A person in the U.S. is accredited if she meets either of these two criteria:
Entities may be accredited on other bases.
You can message anyone you're connected to or who follows your startup. You can also message anyone who requests an intro to your startup.
You can also ask people on your team to forward your messages to their connections. And the AngelList team may also give you permission to message certain people.
Finally, you can message anyone who messages you first.
For early-stage companies, valuations are generally marked up or down to a company's latest priced financing round, as disclosed to us by portfolio companies or other investors. Companies that have not received investments in a priced round since the last mark are held at the last mark or cost. Investments may also be marked down (but never up) at our discretion in accordance with our valuation policy. This is an industry-standard method. For later-stage companies, investments are sent to a third-party for valuation if the company is valued over $100M, the investment is estimated to be worth over $10M, and 24 months have passed since the last investment. Smaller investments in later-stage companies are valued using the same method as early-stage companies. The valuation of a fund is determined by aggregating the valuation of the underlying portfolio investments.
Unless otherwise indicated, valuations are calculated net of any fees, expenses or carry. Valuations for early-stage companies do not account for liquidation preferences and other non-financial terms that may affect returns. While AngelList’s valuation sources are believed to be reliable, we do not undertake to verify the accuracy of such sources. We undertake no obligation to provide updates or revisions to reflect any changes in any valuation presented on our platform.
This summary is not intended to be a complete description of our valuation methodologies. For details of our valuation policy, please contact us.
AngelList has two different access levels for investors. All investors need to be accredited regardless of which level of access they are seeking.1. Funds only
Investors with this access level can invest in select funds run on the AngelList platform. These funds build a portfolio of companies. By investing into a fund, investors automatically gain exposure to multiple companies. Investors learn about the funds' portfolio through regular reporting.
Fund investors cannot choose which companies the fund invests in. Each fund, however, has a specific thesis which gives investors an idea of the target portfolio companies. More about funds here.
Investors in this category cannot back or invest in syndicates.2. Deal-by-deal
Investors with this access level can invest directly into syndicated deals that they are invited to on AngelList. These investors are able to back syndicates and get invited to individual deals.
Investors can choose whether they invest into a specific deal on a deal-by-deal basis. Backing a syndicate does not mean agreeing to invest in all of the syndicate lead's deals.
Investors in this category can also invest in funds.
AngelList has two different access levels for investors: funds only and deal-by-deal (more about these levels here).
Please note that your accreditation status does not affect your access level. All investors on AngelList need to be accredited.
Only a small group of investors is eligible to invest on a deal-by-deal basis. Investors in this group have an extensive investment background and/or a successful track record as a founder of a venture-backed company. Deal-by-deal access is reserved for investors with an established track record of early stage investing.
To learn more about AngelList funds, please visit angel.co/funds.
Most venture fund advisors rely on the "Venture Exemption" from investment adviser registration.
This exemption requires that no more than 20% of the fund's aggregate capital contributions and uncalled capital commitments be invested in non-“qualifying investments”.
Common types of non-"qualifying investments" include purchases of stock in secondary sales and investments in other funds.
The AngelList wire instructions are included below:
Bank: Silicon Valley Bank
3003 Tasman Drive
Santa Clara, CA 95054
Memo: [your investor account name]
Account Number: 3301234469
Beneficiary: FBO AngelList Clients
3003 Tasman Drive
Santa Clara, CA 95054