Collaborative raises $33 million venture fund, artist Shepard Fairey invests

SAN FRANCISCO Wed Feb 26, 2014 1:35pm EST

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SAN FRANCISCO (Reuters) - New York-based Collaborative Fund has raised a $33 million venture-capital fund to focus on the shared economy, it said in a blog post.

The shared economy allows people to rent out personal property and services, often on an ad hoc basis. It has spawned companies such as accommodation service Airbnb and transportation services Lyft and Sidecar.

Collaborative, headed by entrepreneur and sometime graffiti artist Craig Shapiro, has lined up investors including graffiti artist Shepard Fairey.

The effort builds on a previous fund raised in 2011. Collaborative's investments include Lyft, errand-service TaskRabbit, and loan company Upstart.

(Reporting by Sarah McBride; Editing by Stephen Powell)

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