AngelList, which operates an investment syndicate and helps job seekers find employment at startups, announced today it was launching Angel Funds to help angels start venture funds without the overhead. Venture firm Maiden Lane, an AngelList backer, has committed $35 million to help back angel funds. AngelList co-founder Babak Nivi wrote in a blog post that Angel Funds will provide the infrastructure and capital.
Nivi said angel investors, including former Tickle and BranchOut founder Rick Marini have already raised 35 angel funds, which invested $15 million in 220 startups. Nivi said Marini’s angel fund raised $750,000 via AngelList, including $50,000 from Marini himself. “If the fund is profitable, Rick receives a 15% carry on the fund, and AngelList receives a 5% carry. There are no management fees—backers only split a $12.5K fee to cover costs,” Nivi wrote.DON'T MISS OUT! Meet new and diverse managers in private equity, venture capital and real estate at the third Emerging Manager Connect East at New York City's Harvard Club. CLICK HERE FOR DETAILS!