Interview with Kirill Makharinsky: Investor in TokBox

In our fourth episode, we interview Kirill Makharinsky and learn what factors can statistically predict a company's future success. Kirill is the CEO and Co-founder of Enki and previously co-founded Ostrovok and Quid. He is an early investor in fifteen startups, including TokBox (acquired by Telefonica), AngelList, and RoboteX.

Here are a few of my favorite lessons from this interview:

Learn more about Kirill’s investments on AngelList and follow him on Twitter.

Here's a full transcript of the interview.

Interview with Jason Calacanis: Investor in Uber

In our third episode, we interview Jason Calacanis and learn the best way to allocate capital at the seed-stage and how to use syndicates to improve your odds as a new investor.

Jason was the first scout at Sequoia Capital and is an investor in Uber, Thumbtack and over 100 other startups.

Here are a few of my favorite lessons from his interview:

Share your favorite part of this interview by leaving a comment on Soundcloud.

Learn more about Jason’s investments on AngelList, follow him on Twitter and read his blog.

Read on for a full transcript of the interview.

Interview with Sumon Sadhu: Investor in ClearTax

In the second episode of AngelList Radio, we interview Sumon Sadhu and learn how to improve as an angel investor and why he thinks “national empires” are good investment opportunities.

Sumon explains why he’s excited about investing in international startups like Mobius Motors (an African car company), Chaldal (a Bangladeshi delivery company), and ClearTax (a Indian electronic tax filing company).

Here are a few of my favorite lessons from this interview:

Share your favorite part by leaving a comment on Soundcloud.

Learn more about Sumon’s investments on AngelList, follow him on Twitter and read his blog.

New minimum investments for syndicate leads

We’ve increased the minimum investment for syndicate leads.

The minimum investment for leads who are investing their own money is now 2.5% of the amount raised from individuals in the syndicate. The minimum investment for leads who are investing out of a fund is 20%.

Syndicates can still raise an unlimited amount of capital from institutional investors like CSC Upshot—this minimum only applies to capital raised from individuals.

For example, if a lead puts $5K of her own money in a startup, she can raise an additional $195K from individual investors in her syndicate. She can also raise an unlimited amount of capital from a fund like CSC Upshot.

The minimum investment may be reduced if a notable investor is making a significant investment in the round. It may also be reduced in pro ratas.

This minimum will make it easier for individual investors to monitor the lead’s investment. As always, investors can also view the lead's investment in any deal and opt out of the deal, for any reason.

Interview with Rick Marini: Investor in Snapchat

In the first episode of AngelList Radio, we interviewed Rick and learned how he started investing. He also shares what you can learn from his experience as a successful entrepreneur and angel investor. 

Rick has founded and sold three companies, and is an investor in Snapchat, Reddit, Sprig, Luxe, Wanelo and over 40 other companies.

Here are a few of my favorite lessons from his interview:

Share your favorite part of this interview by leaving a comment on Soundcloud.

Learn more about Rick’s investments on AngelList and follow him on Twitter. 

How to get CSC Upshot in your syndicate

We recently announced that CSC Upshot, a new venture capital firm, has raised $400M to invest in syndicates. This is how syndicates can access this capital.

How CSC Upshot and other funds work

CSC Upshot works like existing funds Maiden Lane and the Select Funds, which have been investing in syndicates for over a year. CSC Upshot typically invests $200K per deal, Maiden Lane invests $50K and the Select Funds invest $25K (figures approximate).

These funds invest in syndicates just like any other backer. Syndicates can accept or decline money from these funds. Syndicates earn carry on investments by these funds. And syndicates can save room for individual investors in their deals.

What this means for syndicates

First, these funds let syndicates close larger deals, faster.

Second, these funds let syndicates do more private deals that are visible only to backers of the syndicate, instead of all investors on AngelList. These funds make large investments, so the deal doesn’t need to be opened up to all investors to reach its target. Syndicates can always hide private deals from these funds as well.

