More value is being captured by private investors today. Amazon’s market cap at IPO was
and Uber is still private at
While the percentage of successful startups is
over 100 startups have achieved
– most in under 5 years.
Compared to the late 90s, it is
to start a company today. It is 5X faster to get to product-market fit. The addressable
market online is 50-100X larger at
An early stage dollar is thus up to 10,000X more leveraged today than in 1999.
AngelList lets investors invest in startups online. Investors have invested over $490M into over 1100 startups through our syndicates and funds. Syndicates allow investors to co-invest with notable angels and VCs. Platform funds allow investors to put capital into over 100 startups during the course of several years. And Demo Day Funds allow investors to target the graduating class of accelerators.
These examples are purely for illustration purposes. To see a full list of investments
completed by AngelList-managed funds please contact
No guarantee that the fund will be able to follow any specific lead or invest in any specific
Frequently Asked Questions
How does the AngelList Consumer Fund I work?
You invest in the fund, then the fund will
automatically invest in a diverse portfolio of startups on AngelList.
The fund will return capital to you when an investment has a liquidation event.
How will the fund select deals?
The fund aims to invest broadly in startups fundraising on AngelList in the
consumer internet sector. There is a multi-stage
selection process that includes evaluating co-investors, conflicts and non-arms
length transactions, among other things. However, we may not apply the same process
to every deal.
Are there management fees or costs?
The fund does not charge any management fees. A small portion of the capital ($10,300) will be used to cover the out-of-pocket costs of setting up and administering the fund over its lifetime.
As of Feb 2017, AngelList is letting a small number of syndicate leads charge management fees on individual deals. Only 2 of approximately 550 deals in 2016 charged a management fee and we expect a very small number of syndicate leads to do this going forward.
Does the fund charge a carry?
The fund does not charge a carry. However, each individual investment charges carry.
A typical carry for an individual investment is 20%. Generally, 15% of that carry goes
to the lead investor of the syndicate and 5% goes to AngelList.
Also, some deals are led by AngelList employees or affiliates, and in those cases,
standard per-deal carry will be paid to both the affiliated lead and AngelList.
When are the capital calls?
There will only be one capital call. This will happen when you invest in the fund.
Can I sell my stake in the fund and get out early?
You may not sell your stake or otherwise transfer your
interest outside of serious events like death or divorce. Startup investments are highly risky and illiquid.
How long will the fund last?
The fund will deploy capital for approximately 15 months starting March 31, 2017.
Thereafter, the fund will continue to hold the investments until each position has been exited, liquidated or closed, and realized net profits, if any, have been distributed to investors. We estimate that this may take up to 8 years, or more.
When will I receive distributions from the fund?
Distributions are made at the discretion of the fund’s investment adviser, subject to the establishment of reasonable reserves for obligations of the fund. Reserves may be used to pay for any outstanding liabilities of the fund.
Can I opt out of one of the fund's individual investments? Can I invest more in an individual company?
You can't opt out of an individual investment. You can invest more in specific companies by clicking the Invest button on that company's profile, where available.
How will I find out what the fund invests in?
We will disclose each of the fund's investments when they are finalized, and once the investee company gives us permission.
When will the fund exercise its pro-rata rights?
The fund treats follow-on opportunities (if any) similar to other investment opportunities, and may participate subject to available capital and deal quality.
Information on this page is qualified in its entirety by the
Fund’s Operating Agreement, Private Placement Memorandum
and Subscription Agreement, which should be reviewed carefully prior to making an investment decision.
Please see these documents for full details regarding risks, minimum investment, fees and expenses.
Investing in venture capital funds is inherently risky and illiquid.
It involves a high degree of risk and is suitable only for sophisticated and qualified investors.
Performance of past deals or a lead investors’ track record is not a guarantee of future returns.
The fund's legal name may be different than the name used above.
The AngelList Syndicates Funds and the AngelList Select Fund (“Fund”) have similar investment strategy but have entirely different portfolio composition. There is little or no overlapping in fund allocations, and past performance of one fund is not indicative of the future return of that fund or of any other fund(s). There is no guarantee that the Fund will achieve the same exposure to or quality of portfolio companies held by the AngelList Syndicates Funds.