irrvrntVC
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irrvrntVC

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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 Andrew Gluck

irrvrntVC is an early-stage fund investing in Next-Gen Commerce, AdTech, and DTC companies. The fund is led and managed by Andrew Gluck.
Track Record
Under three years after cutting my first check, I have a TVPI of 6.5x+ and an IRR of 170% (as of December 2021) across these investments as an angel. All of these are marked off completed raises only. I’m establishing this rolling fund as a way to expand my impact. Most notably, I was the first investor and advisor in Lunchbox, which raised a $50MM Series B recently. I was also early investor in Caraway, Coop, SoleSavy, Racket, Branch, and more.
More detailed history here.
If run as a fund (including management fees, admin fees, and carry), the current TVPI would be 4.5x+, with IRR 65%+. This would be in the 99th percentile of funds that are ~3 years old according to AngelList.
Thesis
For investing I have three core focus areas: DTC, AdTech, and NextGen Commerce. These are places I can source well, diligence well, and add value. I over-index on first-time founders with strong founder-market fit; these are often individuals who have spent 5-10 years working in the industry and see the areas that are ripe for innovation and disruption. I’m proud that of the 25 companies I invested in directly, ~50% have a diverse founder (female, immigrant, BIPOC, LGBTQ+).
irrvrntVC will invest in technology companies at the earliest stages, ideally friends & family, angel, pre-seed, and seed stages with valuations of less than $15M pre-money, with an ideal target of sub-$8M. Most investments will be in the $250k range, but flexibility for $25k - $500k.
My Background
Over the past decade, I’ve managed over $1B in spend on platforms like FB, Google, Snapchat, Pinterest, OTT, Display, Direct Mail, Content, etc. I ran digital acquisition in-house for a SmartSign, for Diapers.com, and for the Vitamin Shoppe. In late 2014, I cofounded Agency Within (now WITHIN), and grew it to be the largest independent digital marketing agency in the US, measured by spend under management. We ran marketing for enterprise brands like Nike, Etsy, Shake Shack, and Intuit and fast-growing startups like Rothy’s, Bilie’s, Zola, and more.
After a successful exit in 2018, I wanted to bring the parts I really loved about running the agency to the forefront – working with early-stage teams on PMF, GTM, LTV / CaC, and of course, performance marketing. Since April 2019, I have directly invested in 25 startups and made 13 investments via syndicates.
Fund Details
  • You can subscribe and invest on a quarterly basis.
  • Minimum subscription amount is $10k/quarter for at least 4 quarters.
  • Management fee of 2%
  • Admin fee of 0.15% of contributed capital
  • I plan to invest at least $25k/quarter as an LP and plan to grow this as the fund grows
Andrew Gluck

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 two 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 $761.39k in capital. Learn more about how to estimate your commitment’s fees at our help center.
GP Commitment
Andrew Gluck's personal subscription per quarter will be at least $25,000 with a quarterly cap of $25,000 in total. Andrew Gluck will satisfy their GP commitment in part by waiving a portion of management fees otherwise owed to them by the fund. The remainder of the commitment will be contributed in cash.

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 irrvrntVC's 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