H.E.N.R.Y Collective Ventures
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H.E.N.R.Y Collective Ventures

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Subscription Amount
$5,000+ Quarterly
Subscription Period
4-16 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Starting Q2 2024, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
Invest Account
Select invest account
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Closing Documents
FAQ

Note from Tyler Knight

Introduction: Hi, I’m Tyler Knight, and I’m the founder and GP of H.E.N.R.Y Collective, which has quickly become one of the most popular syndicates on AL since making our first investment in June 2021. I originally started HC after discovering two critical insights from 6+ years spent in tech investment banking and venture capital.  
 
First: Real wealth is created by owning equity and rarely created by salary alone. Additionally, there is a large group of people (H.E.N.R.Y’s - “high earners, not rich yet”) who possess disposable income and would love to invest alongside top-tier VCs in promising startups if they had the access.
 
Second: Deal flow in venture capital generally flows through channels of pre-partner investors who share opportunities with each other. These Analysts, Associates, Principals, etc. see the highest volume of deals and have the best real-time knowledge of who is raising capital. Despite having the most critical asset in VC to trade, access to deal flow, they don’t have any way to monetize it.
 
H.E.N.R.Y Collective Inception Thesis: Leverage a vast network of pre-partner investors at many of the top VC funds as a wedge into the most sought-after deals by sharing deal by deal carry with the people who introduce me to companies HC invests in. 
 
Next Steps: H.E.N.R.Y Collective is institutionalizing the AL-native venture capital fund by leveraging a large LP base as a differentiated source of capital, offering founders flexible check sizes, and unlocking value for portfolio founders by structuring incentives for LPs and the broader HC network to get involved in portfolio success.  
 
