Announcing $100,000 in funding for every SkyDeck startup!
Berkeley SkyDeck aims to be the world’s premier academic accelerator, and we’ve just taken one more step towards solidifying that status.
Beginning with the next SkyDeck cohort, each of the 20 companies accepted into the SkyDeck full cohort will be eligible for investment of up to $100,000 from the Berkeley SkyDeck Fund. This accelerator funding can help founders make their first outside hires, finish their product, test their go-to market strategy, and so much more!
The fund will be managed by Chon Tang, a proud Cal Bear (EECS ’98) who’s been active in Silicon Valley for two decades. Chon is a former hedge fund manager who has been investing in seed-stage startups for 12 years, including two IPOs and multiple exits. He is active in four angel investment groups in the Bay Area.
The funding comes from some of the biggest venture capital names in Silicon Valley and beyond. Familiar names like Sequoia Capital and Canvas Ventures are here, as well as Asian cross-border investors like Photon, IronFire, and Vertex. They’re all looking to tap into the Berkeley entrepreneurial community, and they’re partnering with SkyDeck to nurture, and even help identify, what we all hope will be their next portfolio companies.
For eligible companies, the funding would be in the form of a very standard SAFE note with a $2M cap. The fund is also able to invest up to 10% of the next round of outside financing, giving SkyDeck startups an added boost to fundraising efforts.
“I saw the enormous potential in SkyDeck startups,” says Chon Tang, the Berkeley SkyDeck Fund’s Managing Partner. “Our founders have talent, determination, brilliance, and limitless potential. Now that we’re adding capital, the pathway to success in Silicon Valley is clearer than ever.”
“Our moonshot startups will now have the rocket fuel they need to blast off,” said SkyDeck Executive Director Caroline Winnett. “Our powerful mentor and partner network is ready to coach and guide these young dragons towards success.”
Bring us your moonshots!
by Chon Tang, Fund Manager, Berkeley SkyDeck Fund & Caroline Winnett, Executive Director, SkyDeck