With $240 Million Fund, The General Partnership Looks To Revamp Value-Added VC For Founders

Venture capital firms typically start out with money. As they get bigger and compete more for choosy entrepreneurs, they add more bells and whistles — marketing help, recruiting services, legal support and the like — over time.

At a new firm called The General Partnership, founders Dan Portillo and Phin Barnes are taking the exact opposite approach. Their bet: that high-quality entrepreneurs will get more meaningful value, trading their equity for support in a more clearly-defined swap. It’s a model they say is working — but with limitations. So now they’ve raised $240 million for a new fund to provide

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