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Maynard Webb’s investing partner is launching his own seed fund

Michael NerilMichael Neril
Michael Neril

Michael Neril is raising $15 million for a new seed fund to invest in enterprise tech startups, Fortune has learned.

This means he has stepped down from leading investments for Webb Investment Network, the seed-stage investment group he co-founded in 2010 with Maynard Webb (Yahoo chairman, ex-COO of eBay). The pair first got to know each other at LiveOps, a cloud-based call center where Webb was CEO and Neril was a business development executive.

Sources say that Maynard Webb is expected to be a limited partner in Neril’s new fund, which is called Spider Capital. The plan would be to invest around $350,000 into between 20 and 25 companies, with plenty left over for follow-on rounds.

In an email response to a Fortune inquiry, Neril wrote:

“At this time I can confirm that I am no longer working for Webb Investment Network (WIN). I co-founded WIN with Maynard in 2010 and had the honor of partnering with him, having him as my mentor, and working with such an amazing team at WIN and community of founders and WIN Affiliates. I look forward to remaining actively involved with Maynard and WIN going forward. As to my own future plans, for legal reasons I am unable to comment at this time.”

Webb Investment Network currently has an investment portfolio of more than 60 companies.

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