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Jan 18, 2019

AngelList's VC funds have raised over $100 million

headshot
Photo of AngelList co-founder Naval Ravikant.

AngelList co-founder Naval Ravikant at TC Disrupt NY 2017. Photo: Noam Galai/Getty Images for TechCrunch

Less than 2 years after formally debuting its VC fund management service, AngelList says these funds have raised $123 million, participated in more than half of all deals on its site in 2018, and provided about one-third of of the capital that companies raised.

The bigger picture: AngelList’s venture funds have evolved over time. Initially designed to be very small, about $500,000 to $1 million each, some are now larger than $10 million, CEO Kevin Laws tells Axios.

  • That’s because AngelList funds are no longer just for angels expanding their investing activities, but also used by venture capital firms choosing to outsource their back office to the company.
  • There are more than 130 funds, and only 28% of fund managers previously led syndicates through AngelList, according to Laws, suggesting that its funds aren’t necessarily cannibalizing AngelList’s syndicates or the rest of its services.
  • The funds service has also evolved since its debut, now allowing for capital calls and management fees.

Yes, but: It still remains to be see how well these funds, especially those led by first-time managers, do.

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