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SHORVC: BACKING RUTHLESSLY ITERATIVE FOUNDERS
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Subscription Amount
$250,000+ Quarterly
Subscription Period
1-4 Quarters
Management Fee
1.6% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Starting Q1 2024, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
Invest Account
Select invest account
Note from Michael Shor
Greetings! SHORVC is an early stage venture fund, investing mostly in preseed and seed stage startups.
GP: Michael Shor (yours truly)
Select Previous Investments:
Select Co-Investors (Angels/GPs):
- Lachy Groom, Balaji Srinivasan, Jason Calacanis, Sriram Krishnan, Dharmesh Shah, Sahil Lavingia, Ryan Hoover, Greg Isenberg, Guillermo Rauch, Vivek Sodera, Brad Flora, and more
Thesis
Core Thesis: Backing ruthlessly iterative founders, with compelling Founder Market Fit.
Once we qualify the founding team as ruthless iterators, with strong Founder Market Fit, we take a look at the following:
- Moat Trajectory
- Can the company, under projected market conditions, capture a sizable share of their target market, while building sustainable moats?
- PMF proximity
- Can the company achieve Product Market Fit within 6-12 months?
- Venture scale—can it return the fund and some?
- Can the company exit at a >100x [gross] multiple?
- Likelihood of follow on financing from Series A investors
Generalist Advantage: We’re sector agnostic
- Many biz/tech breakthroughs are achieved via cross pollination of strategies and tactics across diverse geo/sectors—which significantly augments portco support.
- We like to swing for the fences—from more than just 1 field.
Tech Stack Thought Leadership: Concurrently, my peer recognized rarified expertise in tech stacks and tools is helpful to founders operating in any space, in addition to accessing alpha in SaaS prosumer tools.
Founder NPS - The Flywheel
Approach: We don't just invest. We buy the privilege to be fractional co-founders.
My nature to match the founding team's enthusiasm(quoting 1 great founder and paraphrasing many others) re: startup’s vision, product, and potential engenders deep Founder<>Investor affinity and alignment.
Portco Support: I spend enormous amounts of time and energy in supporting my portco founders. I'm in awe of them(and what they're building)— and consider it a privilege to join their journey—in the trenches.
- Ultra-high leverage intros(state/municipal decision makers, customers, investors, partners)
- Strategizing on Product and GTM
Founders sense that I genuinely care for them as precious individuals 1st, with lives and families—startup founder 2nd.
Fund Details
SHORVC will target allocation into:
- 10 startups per quarter ($2.5MM AUM per quarter), with checks typically ranging $100k-$300k. Accordingly, a 4 quarter subscription will aim to expose investors to ~40 companies.
- Follow on investments into later stage rounds will be made via SPVs, prioritizing Fund LPs.
4 quarter subscription minimum (exceptions can be made on a case by case basis)—$10k per quarter.
- Management Fee: 1.6% per annum
- Carry: 20%
- AngelList Admin Fee: 0.15% per annum
Why a Rolling Fund?
- Rolling Funds are structured as a series of quarterly funds. Unlike investing in a Traditional Fund, Rolling Funds offer LPs two distinct features:
- LPs follow a flexible, quarterly investment schedule rather than a one-time commitment to a fund. An LP participates in investments the fund makes for each quarterly fund the LP invests in.
- LPs can subscribe for future quarterly funds in advance and easily commit more or less capital as their investment goals change.
Michael
Investment Details
Subscription Start Date
April 1, 2024
Minimum Quarterly Subscription
$250,000
Management Fee
Investors pay management fees of 1.6% 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
0.15% per year over 10 years
Starting Q1 2024, this Rolling Fund will transition onto updated Rolling Fund pricing terms. Under these new pricing terms, each new quarterly fund in the Rolling Fund Program will pay an annualized rate of $2.5k + 0.2% of contributed capital over 10 years.
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. The platform’s average quarterly fund size is $580k. Learn more about how to estimate your commitment’s fees at our help center.
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. The platform’s average quarterly fund size is $580k. Learn more about how to estimate your commitment’s fees at our help center.
GP Commitment
Michael Shor's personal subscription per quarter will be at least $10,000 in total. Michael Shor 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 SHORVC: BACKING RUTHLESSLY ITERATIVE FOUNDERS' 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
$250,000+ Quarterly
Subscription Period
1-4 Quarters
Management Fee
1.6% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Starting Q1 2024, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
Invest Account
Select invest account