What guidelines must leads abide by when running SPVs?

The AngelList Platform provides a place where investors can safely and efficiently fundraise and make investments.

To run your Syndicate on the AngelList Platform, you must agree to the following:

  1. Deal Information Accuracy
    • I will submit deals only where I have confirmed participation in the round from the portfolio company.
    • I will represent deal information accurately to the best of my knowledge. *Note: violations are enforceable by the SEC.
    • I will avoid overly promissory statements about company prospects in the Deal Memo.
    • I will list co-investors on the Deal Page only if they are investing on the same terms in the same timeframe as my SPV and I have permission to disclose their identities.
    • I will clearly articulate all major deal-related risks to LPs on the Deal Page.
    • I understand that the continued accuracy of deal information is my responsibility.

  2. Abiding by AngelList's Terms
    • I will not prompt LPs to leave the AngelList platform and participate in off-platform deals.
    • I understand that AngelList charges 5% carry on AngelList Platform Capital (LPs who discover my Syndicate through the AngelList platform) for all deals.

  3. Funding Timeliness
    • I will set clear expectations with my LPs on funding deadlines.
    • I understand that wiring to portfolio companies is contingent on receiving funds from LPs.

  4. Communication
    • I will not spam LPs with Posts about deal information.
    • I will immediately make AngelList and LPs aware if deal terms change. 
    • I understand that if material deal terms change, I may need to provide the opportunity for LPs to opt out of the deal.

Violating these terms may result in AngelList restricting your ability to add AngelList Platform Capital to your SPV, removing AngelList Platform Capital from your SPV, canceling your SPV, or, in extreme cases, terminating your use of the AngelList Platform. These guidelines supplement our Terms of Service, which prevail in the event of any inconsistency with these guidelines.

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