What the funds look for in deals

These funds will provide reliable, ongoing capital to syndicates who do high-quality deals that meet these criteria: 

View all investment criteria »

How to access this capital

First, you can submit your deals as you normally do (e.g. at https://angel.co/deal) and the funds will review it. The funds have signed NDAs with respect to any information you submit.

Second, if you would like these funds to commit to a deal before you negotiate with the company, you can send information about the business to syndicates@angel.co. The funds will respond within 72 hours.

Finally, we are testing a feature where these funds will agree to invest a set amount in your next deal, with no option for the fund to opt out, once you have established a track record of good investments. If you continue to make good investments, the funds will keep committing to your next deal in advance. Syndicates that qualify for this feature will be contacted.

Getting things done when no one will listen: Working with engineers at AngelList

Working at AngelList can be frustrating if you’re not an engineer or designer. Engineers and designers are the gatekeepers. They resist being managed and make their own decisions about what to work on.

This is intentional. We want our team to buy-in to product ideas. We don’t want one person directing everyone else. This approach can take more time but, on balance, results in a motivated team with better ideas and a better product.

So if no one is going to do what you say, how do you get anything done? Here are some tips on working with our engineers and designers.

1. Be excellent

Build credibility. Be a person that others want to work with. If people see that you’re extremely competent at your primary role, they’ll give you the flexibility to do all kinds of things. People will trust you. They’re more likely to listen and work with you.

2. “1-person startup” doesn’t mean 1-person does everything

Yes, we like to talk about the idea that everyone at AngelList is a 1-person startup. But don’t let that prevent you from talking with engineers or designers about your ideas before you get started. Whiteboard it with them. Make it a collaborative process. Leverage the expertise of others. You may find out that your idea had been tried many times before or was already on someone’s backlog.

3. No one likes a know-it-all

If you’re attempting to solve a problem with an engineer/designer, begin your conversation by talking about the problem, not your solution. Ask THEM for solutions. When you do talk about your solution, keep it high-level. Engineers and designers may know more details about how your solution could be implemented, edge cases, etc.

4. A landing page can be better than a Google doc

We don’t like requirements documents or other cryptic descriptions of a product idea. If you want to pitch your idea, a good early step is to put it in a landing page. Design it yourself or ask a real designer for help. It’ll force you to clarify who your audience is and explain to them the value of your product or feature. Added bonus: a decent landing page can make your ideas look real.

5. No one cares about one user’s opinion

If you’re using data to make your point, avoid using anecdotal data. Anecdotes can help add ‘color’ to your point, but you’ll wield more influence by presenting statistically significant data. Learn SQL and run database queries yourself. Check your work with an engineer before posting on Slack.

6. We like hackers

If you truly believe that you have a great product idea and want to get immediate traction, try to find a way of prototyping it that doesn’t require engineering or design. Many non-technical team members use email and Slack to try product ideas.

7. Don’t hog credit

It’s generally best to let the engineer announce any launch you’re working on, but if you do it yourself, be sure to give credit. Failure to give credit is the best way to ensure that people will not want to work with you again.

8. Know where to put it

Some requests from important users require one-off quick fixes by engineers. In those cases, use the appropriate Trello boards. These boards are no guarantee of immediate response, so you may need to do a little more work, like get agreement with an engineer ahead of time that you’re going to write up next steps in a card.

9. Defer to those who can

Some non-technical folks have attempted to learn to code or design. That’s great. But when building a product or feature with the goal of shipping it to our community, lean on the expertise of those who have been trained or have experience.

10. Be resilient

Don’t be disappointed if no one wants to work on your idea at first. Take the feedback you get, make it better and try again. OK ideas tend to get ignored or get little support. The really good ideas tend to get worked on.

Thanks to Dave, Kapil, and Paul.

We’re hiring.

AngelList Jobs for iOS

We now have an iOS app for Jobs—the best place to find a great startup job or candidate.

