Ryan Hoover
Ryan Hoover is an entrepreneur and early-stage investor who founded the new-product discovery community Product Hunt in 2013, served as its CEO until 2020, and sold the company to AngelListAngelListAngelList is a startup investment platform company based in San Francisco, United States. Founded in 2010 by Naval Ravikant and Babak Nivi, it began as a mailing list recommending startups to angel investors, went on to launch online fundraising, Syndicates (co-investing), rolling funds, and other products, and later shifted into a fund administration and back-office services platform for venture capital funds and private markets.Open the full entry in 2016; since 2017 he has run the early-stage venture fund Weekend Fund.
Contents14 sections
Key facts
Early Life: From Eugene, Oregon
November 6, 2013Founding Product Hunt
In 2013, Hoover was a product manager at the mobile gaming company PlayHaven. On the morning of November 6 that year, he spent about 30 minutes putting together an email list on Linkydink, invited friends to recommend new products with him, and called it Product Hunt; he said the idea came from friends in Silicon Valley often talking about new products while he could not find a place online to discuss them. The list only got around 200 subscribers, but the feedback was very positive.[2][3][4][4][4]
Over Thanksgiving that year, Hoover teamed up with product designer Nathan Bashaw on a first version of the website, which Bashaw put together in five days; a week later it became a public website. The site let users submit product links, upvote, and comment, with each day forming its own leaderboard.[2][4][4][4][4]
2014Going Full Time and Joining Y Combinator
By early 2014, Hoover had quit his job to work on Product Hunt full time. He raised a $1 million seed round through Y Combinator; before that, after seeking advice from Reddit co-founder Alexis Ohanian and Garry Tan, then a partner at Y Combinator, he applied to Y Combinator, and he graduated from the accelerator in the summer of 2014.[2][5][5][5]
October 2014Andreessen Horowitz Leads the Series A
In October 2014, less than a year after launch, Product Hunt announced a $6.1 million Series A round led by Andreessen Horowitz, in which Alexis Ohanian also invested. The company had no monetization plan at the time; as of April 2015, Hoover still said the site’s rise in influence was more important than revenue for now.[3][6][2][2]
February 5, 2015Winning the Crunchie for Best New Startup
2016Community Growth and Questions of Transparency
By March 2016, Product Hunt had a staff of 23 people in 10 time zones, and the site had expanded beyond tech to include games, podcasts, and books. The platform also came under some scrutiny over how users were given posting privileges and what it took for a product to land on the front page; Hoover said transparency was paramount and that people who post something they have invested in should disclose that conflict of interest directly.[5][5][5][5]
December 2016Selling to AngelList
In December 2016, AngelList acquired Product Hunt; the price was not disclosed, and numerous sources familiar with the terms put it at around $20 million, roughly the same as the valuation at its late-2014 financing. Hoover had spent the previous four months talking with AngelList’s Naval RavikantNaval RavikantNaval Ravikant is an entrepreneur and angel investor and a co-founder of AngelList. Early on he co-founded the review site Epinions; he and Babak Nivi later grew AngelList out of the startup-fundraising blog Venture Hacks, and he co-founded the cryptocurrency hedge fund MetaStable Capital and Spearhead, which backs founders to make angel investments. His views on startups and life were compiled into the book The Almanack of Naval Ravikant.Open the full entry about what an acquisition would look like; he said the company was selling because it needed help turning its momentum into a real business, and that building a revenue stream would require a whole new focus within the company and a lot more resources. Product Hunt did not have a real revenue stream at the time, and some of its money-making ideas, such as connecting users with job openings at startups, were things AngelList was already doing. After the acquisition he continued to run Product Hunt as its own brand.[7][7][7][8][7][7][7][7]
August 2017Setting Up Weekend Fund
In 2017, Hoover used AngelList’s Angel Funds platform to set up the early-stage investment fund Weekend Fund. An SEC filing in August 2017 showed the fund at $3 million; his first fund had originally targeted $1 million. In September that year, announcing the fund, he wrote: “The next big thing is being built on nights and weekends.”[3][9][3]
November 2019Weekend Fund’s $10 Million Second Fund
In November 2019, Weekend Fund raised $10 million for its second fund, with limited partners including Marc Andreessen, Chris Dixon, Hunter Walk, Kevin Rose, Garry Tan, and Eric Ries. The fund does not lead investments but writes small checks as a participant in early financings, with a particular interest in audio and voice products, tools for remote work, and low-code projects.[10][10][10][10][10][10]
October 2020Stepping Down as CEO of Product Hunt
2021Weekend Fund’s Third Fund
Weekend Fund and Other Projects
Related Organizations, Websites, and Public Accounts
Product Hunt: Official website: https://www.producthunt.com/ (opens in a new window).[13]
Weekend Fund: Official website: https://weekend.fund/ (opens in a new window).[12]
Personal website: https://ryanhoover.me/ (opens in a new window)[13]
X: Public account: https://x.com/rrhoover (opens in a new window)[13]
LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Public profile: https://www.linkedin.com/in/ryanrhoover/ (opens in a new window)[13]
Sources
- The man in charge of Silicon Valley’s watercooler (opens in a new window)
- How Product Hunt Rose to the Top (opens in a new window)
- Ryan Hoover errs on the side of curiosity (opens in a new window)
- Product Hunt Is The Social News Site Of Tech Products Read By Influential People (opens in a new window)
- Product Hunt Is the Latest Darling of the Startup World, Despite Grumbles About Transparency (opens in a new window)
- Product Hunt Wins Best New Startup Of 2014 (opens in a new window)
- AngelList has acquired Product Hunt for around $20 million (opens in a new window)
- AngelList acquires Product Hunt (opens in a new window)
- Ryan Hoover’s $3M Angel Fund is going by the name Weekend Fund (opens in a new window)
- Weekend Fund raises $10M for second early-stage fund (opens in a new window)
- Ryan Hoover (Product Hunt / Weekend Fund): “We need more entrepreneurs” (opens in a new window)
- Weekend Fund (opens in a new window)
- Ryan Hoover on the internet (opens in a new window)