AngelTalks and Partners is a venture capital syndicate fund that provides investments to late-stage American technology companies, typically 1-2 years prior to their initial public offering (IPO).
Nominee for the "Venture Investment Promoter" award from Forbes Club and Angels Deck venture club.
Encouraging investor participation in venture investments
We invest in pre-ipo deals
2.5 years
Deals
9
Invested in general
Investors in our fund
$15 mln
400
Investment focus
80%
15%
5%
US
AI, Fintech, Cryptocurrency/Blockchain, B2B Saas, Edutech, SpaceTech
Europe
Global
GEO
INDUSTRIES
from
$1 billion
Late Stage (C, D, E+, Pre-IPO)
VALUATION
STAGES
Current Deals
OpenAI is an American company engaged in the development and licensing of machine learning-based technologies.
Microsoft, Elon Musk, Sam Altman, Andreessen Horowitz, Fidelity, Obvious Ventures, Matthew Brown Companies, Reid Hoffman Foundation, Khosla Ventures
Investors:
США
OPEN AI
Artificial Intelligence
Machine Learning
Natural Language
Processing
Software
Fund portfolio
ConsenSys builds blockchain infrastructure and Ethereum applications, ranging from developer tools to corporate solutions.
Alameda Research, Soft Bank, Microsoft, Mastercard, JP Morgan, UBS, NordStar
Investors:
USA
FinTech
Cryptocurrency
Blockchain
DeFi
Klarna is a regulated bank renowned for its "buy now, pay later" model, providing customers with interest-free financing for retail purchases during a deferred period.
Sequoia, SoftBank, Crowdcube, General Atlantic, Creandum
Investors:
Sweden
Payments
FinTech
E-commerce
An online platform where creators of artistic works can distribute their content through a paid subscription model or offer additional content to their subscribers, known as "patrons."
Tiger Global Management, Wellington Management, New Enterprise Associates, Glade Brook Capital Partners, Index Ventures
Investors:
USA
Content creator
Music
Podcast
Video
Udemy is an online learning platform that assists students, companies, and governments in acquiring the skills they need to achieve their goals.
Insight Partners, Norwest Venture Partners, Tencent, Lightbank, Stripes
Investors:
USA
E- Learning
EdTech
Education
Ledger is the world's most secure ecosystem for storing and managing crypto assets.
Samsung, Animoca Brands, 10T Holdings, AdUX, Animal Ventures, Cité Gestion, FirstMark Capital, Draper Associates
Investors:
France
Cryptocurrency
Cyber security
Infrastructure
InVision is a cloud service used for designing prototypes of web applications and mobile apps. With InVision, teams can collaborate on creating functional prototypes of software or apps that include interactive elements.
TigerGlobal, FirstMark, Iconiq, Battery
Investors:
USA
Saas
Software
UX Design
Bolt is an order checkout platform designed to enhance e-commerce businesses. The platform enables customers to complete the checkout process quickly with just one click, leading to higher conversion rates.
TigerGlobal, FirstMark, Iconiq, Battery
Investors:
USA
Saas
Software
UX Design
Epic Games is an interactive entertainment company that develops games and offers its gaming engine technology to other developers.
Tencent, Kohlberg Kravis Roberts, Vulcan Capital, Disney Accelerator, Sony
Investors:
USA
Developer platform
Gaming
Software
Video Games
Dapper Labs is a company that pioneered the development of the first blockchain game. They are also the creators of a blockchain specifically designed for creating NFT collections and decentralized applications.
Union Square Venrures, Reed.co. uk., Andressen Horowitz., Venrock; Valor Capital Group; Accomplice, Samsung Next, A.Capital Ventures
Investors:
USA
Blockchain
Collectibles
Software
Virtual Goods
How do we operate?
AngelTalks and Partners is a venture capital syndicate fund that provides investments to late-stage American technology companies, usually 1-2 years prior to their initial public offering (IPO).

To comprehend the functioning of the fund, it is essential to grasp the concepts of venture investments, and syndicates, and gain an understanding of the stages of startup development and financing.
Venture investments —
Companies at early stages often go bankrupt within the first few years of their existence
Only 1 out of 250 companies goes bankrupt at later stages
95%+
1 of 250
This involves investing in fast-growing private companies (startups) at both early and late stages of development.

Venture investments often refer to investments in startups specifically during their early stages when the project is still seeking ways to establish itself. Such investments are highly risky, with over 95% of companies going bankrupt within their first few years.

Our fund’s strategy is to invest in late-stage companies (s+) with valuations above $1 billion.
Phases of startup growth
Venture capitalists associate the growth stages of a startup with different funding rounds.