Executive Summary for HC’s Rolling Fund - TLDR: 5 Reasons Why You Should Invest
  • #1 - Top-Tier Investment Access: Simply put, by offering VC investors at top funds and venture-backed founders shared carry in deals they introduce us to, HC sacrifices carry at the syndicate level in order to ensure the rolling fund benefits from unparalleled access to the most sought after early-stage funding rounds.  
  • #2 - Allocation Win-Rate: By offering founders a differentiated value prop as a capital partner, benefiting from the agility of operating as a solo GP, and by writing smaller checks late in rounds with the option of flexing up with the syndicate, the rolling fund’s allocation win-rate will be well above the industry average. 
  • #3 - HC Platform: With 2200+ LPs including public company CEOs, partners at major VC funds, venture-backed founders, etc., a highly-engaged network of investors + advisors + operators, and a growing cohort of portfolio companies, the flywheel has already begun spinning. A major initiative once the first rolling fund closes will be to unlock the value within the HC network by enabling portfolio company founders to request favors on a private “marketplace” in exchange for micro-equity stakes that reflect the value of the favor. Rolling fund LPs will be invited to the private marketplace which offers the opportunity to get involved in exciting companies while receiving tangible value.   
  • #4 - Winning Thematic Approach: Discussed in more detail below, I’ve developed several thematic anchors and core investment principles that are designed to capture the most promising startups solving tangible problems in the fastest growing sectors at their earliest stages.
  • #5 - Near-Immediate Exposure to a High-Caliber Portfolio: HC has secured allocations in several amazing early-stage companies throughout Q1 including my two favorite companies in the YC W22 cohort. I’ve been able to hold on to these allocations despite most of the funding rounds being closed already. Pending the initial close of this rolling fund’s Q2 capital, LPs can gain almost immediate exposure to a portfolio of companies that have raised from several Tier 1 VCs. 
  • Link to the company description/thesis of these allocations
Syndicate KPIs Since Launching:
  • First Investment on AL: June 2021
  • # of Investments: 19
  • Capital Deployed: $8.40M
  • Real-time Portfolio Value: $9.52M
  • # of Syndicate LPs: 2200+
  • HC Syndicate IRR: > 40%
  • Note: Many of HC’s syndicate investments are currently raising subsequent financings, so portfolio IRR could go up significantly over the next quarter 
Highlighted Co-Investors in HC Syndicate Investments:
  • Angels: Peter Thiel, Justin Mateen, Eric Schmidt, Reid Hoffman, Naval Ravikant
  • VC Funds: Softbank, Andreessen Horowitz, Craft Ventures, Sozo Ventures, Greycroft, Lightspeed Venture Partners, Foundation Capital, Y Combinator, Kleiner Perkins, Tribe Capital, Norwest Venture Partners, Sound Ventures, General Catalyst, Liquid2 Ventures, Draper Associates, Goodwater Capital, Accomplice VC, DFG, B Capital Group, Framework Ventures, Winklevoss Capital, etc.
Rolling Fund Key Advantages:
  • Key Advantage #1: Highly Engaged Network of VC Investors Incentivized to Share Deals = Maximized Deal Exposure 
  • Exposure and access to consistent, proprietary inbound deal flow is as critical to success in venture as anything else. HC’s syndicate is uniquely positioned to be a platform investment vehicle whereby anyone can monetize their access to deal flow by simply sharing opportunities and making introductions to founders that HC ultimately invests in. 
  • The rapid growth of popularity on AL and the list of high-caliber co investors has led to a high volume of inbound investment opportunities as portfolio company founders, VC investors, and syndicate LPs consistently recommend the HC syndicate as a great capital partner for promising founders wrapping their venture rounds.    
  • Now, key individuals at top VC funds and high-profile venture-backed founders are not only comfortable sharing opportunities, but they recognize the compelling opportunity to monetize their deal flow and recommend HC as an additive capital partner.
  • By sacrificing shared carry on a deal-by-deal basis via HC syndicates, we maximize the investment opportunity for the Rolling Fund and are able to be extremely selective. 
  • Another important point to note is that this is only now possible given the evolving decentralization of the venture ecosystem, receptivity to raising from syndicates on AL even in the most high-profile deals, and crucially, the recent need for VC partners to retain their pre-partner investor talent.
  • Key Advantage #2: Focus + Flexibility + Agility + Platform = High Allocation Win Rate 
  • Focus: 100% of my focus is on building my network and creating meaningful, lasting relationships with founders and investors, sourcing investment opportunities, diligencing investment opportunities, and ultimately, supporting portfolio company efforts. Rather than creating a front-facing persona via a podcast, Twitter account, blog, etc. in order to benefit from access to opportunity, which is a major time suck and continuously takes more effort to maintain, I’ve instead built an LP base natively on AL by providing consistent, high-quality deal flow derived from relentless sourcing and diligence. The lack of alternative commitments frees me up to spend all of my time on what matters most for H.E.N.R.Y Collective.
  • Flexibility: HC’s RF is not hamstrung by many of the constraints that limit the startups traditional venture funds can invest in. Strict fund mandates, complex VC culture relationships, competitive dynamics, etc. each narrow the scope of actionable investment opportunities for VC funds. Given the unique characteristics and structure of rolling funds generally and being a solo GP, many of these constraints do not apply.
  • Agility: As a capital allocator in the fast-paced venture markets, particularly after a lead investor has set terms and the company is finalizing the back half of the investor syndicate, agility often determines the outcome. As a solo GP and sole decision-maker able to deploy flexible, generally smaller check sizes, the probability of securing an allocation in competitive deals goes up exponentially. 
  • Platform: There are several exciting platform initiatives that I’ve spoken to founders, investors, and LPs about recently that are intended to unlock value for portfolio companies and offer additional opportunities for LPs and other investors to get involved while receiving tangible value for their efforts. More and more often, the founders I’m speaking to are placing significant value in the potential network effects and platform distribution related to raising from a venture syndicate. I will be doubling down on my efforts to leverage the 2200+ LPs, a network of institutional investors, and a growing cohort of portfolio companies as a competitive advantage while winning deals and supporting the portfolio.   
  • Key Advantage #3: Positioned to be Portfolio Company <> VC Matchmaker = Portfolio Fundraising as a Competitive Advantage: 
  • As a former sell-side investment banker with over $1B of M&A and growth equity transaction advisory experience, most of which were lower-middle to middle-market tech transactions, I have deep relationships with and knowledge of the venture and growth equity capital stack. As such, I’m well equipped to analyze the venture landscape for portfolio company fundraising fit and ultimately maximize the likelihood of finding the right capital partner. 
  • Additionally, this past year I’ve ramped up connections with partners at funds across the venture ecosystem, cataloging investment preferences and scope in order to be a valuable source of investment opportunities to partners at VCs once HC portfolio companies are raising subsequent rounds of financing.           
High-Level Investment Thesis: HC’s core investment philosophy will be to index the highest signal early-stage deals within thematic scope, while relying on a high degree of EQ to pick winning founders. Additionally, the “thematic anchors” and “core investment principles” discussed below establish investment sourcing focus and guide investment decisions.
 
