LinkedIn’s founder Reid Hoffman will be joining Greylock Partners as a partner but will continue to hold the role as executive chairman of LinkedIn. Hoffman tells us that he will be shifting his angel investing under Greylock Partners, where he will be a partner.
Greylock has also closed Greylock XIII, a $575 million fund, which will be used to invest in and support promising enterprise and consumer software, services and infrastructure ventures. Hoffman said that Greylock was the right fit because of the relationships he had with the partners, and the angel investing presence of the VC firm. Hoffman said that Greylock and his interests in funding early stage companies were aligned. He adds that he will continue to work full-time for LinkedIn.
Greylock also led LinkedIn’s series B funding round, which totaled $10 million. Hoffman has been one of the more prolific angel investors in Silicon Valley, investing in Digg, Facebook, Flickr, Last.fm, Ning, Six Apart and Zynga. Prior to LinkedIn Hoffman served as executive vice president at PayPal, where he was a founding board member. We are told that Greylock will not be taking on Hoffman’s current portfolio, only his future investments.
LinkedIn has been steadily growing, recently hitting 50 million users. Hoffman recently changed the guard at the company, with Jeff Weiner taking the helm as CEO in June. While LinkedIn is a strong IPO candidate, Hoffman recently told us that he’s not in any rush to go public. The company was valued at around $1 billion in its last round of financing in 2008, and has been profitable for the past years.
Congrats, Reid! My very best wishes to you for the new job!
Your angel investment successes are an envy to all other angels. Keep up the great job at Greylock!
Holy cow does this guy ever take a break?!?
Congrats Reid and Greylock.
Isn’t Reid also affiliated with Kiva? I thought so. That’s a really good one.
Is the angel world losing an angel or the VC world gaining one? Should be interesting to see his impact on early stage investing at the firm.
This is a big win in the VC space for Greylock. Will boost deal flow and attract the new gen of entrepreneurs who may not know of them.
Sounds interesting… LinkedIn is still his passion
btw, Reid will be visiting Jordan along with other Silicon Valley entrepreneurs and VCs to speak at the Global Entrepreneurship Week, hosted by the Queen Rania Center for Entrepreneurship. WoW!
I like OpenTable.
Reid is a huge addition to the Greylock team.
Congrats to Reid and Greylock! a great fit for both…
well, I’ll be…still haven’t joined yet, I’m not “professional” yet at least in my eyes…this guy rocks….JB, I agree w/you!
It’s been profitable for the past how many years? “and has been profitable for the past years.”
Looks like Reid has already given up on LinkedIn. Well, can’t really blame him with the competition he has been getting from Twitter and Facebook.
I agree with Andrew in post slot 1. I always enjoy reading about Reid Hoffman, his visionary out look and successes on the web.
But, Reid has money coming out all orifice’s and I’m sure is very happy. But being super rich, is no excuse for “Obesity”.
I guess I always associated VC’s with a level of narcissism and health discipline, which enabled them to do Superhero things !
Agreed. My point was just that the Valley needs Reid to make it beyond 45. (as I’m sure does himself and his loved ones).
Reid hasn’t given up. Just take a look at Aneel Bhusri. He’s still serving as CEO at Workday even though hes a partner at Greylock.
Congrats Reid, but much more congrats to Greylock, they for sure got the better end of the deal.
Is he interested in developing a College Social network for young alumni and young professionals? It would seem like a good idea to me.
Facebook?
He is also an investor at Facebook.
congrats Reid
And you sir are a jerk!