That's basically exactly what Yuri Milner did. He decided that YCombinator did a great job picking startups and mentoring them, and so he would invest $150K into each one that went through the program, effectively freeriding off PG et al's mentorship & decision-making processes while contributing additional capital.
It unfortunately seems not to scale, as making $150K available to otherwise equivalent founders made for worse outcomes, and so the program's been scaled down to $80K or so.
It unfortunately seems not to scale, as making $150K available to otherwise equivalent founders made for worse outcomes, and so the program's been scaled down to $80K or so.