Below you will also see at what stage we invest


The initial phase, is characterized by founders having just an idea and possibly a small team. Financial resources are required to develop the minimum viable product (MVP).
Having reached this stage, the startup has validated its Product Market Fit and now requires funding for scaling up.
At this stage, the startup has developed an MVP. It is possible that new individuals have joined the team. Funding is necessary to validate hypotheses.
At these stages, the company matures and requires funds to capture new markets and ventures, as well as for acquiring other startups to achieve synergistic effects.
The desired phase for founders and investors from previous rounds. It is the point where they can realize their gains.
FFF (Family, Friend, Fools)
Angel investors
Accelerators and incubators
Funds
Syndicates
Angel investors
Early-stage funds
Syndicates
Accelerators
Big funds
Syndicates
During an IPO:
Retail investors
Hedge funds
During M&A:
Large corporations
Maximum risk and enormous potential profit (0-1000+ times return)
Medium-high risk and slightly lower potential profit (0-300+ times return)
High risk and significant potential profit (0-1000+ times return)
Low risk and moderate potential return (2-10+ times profit).
Low risk and low profit (20%-100%).
Pre-SEED
Round A
SEED
Late Stage (Rounds B, C, D, E+)
(IPO/M&A)
Late Stage
Exit
Investors:
Investors:
Investors:
Investors:
Investors:
Risk/Reward
Risk/Reward
Risk/Reward
Risk/Reward
Risk/Reward
We invest here
$3 trillion/year
up to 3000%
The size of the secondary market for stocks of private companies.
The potential increase in value of shares in private companies.
From our perspective, the most suitable risk-reward combination lies in investing in companies at the late stages (Series C and beyond) with valuations surpassing $1 billion.
The difference between a traditional fund and a syndicate
What is “Syndicate”?
Мы подготовили серию писем, с помощью которой вы погрузитесь в мир венчурных инвестиций
Our fund operates using a syndicate model, wherein a collective of several private investors collaborates to acquire a specific asset (in our case, shares of private companies).
In a traditional fund, investors entrust their money to management and do not participate in deal selection. The investment horizon in such a format typically spans 6-8 years, and the minimum investment amounts range from a hundred thousand to several million dollars.

In a syndicate, however, investors make independent decisions on each fund deal and never commit funds in advance. The minimum investment amount for a deal starts from $5000, and the investment horizon ranges from 1 year to 3 years.
Подписаться на венчурную академию
The process of deal sourcing and execution
It all begins with our analysts compiling a shortlist of promising companies based on several criteria. We need to identify which companies are potentially ready to go public or raise a new round of investments within the next year or two.

There are three sources of information:
In the end, our analysts create a shortlist of companies whose stocks we will need to locate.
The most elusive source. Yet, the most accurate.
Certain company activities that can indirectly indicate their preparation for an IPO, M&A, or a new round of investments. For example: the company has hired a new CFO with a track record of guiding other companies through IPOs.
The least reliable source, but it shouldn't be disregarded. Various information about different companies circulates in the market one way or another. It can lead to further analysis.
At this stage, our objective is to find the sellers of stocks in the companies identified by our analysts. These sellers can include former or current employees, early-stage investors, and other individuals who have acquired these shares through various means.

To locate these individuals, we engage the assistance of scouts. These individuals, primarily based in Silicon Valley, specialize in scouting and aggregating potential sellers. Scouts receive a percentage of the successful transactions as compensation.

Once the sellers are identified, the negotiation process commences. The aim is to convince the sellers to sell their shares, preferably at a favorable price for our purposes.

Upon successful negotiation with a selle, we proceed to formalize the agreement through the signing of a contract.
Right of first refusal.

Once the seller agrees to sell us the shares, they are required to inform the company whose shares they are selling. Subsequently, the board of directors must make a decision regarding whether to approve the sale or exercise their option to repurchase the shares from the seller.

ROFR is exercised in 20-30% of cases.

We create a separate entity called a Special Purpose Vehicle (SPV) for each deal, which is a specialized LLC (similar to an Ltd.) formed solely for the purpose of holding a specific asset (in this case, shares).


Each investor becomes a co-owner of this entity, as the shares are purchased by the company in which every investor holds a share.


It's important to note that our fund invests its own capital in conjunction with other investors in each transaction.

After completing the ROFR process, we begin preparing the investment memorandum and document package for investors.

In the investment memorandum, we provide a description of the company and explain why we have chosen it for investment.
Once we have collected the required amount, we transfer the funds to the seller and receive a certificate stating that the company's shares are now held within our SPV.

In turn, we distribute a certificate to each investor confirming their ownership of a share in the SPV.
According to the law, we are required to hold the shares on the SPV's balance sheet for a minimum of one year. Afterward, we begin searching for an opportune moment to sell. This could be an IPO, M&A, or a new investment round.

Our fund's strategy is to sell the shares on the secondary market at the peak of the hype. Following the sale, we distribute the profits among the investors.
Seller search
Syndicate formation
ROFR process completion
Deal structuring
Stock acquisition
Exit
Insiders
Signals
Rumors
ROFR
Search for investment ideas
Commissions
Entrance fee. It covers administrative expenses, including lawyer fees and SPV maintenance costs.
Commission on exit from the net profit. Fund's profit.
5% Setup Fee
20% Carry
Fund's legal structure
We have established our fund in the state of Delaware, USA, under the organizational structure of a Series LLC (Series Limited Liability Company).
The main management company
The company responsible for creating SPVs - specialized entities.
Special purpose entities are created specifically for a transaction. They function as fully independent legal entities while being subordinate to the parent management company.