Jobs allows startups and candidates to meet through simple, Tinder-like matching. No recruiters allowed.

Candidates can see salary and equity information upfront. And they can apply privately so their boss doesn’t find out. It’s fast, fun and completely free for startups and candidates.

The iPhone and iPad apps add chat between startups and candidates. They also have group chat for companies, so everyone on the team can find and discuss candidates. By our munificence, you can also undo if you swipe right by accident.

Candidates can apply to 8,000 companies with one profile, including Shyp, Twitch, Instacart, Zenefits, Medium and Uber. Startups can find 10,000 new candidates a week—over half are engineers, designers or product managers.

The Jobs app is the best way to find a great startup job or candidate while you’re on the go.

Read today’s other announcements about CSC Upshot and the new AngelList SPVs. Do it.

Announcing SPVs for VCs and angels investing in pro ratas

Today, we’re announcing AngelList SPVs, a new product that lets early-stage investors raise money for late-stage startups. They're for VCs and angels investing in pro ratas and special opportunities.

VCs and angels can use SPVs to pool capital from their existing limited partners and relationships. The collected capital is then invested in a startup. SPVs can also request capital from funds like CSC Upshot.

SPVs will help early-stage investors stay small, so they can best help startups.

SPVs are completely private. And they’re all online, using AngelList’s back office.

SPVs have already been used by Accomplice, Slow Ventures and several angels to invest $35M into 19 companies (names used with permission).

SPVs are free for startups, VCs and angels. LPs pay carry to the VC or angel, and zero carry to AngelList. LPs also collectively pay $10K to AngelList, to cover the out-of-pocket costs of administering the SPV. (AngelList already earns carry on any capital that the SPV requests from funds like CSC Upshot.)

Read today’s other announcements about CSC Upshot and the new Jobs app for iOS. Do it.

Announcing a $400M fund for startups on AngelList

We have a few announcements for you today.

First, CSC Upshot, a new venture capital firm, has raised a $400M fund to invest in startups on AngelList. This is the largest fund dedicated to seed-stage startups, ever.

CSC Upshot will primarily invest in syndicates led by experienced angels and VCs. It will help syndicates make larger, faster investments in early-stage startups and their follow-on rounds. It will also help promising new syndicates make investments while they're building a backing from individual investors.

Syndicates allow investors to co-invest in deals led by experienced angels and VCs. CSC Upshot adds to the $205M already invested through syndicates by 4,400 individuals (many of whom are startup founders) and Maiden Lane, a $25M fund whose limited partners include Top Tier Capital and Makena.

Over 650 startups have raised money from syndicates including Shyp, Sprig and Luxe. And there are 165 active syndicates including Dave Morin, Elad Gil and Foundry Group.

Syndicate leads will earn their full carry on CSC Upshot’s investments. Leads can accept or decline capital from CSC Upshot, just like any other backer. And CSC Upshot’s investments will leave room for individual investors.

CSC Upshot is going to help seed-stage startups raise larger, faster rounds online. Learn more about CSC Upshot below. 

Our next announcement is a product for late-stage investing.

AngelList SPVs for Late-Stage Investments

AngelList SPVs allow early-stage investors to raise money for late-stage startups. They're for VCs and angels investing in pro ratas and special opportunities. The capital for the SPV comes from their existing limited partners and relationships. SPVs can also request capital from funds like CSC Upshot.

SPVs are completely private. And they’re all online, using AngelList’s back office.

SPVs have already been used by Accomplice, Slow Ventures and several angels to invest $35M into 19 companies (names used with permission).

SPVs are free for startups, VCs and angels. The LPs pay carry to the VC or angel, and zero carry to AngelList. LPs also collectively pay $10K to AngelList, to cover the out-of-pocket costs of administering the SPV. AngelList already earns carry on any capital that the SPV requests from funds like CSC Upshot. 

SPVs will help early-stage investors stay small, so they can best help startups.

And now for something completely different.

