Ryan Holmes said in a series of tweets that he and Manny Padda—an entrepreneur, as well as founder and managing director of New Avenue Capital—started the fund to address a “shortage of capital.” (The Logic)

Talking point: The fund will support founders between 15 and 30 years old whose companies are at the pre-seed stage and who are part of the League of Innovators program, which Holmes founded. The LOI is a national charity helping young entrepreneurs develop their business ideas. Holmes, who stepped down as Hootsuite’s chair in November, and Padda both sit on its board of directors. Holmes said it took him 20 years to go from his first startup to building Hootsuite, and today’s youth should be able to significantly shorten that timeline. He built LOI to create more mentorship opportunities. “It’s time to remove the last barrier for young founders to succeed,” he said of the venture fund.