Phil Libin, the cofounder and former CEO of note-taking app
Evernote, has launched a new venture collateral (VC) fund called All
Turtles in San Francisco, The Financial Times
The All Turtles fund will reportedly be used to back
entrepreneurs building products that are underpinned by
Instead of subsidy companies like normal VCs, Libin reportedly
wants to back “products” as he believes entrepreneurs shouldn’t
have to start a new company any time they wish to try a new
Referring to Silicon Valley VC land, he said: “You’re not allowed
to work on something unless it could be a $10 billion company.
It’s really stupid. Obviously there are a lot of products that
could be worth a couple of hundred million.”
It’s now misleading how big the fund is but All Turtles has
already corroborated 10 AI projects in San Francisco, according to the
FT, including Replika, which creates smartphone “companions” that
are designed to develop into your best friend. Libin intends to
enhance All Turtles to Tokyo and Paris before the finish of the year.
In May 2015, Libin argued in favour
of augmenting humans with technologies that are likely to be
formed on synthetic comprehension during a discuss at Oxford
“The upsides of making people better and making people smarter
will distant transcend the downsides,” he said.
Libin stepped down as Evernote CEO in Jul 2015 and left the
company for good in Sep 2016 after staying on for some-more than
a year as its executive chairman.
Libin told Recode that
his decision to renounce as CEO was mostly due to his miss of
passion heading a company that’s about to go public.