On Deck, a San Francisco-based company best known for its tech entrepreneur programs, has raised $20 million in Series A funding, led by Founders Fund at a $250 million post-money valuation, sources told Axios.
Why it matters: Since its start in 2016 as a way for tech employees and startup founders to meet peers, On Deck has expanded to several other similar programs designed around a specific industry or skill, such as writing, venture capital, podcasts and fintech.
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Between the lines: On Deck's new funding comes just as startup accelerator program Y Combinator held a demo day event for its latest group of graduating companies on Tuesday.
At least two existing On Deck investors told Axios that they see the company's programs as potentially the next fertile ground for finding budding startups they can back early.
Y Combinator, for its part, has greatly expanded the number of startups in each program since shifting entirely online because of the pandemic. Meanwhile, seed investors still complain that its startup valuations are too high and that the top companies have already closed their financing rounds.
For the record: Other investors in the round include Learn Capital, NFX, Slack Fund, and a number of angel investors.
Founders Fund declined to comment and On Deck did not respond to a request for comment.
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