Jan 18, 2019

AngelList's VC funds have raised over $100 million

Kia Kokalitcheva

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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AngelList's VC funds have raised over $100 million

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