Internet technology veterans Josh Felser and Dave Samuel have formally launched Freestyle Capital, a venture capital firm focused on seed and early stage investments in consumer and web-based enterprise technology startups.
The firm, which builds on a pre-existing portfolio assembled by Felser and Samuel, closed its first fund at $27m with limited partners including Cendana Capital and Hall Capital.
The vehicle will focus on investing from $100k to $500k in early-stage startups with transformational business ideas.
To date, Freestyle, which is based in San Francisco, CA, has invested in companies such as GoInstant; Byliner; CrowdFlower; Get Satisfaction; Typekit; about.me (acquired by AOL); BackType (acquired by Twitter); and CoTweet (acquired by ExactTarget).
Felser and Samuel co-founded both Crackle (acquired by Sony for $65 million in 2006) and Spinner.com (acquired by AOL Time Warner for $320 million in 1999).