Sam Altman, the former CEO of Y Combinator, and David Sacks, a co-founder of Yammer, are launching a new venture fund focused on early-stage startups. The fund is still in its infancy and has not yet announced specific investment strategies or target industries.
Partnership Insights
Altman expressed his enthusiasm for collaborating with Sacks in a recent interview with Bloomberg, stating, "We’re excited to be working together. I think we have similar views on how to build companies."
David Sacks’ Background
Sacks brings extensive experience in the tech industry to the partnership:
- Co-founded Yammer, which was acquired by Microsoft for $1.2 billion in 2012.
- Served as Chief Operating Officer at PayPal before its sale to eBay for $1.5 billion.
Fund Objectives
The new venture fund, named Overtime Ventures Fund I LP, aims to provide critical support to entrepreneurs at the outset of their journeys. By investing in early-stage startups, Altman and Sacks hope these companies will grow rapidly into successful businesses. They stated on their website, "We believe that every entrepreneur deserves access to capital from day one."
Unclear Financial Plans
Details about how much money they plan to raise or where they intend to invest remain unclear.
Altman’s Departure from Y Combinator
Altman’s departure from Y Combinator last year sent shockwaves through Silicon Valley. He abruptly stepped down as CEO following a series of controversies surrounding his leadership style and behavior towards employees at OpenAI’s ChatGPT platform.
Y Combinator has since appointed two interim CEOs:
- Aditya Agarwal
- Michael Seibel
Garry Tan became president after taking over some responsibilities from Agarwal, who left his role due to personal reasons but remained with the company until January 2024.
Sacks’ Continued Involvement
In contrast, Sacks has maintained a relatively low profile since leaving Yammer but remains active in Silicon Valley through his work with various startup accelerators, such as AngelList Syndicate, where he serves as an investor alongside other prominent figures like Marc Andreessen.
Conclusion
The launch of Overtime Ventures Fund I LP marks another significant development for both Altman and Sacks, who have been involved in various business ventures throughout their careers.
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