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Rolling Fun
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Subscription Amount
$4,000+ Quarterly
Subscription Period
4-12 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Starting Q1 2025, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
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Note from Eric Jorgenson, Al Doan, and Bo Fishback
Hello my friends and welcome to Rolling Fun!
We (Al, Bo, and Eric) are founders and entrepreneurs who have been angel investing for most of our careers.
So far, we have only invested our own capital in private deals from our networks. We’ve had some big winners, which is wonderful because we’ve also had some well-intentioned goose-eggs. Overall, we’ve found success thanks to our friendships with founders and other investors.
As we started sharing deals between us, we learned:
1) we have complementary networks, opportunities, and skills.
2) we have a great time together.
We saw how sharing deals meant more high-quality companies, better diversification, and more consistent returns. Now, we’ve created a Rolling Fund to welcome others to join us.
Rolling Funds are a newish product from AngelList, which allows us to open up our personal investing to you without introducing a ton of overhead or changing the nature of what we do. We are never going to be full-time investors. We’re founders.
Because we are founders, we tend to see amazing companies even before they are created, since we’re there when friends are brainstorming, complaining, or hacking their way to founding a new company.
We think of this fund as a way for you to passively co-invest in the same companies we invest in. With Rolling Funds, you can do this in a predictable, sustainable, long-term way with a quarterly subscription.
The biggest reasons to create a fund instead of just continuing with our own capital are founder impact and LP access.
Bringing a $25,000 personal check to a $1m seed round is nice, but not high-impact for the founder. It’s a fungible role. Bringing a $200,000 check, showing conviction, and investing early is a difference-maker—a company may not have existed without that investment. That feels good.
On the LP side, we realize how fortunate we are to have the experience, access, and connections we do to world-class founders. As we have conversations with friends and followers around the world, we realize the power of welcoming others to join in our investments.
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” we welcome you to take that option.)
Here’s how we invest:
We trust our network to get connected to high-integrity, hard-working, smart-as-hell founders and team members.
We look for companies using new enabling technologies which give a startup the ability to deliver a solution of unprecedented quality–at scale.
We look for large (or rapidly expanding) markets because in early-stage venture investing, we need to see opportunities for 100x returns. Large markets allow for longer growth patterns and more ways to win.
Here are a few *selected* (read: successful) companies we’ve invested in personally that fit this criteria:
- 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 the entire portfolio. Most early-stage investments fail. A complete list of past investments is available upon request.
Investment Theme:
We will invest in any technology-driven company, token, or organization we believe can have 100x return, and establish a sustainable (ideally accumulating) advantage. This makes us sector agnostic, and we may invest in hardware, software, AI, energy, or crypto tokens.
We will do our best to share our investment memos, record our meetings, and share investor updates. We want to bring you along for the ride, not just the returns.
What will those returns be?
We don't know. When we angel invest personally, we always assume we’re just giving the money away, then we’ll be delighted if there are any returns. Over the past ten years, top-quartile funds returned 15-27% fully net of fees (Per Cambridge Associates). We aspire to be there, and our personal track records show that to be a possibility. But, we don't know and can't promise any specific range of returns.
The most extreme aspect of startup investing is Illiquidity. Expect to not get money back for 10 years. Maybe longer. It is best to think of startup investing as a vehicle for 10+ year time horizons, which may mean you're doing it for retirement, or to benefit the next generation. That's how I think about it.
This illiquidity can be cumbersome, but it carries an advantage too. The temptation to sell too early is tempered. Our bias will be to hold as long as there are exponential growth possibilities. The goal will be to sell at the third stage of the S-curve as growth flattens, and not before. Selling early is much more detrimental to portfolio returns in startup investing than holding too long, and we will bias that way.
As an LP, there are different levels of engagement you can act on:
- Passive: You set up your investment, then go about your life while we work for you.
- Observe: You invest, then stay informed via deal memos, podcasts, and investor updates we share.
- Active: You opt to be a part of creating deal flow (finding investible startups), diligence (exploring startups), and supporting the companies we’ve invested in together.
Our vision for Rolling Fun is more than just an investment vehicle. We plan to share our observations, deal memos, pitches, and GP meetings with you through posts and podcasts. We love to include LPs, friends, and followers in helping to find, research, and select investments. There are also opportunities to support portfolio companies with marketing, talent, and as customers – helping everyone win! -
We welcome you to join us in an adventure of learning, investing, and fun. We’d love to have the honor of co-investing with you, entertaining you, and working together to support great people deploying new technologies to improve our world.
Thank you,
Al, Bo, and Eric
About your GPs
Al Doan - Founder of Creativity Inc., a $100m+ collection of e-commerce brands. Founder of Pretzel. BS from BYU Hawaii, OPM at HBS. Makes one hell of a peach cobbler. (Twitter, LinkedIn)
Bo Fishback - Founder of Lightspeed Genomics (acq 2008), Orbis Biosciences (acq 2020), Zaarly (acq 2020). BS in Biomedical Engineering from SMU, MBA at HBS. Completed the ‘impossible’ Gallon Challenge, drinking a whole gallon of milk in an hour. (Twitter, LinkedIn)
Eric Jorgenson - Founding team of Zaarly. Author of Almanack of Naval Ravikant. Has a podcast. Barely graduated from a state school. Received a cease & desist from Craigslist for some frowned-upon marketing techniques. (Twitter, LinkedIn)
Between the 3 of us, we have networks in different cities, communities, audiences, and age groups. Our combined careers contain a wide variety of experience including technology transfer, nanotech, e-commerce, content, community, marketplaces, and crypto. Bo and Al have served on multiple boards and raised tens of millions in capital themselves.
Fund Details
- Minimum participation: $4k/quarter for 4 quarters
- Fund cap for year 1: $2.5million
- Standard fees: 2% management fees / .15% AngelList fees / 20% carry
Eric Jorgenson, Al Doan, and Bo Fishback
Investment Details
Subscription Start Date
October 1, 2024
Minimum Quarterly Subscription
$4,000
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
0.15% per year over 10 years
Starting Q1 2025, 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 last quarterly fund in this Rolling Fund Program closed $272.48k in contributed capital. Learn more about how to estimate your commitment’s fees at our help center.
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 last quarterly fund in this Rolling Fund Program closed $272.48k in contributed capital. Learn more about how to estimate your commitment’s fees at our help center.
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
$4,000+ Quarterly
Subscription Period
4-12 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Starting Q1 2025, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
Invest Account
Select invest account