Serial entrepreneur Nate Westheimer is something of a renaissance technologist.
Picturelife, the photo startup he cofounded with OMGPOP founder Charles Forman, recently raised a $4 million round led by Spark Capital. Picturelife’s concept is timely: the service focuses on backing up, storing, and accessing all of your photos from the cloud. That got the attention of a number of other notable investors, including Crunchfund, Founder Collective, Lerer Ventures, Highline Venture Partners, Betaworks, David Karp, SV Angel, and Chris Dixon. Mr. Forman put some of the “way more” than $22 million he earned from OMGPOP’s sale to Zynga and former Zynga GM Nabeel Hyatt, a partner at Spark, joined Picturelife’s board.
But that venture is hardly enough to keep the prolific Mr. Westheimer, who once penned a sweat lodge manifesto about teaching himself to code, fully occupied. He’s also an advisor at Flybridge Capital and has been executive director of New York Tech Meetup since 2008. (Coincidentally, the last time we made a list of “Insurgents” to watch–all the way back in 2008!–Mr. Westheimer made the cut.)
Today, Mr. Westheimer reached out to announce that he is launching a “small seed fund” called Red Bud Partners that will invest in the New York tech community that he actively helped grow. The fund, which will have an average investment size of $25,000, has already made one as-yet-undisclosed deal, he said.
On his blog, Innonate, Mr. Westheimer explained that the fund, which he launched with his father Dick, will focus on “networked technology.”
This idea comes from my observation over the past few years that “information technology” and “web technology” no longer describe everything that’s interesting. “Networked Technology” encompass not only incredible new web and mobile technology, but also the array of new hardware projects which are springing up showing great promise to change the world we live in. We want to invest in all of it.
By email, Mr. Westheimer clarified that the fund “has absolutely no affect on Picturelife being my 24/7 100% job and life,” he said. “Now I just have a vehicle to make investments in companies I come in contact with during the course of Picturelife and everything else I do.”
Was anyone really worried Mr. Westheimer couldn’t multitask? Oh ye of little faith.