Thematic Anchors: 
  • Category Leaders in High-Velocity Sectors: Targeting the highest potential return outcomes with the least risk of absolute loss by investing in companies at the Series A - Series B stage that have shown early, yet tangible signals of becoming a leader in a category, vertical, or subvertical that is changing and/or growing rapidly.     
  • HC Portfolio Example - Loft Orbital: The rapid growth of the space economy is a direct result of SpaceX decreasing the cost to get to space from $20k / KG (NASA) to $500 / KG (SpaceX). Of course, by doing so SpaceX has become a clear market leader in the “rocket launch as a service” category. Similarly, Loft Orbital has further democratized access to space by automating the process of integrating customer payloads with their satellites and then ride-sharing multiple customer payloads on the same satellite. This allows the rapidly expanding number of organizations with applications for space to reduce the time to orbit by up to 3 years and reduce the non-recurring engineering cost by an average of $12M.
  • Note: HC invested in Loft’s $20M pre-Series B SAFE in June 2021, which was marked up a few months later by Blackrock who led their $140M Series B in October at a $500M+ valuation.   
  • Business Model Replication: Targeting companies applying a particular business model/approach that has achieved out of the ordinary levels of success in one sector or geography to another sector or geography that has an equal or better use case for that particular business model/approach.
  • HC Portfolio Example (allocation received): - Nophin, Perl Street, MARLO: All three of these companies are business model replications of temporary illiquidity financing, which has already minted several Unicorns in a very short period of time in the SaaS and eCommerce sectors. 
  • Core Technology Innovation: Targeting companies solving some of today’s most important problems with core technology innovation that ultimately provides a defensible, technical moat for the company at scale.  
  • HC Portfolio Example - Natilus (hype video here): Natilus is building the first autonomous aircraft optimized for flying air cargo across the country and has already received $6B worth of aircraft pre-purchases from many of the biggest supply chain/logistics companies in the world. Despite the glaring need for enhanced supply chain functionality and modernized aircraft, air cargo today is flown by hollowed-out passenger planes built before 1980. Natilus’ aircraft, which expects to take the first flight to be within 18 months, will allow for 60% more volume per flight while reducing the cost and Co2 emissions by 50% each.
  • High-Signal Founders: This thematic category is more subjective than objective and more opportunistic than deliberate. There are times speaking with a founder who demonstrates extraordinary vision, understanding of his / her space, and a differentiated perspective on what is possible. Of course, historical performance and previous successes as a founder are highly correlated with repeated success as well. This category of investment is saved for opportunistic bets on companies led by prolific founders, despite not quite fitting into any investment themes. 
Core Investment Principles:
  • Founder / Market Fit: What experience-driven information asymmetries does the founding team possess that give them a competitive edge? 
  • Problem / Product Fit: Does the product roadmap lead to solving an important, tangible problem?
  • Customer Acquisition Wedge + Upsell Mechanism: Does the company have a compelling “hook” to acquire customers early on and a roadmap to increase revenue per customer over time? 
  • Core Differentiation + Defensible Moat at Scale: Is the company solving an important problem in a unique way or perhaps built automation that separates itself from competitors?
  • TAM that Supports a $1B+ Company: Does a reasonable market share acquisition of the company’s TAM support a $1B+ valuation?
  • Foundational Tech + Platform Distribution: Is the company building foundational tech that multiple product lines or revenue streams can eventually be created on top of? Does the company benefit from platform channels of distribution where a single entry point offers exposure to hundreds or thousands of customers? 
 
