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Science Rolling Fund
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Subscription Amount
$25,000+ Quarterly
Subscription Period
8-16 Quarters
Management Fee
2% per year over 10 years
Carry
20-30%
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
Note from Michael Jones, Peter Pham, Tom Dare, Greg Gilman, and Priscilla Guevara
Background
For the past decade, our team at Science Inc. has forecasted changing consumer habits and invested in the startups that tap into these changes and disrupt incumbents. We identify early and mid-stage companies, develop a hands-on partnership with their founders, and transform those startups into high-growth businesses.
Science Inc.’s early-stage investment method, which combines gut instincts and real-time data analysis, and a Science team of 15 and a network of 145 professionals around the world, has driven strong investor returns with landmark exits like Dollar Shave Club (acquired by Unilever), DogVacay (merged with Rover, announced IPO via SPAC), FameBit (acquired by Google) and more. Science’s portfolio found here: https://www.science-inc.com/portfolio.html
Our team has held a fundamental belief in a barbell strategy from the very beginning, which is why Science Inc. partners with founders at the earliest stages to get them from 0 to 1 while also driving capabilities at the time founders are preparing for an exit and beyond. We help grow value post-exit by building the right team and leveraging our deep knowledge and understanding of the growth tactics to get them to the next level of success.
We believe our operational experience and entrepreneurial instincts will allow us to spot emerging trends, inflection points, and societal shifts that lay the groundwork for disruptive themes across our sectors of focus, which include:
- Direct-to-Consumer (“D2C”) Brands
- D2C Services & Marketplaces
- Mobile & Social Entertainment
With decades of experience investing, developing and scaling disruptive companies, Science Inc. has forged deep networks and a best-in-class reputation across our areas of focus. Collectively, our management team has executed more than $5 billion in exits.
Rolling Fund Focus:
- Private technology companies, including but not limited to Science portfolio companies, at Series B or subsequent stages
We are establishing a vehicle to fund our Series B and subsequent stage venture capital investments. This is a model where you subscribe to our deal flow directly with a quarterly capital commitment.
Like a traditional fund:
- It charges management fees and has a fund-wide (crossed) carry across an LP’s minimum subscription period (not per-deal carry like syndicates).
- It's a blind pool that we can use to make quick and precise commitments to invest in fast-moving deals.
Unlike a traditional fund, the huge benefit to you is that you can change your commitment amount after the initial subscription period - raising and lowering it for future subscriptions. There's no locked-in commitment for the future.
The huge benefit for us is that we can raise money incrementally, one investor at a time, rather than having to do a one-time, big-bang fundraise and then lock the fund for four years.
The net effect is that you're now subscribing to Science’s venture deal flow. You can raise or lower your capital after the minimum subscription period - depending on your confidence and desired risk exposure.
AngelList creates a series of quarterly funds underneath for each investment, and then does the calculations to cross the carry on top to create a single "virtual fund".
Any companies featured above or via external links are provided for illustrative purposes only and are not an exhaustive list of all investments made or involving the Fund Lead. A full list of the Fund Lead’s investment history may be made available upon request.
Michael Jones, Peter Pham, Tom Dare, Greg Gilman, Robert Carter, and Priscilla Guevara
Investment Details
Subscription Start Date
October 1, 2024
Minimum Quarterly Subscription
$25,000
Minimum Subscription Period
8 Quarters
Management Fee
2% per annum over each fund's 10-year life, payable quarterly over the first four years. The example is for a $2M LP contribution for a quarter, $400k is escrowed by AL for payment to the GP over 4 years.
Carry
Twenty percent (20%), with an increase to twenty-five percent (25%) after the fund realizes a 3.0x return, and with an increase to thirty percent (30%) after the fund realizes a 5.0x return. Carry will be retroactive to dollar 1.
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 $78.36k 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 $78.36k in contributed capital. Learn more about how to estimate your commitment’s fees at our help center.
Fund Lead Commitment
Michael Jones, Peter Pham, Tom Dare, Greg Gilman, and Priscilla Guevara's personal subscription per quarter will be at least 1% of each quarterly fund's total committed capital in total. Michael Jones, Peter Pham, Tom Dare, Greg Gilman, and Priscilla Guevara will satisfy their GP commitment in part by waiving a portion of management fees otherwise owed to them by the fund. The remainder of the commitment will be contributed in cash.
Special Disclosure
The Fund Leads manage two pre-existing funds with similar investment theses to that of the Fund. To the extent that an opportunity to invest in a Target Portfolio Company would meet the investment thesis of a pre-existing fund, that fund will have the first opportunity to make the maximum permitted investment under its governing documents. Any remaining opportunity to invest in the Target Portfolio Company will then be allocated to the Fund.
Please note: The list of investments shared in the video is only partial. These investments are not representative of the entire portfolio. Most early-stage investments do not succeed. A complete list of past investments is available upon request.
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 Science Rolling Fund'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
$25,000+ Quarterly
Subscription Period
8-16 Quarters
Management Fee
2% per year over 10 years
Carry
20-30%
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