Sean Parker Quits Founders Fund

Mar 08, 2014 10:39 AM EST | Jordan Ecarma (j.ecarma@autoworldnews.com)

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Sean Parker

Sean Parker has stepped down from his investor job at the San Francisco-based Founders Fund. (Photo : Reuters)

Sean Parker has stepped down from Founders Fund, a capital firm in San Francisco that he joined in 2006, ValleyWag reported.

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What will Parker do next? He's still a board member for investments like Spotify, but other than that, the future seems wide open.

"He's been winding down his involvement over the last few years to focus on other projects, and as of the close of fund V he's no longer making any investments on behalf of the firm," Founders Fund spokeswoman Erin Gleason told Fortune. "He is maintaining his board seats in his active FF investments, including Spotify."

Founders Fund announced this week that $6 billion has been raised for its sixth fund.

When Parker joined the prominent venture capital firm, he had recently stepped down as Facebook president, according to Fortune.

The former Facebook cohort, who was famously played by Justin Timberlake in the 2010 "Social Network" film, was originally involved full-time with Founders Fund but stepped back in 2011, when the firm raised its fourth fund.

After the $625 million funding round, Parker went from being a general partner to an "executive general partner," according to Founders Fund.

ValleyWag noted that Parker's current project, a startup called Airtime rebranded as OkHello, is "more or less dead."

It took nearly a year for media to realize that OkHello, a free group video chat service available in the App Store, was actually a relaunch of tanked startup Airtime. The app did better under the new name, making it into the top 10 apps several times, but still doesn't seem to have taken off.

At press time, Parker hadn't yet responded to a Fortune request for comment.

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