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.