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Spearhead will give $1M to 15 founders to invest freely

Spearhead, an investment fund launched by AngelList’s Naval Ravikant and Accomplice’s Jeff Fagnan, plans to raise roughly $100 million for its third fund to provide founders $1 million each to invest in technology startups of their choosing.

This time around, says Spearhead’s Jeff Fagnan, standout “leads,” or those tapped to deploy capital from the fund, will also have the opportunity to receive another $10 million to invest at the end of the two-year program during a culminating demo day-like event.

Spearhead leads can invest their capital in any tech startups, so long as there’s no existing equity relationship.

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