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The W Fund
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Subscription Amount
$6,250+ Quarterly
Subscription Period
16 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
Note from The W Fund
We invest in early-stage technology companies led by women and/or underrepresented founders with deep domain expertise in underserved markets, that are poised to deliver outsized returns for our LPs.
We care about healthy growth over hockey sticks and stacked venture rounds and don't rely on a small handful of our portfolio companies to contribute to positive fund performance.
Deal Flow & Differentiation
The W Fund has the largest pipeline of women and underrepresented startups. Top founders driving the future of tech want us on their cap tables, along with our deep network in the ecosystem gives us access to deals that many can’t get into.
As GPs, we’ve led two of the largest and longest-standing global community platforms supporting this target startup profile, and we bring unmatched portfolio support and an expansive footprint of potential product users and customers, employees, investors, and champions to the table for our founders. We have a strong track record of 15+ years working with founders and investors in the ecosystem and have backed more women-led startups than the biggest VC firms.
Why the Rolling Fund?
We provide our LPs the flexibility to subscribe to our investments through a quarterly capital commitment. We invest in 2-3 Pre-Seed through Series A startups per quarter, with a heavy focus on Seed.
Team:
Kate Brodock and Allyson Kapin are the General Partners of the W Fund, and you can read more about the entire team here.
Track record:
We have a seasoned team of entrepreneurs and operators, VCs & industry experts from Facebook, Google, Instagram and Nike, skilled at selecting, advancing, and capitalizing top-performing companies.
- 25+ years in VC and PE fund management, with over 1,500 deals transacted. High IRR ranging from 114% to 200%+
- 20+ years as founders and community-builders, implementing extensive founder- focused programming, multiple startup accelerators, a global media property, and catalyzing $200M+ in funding through Women 2.0 and Women Startup Challenge
- 20+ years of big tech product, innovation and policy work inside Facebook, Google, Nike, and Samsung (and a little CIA in there)
Select Fund & Portfolio News:
- CNBC:“This former NFL player is selling shares of Kayne’s $1.8M Air Yeezy’s for as little as $15.”
- Bloomberg:“A company paid $1.8M dollars for Yeezy sneakers so you could afford it.”
- Techcrunch: “Heirlume raises $1.38M dollars to remove barriers of trademark registration for small businesses.”
- Business Insider: “19 media startups that VCs say are poised to take off in 2021.”
- Fortune: “These 8 Black women are using technology to combat financial inequities.”
- Arab News: “Women fight for funding in a man’s world of tech startups.”
The investments and returns data above and accessible via external links 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. All investment value estimates and return multiples are calculated net of any fees, expenses or carry. The outcome for any unrealized investment is highly uncertain. For additional information, including calculation methodologies, please contact the Fund Lead directly. Past performance is not indicative of future returns.
Any companies and venture partners featured above and via external links are referenced due to their notoriety in the startup and venture capital community. These references 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 will be made available upon request.
Third-party quotes included in these materials should not be construed in any way as an endorsement of AngelList's advice, analysis or other service rendered to its clients.
Investment Details
Subscription Start Date
July 1, 2024
Minimum Quarterly Subscription
$6,250
Minimum Subscription Period
16 Quarters
Management Fee
2% per annum over each fund's 10-year life, payable quarterly over the first three years
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 $284.06k 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 $284.06k in contributed capital. Learn more about how to estimate your commitment’s fees at our help center.
Fund Lead Commitment
The W Fund's personal subscription per quarter will be at least $7,812.50.
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 The W 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
$6,250+ Quarterly
Subscription Period
16 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