20VC founder Harry Stebbings launched his third and final, offshoot fund called 20PRODUCT with $5 million in capital commitments.
Like his previous funds, 20SALES and 20GROWTH, 20PRODUCT brings together a group of experts who invest in early-stage entrepreneurs looking to launch, grow and scale their companies. Essentially, it's like having multiple experienced operators on the same line at your cap table, Stebbings told TechCrunch.
The fund writes checks of $100,000 and above for pre-seed, seed and Series A companies and does not make follow-on investments.
These three separate fundings stemmed from Stebbings' efforts to reach out to experts from various companies to speak with its portfolio entrepreneurs.
“The way venture capitalists help entrepreneurs is essentially broken, and the people best suited to help entrepreneurs are operators,” Stebbings said. “For me, it's a case of how I can create a mechanism and a product that allows entrepreneurs to get the best service they can from their investors.”
20PRODUCT has a team of eight people from companies like Shopify, Nubank, Spotify, Snap, LinkedIn, Ramp, Match and Xiaomi.
Founding partners include Hugo Barra, Jack Brody, Geoff Charles, Glenn Coates, Tomer Cohen, Jag Duggal, Gustav Soderstrom and Will Wu.
All remain in their current jobs and participate in the fund on a part-time basis. Stebbings is also a limited partner and advisor to the fund.