AngelList Jobs for iOS

We now have an iOS app for Jobs—the best place to find a great startup job or candidate.

Jobs allows startups and candidates to meet through simple, Tinder-like matching. No recruiters allowed.

Candidates can see salary and equity information upfront. And they can apply privately so their boss doesn’t find out. It’s fast, fun and completely free for startups and candidates.

The iPhone and iPad apps add chat between startups and candidates. They also have group chat for companies, so everyone on the team can find and discuss candidates. By our munificence, you can also undo if you swipe right by accident.

Candidates can apply to 8,000 companies with one profile, including Shyp, Twitch, Instacart, Zenefits, Medium and Uber. Startups can find 10,000 new candidates a week—over half are engineers, designers or product managers.

The Jobs app is the best way to find a great startup job or candidate while you’re on the go.

Press Presentation

Here's the presentation we used to brief the press. It has lots of stats and info not included here. Enjoy.

Read the press on TechCrunch, WSJ, and Techmeme.

About CSC Upshot

CSC Upshot is based in the U.S. and is independent of AngelList. Its general partners, Huoy-Ming Yeh and Veronica Wu, are both engineers with degrees from MIT and Berkeley. They have had long careers in technology and venture capital, including work at Tesla, Apple, SVB Venture Capital and PacRim Venture Partners.

The fund’s largest limited partner is CSC Group. Founded in 2000, it is one of China’s 3 largest private equity firms, with $12B under management. Their investing areas include information technology, new materials and clean energy. 

CSC Group’s founder, Mr. Shan Xiangshuang, is co-chairman of the China Venture Capital Association and regarded as a pioneer in Chinese venture capital. Their U.S. venture capital arm is lead by Tom Cole, a former startup CEO and general partner at Trinity Ventures, with engineering and MBA degrees from Yale and Stanford.

Backers can now fund syndicates in advance

Today, we're announcing an important new feature for Syndicates. Backers can now fund their syndicates in advance.

Funding a syndicate gets backers into deals first—other investors will only get in if there's room. It also helps leads get into better deals because they can quickly invest predictable amounts of capital. And that means better returns for backers.

To participate, backers simply maintain a minimum balance. They get 5 days to opt out of any deal, after which they invest automatically.

Early users have already funded their syndicates with $3M. These syndicates closed investments within 7-10 days of launching a deal. And they collected 75% more of their committed capital.

If you're a backer, fund your syndicates here. If you're a lead, you'll be notified when backers apply to fund your syndicate.

Questions? See the FAQ or email us.

Syndicates comes to the UK

In 2014, investors from all over the world used AngelList syndicates to invest over $100M in U.S. startups. Today we're launching UK syndicates, allowing investors worldwide to invest in UK startups.

(Syndicates allow investors to invest alongside angels and VC funds, in exchange for a portion of any profit—known as carry.)

Over 10 UK syndicates are launching today, led by notable early-stage investors such as Robin Klein (venture partner at Index Ventures and investor in Zoopla), Forward Partners (investors in Hailo) and Seedcamp (investors in Transferwise). Together, the UK syndicate leads have generated over £3BN in exits. See all the UK syndicates here. 

The UK startup market is vibrant. There were several big UK acquisitions in 2014 including Deepmind for a reported $500M+, NaturalMotion for $527M and CSR for $2.5B. There were also several big UK IPOs including Just-Eat, Zoopla and King.com. There are over 5,000 UK companies on AngelList alone.

While UK syndicates are open to investors worldwide, UK investors in qualifying companies can also take advantage of SEIS and EIS to eliminate capital gains tax and reduce taxes by 30-50% of their investment amount. (This is not tax advice.)

Read the UK Syndicates FAQ for more info or email us.

Syndicate Stories: Shyp

As one of the first companies to raise funds when the ban on general solicitation was lifted in September 2013, Shyp raised $750,000 from Tim Ferriss’ syndicate - including $250,000 in just 53 minutes. In July 2014, they returned to the syndicate to raise another $1M as part of their $10M Series A.

