Foundry forms FG Angels, a vehicle to fund startups on AngelList. An AngelList syndicate allows investors to co-invest with other notable investors. People who back a notable investor’s syndicate commit to invest in their future deals, and agree to pay them carry, a fee for managing the fund.
Foundry is committing $2.5 million with a goal of making 50 investments before the end of 2014 in companies that list on AngelList, a well known hub for startups to find contacts and financing. Foundry Group will invest $50,000 of its own money in each company and the balance from the syndicate. The syndicate is capped at $500,000.