IMPORTANT – if you learned about Mana Ventures via a referral, social media or other means outside of AngelList please note it in your application.
Hi, I’m Morgan! I’m a previous venture backed founder and angel in 200+ companies. My partner Jack is currently Chief Product Officer at Suno AI ($500M) and previous VP of Product at Snap. After delivering strong returns on Mana Ventures Fund I, we launched the MV Syndicate and MV Rolling Fund (II) to back the smartest founders tackling the hardest problems.
Our Thesis
We invest Pre-Seed - Series C companies w/ check sizes that range from $100k - $1M. Here are a few criteria that are important to us.
- Founders we know well. As previous product founders and operators ourselves, our network of sharp friends & colleagues starting companies is strong.
- Outsized Return Deep Tech Verticals. AI, Data, Robotics, Automation, Space, Defense, Health Tech, & BioTech.
- Product market fit. We often invest at the early signs of product market fit or scaling traction. These are typically companies at or above $1M ARR.
- Seed+ Opportunities. Some of our best investments have been in Seed+ rounds, where founders aren’t quite ready for a large Series A, but have strong enough traction that we can see where it is heading and we can come in before it gets too competitive / expensive.
- Pro Rata Rights. We request it early on so we can continue to participate as the business scales and raises more capital.
- Reasonable Valuations. The majority of the companies we back are in the $10m - $40M valuation range.
Our Track Record
In 2016, We launched Mana Ventures Fund I. Over the span of 2 years, we deployed capital in 9 companies which included two breakout investments in Unity Technologies (IPO - $12B+) and Restream ($50M Series A).
In 2019, We launched the Mana Ventures AngelList Syndicate. Over the last 6 years, we have grown the syndicate to be one of the most active on the platform with a portfolio of 200+ companies, and a network of 7,000+ LP's including notable founders, executives, operators, engineers, and product leaders.
Our portfolio companies have raised $1B+ in VC from top tier funds / angels including Sequoia, Andreessen Horowitz, Sam Altman, Peter Thiel, Reid Hoffman, Founders Fund, Google Ventures, Greycroft Partners, General Catalyst, 8VC, Floodgate, Kleiner Perkins, Index Ventures, Insight Partners, among others.
Mana Ventures Rolling Fund
We launched the MV Rolling Fund to enable us to invest in quickly moving and often oversubscribed deals, where syndicates may not be an option.
Also, active Rolling Fund LP’s receive a number of benefits based on commitment size, including reduced carry (fund / syndicates), reduced mgmt fee, priority access to syndicates, and no cut-backs on oversubscribed syndicates.
Learn more about our Rolling Fund.
Investment Disclaimer: 1) most startups fail and investors could lose their entire investment. Even successful startups may take years to provide returns 2) startup investments are highly illiquid with no established secondary market. LPs should expect to hold their investment for 5-10 years with limited exit opportunities, 3) startups often lack proven business models and experienced management teams. They may fail to execute their business plans or adapt to market changes, 4) unlike public companies, startups have limited reporting requirements and investors may receive incomplete information for decision-making, 5) a single SPV investment provides limited diversification compared to a traditional venture fund portfolio. Please consider these and other risk factors above before you invest in startups.
We often invest alongside top funds, angel investors, and venture capital firms. Our deal flow comes from our strong network of founders, operators, & investors as well as our robust scout program. Our Rolling Fund LP's receive priority access to all of our investments, as well as lower carry on syndicates.