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Convoi Ventures
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Subscription Amount
$25,000+ Quarterly
Subscription Period
4-16 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Invest Account
Select invest account
Note from Scott Paul, Trent Mano
Our Mission:
Be the first to find and fund Utah's best founders
Why Convoi Ventures, Why Now?
Utah lacks true "early stage, take a bet on founders before anyone else will" capital. Convoi Ventures will fill that gap, writing checks to Utah founders early and often.
In addition to capital, founders need networks. Convoi will strive to create the best network of fellow early stage founders, later stage mentors, and investors at pre-seed and later stages.
The Partners - Scott Paul & Trent Mano:
Scott Paul
Scott Paul is a serial entrepreneur with 3 exits under his belt. He is one of the most active angel investors in Utah, having done 70 deals over the past 5 of years. Scott is also a known crypto investor, investing early in bitcoin and ETH.
Some of his best deals include:
- Nomi Health - Angel round - Raised $110m Series A in 2021 led by Rose Park Advisors (estimated 100x)
- Neighbor - Angel round - $53m Series B in 2021 led by A16Z (38x, 175% IRR)
- Gabb Wireless - Seed round - $14m Series A in 2021 (4x, 82% IRR)
- Prenda - Angel round $20m Series B in 2021 at $150m post led by Alexis Ohanian's Seven Seven Six fund (60x, 157% IRR)
- Wave.TV - Angel round, first check - $32m Series A in 2021 (4x, 36.5% IRR)
- CreatorIQ - Angel round - $40m Series B in 2021
- Volley - Angel round, first check, $5.5m seed round in 2021
- Giddy - Angel Round, first check; raised $8m seed round in Jan 2022
Trent Mano
Trent Mano is a founder and one of Utah's best community builders and experience designers. He has been bringing founders together for almost a decade, most notably taking almost 250 founders on 20+ epic founder trips with Convoi, but also recognizing and supporting founders/CEOs through the Sego Awards and Room Here. In addition to running Convoi Ventures, Trent is also on the founding team of a venture backed startup in stealth mode.
Thesis
Who do we back?
We focus on founders first and foremost. We back founders:
- that know how to build
- that know what the future looks like and are impatient making it happen. They make surprisingly fast progress every week and month with very little resources.
- with ability to share their vision, which makes it easy to recruit, sell, and fundraise
These founders are easy to recognize because we are more energized after being with them, we learn from them and we can't wait to tell others about them.
What are we interested in?
Though opportunistic, we are most excited by:
- Consumer tech (marketplaces, software, hardware/software)
- Fintech
- SaaS
How do we find deal flow?
- Warm intros from our deep relationships with Utah founders and the Utah venture/angel community
- Existing relationships with succesful repeat founders
- Cold outreach from Scott's LinkedIn following of 30k+ followers
Why would founders want us to invest in them?
- Earliest Checks - We bet on Utah founders earlier than anyone else in Utah
- Network - By exclusively backing Utah founders, we'll build a community with in-person experiences that will be better than any other fund anywhere. Our founder/LP events and summit will be can't-miss, handcrafted experiences that Convoi has become well known for.
- Evangelism - Scott's reputation as an investor that will "Put His Mouth Where His Money Is" and actually bring value to startups he invests in
Why should LPs invest in Convoi Ventures?
- Help support and build the next generation of Utah founders
- Access to Convoi Ventures deal flow — we will meet and vet dozens of founders to find the best Utah companies to back before we invest
- Regular Convoi community events with the best founders and builders in Utah
- Special exclusive events/trips with increased LP commitment size $100k, $250k, $500k, $1m
Our LPs
This will be a diverse group of "been there done" that folks that will be invaluable to our portfolio company founders.
- 80% will be founders/builders that have had an exit or are building the fastest growing companies in Utah
- The remaining 20% will be founders and investors around the country in important tech/startup hubs to help our companies grow into important markets
- Our LPs will be 1/3 women and PoC. This will lead to a more interesting community and will give us access to overlooked founders. These founders represent underserved markets that will lead to outsized outcomes for our founders and fund.
Fund details:
- Targeting $7.5 - 10m annually
- Stage: First check (ideally) in the pre-seed round
- Target check size range: $50 - 250k
- Fees: 2/20
- Minimum LP commitment: 1 year & $100k minimum; (can be broken up to $25k/quarter)
Contact [email protected] if you are interested in becoming an LP.
Visit our website at convoiventures.com.
Scott and Trent
Investment Details
Subscription Start Date
January 1, 2024
Minimum Quarterly Subscription
$25,000
Minimum Subscription Period
4 Quarters
Management Fee
Investors pay management fees of 2% per year for the first 10 years.
Management fees are taken as a percentage of the total committed capital. The total management fee is paid out quarterly over the first
four years of the fund's life.
Carry
Twenty percent (20%)
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Fees for each quarterly fund in the Rolling Fund Program will vary based on each quarterly fund’s capital contributions since the fee includes a flat fee component. Last quarter, this fund closed $316k in capital. Learn more about how to estimate your commitment’s fees at our help center.
Fund Lead Commitment
Scott Paul, Trent Mano's personal subscription per quarter will be at least $12,500 in total.
Investor FAQ
How is this program different from venture fund investing?
How do subscriptions work?
How do management and admin fees work?
How does carried interest work?
How do distributions work?
Will a Limited Partner (LP) participate in all investments made by the funds offered through this Program?
Will an LP's percentage ownership of quarterly funds always be the same?
Are LPs guaranteed access to Convoi Ventures' future funds?
How are subscriptions funded?
How does changing or canceling a subscription work?
Who manages these funds?
Do funds in this Program have minimum or maximum investment sizes?
What happens if funds in this Program do not invest their total capital each quarter?
When will LPs learn about companies the funds invested in?
Can LPs opt out of specific deals?
Can LPs sell their investment in the fund?
Can LPs redeem their interests in the fund?
When will funds launched under this Program begin deploying capital?
How do I receive tax documents from this Program?
Unanswered questions? Contact AngelList
The performance of past deals or a lead investors' track record is not a guarantee of future returns. Venture capital fund investments are inherently risky and illiquid. Such investments involve a high degree of risk and are suitable only for sophisticated and accredited investors.
AngelList and its affiliates do not provide investment advice to investors. The information on this page should not be relied upon as research, investment advice or a recommendation of any kind. Information on this page is qualified in its entirety by the fund's Limited Partnership 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. The Fund Lead and the fund's investment advisor have the right to waive or charge additional carry to certain investors. The fund's legal name may be different from the name used above.
This fund may accept new investors after the fund undergoes a valuation update. Certain potential investors in the fund may then have access to materially different information concerning fund value at the time of their investment.
Current or future portfolio companies in this fund may use AngelList's recruiting platform and may pay an affiliate of the fund's investment adviser for premium recruiting tools and services. This may create a potential conflict of interest for the investment adviser, which you will consent to by subscribing to the fund.
Please read the disclosures in full here.
Apply To Subscribe
Subscription Amount
$25,000+ Quarterly
Subscription Period
4-16 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Invest Account
Select invest account