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When the party has confetti but no allergen-friendly appetizers

 1 year ago
source link: https://finance.yahoo.com/news/party-confetti-no-allergen-friendly-180156112.html
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When the party has confetti but no allergen-friendly appetizers

Natasha Mascarenhas
Sun, August 28, 2022, 3:01 AM·6 min read

Welcome to Startups Weekly, a fresh human-first take on this week’s startup news and trends. To get this in your inbox, subscribe here.

The bets are no longer just on Wall Street — they’re in your group chats, book clubs and that awkward shuffle that happens when everyone’s trying to get out of the door at the same time at the end of class.

Community investment clubs are nothing new, but a renewed interest in decentralization and the glittering -- albeit now hungover -- allure of getting in at the ground level of a rocket-ship venture has created a new wave of efforts around group investing.

Individualism is out. Collectivism is in vogue. And this week brought a whole slew of examples to prove that exact point.

Let’s start with Stanford. Three years ago, a group of Stanford students began working with Fenwick & West law firm to find a legal structure that met their needs: no accreditation requirement or hard limit on the number of people involved. The effort eventually turned into Stanford 2020, an investment club that raised $1.5 million for its debut fund. Fast-forward to today, the leader of that club, Steph Mui, is trying to replicate that playbook in the form of a venture-backed startup. PIN, which stands for "power in numbers," recently raised a $5.6 million seed funding round led by Initialized Capital, with investments from GSR, NEA, Industry and Canaan.

Mui credited the growing mindshare around crypto-native DAOs as part of the reason that investment clubs are of more interest these days. “We started before DAOs became really cool,” Mui said. “When we started, the kind of DAO-like structure that we set up around voting was more of a necessity from a regulatory standpoint … now it’s actually a huge bonus.”

To go from helping Stanford students invest in their peers to trying to help anyone with a community do the same is a big bet on the future of investment. As Mui addressed, when Stanford 2020 first launched, some reacted that it was an unsurprising move for a privileged set of folks to participate in a privileged asset class. It almost stopped the startup from existing entirely.


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