, LAUNCH Hackathon, LAUNCH Education & Kids and LAUNCH Mobile (our four events),” Calacanis said. The plan is to invest $25,000 to $100,000 in five to 10 startups a year.
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