Allocations Received: Time Sensitive Investment Opportunities (Subject to First Close of the Rolling Fund With Sufficient Capital):
  • HC has secured allocations in a portfolio of companies throughout Q1 with the expectation to immediately deploy capital into each company once we have raised from LPs. These companies offer LPs a preview of the quality of deal flow that is to be expected while achieving almost immediate exposure to a high-caliber portfolio of companies at valuations as far back as December 2021. Investments are subject to the timing of the first close. If you are an LP of HC’s syndicate you may have noticed that I have not launched any new deals since January. This is because I’ve been tirelessly working on refining HC’s investment approach, networking with investors + advisors + founders, and winning allocations in companies that I believe are set up for extraordinary success.  
  • Despite being a generalist investor, the breakdown of company categories/sectors below broadly reflects the projected makeup of future rolling fund investments. I anticipate blockchain/crypto/web3, FinTech, and Biotec + Digital Health being the categories with the highest investment concentration with vertical and bottoms-up SaaS, eCommerce Enablement, AI / Automation Economy, and the Built World + Space Economy being within scope but less of a focus.   
  • Link to the company description/thesis of these allocations
Crypto / Blockchain / Web3 Deals:
  • Harmonic Labs - Harmonic.ai + Moonbase Series A
  • One Liner: Building the LinkedIn meets Robinhood of Web3 on top of the most advanced private market database used by Andreessen Horowitz, Index Ventures, SVB, Brex, etc.
  • Co Investors: Sozo Ventures, Craft Ventures, Soma Capital, Metacartel, BuildersVC, CTO of Hubspot, CEO of Chainalysis, etc.
  • Cion Digital Seed Round
  • One Liner: Enabling financial services companies and big-ticket retailers to offer embedded crypto products to their customers such as real-time payments in crypto, crypto-backed loans, crypto-backed purchase financing, etc.
  • Co Investors: Greycroft, Cota Capital, Green Visor Capital, 645 Ventures, etc.
  • Note: Since the time we committed to the round in January, Cion has grown from $0 to $1M+ in ARR and expects to raise a $20M+ Series A by the end of the year. 
  • Parcel Seed
  • One Liner: Zillow meets Autodesk meets CoStar for virtual real estate
  • Co Investors: Framework Ventures, Fifth Wall, Electric Feel, Axel Springer / Aviv Group (owns Zillow of Europe), Great Oaks VC, etc.
  • Crypto Infrastructure Deal (Coinbase Ventures, Lux Capital, Jump Capital, etc.)
  • This deal has to be kept confidential for now, but we are investing at the valuation from the Seed round that originally closed in December. This was a very high-profile, competitive round with participation from several Tier 1 crypto-focused VCs. The company has experienced tremendous growth since the round and is expected to raise its Series A by the end of Q2.
FinTech Deals:
  • Nophin (YC W22) Seed Round
  • One Liner: Pipe meets Brex for real estate landlords.
  • Co Investors: Raising proper Seed round post-YC demo day. Existing investors include MetaProp & YC. 
  • Perl Street (YC W22) Seed Round
  • One Liner: Pipe meets Brex for next-gen hardware companies and infrastructure projects.
  • Co Investors: Raising their proper Seed round post-YC demo day
  • MARLO Seed Round
  • One Liner: The Pipe meets Brex for the maritime shipping industry
  • Co Investors: Techstars + currently evaluating lead investor term sheets for their Seed round
  • Here Seed Round
  • One Liner: Unlocking access to real estate’s highest yielding investment category by enabling anyone to invest in vacation rentals as easy as stocks
  • Co Investors: Mucker Capital, Fiat Ventures, Alumni Venture Group, founder of InVision, etc.   
Biotech Deal(s):
  • Mycrodose Series A
  • One Liner: Developing the foundational drug delivery technology that will accelerate the efficacy and adoption of psychedelic medicine with a portfolio of advanced drug delivery (ADD) products optimized for targeted delivery of psychedelic therapeutics. 
  • Co Investors: K2 & Associates, Negev Capital, Supernode Ventures, The Conscious Fund, Ambria Fund, Empath Ventures, Receptor VC, etc.
eCommerce Enablement Deals:
  • Flyp Series A 
  • One Liner: Automation tools for power sellers to lower the friction of sourcing and selling inventory and the first B2B marketplace for the resale economy. 
  • Co Investors: Asymmetry Capital Partners, BAM Ventures, Nextview Ventures
Tyler Knight