Here is co-founder and CEO Kevin Gibbon on why they chose AngelList and how Tim's syndicate accelerated their growth.

Founders Kevin Gibbon and Joshua Scott

What does Shyp do? Who are your ideal customers?

Shyp is an on demand shipping and logistics company that is changing how people and businesses send items around the world.

Our first product is an iPhone app (Android coming soon) that lets you ship items anywhere by taking a picture and entering in the recipient’s address. We come to your exact location to pick up your unpackaged item in about 20 minutes, then take it back to our local packaging and shipping facility where we professionally package and ship out through the lowest cost shipping carrier.

Our ideal customers are both everyday consumers, like people who are sending a gift, returning an online purchase from Amazon, Zappos, Nordstrom or selling things on eBay, as well as small-to-medium businesses that sell on Etsy, Shopify, Magento and eBay.

You were one of the first companies to fundraise from an AngelList syndicate. When you raised your Series A this year, you also became one of the first companies to come back to AngelList a second time. Why did you decide to raise again from Tim's syndicate?

Raising via Tim Ferriss’ AngelList syndicate was a great experience both times. The reason we went with the syndicate initially was the chance to work with Tim. He has been a part of so many successful companies and he has an incredibly strong personal brand and following.

After we went through the process of raising through the syndicate the first time, it was a no brainer to bring in the syndicate a second time. Tim was one of the first people who believed in us and our business when we had nothing. He helped us a lot in our early days and continues to do so today.

Additionally, the individuals in our syndicate continue to be among our biggest supporters. Because they’re literally invested in Shyp, they’re a built-in network of advocates, acting like a megaphone on our behalf. Whether it’s sharing our news and milestones, or brokering an introduction in their network, they go the extra mile to multiply our success.

The AngelList syndicate process is also fairly painless. Even though there are technically up to 99 small investors providing the funding for the syndicate, the vehicle is very lightweight. Only one entry on the cap table. No board seats, at least not for us. One point of contact - Tim. And Tim makes all the decisions on behalf of his syndicate.

Aside from fundraising, how often does Tim work with you?

Tim was extremely active in the early days of Shyp, we’d often talk to him every other day. He is very supportive, but does not push us too hard to adopt his ideas. Tim is very good at asking the questions on how a customer would interpret or deal in a certain situation. He can be just as detailed as pointing out a misplaced pixel or advise on very, very high level strategy.

As we have grown the team, Tim isn’t as involved but we still chat every week or two, mostly brainstorming marketing or user activation ideas. He is also a very active user and continues to give us feedback on our product and service.

What's your relationship with the other investors in his syndicate?

My team and I have relationships with many of the investors in the syndicate, and occasionally tap them for specific advice, connections or promotion. We leverage them selectively and proactively; we’ve structured it so we’re not overwhelmed with their advice and opinions.

What advice would you give other founders who are fundraising?

Are you hiring?

We are always hiring! Engineering, product, operations, marketing, customer experience. Check out http://blog.shyp.com/jobs

Syndicate Stories: Ecovent

Ecovent recently raised $300k from Semyon Dukach's syndicate as part of their $2.2M seed round. Here is how this round came in the words of founder Dipul Patel:

The ecovent founders. Dipul, Nick, Yoel, and Shawn.

What does Ecovent do? How did your team come together?

A lot of homes in this country (over 70 Million) have central-air heating and cooling. A majority of these homes only have a single thermostat controlling the whole home, so when you want heat in the living room, the whole home heats up. This not only wastes energy, it also leads to a lot of discomfort — some rooms are very hot, while others are cold. No home is perfect, and before Ecovent, no system out there really tried to balance the airflow.

Ecovent is an entirely new wireless system of vents and sensors that enable room by room temperature control of a home, and it's user installable. Our vents automatically open and close to re-direct air where it's needed most. Our sensors plug right into any electrical outlet, and allow our system to understand the climate of every room independently. The best part is that the system configures itself. No tinkering or programming necessary.

