Neo Innovation has launched a $3m venture fund targeting early stage Internet companies operating along “Lean Startup” principles.
The Neo Lean Fund will invest alongside venture funds to build startups with great potential. It is expected to grow to $30m over seven years.
Eric Ries, author of “The Lean Startup” will be a member of the Fund. Board members also include Joi Ito, Director of the MIT Media Lab, and Kaoru Hayashi, Group CEO at Digital Garage. Other members of the investment committee will include Neo executives Ian McFarland and Kent Lindstrom.
Neo has offices around the world (San Francisco, New York City, Columbus and Cincinnati (Ohio), Durham, Montevideo, Edinburgh, Singapore) and employs about 80 agile software developers and lean product professionals.