Investment Details

Subscription Start Date
July 1, 2022
Minimum Quarterly Subscription
$5,000
Minimum Subscription Period
4 Quarters
Management Fee
Investors pay management fees of 2% per year for the first 10 years. Management fees are taken as a percentage of the total committed capital. The total management fee is paid out quarterly over the first ten years of the fund's life.
Carry
Twenty percent (20%)
Admin Fee
0.15% per year over 10 years
Starting Q2 2024, this Rolling Fund will transition onto updated Rolling Fund pricing terms. Under these new pricing terms, each new quarterly fund in the Rolling Fund Program will pay an annualized rate of $2.5k + 0.2% of contributed capital over 10 years.

Fees for each quarterly fund in the Rolling Fund Program will vary based on each quarterly fund’s capital contributions since the fee includes a flat fee component. The platform’s average quarterly fund size is $580k. Learn more about how to estimate your commitment’s fees at our help center.
Fund Lead Commitment
Tyler Knight's personal subscription per quarter will be at least $20,000 in total. Tyler Knight will satisfy their GP commitment in part by waiving 50% of management fees otherwise owed to them by the fund. The remainder of the commitment will be contributed in cash.
Special Disclosure
  • The fund may invest in digital assets like cryptocurrencies.

  • The fund may invest in other funds subject to those funds' fees and investment strategies.

  • The Fund Lead cannot guarantee the Fund access to all investment opportunities: The Fund Lead is affiliated with other venture capital funds. This Fund has no relationship or arrangement with these other venture funds. This may result in the Fund being unable to invest in attractive investment opportunities in which the Fund Lead will participate through the Fund Lead’s involvement with other venture funds or personally.

  • The Fund Lead is not required to present all investment opportunities to the Fund: Even aside from other venture funds, the Fund Lead may have the opportunity to participate personally in investments. While the Fund Lead has the discretion to offer to the Fund its investment opportunities, he is not obligated to do so. It is possible that these investment opportunities may generate greater returns than other opportunities, and thus, by potentially not participating in such investment opportunities, the Fund’s portfolio may yield lower returns than it would otherwise

Investor FAQ

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Unanswered questions? Contact AngelList
The performance of past deals or a lead investors' track record is not a guarantee of future returns. Venture capital fund investments are inherently risky and illiquid. Such investments involve a high degree of risk and are suitable only for sophisticated and accredited investors.
AngelList and its affiliates do not provide investment advice to investors. The information on this page should not be relied upon as research, investment advice or a recommendation of any kind. Information on this page is qualified in its entirety by the fund's Limited Partnership Agreement, Private Placement Memorandum and Subscription Agreement, which should be reviewed carefully prior to making an investment decision. Please see these documents for full details regarding risks, minimum investment, fees and expenses. The Fund Lead and the fund's investment advisor have the right to waive or charge additional carry to certain investors. The fund's legal name may be different from the name used above.
This fund may accept new investors after the fund undergoes a valuation update. Certain potential investors in the fund may then have access to materially different information concerning fund value at the time of their investment.
Current or future portfolio companies in this fund may use AngelList's recruiting platform and may pay an affiliate of the fund's investment adviser for premium recruiting tools and services. This may create a potential conflict of interest for the investment adviser, which you will consent to by subscribing to the fund.
Please read the disclosures in full here.

Apply To Subscribe

Subscription Amount
$5,000+ Quarterly
Subscription Period
4-16 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Starting Q2 2024, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
Invest Account
Select invest account
Message Fund Leads
Closing Documents
FAQ