The Ledger
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Consumer startups should avoid stealth mode and build a public presence
“I think one of the advice I give to my other founder friends on whether they're doing connected devices or software, as long as they're doing something consumer facing, I highly, highly recommend them. Don't be in a stealth mode. Don't be in a stealth mode. No…”
Venture Capital Will Be Disrupted and Practiced Differently in Five Years
“Venture will be disrupted. It's being disrupted today. It's being practiced actually today differently than it was 15 or 20 years ago, and it'll probably be practiced five or seven years from now differently than it is today. So I do believe that venture is no…”
AngelList syndicates pose a direct competitive threat to traditional VCs
“I think AngelList are more directly competing with VC.”
Lerner: Cashflow Portal is building AngelList for real estate investing
“I know a founder of this company called cashflow portal that is essentially building the angel list for real estate investing in a way that it's just never been done before. And I think this is a place where there are potential for network effects where there …”
Kohli: Ratio of party rounds to non-party rounds remains unchanged
“I would say that we are seeing we're seeing the percentage of party round to non-party round actually being the same, but the overall volume has contracted.”
Kohli: LP Appetite to Sell Venture Fund Positions Has Increased Significantly
“When it comes to LPs within funds, we've definitely seen an increase in appetite to sell positions. And also sometimes sell positions and name brand, you know, name brand companies that are actually just great companies.”
Kohli: LP commitments to AngelList rolling funds are down only 20%
“Within rolling funds which is one of the products that we have both individuals, institutions, commitments aren't actually down by much. It's close to only 20%, which is very, very very interesting.”
Kohli: Venture market freeze will take another few quarters to resolve
“We still think we're in the thick of it and we think it's gonna take another few quarters before everything just works itself out.”
Kohli: Small startup competitors pose the single greatest external threat to AngelList
“And I would say the biggest external threat would just be anyone that's looking to compete with AngelList. That's a startup, but I've always been like that. I'm pretty paranoid when it comes to with small teams, right?”
Kohli: AngelList operates assuming the next bear market arrives next year
“And AngelList has always run as if the next bear market's around the corner, literally every year.”
Party rounds remain viable for $2M raises, but fail at $5M
“So two million, you can do a party round five million, it's much harder to do a party round now.”
Kohli: AngelList rolling fund LP commitments dropped only 20% year-over-year
“Both individuals, institutions, commitments aren't actually down by much. It's close to only 20%”
Kohli: AngelList would not have built startup incorporation product in hindsight
“In hindsight, I think we would have approached it by asking the question, Is this something unique that AngelList can bring to the world, right? Is there something unique about this problem and unique about our view of how to solve it that we can bring to the …”
Kohli: AngelList now serves $50M–$200M funds after previously rejecting them
“And so today we're regularly taking on 50, a 102 hundred million dollar funds. Whereas two years ago, we were saying no to all of them, right?”
Kohli: Party round ratio remains unchanged despite shrinking overall deal volume
“I would say that we are seeing we're seeing the percentage of party round to non-party round actually being the same, but the overall volume has contracted.”
AngelList will expand its financial platform to directly serve startups
“Our stack includes the LPs, the fund managers, and all the services needed, and tomorrow we're actually going to add startups to that as well.”
AngelList aims to become the largest financial platform in venture capital
“The way to think about AngelList is we're going to be the largest financial platform in venture.”
Fontana: AngelList discovered Uber and Opendoor before other investors
“And at AngelList, we found companies like Ubers, Imogen, and Opendoor before anyone else, or before many others.”
Stebbings: AngelList is the most undervalued startup in tech
“I always think it's the most undervalued startup when we think about, A, the incredible data it has that it's reserves, the hiring platform that it is, the funding mechanism that it is.”
Naval Ravikant: AngelList processed 1,200 deals and raised hundreds of millions
“We have now run about 1200 deals through the AngelList platform, raised hundreds upon hundreds of millions of dollars for entrepreneurs”
Semil Shah: Some Founders Refuse to Raise via AngelList Syndicates
“And so people can either pre-fund me or have work, can go on a deal by deal basis, but I don't bring everything to AngelList. Even though I'm a big AngelList fan, sometimes entrepreneurs, for whatever reason right now, don't want, even in a private syndicate, …”
Craig provided seed funding to AngelList around 2011
“I seed funded AngelList about five years ago.”
Craig: Syndicate leads will use AngelList for Series A and B rounds
“A hundred percent. I think it, you know, it's not necessarily that AngelList moves into it, it's that the syndicate leads and other players will use AngelList to do pre-seed, to do seed, to do A, to do B.”
