Probably about a $10m fund.

This is quite small still, but a realistic line between super duper angel and VC.

  • Why? A $250k check is probably what it takes to join a syndicated Seed Round today.
  • You probably need to do at least 20 deals to get enough diversity in the fund, possibly 30.
  • You probably want to save 50% for reserves and follow-on investments.

$250k x 20 x 2 = $10m.

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