ANGELLIST REVIEW
◙ ANGELLIST REVIEW SUMMARY
√ Raising Funds for Startups
√ Startups don’t pay for syndicate investments
√ Investors pay 0-25% deal carry to the syndicate lead, and 5% deal carry to AngelList
√ Invest in 100 Startups with one Investment
Supported Projects on AngelList
Project Categories
AngelList supports a wide range of startup categories. The most popular include:
Fundraising Transparency & Investor Accreditation
Public vs. Private Fundraising
Adding your startup or funding round to AngelList does not affect whether your raise is public or private. All activity on AngelList is visible only to logged-in, accredited investors. However, if you choose to promote your raise publicly (e.g., via social media or newsletters), you must collect proper documentation from all participating investors to confirm their accredited status.
What is an Accredited Investor?
In the U.S., an individual is considered accredited if they meet one of the following:
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Earned at least $200,000 per year over the past two years (or $300,000 with a spouse) and expect similar earnings this year
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Have a net worth of at least $1 million, excluding the value of their primary residence
Investor Verification on AngelList
All investors on AngelList self-declare their accreditation status. However, it is your responsibility to independently verify each investor’s accreditation, whether you met them on AngelList or elsewhere.
Investment Limits for New Investors
Investors new to the platform or without a strong track record may be limited to a maximum of $25,000 per deal and $150,000 in total investments.
Supported Countries for Syndicated Startups
AngelList syndicates are primarily available to U.S. and U.K.-based startups that meet specific requirements:
To syndicate a startup, you must:
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Have a Syndicate Lead
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Be a U.S. S-Corp, C-Corp, or LLC, or a U.K. limited company
Non-U.S. Startups
Startups based outside the U.S. can still raise funds via AngelList, provided they comply with both local and U.S. regulations.
About AngelList
- Founded: January 2010
- Founders: Babak Nivi & Naval Ravikant
- Headquarters: 16 Maiden Lane, San Francisco, CA 94108, USA
AngelList is a leading online platform that helps startups connect with investors and raise capital. To date, the platform has facilitated over 7,500 introductions between more than 800 startups and 1,200 investors.
AngelList Costs and Fees
For Startups:
No fees are charged to startups for syndicate investments.
For Investors:
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0–25% carry paid to the syndicate lead
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5% carry paid to AngelList
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Out-of-pocket fees: ~$8,000 in the U.S. / £8,300 in the U.K.
These fees cover third-party services such as legal, compliance, and payment processing. AngelList does not profit from these expenses.
Carry is only collected after all investment and out-of-pocket costs are returned.
Trending Projects on AngelList
Trending status is based on real-time interest from investors and candidates. The quality of interest matters — startups attract more visibility when high-profile users (e.g., successful founders or seasoned investors) engage with them.
AngelList Syndicates – How It Works
Syndicates allow investors to back a lead investor in their deals. The structure benefits all parties:
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Investors access high-quality deals and experienced leads with minimum investments as low as $1,000
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Leads receive carry and gain leverage to lead larger deals
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Startups raise more capital with fewer meetings, without crowding their cap table
Legal Structure:
Investors don’t invest directly in startups. Instead, they invest in a special-purpose fund (SPV) — typically an LLC — managed by Assure Fund Management and advised by AngelList Advisors.
Voting Rights:
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The lead doesn’t invest through the SPV but must disclose actions to AngelList
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SPV generally votes with the lead, unless conflicts arise
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In the absence of a lead, voting aligns with the majority of shareholders
Investor Limitations:
Due to U.S. regulations, each syndicate can include up to 99 accredited investors.
Qualified purchasers (with $5M+ in assets) are exempt from this limit and can participate beyond the 99-investor cap.
Investor Information
Syndicate Investors' Rights:
Syndicate investors receive less information than direct investors, but still gain access to:
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Fund formation documents (e.g., Operating Agreement, Subscription Agreement)
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General deal terms and high-level company updates
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Annual tax documents (e.g., K-1s)
Receiving Profits:
Profits are typically distributed when the startup exits via acquisition or IPO. AngelList Advisors and the lead coordinate to identify optimal exit opportunities. Final decisions are made by Assure Fund Management.
Differences vs. VC Funds:
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No management fees
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No obligation to commit to multiple deals
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Open to accredited individuals
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Lower investment minimums
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Direct carry-based returns to leads
Investor Funding Accounts
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Accounts are free and funds are held at Silicon Valley Bank, FDIC-insured
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Investors can increase/decrease commitment per deal (subject to lead approval)
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Withdrawals to a bank account typically take 3–7 business days
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A minimum balance equal to the largest investment amount is required for syndicate participation
◙ CONTACT ANGELLIST
The Service is operated and provided by AngelList LLC, 16 Maiden Lane, San Francisco CA 94108.
General Questions email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Questions about funds: This email address is being protected from spambots. You need JavaScript enabled to view it.
Jobs & Recruiting email Support: This email address is being protected from spambots. You need JavaScript enabled to view it.
Syndicate Projects: This email address is being protected from spambots. You need JavaScript enabled to view it.
WebSite: www.ANGEL.co
◙ AngelList Review
