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 IT! Now in its 10th year, PartnerConnect Midwest is bringing you 300 attendees, over 400 private ExecConnect meetings between LPs and GPs, and three insightful tracks including Buyouts Funds, Buyouts Deals and Co-Investments. REGISTER TODAY!