Jared Leto was raising a $75 million venture fund before recent accusations
Hollywood actor Jared Leto, known for investing in companies like Reddit and Robinhood, was raising a VC fund before sexual misconduct allegations.
Jared Leto, the actor and musician, was actively seeking to establish a $75 million venture capital fund prior to recent accusations, according to recent reports. The venture fund, which would mark Leto's first of its kind, was being developed even as a BBC documentary aired, detailing sexual misconduct allegations against him. These allegations stemmed from four anonymous women who each made claims of sexual assault and underage sexual incidents.
Despite these allegations, Leto dismissed them as "categorically false." In the past, Leto has made personal investments in several Silicon Valley startups, including Robinhood, Postmates, Reddit, Headspace, Relativity Space, and Replit.
The phenomenon of celebrity investors, like Leto, raising venture capital funds has become increasingly common in Silicon Valley. This trend is driven by the belief that fame can aid in attracting founders, customers, and investors. Other examples include The Chainsmokers, who are currently raising a fourth $100 million fund, and professional boxer Jake Paul, who has established a growth fund.
Business Insider, which reviewed a document on the venture fund, learned about Leto's efforts last month, just before the accusations surfaced. The details of how much capital Leto raised for the venture fund before the allegations remain unclear. The representatives for Leto and the venture capital firm Andreessen Horowitz, also known as a16z, did not respond to multiple requests for comment.
Written by urgent.news from Business Insider's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
