TechCrunch May 22, 2014
French startup accelerator TheFamily is raising up to $2 million from angel investors and Index Ventures. It’s an open round — so far investors have committed $1 million. Given the overall interest around the funding, the company should quickly max out its round. Today’s news is also a good opportunity to take a step back and tell you why TheFamily has been key in improving the French tech ecosystem for the past year.
TheFamily is raising money using its own open source financing documents, AIR. It’s the French equivalent of convertible notes, designed by TheFamily and SB Avocats. There is a simple reason why the company is raising money right now. Many people in the French startup scene want to access TheFamily’s deal flow, and, at the same time, the accelerator wants to start managing startup investments.
The team wants to create AngelList-style syndicates and manage the deals. It means that TheFamily will be leading or co-leading seed rounds in French startups inside or outside of the accelerator, will receive 20 percent in carried interests and won’t take any management fee.
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