Yoel, one of my co-founders, and I met at MIT. When we met, I realized we needed a lot of engineering help, so I reached out to Nick and Shawn, who would end up making up the rest of the founding team at Ecovent. They worked part time for almost a year before we joined Techstars. Once we joined Techstars, Nick and Shawn joined full-time, and the pace just accelerated like crazy. Then before we knew it, we had amazing interns. Then we were hiring employees! We've been very lucky to attract some awesome talent.

How did you meet Semyon and decide to raise money from his syndicate?

This is such a funny story. I met Semyon first over a year ago. I got an introduction to him, and was drawn to his website because he was so frank. When I met him, I gave my pitch for Ecovent; he asked questions - very frank questions, and ultimately decided he wasn't a fan because the engineers were part-time. Initially, he thought the risk was too big, given the complexity of what we're building and the fact that a successful startup requires laser focus. 

I think he underestimated how good my team is :). I told him he was wrong, and I would prove it. However, I didn't follow up with him. I figured he wouldn't be impressed until I had my team full-time, but I should have just kept pestering him until he saw how driven we were! Anyway, I saw him the first day at Techstars and learned he was going to be a mentor in residence. I was pumped, because I knew he would be a huge help through the program. I think after the first week he saw the talent of the team and our excitement. Then we took more feedback from awesome people, we accelerated, we grew, we executed, and very quickly Semyon became a believer.

When we were raising our seed round, Semyon knew we were close to closing and said he wanted to hop in. He said he would help us close the round on AngelList.

Atlas Venture agreed to back the syndicate, and then amazing investors from all over the world also hopped in the syndicate. We were closed in no time. We increased our original round from $2MM to $2.2MM as a result!

How did the syndicate fit into your overall round?

It closed out our seed round, leaving it heavily oversubscribed.

What advice would you give other founders who are raising money?

First, get a strategy. Think about how much you want to raise and why. More isn't necessarily better. Think about the right amount.

Next, think about how you want the round to look. Do you want to raise an all angel round? Do you want a lead investor? Do you want to seek strategic investments?

Once you figure all that out and you start actually talking to people - get answers quickly. Be direct and ask for frank advice. Just ask: "Why would you or wouldn't you invest in us?" Learn where your weaknesses are. Address them, move on and keep going. Hustle and persevere, but stay agile and keep improving.

Also, ask for help!!

Are you hiring?

We are. We are seeking an Android developer. We also have plans to bring in others next year.

If you are interested in Ecovent, apply here.

To learn more about Ecovent, visit https://www.Ecoventsystems.com.

Syndicate Stories: OnBeep

OnBeep is a hardware and communications company that raised $250k from Gil Penchina's syndicate this Spring. Here is their story from founder Jesse Robbins (@jesserobbins):

Tell us about OnBeep's product. What problems do you solve for your customers?

We recently launched our first product, Onyx, a push-to-talk, wearable communication device that clips to your bag, shirt collar or sweater.

Our goal as a company is to simplify group communication and enhance group experiences. We believe that today’s communication devices and apps interrupt and distract.

With OnBeep, communication becomes an elegant part of the team collaboration. Wherever people come together, whether for work or for fun, OnBeep makes the experience better. From ​keeping you ​connected to friends while snowboarding to making sure a concert crew stay in touch to seamlessly see the event through this is a​ completely​ novel approach to immediate group communication — a category that is stalled out with old school walkie talkies and two way radios.​

The Onyx by OnBeep

What was your experience raising from Gil's syndicate?

Gil is amazing and the process was incredibly easy. The hard part was convincing Gil to invest, as he can be really tough… until he is committed.

Once we launched the syndicate it was only a few days until Gil had almost 4x the allocation committed. This allowed us to get our seed round closed very quickly and efficiently, and also provided a forcing function for direct investors to commit by a specific day. I had to tell a few people that if they weren’t ready to commit by the deadline, Gil would expand the syndicate and take the rest of the round. That let us focus on building our first product, Onyx, which we launched a few weeks ago.

