AngelList

AngelList builds software and banking infrastructure for private market investors: fund administration for venture funds, syndicates, SPVs, rolling funds and roll-up vehicles. Naval Ravikant and Babak Nivi founded it in San Francisco in 2010, growing out of their Venture Hacks blog; it began as a list of angels who received startup introductions and launched with 50 investors. Syndicates followed in 2013 after an SEC no-action letter. Avlok Kohli has been CEO since 2019. In 2020 the company split into AngelList Venture and AngelList Talent, which became Wellfound in November 2022 and is no longer part of AngelList.

AngelList's own financing has been unusual. In September 2013 TechCrunch reported a $24 million round from 116 investors, including Google Ventures and Atlas Venture, raised largely online and structured to keep control with the founders. Fortune put prior funding at $25 million by late 2014, and the Wall Street Journal reported in 2015 that AngelList had raised $205 million from all sources, including $43 million from institutional investors, much of it fund capital. In October 2015 China Science & Merchants committed $400 million to a fund investing alongside AngelList deals. In March 2022 the company raised a $100 million Series B led by Tiger Global and Accomplice at a $4 billion valuation, its first financing in seven years; TechCrunch noted the pre-split company had raised $124 million across earlier rounds. In April 2022 a $44 million community round followed, taken from about 10 percent of its active customers.

AngelList is active and private. At the Series B it supported $10 billion in assets, up from $3 billion a year earlier, and 11,300 startup investments the prior year. TechCrunch reported $15 billion in assets supported for 2022. It acquired Product Hunt for $20 million in 2016, spun out CoinList in 2017, acquired Nova, an investor management platform, in mid 2023, and announced the acquisition of fund software provider Ark in July 2026; Ark reports more than $185 billion in assets on its platform.

AngelList shows a company whose early capital came mostly from its own user base. The 2013 round drew 116 investors, mostly angels on the platform, and the 2022 community round repeated that pattern beside Tiger Global's institutional lead. Early backers waited more than a decade without a sale or IPO, and the $4 billion mark was set in early 2022, at the top of the private market cycle.