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Mana Ventures
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Subscription Amount
$10,000+ Quarterly
Subscription Period
2 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Invest Account
Select invest account
Note from Morgan
Introduction
Hi, I’m Morgan! I’m a previous founder and current investor in 200+ venture backed companies. My partner Jack is the previous VP of Product at Snap. We started Mana Ventures to invest in the smartest technical founders building the most ambitious companies. After delivering strong returns on our Mana Ventures Beta Fund and investing in 200+ companies over the last few years through the Mana Ventures Collective, we are excited to now be investing through the Mana Ventures Rolling Fund, which is our primary investment vehicle.
Mana Ventures Beta (Fund 0).
In 2017, we launched our beta fund. Over the span of 2 years, we deployed capital into 9 companies which included two breakout investments in Unity Technologies (IPO - exited at $21B) and Restream (exited at $50M Series A). The result was strong MOIC & DPI with realized returns (feel free to reach out for full performance).
Mana Ventures Collective.
In 2019, we launched the Mana Ventures AngelList Collective. Over the last 5 years, we have grown the collective to 7,000+ LP’s and invested in 200+ companies that have gone on to raise $1B+ in VC from top tier funds / angels including Andreessen Horowitz, Sequoia, Founders Fund, 8VC, Google Ventures, General Catalyst, Kleiner Perkins, Index Ventures, among others. While still young in its lifecycle, the syndicate has also delivered (feel free to reach out for full performance).
Why We Launched Mana Ventures (Rolling) Fund I.
The best deals are often oversubscribed and move very quickly. Over the last few years, there have been several incredible deals I was unable to invest in purely because of the nature of syndicates (details in public / 2+ week fundraise cycle). These companies have gone on to grow revenues significantly and raise over $100M+ in follow on capital.
We are now investing through the MV Rolling Fund and the MV Collective. The MV Rolling Fund allows us to invest in quickly moving and often oversubscribed deals, where syndicates may not be an option. We are tracking towards a $15M fund, deployed over 3-4 years, from which we write $10k - $100k size checks with a focus on Seed - Series A software and deep technology.
Rolling Fund Performance.
While still early on, we’ve already had many mark-ups in our Rolling Fund portfolio resulting in MOIC performance on a quarterly basis as follows:
Select Investments.
Our Unfair Advantage.
100% of our dealflow is inbound from our 7.2k lp’s, 50+ scouts, or 6,200 newsletter subscribers. We share carry on deals referred to us that we invest in, which drives both quality and quantity dealflow.
We also win allocations in very competitive deals through our strong network in venture. Jack and I both grew up in Silicon Valley and started growing our network in technology and venture early. I raised $6.5M in seed & Series A capital for my first startup OnMyBlock. I helped raise $55M in seed & Series A capital for Restream as Head of Business Development. And I’ve helped our portfolio founders now raise $150M+ in venture dollars through introductions to VC’s / Angels. Jack is widely regarded as one of the strongest and most connected emerging product leaders, having advised a number of unicorns / soonicorns. Here is a list of 100+ VC’s / Angels in my network we connect with regularly on deal flow.
Exclusive Benefits for Rolling Fund LP’s.
As a reminder, Below are our Benefits for Rolling Fund LP’s. An investment of $10k / qtr in the fund reduces carry on syndicates to 15% with larger fund commitments resulting in reducing carry down to 10%. Active Rolling Fund LP’s also receive reduced mgmt fee, priority access to syndicates, and no cut-backs on oversubscribed syndicates.
Other Portfolio Markups.
* The list above may reflect investments made off the AngelList platform. As such, AngelList has not taken any action to verify such data and makes no representations as to its accuracy or completeness.
** The returns data above represents gross returns to investors rather than net returns to investors.
Morgan
Investment Details
Subscription Start Date
October 1, 2024
Minimum Quarterly Subscription
$10,000
Minimum Subscription Period
2 Quarters
Management Fee
Investors pay management fees of 2% per year for the first ten years. Management fees are taken as a percentage of the total committed capital. The total management fee is paid out quarterly over the first four years of the fund's life.
Carry
Twenty percent (20%)
Admin Fee
0.15% per year over 10 years
Fund Lead Commitment
Morgan will satisfy their GP commitment in part by waiving 20% of management fees otherwise owed to them by the fund.
Investor FAQ
How is this program different from venture fund investing?
How do subscriptions work?
How do management and admin fees work?
How does carried interest work?
How do distributions work?
Will a Limited Partner (LP) participate in all investments made by the funds offered through this Program?
Will an LP's percentage ownership of quarterly funds always be the same?
Are LPs guaranteed access to Mana Ventures' future funds?
How are subscriptions funded?
How does changing or canceling a subscription work?
Who manages these funds?
Do funds in this Program have minimum or maximum investment sizes?
What happens if funds in this Program do not invest their total capital each quarter?
When will LPs learn about companies the funds invested in?
Can LPs opt out of specific deals?
Can LPs sell their investment in the fund?
Can LPs redeem their interests in the fund?
When will funds launched under this Program begin deploying capital?
How do I receive tax documents from this Program?
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.
We anticipate that Rolling Funds will transition onto updated pricing terms in future quarters. Accordingly, funds launched in future quarters may begin bearing a placement fee during your subscription period. That will make the placement fee a fund expense shared by you and other limited partners in such funds. Such expenses, if implemented, will reduce your returns.
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
$10,000+ Quarterly
Subscription Period
2 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Invest Account
Select invest account