AngelList has announced a new $400 million fund for early-stage companies, the largest seed fund ever, according to AngelList.
The $400 million round is backed by China Science & Merchants Investment Management Group, one of China’s largest private equity firms.
Founded in 2010, AngelList is a platform for angel investors and venture capitalists to come together and back young companies.
The $400 million fund will operate independently of AngelList which has invested over $205 million in 650 companies, including Shyp, Sprig and Luxe.
AngelList cofounder and CEO Naval Ravikant said investors at the privaty equity firm and their new US-based CSC Upshot even offered to put more in the fund but he turned it down.
“We want to be able to make sure that we can allocate capital we have,” he said. “[We’ll] start slow and ramp up.”
Ravikant expects that up to $25 million will be deployed in the first year, in amounts of $200,000 each.
China has been a big investor in startups in recent years. Company’s taking advantage of those funds have included Uber, Snapchat and Airbnb, among many others.
If all goes as planned, more money is expected to flood the platform for startups.