How often do you communicate with syndicate investors?

One of the best parts about AngelList is the reduction in paperwork and process required to communicate with investors and shareholders. For example, when we closed our seed round, I had to mail dozens of promissory notes and stock certificates out (see below). With AngelList, the process is simple, mostly electronic, and there are much fewer envelopes to mail and track.

If I had it to do over again, I would have simply raised our entire seed round using AngelList.

Have the syndicate investors been helpful?

Yes. Many promoted our launch, which was really helpful, and have made valuable introductions, referrals and encouragements.

It is lightweight, people are responsive, and the questions and requests from the syndicate have also been reasonable.

Are you hiring?

Yes, we are hiring, and we use AngelList as our primary job listings page.

We’re always interested in hearing from folks who are excited by what we’re doing and interested in joining our team.

Syndicate Stories: Faraday Bicycles

Faraday Bicycles is an exciting company that recently raised $300k through an AngelList syndicate led by Tom McInerney. We asked their founder, Adam, a few questions to get his perspective on syndicates and see what advice he has for other founders.

  The Faraday Bicycles team

What does Faraday Bicycles do? Who are your customers and what do they love about your company?

Faraday Bicycles designs and manufactures award-winning electric bicycles. Our customers are professionals, students, moms and dads who love our bikes because they provide a healthy and sustainable transportation alternative that is stylish, efficient and irresistibly fun.

Shameless plug — our upcoming production run ships next February and is selling out fast! Anyone in the bay area interested in trying one can do a free demo for as little as an hour or as long as a week — email demo@faradaybikes.com, tweet @faradaybikes or visit our website.

How did you meet Tom? What convinced you to raise money from a syndicate with him?

Like many of our customers, Tom drives a Tesla and I first came across his profile on a list of AngelList investors who drive electric cars.

We got in touch and Tom was immediately drawn to Faraday's combination of sophisticated technology, outstanding design and sustainable thinking.

Tom was an early investor in Faraday and has been an engaged and helpful partner ever since, so when we considered raising via a syndicate he was a natural fit.

How would you compare raising money from a syndicate vs. raising from a seed fund?

Raising through a syndicate, for us, was a great way to efficiently connect with a large pool of quality investors at a wide variety of investment levels.

Tom's great network, awesome reputation and hard work definitely went a long way in attracting the kind of investors we want to have on board, and I don't think that's necessarily something you can leverage as easily when raising a more traditional seed round.

What are some ways that syndicate investors have been helpful?

We only closed our syndicate a few months ago, and a number of those investors have already been engaged in helping us with everything from raising working capital to hiring and recruiting.

For a brand like ours where we're building awareness about a new category, I think our syndicate investors can be great influencers and ambassadors — I love it.

What advice would you give to other founders who are fundraising now?

It's probably well-worn advice, but get the team in place first, whatever you have to do. Fundraising takes time, and so does hiring. Make sure you have great people learning and executing while you're out raising money.

Are you hiring?

Yes! We have a really exciting and key position open, Head of Marketing. If you're reading this and you think you are, or you know, the right person to help us build the brand, raise awareness and drive sales and growth, please get in touch!

Apply to Faraday Bicycles

Introducing the investor hub

Founders: you can now send one update to all of your investors directly from your startup’s AngelList profile via your Investor Hub.

Visit the "For Investors" tab on your startup profile to update your investors. You can send updates to individual “offline” investors tagged on your profile, investors from a Syndicate, and anyone tagged on your profile:

Engaging your investors with regular updates helps you get the most from your investor base – candidates to hire, customer contacts, even help raising your next round.

Updates benefit investors because they get structured details about your progress, can discuss these details with you (and their co-investors), and generally get better connected to your efforts.

Founders with startup profiles can start delivering updates to their investors today, and their investors can use the same Investor Hub to post questions and start their own discussions with the founders.