South Park Commons
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| Limited liability company | |
| ISIN | 🆔 |
| Industry | Startup accelerator |
| Founded 📆 | 2015 |
| Founder 👔 | Ruchi Sanghvi |
| Headquarters 🏙️ | San Francisco, California, US |
Number of locations | 2 offices (2022) |
Area served 🗺️ | |
| Products 📟 | Venture capital Technologies |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
South Park Commons (abbreviated SPC) is an American technical community, technology business incubator and startup accelerator based in California. Established in 2015 by Ruchi Sanghvi, it has offices in San Francisco and New York City.[1] As of 2022, SPC has been instrumental in launching and raising funds for over 150 startups.[2]
History[edit]
South Park Commons was founded in 2015 by Ruchi Sanghvi, the first female and one of the earliest engineers at Facebook and executive at Dropbox. After she left Dropbox, Silicon Valley lacked support for technologists in periods of career transition.[1][3] Using Wired, Sanghvi formed a study group of 10 people who met at her home, taking inspiration from Junto Club. The group formalized in 2016 and rented office space in the South Park neighborhood in San Francisco.[2]
Following the formation of the SPC Fund in 2018, Sanghvi was joined as an investing partner by her husband Aditya Agarwal, another early engineer at Facebook and former CTO of Dropbox.[4]
Originally exclusive to San Francisco, the community expanded during the COVID-19 pandemic to include remote members[4]. In 2022, it launched its second community space in the SoHo neighborhood in New York City.[2]
As Wired notes: "SPC has [launched] more than 150 startups and [invested] in companies with a total worth of $35 billion."[2]
Founder Fellowship[edit]
In late 2020, South Park Commons launched the Founder Fellowship, a startup accelerator program that invests $400,000 in founders during the "pre-idea" phase in exchange for 7% equity in whatever company emerges from the program.[2]
Business model and funding[edit]
The community operates offices used for co-working, events, and social gatherings in San Francisco and New York City,[1] with offices used for co-working, events, and social gatherings in San Francisco and New York City. Members include entrepreneurs, engineers, researchers, and other technologists[1] in what the community describes as the "-1 to 0 phase",[2] about half of whom go on to start companies after graduating.[4] In 2018, SPC raised a $55 million fund, followed by a $150 million fund in 2021.[4]
South Park Commons raised a venture capital fund in 2018 to invest in companies emerging from the community and provide it financial independence, with the fund’s management fees covering general operating expenses and a portion of the carried interest going to a permanent community endowment.[5] A second, $150 million fund was raised in 2021 to continue investing in pre-seed and seed stage companies and expand to growth-stage investments.[4]
See also[edit]
- 500 Startups
- Entrepreneurs Roundtable Accelerator
- HighTechXL
- Technology Hub
- Technology transfer
- Techstars
- Y Combinator
Extra links[edit]
References[edit]
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- ↑ 1.0 1.1 1.2 1.3 Metz, Cade (2 July 2017). "The South Park Commons Fills a Hole in the Tech Landscape". New York Times. Retrieved 13 August 2022.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 Levy, Steven (27 May 2022). "Benjamin Franklin Meets the Blockchain". Wired. Retrieved 13 August 2022.
- ↑ Harry Stebbings (10 June 2022). "Why and How Traditional Venture Firms Need to Innovate". 20VC (Podcast). Retrieved 13 August 2022.
- ↑ 4.0 4.1 4.2 4.3 4.4 Loizos, Connie (17 December 2021). "South Park Commons, an 'anti incubator' founded by early FB and Dropbox engineers, gains momentum". TechCrunch. Retrieved 13 August 2022.
- ↑ Conrad, Alex (26 April 2018). "At South Park Commons, A Throwback Techie Collective Raises A $40 Million Fund". Forbes. Retrieved 13 August 2022.
