Apply to
Rolling Fun
Apply To Subscribe
Subscription Amount
$5,000+ Quarterly
Subscription Period
4-12 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 Eric Jorgenson, Al Doan, and Bo Fishback
Hello and welcome!
We believe funding true technological innovation is a moral imperative for humanity. That there is a golden age coming if humanity can properly allocate resources to scientists, engineers, and entrepreneurs solving the world’s biggest problems.
Our mission is to get capital to those deep-tech founders, and help make those positive visions manifest.
- Our mantra is “Funding obsessive geniuses building utopian technologies”
- Obsessive: Deep and specific focus on a unique area over a long period.
- Geniuses: Founders of enormous innate talent.
- Utopian: Advance humans and humanity in positive directions.
- Technologies: Products built upon a new and unique technology advantage.
If we follow this north-star, we have the best chance to invest in truly transformative megacap companies of the 2040s and 2050s. If we do that, great financial returns are sure to follow.
Thesis on Founders: Obsessive geniuses reliably have a deep understand of their technology, their market, and the history of both. We look for founders who are executing fast on advancing the most important pieces of their technology and business. Even at early stages, this can be determined in a few months of progress.
Thesis on Markets: This cycle, tech startups are coming for the biggest markets in the world. (Energy, Construction, Manufacturing, Freight, Raw Materials, Transportation.) Accelerating technology waves of AI, biotech, and nanotech are going to open up unprecedented market sizes and disruption will happen on shorter cycles.
Thesis on Products: Financial success comes from unique and enduring advantages. These most often come from a proprietary technology (SpaceX, NVIDIA) or complex coordination ability (Tesla, Apple)
–
This is a fascinating time to be alive. Technology continues to accelerate. The interconnected world economy is finding and training more geniuses and giving them more leverage faster than ever before. AI will only accelerate this trend.
The frontiers where we invest are going to be bigger and move faster with every new decade. If we work fast, we may live through the next industrial revolution. Robotics, AI, Abundant Energy, and Nanotechnology come together to give us an almost mystical capacity to control the physical world.
There is a paradox within the power law outcomes of venture capital investing: Fall for the illusion of ‘obvious returns’ over impact and you get neither returns nor impact. Focus on the companies with the highest potential impact, almost no matter how improbable success may seem, and you earn impact AND returns.
–
Our fund’s strategy is to be minority investors in a broad set of companies. Startups are hard, and most will fail. Rolling Fun provides you an easy way to get a bundle of high-quality startup investments, about 15 per year. We invest check sizes of $26k - $200k into pre-seed and seed-stage companies. We keep our fund small so even one or two successes will provide healthy returns.
In our first 3 years as a fund, we invested before or alongside Patrick Collison, Nat Friedman, Daniel Gross, Balaji Srinivasan, Julian Shapiro, Packy McCormick, Nichole Wischoff, YC, Goodwater Capital, FiftyYears, FoundersFund, Lachy Groom, Acrew, and LongJourney.
Here are a few selected (read: successful) companies we’ve invested in personally (with our own post-tax dollars!) before starting the fund. We believe GPs should have skin in the game, and that the best investors learn by investing their own money, before they risk anyone else’s capital.
- Lambda School (Al, Seed)
- Zencastr (Al, Idea stage/Pre-seed, Seed)
- Seis (Al, Idea stage/Pre-seed)
- Mercato (Al, Seed)
- Even (Al, Seed)
- Grandrounds (Bo, Seed)
- Blooom (Bo, Series A)
- SoloFunds (Bo, Series A)
- American Efficient (Bo, “It’s complicated”)
- Density.io (Eric, Bo, Series B)
- Tripleblind (Eric, Seed)
- Omella (Eric, Seed)
This list is only partial and these investments are not representative of our entire personal portfolios. Most early-stage investments fail. Please contact us for a complete list of the fund’s prior investments.
This fund is for you to passively co-invest in the same companies we invest in personally. With Rolling Funds, this happens over a long-term relationship via a predictable quarterly subscription.
We decided to call our fund “Rolling Fun.” Why? Because it makes us giggle. We have fun investing and working with founders. And we like puns. We want to set expectations early: we are goofball entrepreneurs who don’t even own Patagonia vests.
(If you prefer your capital managed by people with a more trustworthy-sounding name like “Stratton Oakmont” or “Long-Term Capital Management” we welcome you to take that option.)
We’re on a mission to capitalize the next industrial revolution.
We want to create long-term partnerships with a few fun, patient, kind people. Ideally, you share our vision of the critical function of startup investing done right, and believe it can help create a future of abundance. We’d be honored to be a steward of your capital in service of this mission.
Thank you,
Al, Bo, and Eric.
This document contains the changes made to our Fund’s representations, old and new on our AngelList page.
Eric Jorgenson, Al Doan, and Bo Fishback
Investment Details
Subscription Start Date
January 1, 2025
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
four 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 $254.05k in capital.
Fund Lead Commitment
Eric Jorgenson, Al Doan, and Bo Fishback's personal subscription per quarter will be at least 2% of each quarterly fund's total committed capital in total.
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 Rolling Fun'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
$5,000+ Quarterly
Subscription Period
4-12 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