Our goal is to invest in the best early-stage technology companies before they become popular.

 

Because innovation usually emerges on the fringes, or challenges the status quo, the highest returns often result from taking positions that are "non-consensus and right." Most of the startups that changed the world were unpopular in the beginning - including Google, Airbnb, and many others. We aim to support the category-defining companies of tomorrow while they are not obvious today. To this end, we partner with outstanding teams who create new markets, pursue ideas which others initially dismiss, conquer overlooked geographies, operate in underestimated verticals, or take on challenges with daunting odds.

 

Although we venture off the beaten path, startups we backed early on have raised follow-on financing from some of the most well-known venture capital investors in the world, including: Founders Fund, Sequoia, Andreessen Horowitz, General Catalyst, Lux Capital, Index Ventures, and many more top-tier VCs.

 

We started in early 2019, and continue to operate this AngelList Syndicate, as well as an AngelList Rolling Fund. We have invested $84M across >570 companies to date, which has grown into >$207M of portfolio value. Our check size ranges from $25k to $1M.

 

You can find our last Quarterly LP Update here, and our last Annual Update here - which contain much more detail on our investments and performance metrics.

 

If you are interested in investing in our fund, rather than our syndicate, you can find our Rolling Fund here.

 

The following excerpt from Jeff Bezos’ 2015 shareholder letter mirrors our own investing philosophy: “Most large organizations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there. Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a ten percent chance of a 100 times payoff, you should take that bet every time. But you’re still going to be wrong nine times out of ten. We all know that if you swing for the fences, you’re going to strike out a lot, but you’re also going to hit some home runs. The difference between baseball and business, however, is that baseball has a truncated outcome distribution. When you swing, no matter how well you connect with the ball, the most runs you can get is four. In business, every once in a while, when you step up to the plate, you can score 1,000 runs. This long-tailed distribution of returns is why it’s important to be bold. Big winners pay for so many experiments.”

 

With that in mind, you should view us as a particularly “high beta” fund and syndicate. We are probably going to be wrong more often than traditional venture capital investors. But because we are taking such non-consensus swings, we expect to also hit particularly big home runs.

 

We were among the earliest investors in Jeeves, Yassir, Zepto, Novig, and many others.

 

Scout Program: we share carry with LPs, portfolio founders, and friends who introduce us to companies we invest in. If you would like to refer a company to us, please take a look at our Scout Program Guidelines.