[jacoblyles]

A few VC firms put together companies with their own ideas and then invest in them. This is basically the model of betaworks. GC has done this a few times, if I remember correctly. Getting into seed funding is a good way to increase your talent rolodex if you want to do that sort of thing.

It also helps your VC firm get repeat customers down the line. Fund a founder's first company and they'll come to you with their second and third.

It makes a ton of sense.