Roughly a year ago, entrepreneurs Caterina Fake and Jyri Engeström decided to form a traditional venture outfit called Yes VC. Fast forward, and the duo has nearly closed on $50 million for their debut fund, including backing from Supercell founder Ilkka Paananen, former Etsy CEO Chad Dickerson and the family office of Nokia Chairman Risto Siilasmaa.
That investors would want to invest alongside them isn’t surprising. Fake famously co-founded the photo-sharing site Flickr, which sold to Yahoo, before co-founding Hunch, which sold to eBay. Engeström co-founded Jaiku, a mobile social network that sold to Google, before co-founding Ditto, a mobile local recommendations app that was acquired by Groupon. They’ve also written early checks as angel investors to a wide number of companies. Fake backed Kickstarter and Etsy, among tens of others; Engeström’s various bets include the popular clothing label Betabrand, and startups like Applifier (acquired by Unity Technologies) and Moves (acquired by Facebook).