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Revere Partners RF
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Subscription Amount
$12,500+ Quarterly
Subscription Period
4 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Invest Account
Select invest account
Note from Jeremy Krell and David Arena
The First Independent Venture Fund for Oral Health
Investment Thesis:
Revere is the first-ever venture fund with a focus on oral health, bringing the best oral and systemic health start-ups and the brightest founders to market by matching them with exceptional investors and industry experts. Jeremy and David have a combined 30+ years of key operator experience, 30+ portfolio start-ups, $800M+ valuation, 4 exits, and 2 IPOs. With an intimate knowledge of the industry, which sees $180bn of spending on dental care annually, Revere can help foster unrivaled strategic partnerships that will improve care delivery, as well as patients’ and providers’ experiences — thereby maximizing value for investors.
Investment Strategy:
While there are many excellent investment opportunities in the industry, our data and track record highlight the value of focusing on Seed and Series A rounds (roughly a 2:1 allocation). In addition, we have carved our space in our portfolio for small allotments to special opportunities (pre-seed, innovation competitions) and follow-on investments (Series B and beyond). We believe our industry reach and expertise would afford the opportunity to take Board seats at many of our portfolio companies.
Investment Targets:
- Tech - Diagnostics
- Dental Services - Biotech
- Consumer - Brands
- Payments - Reimbursement
- Access to care
Our thesis is three-pronged:
- Capital Access: We are a strategic, active investor, and a thought leader. We are not a service provider, incubator, accelerator, or venture studio.
- Industry access: We have built an all-star 25+ person team to connect startups with leadership at the top dental chains, manufacturers, distributors, insurers, academics, professional associations, nationwide labs, and retailers.
- Insights. We conducted a 20-month research project leading to a first-of-its-kind publishable paper proving the strong return profile of early-stage oral health investments. We plan to bring awareness and education to elevate dental investments.
Research and Insights:
Our analytically rigorous research process enables us to deliver unique insights. We compiled data from over 300 transactions, comprising the largest database of its kind, and found that investments in early-stage dental start-ups earn higher returns relative to other investments on both an outright and risk-adjusted basis.
The Facts:
- There is $180bn spent on oral care delivery in the US per year, accounting for roughly 4% of healthcare spending.
- Approximately 8% of all VC deals are on healthcare, including oral health, and have been increasing over the last 10 years.
- Oral care startups are under-invested in compared to the market size, leaving room for opportunity to capture market share.
- On an annual return basis, oral care startups have a 35% IRR, and even outperform PE investments in dental practices, PE acquisitions of late-stage products, public dental equities, and the single practice on both an outright and risk adjusted basis.
Fund Structure and Terms:
- Revere is an AngelList Rolling Fund, a cutting-edge subscription model for investing that allows investors to contribute funds quarterly to a series of consecutive open-ended investment vehicles.
- Average LP commitment of $25k for four quarters - but we prefer you stick around longer!
- Industry-standard fees: 0.15% admin fee, 2% management fee, 20% carried interest (charged only after all committed capital has been returned).
We welcome investors both in and out of the industry to join us in revolutionizing oral care and beyond (and earning strong returns along the way)!
Contact Us:
www.reverepartnersvc.com
*Returns are estimated as of May 6, 2021 and unaudited. All returns are net of fees, and some investments may still be active. The investments and returns data above may include investments made off of 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.
Jeremy Krell and David Arena
Investment Details
Subscription Start Date
October 1, 2024
Minimum Quarterly Subscription
$12,500
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
two years of the fund's life.
Carry
Twenty Percent (20%)
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
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. Last quarter, this fund closed $358.43k in capital. Learn more about how to estimate your commitment’s fees at our help center.
Fund Lead Commitment
Jeremy Krell and David Arena's personal subscription per quarter will be at least $1,000 in total.
Special Disclosure
The Fund Lead will have a new investment vehicle (the “New Fund”) with a similar investment thesis to that of the Fund. The New Fund's thesis will focus on healthcare and oral care companies with diverse and inclusive ownership structures. The Fund Leads also anticipate launching a future investment vehicle ("Future Investment Vehicle") with an investment thesis that will focus on clinical trials and regulatory processes in the oral and healthcare space. The Fund Leads will deploy capital of the Fund, the New Fund, and the Future Investment Vehicle based on how well the investment theses, return profiles and expected investment timelines of potential investments fit those of the Fund, the New Fund, and the Future Investment Vehicle. The Fund Leads intend to allow all Limited Partners a right to invest in the New Fund and Future Investment Vehicle (to the extent such funds are generally open for investment).
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 Revere Partners RF's 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.
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
$12,500+ Quarterly
Subscription Period
4 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Invest Account
Select invest account