Craig: Top AngelList syndicate leads succeed by actively promoting their activity
“I think if you look at any of the other top syndicates out there, you'll find that the people who have top syndicates have gone out there unashamedly and told people, hey, I'm doing this, set my flag”
AngelList's platform and $400M fund could disrupt venture capital deal flow
“AngelList is a great example where AngelList builds a platform on top of which they prove success, on top of which they go raise a four hundred million dollar fund. That could have, that has the potential to be a disruptive new way of doing both deal flow and …”
Moehring: CSC's $400M commitment is not funding for AngelList itself
“It's a fund that is being invested by CSC Upshot into syndicates. So this is not AngelList getting money as a funding round. This is not AngelList getting money to decide where to put. This is actually a very smart team of GPs that are investing directly in sy…”
Moehring: AngelList scales seed investing by decentralizing general partners
“This is really where AngelList is really a very classical example of how a marketplace can take over an industry or can take part in an industry where we can now do something because of the structure of syndicates, because of the structure of the investments t…”
Moehring: AngelList syndicates will lead Series A rounds and exit by 2021
“But yeah, I certainly see that something that's happening over the next five years, you know, which I think is a very interesting timeframe because five years will roughly be when we will likely see our first big exits. And that's really when the model will be…”
Shah: Equity crowdfunding platforms ease the VC due diligence burden
“Platforms out there like the Seed Invest and Angelists of the world they're getting better and better in terms of the validation and really strict interview process of startups coming in through them, and it's really helping us a lot because it kind of allevia…”
Butterfleye raised Jason Calacanis's first million-dollar AngelList syndicate
“At the time he hadn't done a million dollar syndicate, and we did a million dollar syndicate with him”
VCs will launch separate seed arms to leverage AngelList
“I think a lot of this will be VCs probably having some sort of separate Seed funding arm, which probably uses AngelList alongside to help to do that early stage investing.”
Scott, Tim Jackson, and Gil Dibner lead Europe's top AngelList syndicates
“Yes, I think between, well, Myself, Tim Jackson, I would say Gil Dibner are probably the three.”
AngelList supports 20,000 funds and manages 13,000 portfolio startups
“For context, AngelList supports 20,000 funds and syndicates now, and we manage a portfolio of more than 13,000 startups across all of these funds and syndicates.”
Kohli: Funds yield AngelList's highest margins while small SPVs are loss leaders
“I would say funds have the best margins and the smaller SPVs have the worst. And For some of the smaller SPVs, those are a loss leader for us.”
AngelList supports 20,000 funds and manages over 13,000 startups
“Yeah, so for context, AngelList supports 20,000 funds and syndicates now, and we manage a portfolio of more than 13,000 startups across all of these funds and syndicates.”
Coelius filled his first $200K AngelList syndicate in 24 hours
“So I put up a 200 K allocation on AngelList and emailed some of my friends, and 24 hours later, it was filled.”
Coelius: 25% of my deal flow comes from my AngelList backers
“They send me a lot of deal flow, so I'd probably say 25% of the deal flow I get comes from that list.”
Coelius: 700 AngelList backers have invested their own money in my deals
“So at this point, I have almost 1300 people who sign up to basically get emails from me and participate in my deals. 700 of them have put their own money at risk into deals with me”
Naval Ravikant: AngelList began as a free community service without a business model
“So Nivi and I basically decided to take venture hacks and use that as a launching platform and basically start distributing deal flow for free to all of our high quality investor friends. And there was no grand plan or business model in mind. It was more of a …”
Howard Lindzon backed AngelList in 2010 as an early investor
“We were actually, Tom and I, my partner, were one of the first checks into AngelList in 2010.”
Atlas Venture led AngelList's Series A and all subsequent rounds
“Atlas would end up leading the Series A for AngelList very quietly. And have invested in every round since, and I think just continue to drink the Kool-Aid around online investing.”
Maiden Lane deploys 95% of its investments through AngelList syndicates
“95% of the investments that we make are done through AngelList, and specifically through syndicates.”
Flight.vc operates 25 AngelList syndicates across verticals and regions
“Flight is just a umbrella name for the now 25 syndicates we run ranging from You know, the SaaS syndicate to the fintech syndicate to the IOT syndicate. We then branched out and launched syndicates in the UK and Germany and Israel and Canada”
Gil Penchina holds the record for the largest AngelList syndicate raise
“Gil also has the title of the largest raise for an AngelList syndicate, essentially turning himself into a one-man fund.”
In 2014, syndicates deployed $200M compared to $50B in traditional VC
“And the VC, every year on average, you have about fifty billion dollars of VC investments. Last year, I think the syndicated model total between all different sites like Founders Club and Angelus were like two hundred million.”
Fabrice Grinda raised nearly $20M via AngelList and FundersClub
“That said, we've been very happy and successful with this model. I mean, we've raised over ten million dollars through Funders Club and Angel List across different companies. Might even be close to twenty million at this point between the various multi-company…”