Fund News

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Report: Google and Twitter execs team up for new fund

Hunter Walk and Satya Patel are forming a new $25 million VC fund called Homebrew

Innovation series by Steven Loeb
February 6, 2013 | Comments
Short URL: http://vator.tv/n/2d69

(Updated to reflect comment from Hunter Walk)

A new venture capital fund may be in the works, brought to you by former executives Google and Twitter.

Hunter Walk and Satya Patel are forming a new $25 million VC fund called Homebrew, Fortune reported Wednesday. The fund would go toward backing technology startups that "enable the people-based economy" for both consumers and enterprises.

Patel and Walk both have ties to Google. According to Patel's LinkedIn page he worked as a Senior Project Manager at Google from 2003 to 2007, where he was in charge of the AdSense team. After that he was Twitter's VP of Product from April 2011 to June 2012, and is currently a Board Member at KIPP Bay Area Schools.

Walk has been a Google employee since 2003, leading product at YouTube. He also co-founded Linden Labs.

VatorNews contacted both Hunter Walk and Satya Patel for comment on the report, but neither could be reached for comment. Neither Walk nor Patel has confirmed the story to Fortune either, but Patel did put up this intriguing Tweet today, which at least acknowledges that the two of them are working on some kind of project together:

We will update once we get more information on what those projects are.

Update:

Hunter Walk has responded to Vator's request for comment by referring us to a post on his blog, put up on Wednesday, in which he confirms that he has left his post at Google.

"After nine years, two months it's time for me to figure out how to make lunch for myself. Yup, I'm leaving Google and it's my year-old daughter's fault. You see, when I look at her I think about the values my wife and I want to instill. Among the most important is the belief that you should pursue all your dreams, think big, lean into your fears and keep building," Walk wrote.

"The best way for me to teach this is by example, so I need to step away from Google's comfort. No next adventure to announce yet - this is about feeling there's more for me to do, but also knowing I need some space to figure it out."

Other recent funding news

The year is young, but we have still had a few funds already close.

In January, Redpoint Ventures closed a $400 million early stage venture capital fund. entitled Redpoint V, to support early stage entrepreneurs and startups as they create disruptive, industry defining businesses. The firm says that it  will focus investments in several evolving areas, including mobile, cloud and enterprise.

Earlier this week, Samsung announced that it was launching a new Samsung Strategy and Innovation Center (SSIC), a new early-stage Samsung Catalyst Fund that is being fused with $100 million, and a $1 billion Samsung Venture Americas Fund. The two new funds and strategy center will, along with Samsung's existing R&D centers around the world, will "create a powerful platform for igniting global innovation," the company said.

A number of funds also closed in late 2012, including a $286 million fund from UK investment firm Atomico Ventures

It was reported in October that Trinity Ventures was on track to raise a new fund called Trinity Ventures XI. The early-stage venture capital firm is targeting $325 million. The last time Trinity raised a fund was back in 2009, when it raised $300 million.  


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