The biggest startup in the US to raise $500 million in seed funding
The biggest VC firm in the world is raising $500M from investors.
TechCrunch reports that the startup, called Fetch, will use $200M in Series B funding to raise capital and expand its user base.
The fund, founded by Fetch co-founder and CEO Jefrey Vukovic, was previously backed by angel investors like Andreessen Horowitz, Andreessen, Sequoia Capital, Sequera Ventures, SV Angel and more.
Vukovic says the money will be used to scale Fetch’s user base and expand the company’s product offerings to include mobile commerce and smart contracts.
The firm is currently building a database that stores data on how users are interacting with Fetch apps, and will eventually enable Fetch to build smart contracts on top of the platform.
The company’s main goal is to enable users to buy, sell, trade and sell things with their Fetch smart contracts, Vukov says.
Fetch is not the first venture capital firm to take an interest in student entrepreneurship.
In April, Y Combinator launched the Student Venture Capital Program, and in May, it was reported that Kleiner Perkins raised $1B in seed money.
In July, Founders Fund and Andreessen also raised $2B in Series A funding.
While these VCs are usually backed by large technology companies, Vakovic says Fetch is unique because it is a non-profit organization.
This means Fetch won’t have to take any corporate or corporate stock, he says.
Vakovic adds that Fetch will focus on building its userbase, and on getting users to participate in its product.
Fetch aims to use its data to provide users with “a rich, contextual, contextual user experience,” he says, adding that Fep will also allow users to create and customize their own custom Fetch contracts.
This article has been updated to include additional information from Fetch.