When we last spoke with Eric Hippeau, the Huffington Post mafioso was discussing Lerer Ventures’ new $36 million fund. Today, the early-stage investment firm is announcing two new hires to help it manage and grow its considerable portfolio.
Max Stoller, a recent NYU graduate whose hackathon apps we’ve covered in the past, will be joining Lerer Ventures as an analyst. Mr. Stoller, a HackNY veteran, worked as an engineer at Hyperpublic–a company founded by LV managing director Jordan Cooper and sold to Groupon–as well as on the platform team at Foursquare, both while in school. And, yes, if that makes you wonder, you probably did college wrong.
Former New York Times food editor Amanda Hesser made a media splash a few years ago with the launch of a crowdsourced home-cooking site called Food52. Started with Merrill Stubs, who co-authored The Essential New York Times Cookbook with Ms. Hesser, Food52 has become a household name for certain Internet-savvy foodies. The site features recipes, a hotline for asking and answering food questions, as well as plenty of recipe contests. Now, Food52 has raised $2 million, according to a Form D filed with the SEC and published on FormDs.com.
In less than a week, you’ll be sitting on your parents’ couch with a belly full of booze and turkey watching shitty cable TV, because ain’t life grand? To tide you over until that wondrous day, we’re back with another batch of juicy rumors. Happy Friday!
Beer Me Storied New York venture capital firm Lerer Ventures knows its target audience. According to a tweet from Scoutmob cofounder Dave Payne, Lerer is hosting a beer pong tournament for some of the companies it has invested in. “just got invited to a beer pong tourney by one of our venture investors,” tweeted Mr. Payne. “that’s hard core @lererventures. well done.”
Competition at the tournament seems like it will be quite fierce. “hope you’ve been practicing,” responded Northeastern student Scott Edelstein. “i’ve seen@benjlerer win with his eyes closed.”
In fact, here’s proof:
Smart pivots can pay off handsomely. Earlier this week, Percolate, a fast-growing New York City-based startup that helps brands curate content, announced a sizable Series A led by GGV Capital, the same Silicon Valley VC firm that backed Buddy Media, which was acquired by Salesforcefor a eye-popping $698 million. Existing investors First Round Capital and Lerer Ventures also participated in Percolate’s latest round.
Roughly a year ago, Percolate shrewdly changed its focus from helping users find the most relevant top stories toward a (more profitable!) service that helps brands figure out the most compelling content to push out to their followers–a process that starts by helping them interest graph, something that comes more naturally to humans.
The Third Degree
NowThis News, the recently launched video news site created by ex-HuffPo founders Eric Hippeau and Ken Lerer, opted for an old-fashioned approach to deliver election results on a new-fangled platform. As the tweets poured by at an impossible-to-follow rate, NowThis News stuck out with a very web 1.0 approach: ASCII art.
The NowThis site (formerly called Planet Daily) currently pulls in newsy video clips from sites like Twitter, Facebook and–most typically–Buzzfeed, another Lerer Ventures portfolio company. The company’s Twitter handle, @NowThisNews, is run by its social editor, Drake Martinet, who’s also an adjunct professor at Stanford. Mr. Martinet said that 90 percent of the video content on the site is produced by the NowThis team.
Earlier today, Lerer Ventures revealed that the early stage investment firm–a powerful, active force in growing New York’s startup ecosystem–has raised its biggest fund yet. While raw SEC filings first indicated that Lerer Ventures was raising $30 million, the deal closed at $36 million. That’s more than $64 million combined in less than two years.
Partners Ken Lerer, Ben Lerer, Eric Hippeau, and Jordan Cooper have backed some of the most high-profile companies from New York’s new class of tech startups, like Warby Parker, MakerBot, OnSwipe, and Birchbox. Lerer Ventures has also had a number of notable exits, like GroupMe (acquired by Skype), Mr. Cooper’s startup HyperPublic (acquired by Groupon), and Venmo (acquired by Braintree). In fact, the Huffington Post mafiosos–Ken Lerer and Mr. Hippeau are both veterans–have been so busy building “the largest infrastructure in New York for entrepreneurs” that they apparently haven’t had time to move Venmo into the “Exits” list on the firm’s website.
Betabeat spoke to Mr. Hippeau this afternoon after his firm’s new fund and why we’re in “the golden age for entrepreneurs in New York.”
The next step in what we assume is Jack Dorsey’s Bruce Lee-inspired plan to take over the world: Square will soon launch in Canada. [TechCrunch]
Speaking of can’t stop won’t stop, Lerer Ventures has closed its third fund, clocking in at $36.15 million. [PandoDaily]
Mathematician Zachary Harris received an unexpected email from a Google recruiter. Wondering whether it might be a spoof, he did a little digging and discovered it was actually pretty easy, cryptographically speaking, to fake an email from a Google corporate address. He promptly faked one from Sergey Brin to Larry Page, thinking the whole thing was a deliberate puzzle. [Wired]
This is what it looks like when something posted on Facebook goes viral. [Fast Company]
With the debut of the Surface–i.e., a hardware device that’s harder to pirate–could Microsoft finally make some headway in China? Maybe, but it’s rare to lose money betting on the ingenuity of IP infringers. [Reuters]
Non Hustlers Need Not Apply Lerer Ventures is looking to hire a new analyst. The job requires one or two years of experience at a venture backed startup or major tech company. You have to also be “a sweet and cool person,” so no mean losers need apply. According to the listing, they’re looking for “A hustler and/or hacker who works smart.” We’re sending this to Cassidy right away.
Playing Hooky Not Cool On Friday, AT&T and NYC Digital will kickoff a hackathon designed to help Mayor Bloomberg’s Truancy Task Force. Designers and coders will be given the challenge to create a mobile app to keep kids in school. The first prize is pretty sweet and includes $2,500 in Gift Cards for the team to split, a $5,000 donation from AT&T to the team’s choice of non-profit organizations, and one year of the ”Small” service from Github for each team member. No word on whether college dropouts are allowed to compete.
Newsweek Daily Beast CEO Stephen Colvin has decamped from his publishing bastion to take a gig as executive-in-residence at Lerer Ventures. As VC titles go it’s one of the less well-defined, but an announcement from the firm offered a little detail, saying that Mr. Colvin will offer “strategic input” to the tech startups in the Lerer Ventures’ stable.
Hey, we can think of one startup in particular that might be able to use Mr. Colvin’s know-how–NowThis News, the viral video network currently being cooked up downtown.
Roughly a year-and-a-half after closing its second $25 million seed stage fund, Lerer Ventures is in the processing of raising money for a third. An SEC filing, first noted by TechCrunch, says the size of the round is $30 million.
Although the Form D indicates that the early-stage venture capital firm has yet to sell, expect the round to close quickly.
Last May, it only took Lerer Ventures “a matter of weeks” to raise that $25 million from individuals and family offices. And that was before the highly-regarded New York City firm–launched by Huffington Post cofounder (and Betaworks and Buzzfeed chairman) Ken Lerer and his son Ben Lerer, cofounder of Thrillist–boasted a handful of exits.