ENTREPRENEUR First (EF), an incubator that brings potential tech founders together to build startups, has raised a US$158 million Series C round from veteran founders including Stripe’s Patrick and John Collison, LinkedIn’s Reid Hoffman, Wise’s Taavet Hinrikus, and Matt Mullenweg, known for developing WordPress.

EF raised the money in a funding round this time instead of through an investment fund, as with prior raises. The cash will again be used to invest in early-stage startups, but EF also said it wants the “capacity to experiment and innovate on how best to fund the next generation of entrepreneurs”.

The company is planning on launching new products aimed at upending the typical venture capital model.

“We are entering a new era for venture funding, with a new generation of global founders needing support to build iconic companies from scratch,” said Hoffman, who is a board member at EF.

In Singapore, the team plans to expand its reach across South-east Asia and help founders prepare for a life in the startup world.

“As pioneers of talent investing as a category, we are excited to reimagine founding as a career path, not only a single instance or milestone. Along these lines, we’re now building out a suite of products and services that meet founders, where they are on their individual journey of readiness,” said EF partner Bernadette Cho.

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The company will partner with local institutions to help people get ready for entrepreneurship, as well as connect startups to Silicon Valley, she added.

Founded in 2011 by Matt Clifford and Alice Bentinck in London, EF now employs 120 around the world. It said the aggregate value of companies created through its platform in Singapore now exceeds US$1 billion, and globally, US$10 billion.

Alumni in Singapore include cultivated meat company Shiok Meats, spacetech startup Transcelestial, accounting software Peakflo and decentralised finance startup Hawksight.