Fund: Angel List
Posted by Anonymous on 2011-08-29
AngelList is awesome. If you're in an Angel type stage, or you're looking to grow a business with an Angel friendly business model (capital efficient), I can't think of a better place to go. We definitely met and closed with high quality investors that we might not have met otherwise. 80% of pitches were done over the phone in close succession, making the process super efficient. Many of the Angels gave us a yes or no answer within minutes at the end of the call. For someone who has gone through a fundraising process with VCs -- which has meant meeting with multiple firms sometimes over 6 times each -- it was so great to connect with investors, get quick answers, and finish up fast. Amen!!!
Plus, all the Angels can see who else is interested, which means that AngelList does you the favor of creating the deal excitement which drives closing. It's really hard to create that deal buzz on your own (lining up a bunch of VC meetings in close succession and having to tell them yourself all the interest you're getting). AngelList is engineered to create that momentum from the start.
I will say that the same general pitch principals apply (regardless of whether it's AngelList or not) -- it can be helpful to have some of your funding committed; having a product and some positive traction; having a clear business model that is easy to understand and reasonable; having some sort of competitive advantage, a solid team, etc. Often these attributes are not enough for VCs because it's hard to motivate them to act in a reasonable amount of time without deal competition. AngelList solves this problem.PRIVATE: Members Only