New VC firm Founder Collective launches

Throw yet another name on the list of new venture firms.

Eric Paley, a former IDG Ventures senior adviser, has launched Founder Collective, a seed stage venture firm based in Somerville, Mass. The firm has raised $24.39 million, according to a regulatory filing, but Paley told Xcomony that the pot has inched closer to $30 million since the filing.

The firm is target its debut fund at $50 million, which is slightly smaller than some of its other fledgling new peers. That group includes Freestyle Capital, Quest Venture Partners, Step5 Ventures, University Funds and Javelin Venture Partners.

In addition to Paley, who previously co-founded Brontes Corp., the Founder Collective team includes David Frankel, who co-founded Internet Solution, and Chris Dixon, the founder of SiteAdvisor Inc. —Erin Griffith