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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 120+ venture backed companies. I started Mana Ventures to invest in the smartest founders building the most ambitious companies. After delivering 10.5x returns on Mana Ventures Fund I and investing over $50M in 100+ companies over the last 2.5 years through the Mana Ventures AL syndicate w/ an IRR of 40.7%, I am excited to officially launch the Mana Ventures Rolling Fund, which is now my primary investment vehicle.
Mana Ventures Fund I.
This is my second fund. In 2016, I launched Mana Ventures Fund I. Over the span of 2 years, I deployed $885k of capital in 9 companies which included two breakout investments in recently public Unity Technologies (IPO - $43B+ as of 12/7/21) and quickly growing Restream ($50M Series A raised). Today, Mana Ventures Fund I is valued at $9.3M and has already realized 10.5x returns and an IRR of 210.9%.
Mana Ventures Syndicate.
In 2019, I launched the Mana Ventures AngelList Syndicate. Over the last 2.5 years, we have grown the syndicate to 3,500+ LP’s and invested over $35M in 100+ companies that have gone on to raise $250M+ in VC from top tier funds / angels including Peter Thiel, Reid Hoffman, Sequoia, Founders Fund, Google Ventures, Greycroft Partners, General Catalyst, 8VC, Floodgate, Kleiner Perkins, Index Ventures, General Catalyst, Insight Partners, among others. While very young in its lifecycle, the syndicate portfolio has already realized 2.1x returns and an IRR of 40.7% (as of 12/7/21). For a full breakdown of portfolio data please click here.
Why I’ve Launched Mana Ventures (Rolling) Fund II.
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 $50M+ in follow on capital.
I am now investing through the MV Rolling Fund and the MV Syndicate. 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 $10M fund, deployed over 2-3 years, from which I write $10k - $100k size checks with a continued focus on emerging tech & consumer brands with product market fit & scaling revenue. I will continue to run syndicates for deals I am able to secure additional allocation.
Year 1 Fund II Performance.
It has been an exciting 1st year for our Rolling Fund! While still very early on, we’ve already had 18 mark-ups in our Rolling Fund portfolio. On a quarterly basis, gross TVPI’s are as follows:
Exclusive Benefits for Rolling Fund LP’s.
Active Rolling Fund LP’s receive several strong benefits with regards to the rolling fund and syndicates depending on commitment size. Fund benefits include reduced carry and reduced mgmt fee. Syndicate benefits include priority access to syndicates before I invite all 3.5k+ LP’s, reduced carry on syndicates, and no cut-backs on oversubscribed syndicates. Click here for a full breakdown of Benefits for Active Rolling Fund LP’s.
How I invest and win deals.
The Mana Ventures Rolling Fund invests early and alongside top tier VC funds and angels. I win allocations in these competitive deals through my strong network in venture and the incredible founders, operators, & VC’s in the MV syndicate. I grew up in Silicon Valley and started growing my network in venture early. I raised $6.5M in seed & Series A capital for my first startup OnMyBlock. I’ve 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. Here is a list of 100+ VC’s / Angels in my network I connect with regularly on deal flow, and below is a quote on my value-add from the CEO of JuneShine.
Select Investments
Unity Technologies (13.1x multiple) - 2015. Backed by Sequoia Partners. Has since gone public, now at $27B+ valuation.
Fintor (13.3x multiple) - 2021 Pre-Seed. Backed by 500 Startups. Has since raised $6M Seed.
Yummy (12x multiple) - 2021 Pre-Seed. Backed by Anthos Capital & Y-combinator. Has since raised $20M Series A.
Restream (9.3x multiple) - 2015 Seed. Backed by Sapphire Ventures & Insight Partners. Has since raised a $50M Series A.
JuneShine (8.7x multiple) - 2018 Seed. Backed by Founders of Rxbar. Has since raised a $20M Series B.
Galaxy (8.5x multiple) - 2019 Pre-Seed. Backed by Floodgate, Village Global, & Snap. Has since raised $8M Series A.
Houm (5.3x multiple) - 2021 Seed. Backed by Goodwater Capital & Fifth Wall. Has since raised $40M Series A.
OneBrief (5.1x multiple) - 2020 Pre-Seed. Backed by Caffeinated Capital. Has since raised a $4.5M Seed.
Brightland (5x multiple) - 2020 Pre-Seed. Backed by Founders of SweeetGreen. Has since raised a $2M Seed.
Mage (4.9x multiple) - 2020 Pre-seed. Backed by Gradient Ventures. Has since raised $5M Seed.
BlackCart (4.3x multiple) - 2020 Seed. Backed by Struck Capital & Origin Ventures. Has since raised a $8M Series A.
TOOLBX (2.6x multiple) - 2020 Seed +. Backed by Index Ventures. Has since raised a $10M Series A.
* 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
April 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. The remainder of the commitment will be contributed in cash.
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