Launch Angels closes first $1M fund; two more in the works

Launch Angels, a new early-stage venture capital firm based in Boston, on Monday announced it has closed the first of a number of planned $1 million funds, with investments pooled from individuals associated with PayPal-acquired Where Inc. Launch Angels plans to invest the funding in startup deals sourced from equity crowdfunding sites. The initial fund — dubbed the Where Angels Fund — will be focused on backing mobile and consumer Internet companies, the firm said in a news release. PayPal acquired Where, a location-based mobile tech firm in Boston, in April 2011 for $135 million. The acquisition formed the basis for PayPal’s Boston unit, known as the PayPal Media Network. Launch Angels said it’s now securing commitments on its second and third funds — the Early Traction Fund and Women-Led Fund.

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