All Things Angel Investing #14
Intangible Angel Weekly: Rolling fund creativity + the OnlyFans biz model
This week Sunil Pai led a fascinating discussion on rolling funds for the group. There are several aspects that make rolling funds unique: from the ability to publicly market a fund to using killer first deals as the ‘carrot’ for early LP commits. However, rolling funds are not a panacea; they don’t help GPs with deal flow or fund differentiation. Or could they? It’s possibly the unique attributes of rolling funds will enable new forms of creativity and allow GPs to position themselves in unique ways. As an example, with more flexible LP bases GPs could offer regionally focused funds (e.g., one or two NYC venture funds serve as anchors with the rest of the LPs all being former NYC founders), or as Harry Stebbings suggests below, verticalized funds could emerge (e.g, an LP base of heads of sales at leading SaaS unicorns). It will be interesting to see what evolves.
Being Talked About:
The new Intangible Angel site is live! (revamped member portal coming soon)
Congrats to Conduit on its public launch
Can a priced round really be done at the same speed and cost as a SAFE? (AVC)
A new channel was added for discussion of #rollingfunds
Check It Out:
Access: Solid list of NY VCs compiled by Bloomberg Beta
Sex Sells: Everything to know about the OnlyFans’ business model
Share with Founders: Ways to improve video pitches (NFX)
Join: Betaworks is hosting a virtual hackathon to "fix the internet"
Watch: Nikhil Basu Trivedi on the current state of venture capital 👇
Deal Highlights:
A new proptech fund, solving SME lending in Southeast Asia, Grapvine a group giving platform (using Reg CF), Airbnb for electric vehicle charging in India, a digital health & wellness program for new and expecting moms, a company planting fast-growing trees to help slow climate change (see #pitches)
Parting Thought:
Feedback? Suggestions to share next time? hello@intangiblevc.com
*Correction: Brian Folmer is not a partner @ Afore. Brian is at FirstLook!