MicroVentures, an Austin, TX-based online peer-to-peer investment service for accredited investors, said it raised $300k for a fund created to buy private shares in Facebook, on a secondary market.
The Facebook investment fund was created by MicroAngel Capital Partners, an Austin-based venture capital management company founded by Bill Clark, MicroVentures’ founder and CEO. At the end of two weeks, the vehicle closed attracting investors in five states. The average backing was $10k.
MicroVentures allows investors to fund start-up opportunities not typically available outside a traditional venture capital structure. Using its online peer-to-peer service, it creates additional opportunities for investors looking to make smaller commitments by pooling and connecting them with entrepreneurs, start-ups and small businesses looking to raise money.